Market Manipulation: A Comprehensive Study of Stock Pools
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 find abnormal trading volume during pools, consistent with market manipulation, but this trading led to only modest increases in price in the short run and no abnormal performance in the long run. Thus, there is no evidence that the stock pools harmed small investors. Given investigators’ efforts to find cases of manipulation on the New York Stock Exchange during the 1920s, these findings suggest that manipulation was not a substantial problem.
Politics of finance Manipulation Market regulation
Guolin Jiang Paul G. Mahoney Jianping Mei
Shanghai University of Finance and Economics, 777 Guoding Road, Shanghai, PR China University of Virginia School of Law, 580 Massie Road, Charlottesville, VA 22903 Stern School of Business, NYU, 44 West 4th Street, New York, NY 10012
国际会议
西安
英文
1-35
2006-07-17（万方平台首次上网日期，不代表论文的发表时间）