Skip navigation
Please use this identifier to cite or link to this item: http://hdl.handle.net/2451/26529
Title: Market Manipulation: A Comprehensive Study of Stock Pools
Authors: Jiang, Guolin
Mahoney, Paul G.
Mei, Jianping
Keywords: Manipulation;Market regulation;Politics of finance
Issue Date: Sep-2004
Series/Report no.: FIN-04-022
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 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.
URI: http://hdl.handle.net/2451/26529
Appears in Collections:Finance Working Papers

Files in This Item:
File Description SizeFormat 
FIN-04-022.pdf191.86 kBAdobe PDFView/Open


Items in FDA are protected by copyright, with all rights reserved, unless otherwise indicated.