Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.11851/1096
Title: Price Manipulation by Intermediaries
Authors: İmişiker, Serkan
Özcan, Rasim
Taş, Bedri Kamil Onur
Keywords: market structure
trade-based manipulation
broker behavior
Issue Date: Aug-2015
Publisher: Routledge Journals, Taylor & Francis Ltd
Source: İmişiker, S., Özcan, R., & Taş, B. K. O. (2015). Price manipulation by intermediaries. Emerging Markets Finance and Trade, 51(4), 788-797.
Abstract: In this study, we investigate two main research questions using unique individual trade level data from the Istanbul Stock Exchange (ISE; renamed Borsa Istanbul in January 2013): (1) Do brokers conduct manipulative trades in the ISE? (2) Do these brokers gain returns from their manipulative behavior? We examine the trade-based pump-and-dump price manipulation scheme. Using the complete intraday trading history of stocks listed on the ISE over the 2003-6 period, we find that a significant percent of the trades conducted by brokers can be identified as consistent with the pump-and-dump price manipulation scheme, and brokers that conduct more pump-and-dump trades earn marginally higher profits.
URI: https://doi.org/10.1080/1540496X.2015.1046349
https://hdl.handle.net/20.500.11851/1096
ISSN: 1540-496X
Appears in Collections:İktisat Bölümü / Department of Economics
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection

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