| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 959752 | Journal of Financial Economics | 2011 | 21 Pages |
Abstract
We examine stock exchange trading rules for market manipulation, insider trading, and broker–agency conflict, across countries and over time, in 42 stock exchanges around the world. Some stock exchanges have extremely detailed rules that explicitly prohibit specific manipulative practices, but others use less precise and broadly framed rules. We create new indices for market manipulation, insider trading, and broker–agency conflict based on the specific provisions in the trading rules of each stock exchange. We show that differences in exchange trading rules, over time and across markets, significantly affect liquidity.
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Accounting
Authors
Douglas Cumming, Sofia Johan, Dan Li,