Which firms are more prone to stock market manipulation?

Serkan Imisiker () and Bedri Tas

Emerging Markets Review, 2013, vol. 16, issue C, 119-130

Abstract: This study empirically investigates which firms are more susceptible to successful manipulation. For this purpose, a unique data set consisting of manipulation cases from 1998 to 2006 from the Istanbul Stock Exchange (ISE) was collected and firm-specific variables are used to explain these manipulations. Probit regression results show that small firms, firms with less free float rate and a higher leverage ratio are more prone to stock price manipulation. Dynamic probit analysis concludes that the probability of manipulation of a stock is significantly higher for stocks that have been previously manipulated.

Keywords: Manipulation; Firm characteristics; Dynamic probit regression (search for similar items in EconPapers)
JEL-codes: D40 G14 G15 G18 G24 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:16:y:2013:i:c:p:119-130

DOI: 10.1016/j.ememar.2013.04.003

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