Unchecked intermediaries: Price manipulation in an emerging stock market
نویسندگان
چکیده
منابع مشابه
Unchecked intermediaries: Price manipulation in an emerging stock market
How costly is the poor governance of market intermediaries? Using unique trade level data from the stock market in Pakistan, we find that when brokers trade on their own behalf, they earn annual rates of return that are 50-90 percentage points higher than those earned by outside investors. Neither market timing nor liquidity provision by brokers can explain this profitability differential. Inst...
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How costly is poor governance of market intermediaries? Using a unique trade level data set from the stock market in Pakistan, we ...nd that brokers when trading on their own behalf, manipulate prices and earn rates of return that are 50-90 percentage points higher than the outside investors. Neither market timing nor liquidity provision by brokers can explain the pro...tability di¤erential. In...
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0957-4174/$ see front matter 2009 Elsevier Ltd. A doi:10.1016/j.eswa.2009.03.065 * Corresponding author. Tel.: +90 3122924218. E-mail addresses: [email protected] (H. Öğüt) (M. Mete Doğanay), [email protected] (R. Aktas ). This paper aims to develop methods that are capable of detecting manipulation in the Istanbul Stock Exchange. We take the difference between manipulated stock’s and index’s av...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2005
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2004.06.014