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Market Manipulation: A Comprehensive Study of Stock PoolsGuolin JiangShanghai University of Finance and Economics Paul G. MahoneyUniversity of Virginia School of Law Jianping MeiNew York University (NYU) - Department of Finance September 2004 Abstract: Using a hand collected new data set, this paper examines in detail a classic account of stock market manipulation - the "stock pools" of the 1920s, which prompted the current anti-manipulation rules in the United States. We find abnormal trading volume during pools, consistent with market manipulation, but this trading led to only modest average price increases in the short run and no abnormal performance in the long run. Thus, there is no evidence that the stock pools harmed small investors. Given investigators' efforts to find cases of manipulation on the New York Stock Exchange during the 1920s, these findings suggest that manipulation was not a substantial problem.
Number of Pages in PDF File: 34 Keywords: Manipulation, market regulation, politics of finance JEL Classification: G24, G28, G38, K22 working papers seriesDate posted: September 28, 2004Suggested CitationContact Information
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