Market Manipulation: A Comprehensive Study of Stock Pools

34 Pages Posted: 3 Nov 2008

See all articles by Guolin Jiang

Guolin Jiang

Shanghai University of Finance and Economics

Paul G. Mahoney

University of Virginia School of Law

Jianping Mei

Cheung Kong Graduate School of Business

Multiple version iconThere are 3 versions of this paper

Date Written: September 2004

Abstract

Using a hand collected new data set, this paper examines in detail a classic account of stock market manipulation⬠the â¬Sstock poolsâ¬? of the 1920s, which prompted the current anti-manipulation rules in the United States. We examine abnormal turnover and returns and the relationship between them, as well as the long-term performance of the selected stocks. We conclude that the evidence suggests informed trading rather than manipulation. Our findings have implications for regulatory policy as well as the investigation and prosecution of manipulation cases.

Keywords: Manipulation, Market regulation, Politics of finance

Suggested Citation

Jiang, Guolin and Mahoney, Paul G. and Mei, Jianping, Market Manipulation: A Comprehensive Study of Stock Pools (September 2004). NYU Working Paper No. FIN-04-022, Available at SSRN: https://ssrn.com/abstract=1294457

Guolin Jiang (Contact Author)

Shanghai University of Finance and Economics ( email )

777 Guoding Road
Shanghai, AK Shanghai 200433
China

Paul G. Mahoney

University of Virginia School of Law ( email )

580 Massie Road
Charlottesville, VA 22903
United States
434-924-7121 (Phone)
434-924-7536 (Fax)

Jianping Mei

Cheung Kong Graduate School of Business ( email )

1017, Oriental Plaza 1
No.1 Dong Chang'an Street
Beijing
China
010-81588858 (Phone)
100738 (Fax)

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