Abstract

http://ssrn.com/abstract=663513
 
 

References (33)



 
 

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Market Manipulation: A Comprehensive Study of Stock Pools


Guolin Jiang


Shanghai University of Finance and Economics

Paul G. Mahoney


University of Virginia School of Law

Jianping Mei


New York University (NYU) - Department of Finance


Journal of Financial Economics, Forthcoming

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: 35

Keywords: Manipulation, market regulation, politics of finance

JEL Classification: G24, G28, G38, K22

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Date posted: February 7, 2005  

Suggested Citation

Jiang, Guolin and Mahoney, Paul G. and Mei, Jianping, Market Manipulation: A Comprehensive Study of Stock Pools. Journal of Financial Economics, Forthcoming. Available at SSRN: http://ssrn.com/abstract=663513

Contact Information

Guolin Jiang
Shanghai University of Finance and Economics ( email )
777 Guoding Road
Shanghai, Shanghai 200433
China
Paul G. Mahoney (Contact Author)
University of Virginia School of Law ( email )
580 Massie Road
Charlottesville, VA 22903
United States
434-924-7343 (Phone)
434-924-7536 (Fax)

Jianping Mei
New York University (NYU) - Department of Finance ( email )
Stern School of Business
44 West 4th Street
New York, NY 10012-1126
United States
212-998-0354 (Phone)
212-995-4221 (Fax)
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