Financial Market Misconduct and Agency Conflicts: A Synthesis and Future Directions

37 Pages Posted: 19 Jul 2015

See all articles by Douglas J. Cumming

Douglas J. Cumming

Florida Atlantic University

Bob Dannhauser

CFA Institute

Sofia Johan

Florida Atlantic University - Finance; University of Aberdeen; Tilburg Law and Economics Center (TILEC)

Date Written: July 17, 2015

Abstract

This paper reviews recent research on the causes and consequence of different forms of financial market misconduct and potential agency conflicts and the impact of regulating financial market misconduct. We examine regulatory responses to financial market misconduct and highlight the presence of complementarities in financial market misconduct regulation and enforcement. We feature papers that make use of natural experiments, rule changes, and market design changes. Further, the interdisciplinary nature of financial market misconduct research is highlighted, and potential avenues for future research are discussed.

Keywords: Financial Market Misconduct, Fraud, Insider trading, Regulation, Enforcement, Law and Finance

JEL Classification: G12, G14, G18, K22

Suggested Citation

Cumming, Douglas J. and Dannhauser, Bob and Johan, Sofia A., Financial Market Misconduct and Agency Conflicts: A Synthesis and Future Directions (July 17, 2015). Journal of Corporate Finance, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2632506

Douglas J. Cumming (Contact Author)

Florida Atlantic University ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

HOME PAGE: http://booksite.elsevier.com/9780124095373/

Bob Dannhauser

CFA Institute ( email )

915 East High Street
Charlottesville, VA 22902
United States

Sofia A. Johan

Florida Atlantic University - Finance ( email )

777 Glades Rd
Boca Raton, FL 33431
United States

University of Aberdeen ( email )

Dunbar Street
Aberdeen, Scotland AB24 3QY
United Kingdom

Tilburg Law and Economics Center (TILEC) ( email )

Warandelaan 2
Tilburg, 5000 LE
Netherlands

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