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Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets

The study investigates the firm’s specific characteristics of manipulated firms in East Asian emerging and developed markets using hand-collected 244 manipulated cases between 2001 and 2017. The empirical analysis is conducted using panel logistic regression to identify which stocks are more likely...

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Main Authors: Shah, Syed Qasim, Ismail, Izlin, Shahrin, Aidil Rizal
Format: Article
Published: Growing Science 2019
Subjects:
HG Finance
Banking
Online Access:http://eprints.um.edu.my/19947/
https://doi.org/10.5267/j.msl.2018.10.006
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spelling my.um.eprints.199472019-01-11T03:01:44Z http://eprints.um.edu.my/19947/ Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets Shah, Syed Qasim Ismail, Izlin Shahrin, Aidil Rizal HG Finance Banking The study investigates the firm’s specific characteristics of manipulated firms in East Asian emerging and developed markets using hand-collected 244 manipulated cases between 2001 and 2017. The empirical analysis is conducted using panel logistic regression to identify which stocks are more likely to be manipulated. Result shows that large and highly liquid firms were more likely to be manipulated in both emerging and developed markets. Additionally, marginal effect shows that firms with high free float and market capitalization had a higher probability of being manipulated in these markets. On the contrary, profitable firms were less likely to be manipulated in both developed and emerging markets. Limited studies have been conducted to empirically identify the characteristics of the manipulated stocks across the developed and emerging markets. The regulator can use these results to identify possible and expected manipulation and to design enforcement rules, accordingly. Further, investors can take into consideration these characteristics of manipulated stocks while designing their portfolio in order to reduce the portfolio risk. Growing Science 2019 Article PeerReviewed Shah, Syed Qasim and Ismail, Izlin and Shahrin, Aidil Rizal (2019) Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets. Management Science Letters, 9 (1). pp. 183-192. ISSN 1923-9335 https://doi.org/10.5267/j.msl.2018.10.006 doi:10.5267/j.msl.2018.10.006
institution Universiti Malaya
building UM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaya
content_source UM Research Repository
url_provider http://eprints.um.edu.my/
topic HG Finance
Banking
spellingShingle HG Finance
Banking
Shah, Syed Qasim
Ismail, Izlin
Shahrin, Aidil Rizal
Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets
description The study investigates the firm’s specific characteristics of manipulated firms in East Asian emerging and developed markets using hand-collected 244 manipulated cases between 2001 and 2017. The empirical analysis is conducted using panel logistic regression to identify which stocks are more likely to be manipulated. Result shows that large and highly liquid firms were more likely to be manipulated in both emerging and developed markets. Additionally, marginal effect shows that firms with high free float and market capitalization had a higher probability of being manipulated in these markets. On the contrary, profitable firms were less likely to be manipulated in both developed and emerging markets. Limited studies have been conducted to empirically identify the characteristics of the manipulated stocks across the developed and emerging markets. The regulator can use these results to identify possible and expected manipulation and to design enforcement rules, accordingly. Further, investors can take into consideration these characteristics of manipulated stocks while designing their portfolio in order to reduce the portfolio risk.
format Article
author Shah, Syed Qasim
Ismail, Izlin
Shahrin, Aidil Rizal
author_facet Shah, Syed Qasim
Ismail, Izlin
Shahrin, Aidil Rizal
author_sort Shah, Syed Qasim
title Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets
title_short Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets
title_full Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets
title_fullStr Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets
title_full_unstemmed Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets
title_sort stock market manipulation: a comparative analysis of east asian emerging and developed financial markets
publisher Growing Science
publishDate 2019
url http://eprints.um.edu.my/19947/
https://doi.org/10.5267/j.msl.2018.10.006
_version_ 1643691134384340992
score 13.211869

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