Regulating Competition in Stock Markets
(Sprache: Englisch)
A guide to curbing monopoly power in stock marketsEngaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory...
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A guide to curbing monopoly power in stock marketsEngaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. Happiness is lost because of emotional and physical health deterioration resulting from the crisis. Therefore, the authors conclude that financial crisis prevention should be the focus of public policy.This book is the most comprehensive study so far on potential risks to the stock market, especially various forms of market manipulation that lead to mania and eventual crisis. Based on litigation cases from international stock markets, and borrowing multidisciplinary findings in the fields of finance, economics, accounting, media studies, criminology, legal studies, psychology, and medicine, this book is the first to provide thorough micro-level regulatory proposals rooted in financial reality. By focusing on securities trading, they apply antitrust measures to limiting monopolistic power that is used for the manipulation of investors' perception and monopolistic profit. These proposals are quantifiable, adjustable, inexpensive, and can be easily implemented by any securities regulating agency for real-time oversight and daily operations.The recommendations found here are intended to improve the fairness and transparency of the financial markets, thereby perfecting the market competition, protecting investors, stabilizing the market, and preventing crises
Explores how avoiding crises can to contribute to a more scientific, health aware, and civilized economic and social development
Written by a team of authors who have extensive experience in this dynamic field, including Nobel Laureate Lawrence R. KleinSince the founding of the first, organized stock exchange in Amsterdam 400 years ago, no systematic economic research results on stock markets have been implemented in stock market
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regulation around the world. Regulating Competition in Stock Markets aims to fill this void.
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Inhaltsverzeichnis zu „Regulating Competition in Stock Markets “
Foreword xiiiIntroduction xixAcknowledgments xxviiPART 1 Happiness, Health, and Longevity during the 2008 Global Financial CrisisCHAPTER 1 Does the Recent Financial Crisis Impact Health and Happiness? 3Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, Michael H. Wang, and Christine HuangConcepts of Happiness 4The History of Modeling Health and Financial Crisis 5Our Three Objectives 9Our Financial Crisis-Impact Model 12Results 16Financial Crisis as a Major International Traumatic Event 21Can We Just Wait for the Next Financial Crisis? 24Notes 25CHAPTER 2 Profound Unhappiness in the International Recession: The Case of Suicide in Industrialized Countries 27M. Harvey BrennerBackground 29Two Concepts of Happiness 30A Psychological Viewpoint 33Unhappiness, Hopelessness, and Depression 35Hypothesis: Happiness as Accomplishment Predicts Happiness as Pleasure 36Analysis 39Conclusions 41PART 2 Imperfect Competition and Antitrust Regulations in the Stock MarketsCHAPTER 3 Preventing Stock Market Crises (I): Regulating Shareholding Concentration 47Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. WangIs Perfect Competition Possible in the Stock Market? 48Concentration, Manipulation, and Monopoly 49Can Stock Markets Still Be Manipulated? 51Theoretical Literature on Market Manipulation 65We Choose the Accumulation-Lift-Distribution Scheme to Study 68Manipulative Objective of Each Stage of the ALD Scheme 70Are Monopolistic Practices Involved in the ALD Scheme? 73Antitrust Against ALD Manipulation 74Existing Approach and Our Proposal to Regulate Market Manipulation 75Regulatory Proposal: A Generic Recommendation 76Benefits of Regulating Concentration 77Concluding Remarks and Future Research 79Notes 80CHAPTER 4 Preventing Stock Market Crises (II): Regulating Trade-Based Price-Lifting 83Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. WangHow Is Large Price Impact by Other Investors Induced? 84Empirical Research on
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Volume-Based Price Impact 84The SEBI Prosecution Cases 87The Manipulation Tactics Used in Price Lifting 89Anatomy of an Investor's Trades in a Stock during a Trading Day 104Unified Approach to Surveillance and Regulatory Measures 105Selling Speed in Distribution and Short Selling 109Concluding Remarks 110Notes 110CHAPTER 5 Preventing Stock Market Crises (III): Regulating Earnings Manipulation 113Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. WangHow Important Is Earnings Information to Investors? 114Earnings Manipulation Is Problematic 116How Is Earnings Manipulation Done in Reality? 118Earnings Manipulation Is Pervasive 121Earnings Manipulation Is Persistent 124Auditors Frequently Fail to Stop Earnings Manipulation 126Proposals to Effectively Regulate Earnings Manipulation 129Concluding Remarks 130Notes 131CHAPTER 6 Preventing Stock Market Crises (IV): Regulating Trading by Corporate Insiders 133Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. WangWhat Is the Purpose of Trading by Corporate Insiders? 134The Relationship between Earnings Manipulation and Trading by Corporate Insiders 137Trading by Corporate Insiders Is an Important Drive for Earnings Manipulation 138Insider Trading with Earnings Manipulation Is Not Effectively Regulated 149Information Monopoly and Information Asymmetry 154Proposals to Effectively Regulate Trading by Corporate Insiders 155Discussion of the Four Proposed Measures 161Conclusion 163Notes 163CHAPTER 7 Preventing Stock Market Crises (V): Regulating Information Manipulation by Sell-Side Analysts 165Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. WangWhat Is the Actual Role of Sell-Side Analysts? 166How Is the Value of Sell-Side Analysts' Work Defined? 168Analysts Can Hardly Attend Fairly to Public Interests 176Analyst-Generated Information Benefits the Informed 179Value of Analysts' Recommendation and Forecast to Issuers 181Value of Analysts'Work to Investment Banks and Brokerage Firms 186Comparison of Sell-Side Analysts and Corporate Insiders 190Legal Difficulty in Prosecuting Wrong doing by Sell-Side Analysts 192Regulatory Proposals 193Discussion of the Regulatory Proposals 194Concluding Remarks 196Notes 196CHAPTER 8 Preventing Stock Market Crises (VI): Regulating Information-Based Manipulation 199Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. WangAll Types of Market Manipulation Come Down to Perception Manipulation 200Anatomy of SEC Market Manipulation Litigation Cases (1999 to 2009) 201Information-Based Manipulation Schemes in Practice 205Information-Based Manipulation Schemes on the Internet 213Analysis of Information-Based Manipulation 221Regulatory Recommendations 225Discussion of Information Monopoly in Reality 229Concluding Remarks 232A Perspective for Future Research 233Notes 234CHAPTER 9 Preventing Stock Market Crises (VII): Principles of Regulating New Reporting That Cultivates Long-Run Manias and Triggers Short-Run Panics 237Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. WangInformation Monopoly and Certain Business News Reporting 238A Prolonged Mania in Stock Buying Leads to a Marketwide Crisis 241Some Business News Reporting Is Capable of Moving Stock Prices in the Short Run 242 Investors in the Long Run 249Why Is Business News Reporting Usually Upward-Biased? 256Proposed Principles to Regulate Relevant Business Journalists and Mass Media 262Empirical Research on the Impact of Some Breaking News on Stock Markets 265Trading Halts, Circuit Breakers and Price Limits: Effectiveness and Limitations 269Regulatory Principles in Case of Breaking News 273Concluding Remarks 274Notes 275Bibliography 277About the Editors 315Index 317
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Autoren-Porträt von Lawrence Klein, Viktoria Dalko, Michael Wang
LAWRENCE R. KLEIN is Benjamin Franklin Professor Emeritus of Economics at the University of Pennsylvania and a Nobel laureate in Economics. He's published widely and is the intellectual father of Project LINK, a global consortium of national economic forecasting established in 1969 and coordinated in part by the United Nations Department of Economic and Social Affairs. Klein received a PhD in economics from the Massachusetts Institute of Technology.Viktoria Dalko is a JoAnne Fussa Distinguished Teacher of the Graduate Program in Management, Harvard University Extension School, and a Global Professor of Finance at Hult International Business School in Boston, Dubai, London, San Francisco, and Shanghai. Dalko received a PhD in economics from the University of Pennsylvania.Michael H. Wang is cofounder, Vice President, and Director of Research of the Boston-based think tank Research Institute of Comprehensive Economics. Wang obtained a PhD in mechanical engineering from the University of Illinois at Urbana-Champaign.
Bibliographische Angaben
- Autoren: Lawrence Klein , Viktoria Dalko , Michael Wang
- 2012, 1. Auflage., 368 Seiten, Maße: 15,5 x 23,1 cm, Gebunden, Englisch
- Verlag: Wiley & Sons
- ISBN-10: 1118094816
- ISBN-13: 9781118094815
Sprache:
Englisch
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