Regulating competition in stock markets: antitrust measures to promote fairness and transparency through investor protection and crisis prevention
Gespeichert in:
| Weitere Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, NJ
Wiley
2012
|
| Schriftenreihe: | Wiley finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XXVIII, 334 S. graph. Darst. |
| ISBN: | 9781118094815 9781118223444 |
Internformat
MARC
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| 245 | 1 | 0 | |a Regulating competition in stock markets |b antitrust measures to promote fairness and transparency through investor protection and crisis prevention |c Lawrence R. Klein ... (eds.) |
| 264 | 1 | |a Hoboken, NJ |b Wiley |c 2012 | |
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| 650 | 4 | |a Stock exchanges |x State supervision | |
| 650 | 4 | |a Stock exchanges |x Government policy | |
| 650 | 4 | |a Financial crises | |
| 650 | 4 | |a Competition | |
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Datensatz im Suchindex
| _version_ | 1804149270002008064 |
|---|---|
| adam_text | Titel: Regulating competition in stock markets
Autor: Klein, Lawrence Robert
Jahr: 2012
Contents
Foreword xiii
Introduction Xlx
Acknowledgments xxvii
Happiness, Health, and Longevity during the 2008
Global Financial Crisis
CHAPTER 1
Does the Recent Financial Crisis Impact Health and Happiness? 3
Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany,
Michael H. Wang, and Christine Huang
Concepts of Happiness 4
The History of Modeling Health and Financial Crisis 5
Our Three Objectives 9
Our Financial Crisis-Impact Model 12
Results 16
Financial Crisis as a Major International Traumatic Event 21
Can We Just Wait for the Next Financial Crisis? 24
Notes 25
CHAPTER 2
Profound Unhappiness hi the International Recession:
The Case of Suicide In Industrialized Countrries 27
M. Harvey Brenner
Background 29
Two Concepts of Happiness 30
A Psychological Viewpoint 33
Unhappiness, Hopelessness, and Depression 35
Hypothesis: Happiness as Accomplishment Predicts
Happiness as Pleasure 36
Analysis 39
Conclusions 41
Imperfect Competition and Antitrust Regulations
in the Stock Markets
CHAPTERS
Preventing Stock Market Crises (I): Regulating Shareholding
Concentration 47
Xin Yan, Lawrence R. Klein, Viktoria Dalko,
Ferenc Gyurcsany, and Michael H. Wang
Is Perfect Competition Possible in the Stock Market? 48
Concentration, Manipulation, and Monopoly 49
Can Stock Markets Still Be Manipulated? 51
Theoretical Literature on Market Manipulation 65
We Choose the Accumulation-Lift-Distribution
Scheme to Study 68
Manipulative Objective of Each Stage of the ALD Scheme 70
Are Monopolistic Practices Involved in the ALD Scheme? 73
Antitrust Against ALD Manipulation 74
Existing Approach and Our Proposal to Regulate Market
Manipulation 75
Regulatory Proposal: A Generic Recommendation 76
Benefits of Regulating Concentration 77
Concluding Remarks and Future Research 79
Notes 80
CHAPTER 4
Preventing Stock Market Crises (II): Regulating
Trade-Based Price-Utting 83
Xin Yan, Lawrence R. Klein, Viktoria Dalko,
Ferenc Gyurcsany, and Michael H. Wang
How Is Large Price Impact by Other Investors Induced? 84
Empirical Research on Volume-Based Price Impact 84
The SEBI Prosecution Cases 87
The Manipulation Tactics Used in Price Lifting 89
Anatomy of an Investor s Trades in a Stock during a
Trading Day 104
Unified Approach to Surveillance and Regulatory Measures 105
Selling Speed in Distribution and Short Selling 109
Concluding Remarks 110
Notes 110
CHAPTER 5
Preventing Stock Market Crises (III): Regulating Earnings Manipulation lis
Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany,
and Michael H. Wang
How Important Is Earnings Information to Investors? 114
Earnings Manipulation Is Problematic 116
How Is Earnings Manipulation Done in Reality? 118
Earnings Manipulation Is Pervasive 121
Earnings Manipulation Is Persistent 124
Auditors Frequently Fail to Stop Earnings Manipulation 126
Proposals to Effectively Regulate Earnings Manipulation 129
Concluding Remarks 130
Notes 131
CHAPTER 6
Preventing Stock Market Crises (IV): Regulating Trading
by Corporate Insiders 138
Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany,
and Michael H. Wang
What Is the Purpose of Trading by Corporate Insiders? 134
The Relationship between Earnings Manipulation
and Trading by Corporate Insiders 137
Trading by Corporate Insiders Is an Important Drive
for Earnings Manipulation 138
Insider Trading with Earnings Manipulation Is Not
Effectively Regulated 149
Information Monopoly and Information Asymmetry 154
Proposals to Effectively Regulate Trading by Corporate Insiders 155
Discussion of the Four Proposed Measures 161
Conclusion 163
Notes 163
CHAPTER 7
Preventing Stock Market Crises (V): Regulating Information
Maiiipulatton by Sell-Side Analysts 185
Xin Yan, Lawrence R. Klein, Viktoria Dalko,
Ferenc Gyurcsany, and Michael H. Wang
What Is the Actual Role of Sell-Side Analysts? 166
How Is the Value of Sell-Side Analysts Work Defined? 168
Analysts Can Hardly Attend Fairly to Public Interests 176
Analyst-Generated Information Benefits the Informed 179
Value of Analysts Recommendation and Forecast
to Issuers 181
Value of Analysts Work to Investment Banks and Brokerage
Firms 186
Comparison of Sell-Side Analysts and Corporate Insiders 190
Legal Difficulty in Prosecuting Wrongdoing by
Sell-Side Analysts 192
Regulatory Proposals 193
Discussion of the Regulatory Proposals 194
Concluding Remarks 196
Notes 196
CHAPTER 8
Preventing Stock Market Crises (VI): Regulating
Information-Based Manipulation 188
Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany,
and Michael H. Wang
All Types of Market Manipulation Come Down to
Perception Manipulation 200
Anatomy of SEC Market Manipulation Litigation Cases
(1999 to 2009) 201
Information-Based Manipulation Schemes in Practice 205
Information-Based Manipulation Schemes on the Internet 213
Analysis of Information-Based Manipulation 221
Regulatory Recommendations 225
Discussion of Information Monopoly in Reality 229
Concluding Remarks 232
A Perspective for Future Research 233
Notes 234
CHAPTER 9
Preventing Stock Market Crises (VII): Princlples of Regulating
New Reporting That Cultivates Long-Run Manias and Triggers
Short-Run Panics 237
Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany,
and Michael H. Wang
Information Monopoly and Certain Business News
Reporting 238
A Prolonged Mania in Stock Buying Leads to a
Marketwide Crisis 241
Some Business News Reporting Is Capable of Moving Stock
Prices in the Short Run 242
Some Business News Reporting Affects Individual
Investors in the Long Run 249
Why Is Business News Reporting Usually Upward-Biased? 256
Proposed Principles to Regulate Relevant Business Journalists
and Mass Media 262
Empirical Research on the Impact of Some Breaking News
on Stock Markets 265
Trading Halts, Circuit Breakers and Price Limits:
Effectiveness and Limitations 269
Regulatory Principles in Case of Breaking News 273
Concluding Remarks 274
Notes 275
Bibliography 277
About the Editors 315
Index 317
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| spelling | Regulating competition in stock markets antitrust measures to promote fairness and transparency through investor protection and crisis prevention Lawrence R. Klein ... (eds.) Hoboken, NJ Wiley 2012 XXVIII, 334 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley finance Includes bibliographical references and index Politik Stock exchanges State supervision Stock exchanges Government policy Financial crises Competition Aktienmarkt (DE-588)4130931-5 gnd rswk-swf Regulierung (DE-588)4201190-5 gnd rswk-swf Wettbewerb (DE-588)4065835-1 gnd rswk-swf Finanzkrise (DE-588)7635855-0 gnd rswk-swf Aktienmarkt (DE-588)4130931-5 s Wettbewerb (DE-588)4065835-1 s Regulierung (DE-588)4201190-5 s Finanzkrise (DE-588)7635855-0 s b DE-604 Klein, Lawrence Robert 1920-2013 (DE-588)119283271 edt Erscheint auch als Online-Ausgabe 978-1-118-23686-4 Erscheint auch als Online-Ausgabe 978-1-118-26186-6 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025122456&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Regulating competition in stock markets antitrust measures to promote fairness and transparency through investor protection and crisis prevention Politik Stock exchanges State supervision Stock exchanges Government policy Financial crises Competition Aktienmarkt (DE-588)4130931-5 gnd Regulierung (DE-588)4201190-5 gnd Wettbewerb (DE-588)4065835-1 gnd Finanzkrise (DE-588)7635855-0 gnd |
| subject_GND | (DE-588)4130931-5 (DE-588)4201190-5 (DE-588)4065835-1 (DE-588)7635855-0 |
| title | Regulating competition in stock markets antitrust measures to promote fairness and transparency through investor protection and crisis prevention |
| title_auth | Regulating competition in stock markets antitrust measures to promote fairness and transparency through investor protection and crisis prevention |
| title_exact_search | Regulating competition in stock markets antitrust measures to promote fairness and transparency through investor protection and crisis prevention |
| title_full | Regulating competition in stock markets antitrust measures to promote fairness and transparency through investor protection and crisis prevention Lawrence R. Klein ... (eds.) |
| title_fullStr | Regulating competition in stock markets antitrust measures to promote fairness and transparency through investor protection and crisis prevention Lawrence R. Klein ... (eds.) |
| title_full_unstemmed | Regulating competition in stock markets antitrust measures to promote fairness and transparency through investor protection and crisis prevention Lawrence R. Klein ... (eds.) |
| title_short | Regulating competition in stock markets |
| title_sort | regulating competition in stock markets antitrust measures to promote fairness and transparency through investor protection and crisis prevention |
| title_sub | antitrust measures to promote fairness and transparency through investor protection and crisis prevention |
| topic | Politik Stock exchanges State supervision Stock exchanges Government policy Financial crises Competition Aktienmarkt (DE-588)4130931-5 gnd Regulierung (DE-588)4201190-5 gnd Wettbewerb (DE-588)4065835-1 gnd Finanzkrise (DE-588)7635855-0 gnd |
| topic_facet | Politik Stock exchanges State supervision Stock exchanges Government policy Financial crises Competition Aktienmarkt Regulierung Wettbewerb Finanzkrise |
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