Price Manipulation by Intermediaries
Serkan Imisiker (),
Rasim Ozcan and
Bedri Tas
Emerging Markets Finance and Trade, 2015, vol. 51, issue 4, 788-797
Abstract:
In this study, we investigate two main research questions using unique individual trade level data from the Istanbul Stock Exchange (ISE; renamed Borsa Istanbul in January 2013): (1) Do brokers conduct manipulative trades in the ISE? (2) Do these brokers gain returns from their manipulative behavior? We examine the trade-based “pump-and-dump” price manipulation scheme. Using the complete intraday trading history of stocks listed on the ISE over the 2003–6 period, we find that a significant percent of the trades conducted by brokers can be identified as consistent with the pump-and-dump price manipulation scheme, and brokers that conduct more pump-and-dump trades earn marginally higher profits.
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)
Downloads: (external link)
http://hdl.handle.net/10.1080/1540496X.2015.1046349 (text/html)
Access to full text is restricted to subscribers.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:mes:emfitr:v:51:y:2015:i:4:p:788-797
Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MREE20
DOI: 10.1080/1540496X.2015.1046349
Access Statistics for this article
More articles in Emerging Markets Finance and Trade from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().