Regulating competition in stock markets : antitrust measures to promote fairness and transparency through investor protection and crisis prevention
著者
書誌事項
Regulating competition in stock markets : antitrust measures to promote fairness and transparency through investor protection and crisis prevention
（Wiley finance series）
Wiley, c2012
- : cloth
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注記
Includes index
Bibliography: p. 277-314
Series title from added title page
内容説明・目次
内容説明
A guide to curbing monopoly power in stock markets Engaging 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. Klein Since 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 regulation around the world. Regulating Competition in Stock Markets aims to fill this void.
目次
Foreword xiii Introduction xix Acknowledgments xxvii PART 1 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 in the International Recession: The Case of Suicide in Industrialized Countries 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 PART 2 Imperfect Competition and Antitrust Regulations in the Stock Markets CHAPTER 3 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-Lifting 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 113 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 133 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 Manipulation by Sell-Side Analysts 165 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 Wrong doing 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 199 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): Principles 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 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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