We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Stock Price Manipulation: Prevalence and Determinants*.
- Authors
Comerton-Forde, Carole; Putniņš, Tālis J.
- Abstract
We empirically analyze the prevalence and economic underpinnings of closing price manipulation and its detection. We estimate that ∼1% of closing prices are manipulated, of which only a small fraction is detected and prosecuted. We find that stocks with high levels of information asymmetry and mid to low levels of liquidity are most likely to be manipulated. A significant proportion of manipulation occurs on month/quarter-end days. Manipulation on these days is more likely in stocks with high levels of institutional ownership. Government regulatory budget has a strong effect on both manipulation and detection.
- Subjects
STOCK prices; PRICES of securities; LIQUIDITY (Economics); STOCK transfer; INSTITUTIONAL ownership (Stocks)
- Publication
Review of Finance, 2014, Vol 18, Issue 1, p23
- ISSN
1572-3097
- Publication type
Article
- DOI
10.1093/rof/rfs040