How to cite this paper
Shah, S., Ismail, I & Shahrin, A. (2019). Stock market manipulation: A comparative analysis of East Asian emerging and developed financial markets.Management Science Letters , 9(1), 183-192.
Refrences
Aggarwal, R. K., & Wu, G. (2003). Stock market manipulation-theory and evidence. Paper presented at the AFA 2004 San Diego Meetings.
Aggarwal, R. K., & Wu, G. (2006). Stock market manipulations. The Journal of Business, 79(4), 1915-1953.
Aitken, M., Cumming, D., & Zhan, F. (2015). Exchange trading rules, surveillance and suspected insider trading. Journal of Corporate Finance, 34, 311-330.
Aitken, M. J., Aspris, A., Foley, S., & Harris, F. H. d. B. (2018). Market fairness: The poor country cousin of market efficiency. Journal of Business Ethics, 147(1), 5-23.
Aitken, M. J., & Harris, F. d. B. (2011). Evidence-Based Policy Making for Financial Markets: A* Fairness and Efficiency Framework for Assessing* Market Quality. The Journal of Trading, 6(3), 22-31.
Allen, F., & Gale, D. (1992). Stock-price manipulation. Review of financial studies, 5(3), 503-529.
Allen, F., & Gorton, G. (1991). Stock price manipulation, market microstructure and asymmetric information. Retrieved from
Austin, J. (2016). What Exactly Is Market Integrity? An Analysis of One of the Core Objectives of Securities Regulation.
Azad, A. S., Azmat, S., Fang, V., & Edirisuriya, P. (2014). Unchecked manipulations, price–volume relationship and market efficiency: Evidence from emerging markets. Research in International Business and Finance, 30, 51-71.
Bagnoli, M., & Lipman, B. L. (1996). Stock price manipulation through takeover bids. The RAND Journal of Economics, 124-147.
Chakraborty, A., & Yılmaz, B. (2004). Informed manipulation. Journal of Economic theory, 114(1), 132-152.
Chan, C.-H., & Ka Chun Ma, A. (2013). Order-based manipulation: evidence from Hong Kong stock market. Journal of Financial Crime, 21(1), 111-118.
Chaturvedula, C., Bang, N. P., Rastogi, N., & Kumar, S. (2015). Price manipulation, front running and bulk trades: Evidence from India. Emerging Markets Review, 23, 26-45.
Comerton-Forde, C., & Putniņš, T. J. (2014). Stock price manipulation: Prevalence and determinants. Review of Finance, 18(1), 23-66.
Cumming, D., Dannhauser, R., & Johan, S. (2015). Financial market misconduct and agency conflicts: A synthesis and future directions. Journal of Corporate Finance, 34, 150-168.
Dewandaru, G., Masih, R., & Masih, A. M. M. (2016). Contagion and interdependence across Asia-Pacific equity markets: An analysis based on multi-horizon discrete and continuous wavelet transformations. International Review of Economics & Finance, 43, 363-377.
Gerace, D., Chew, C., Whittaker, C., & Mazzola, P. (2014). Stock Market Manipulation on the Hong Kong Stock Exchange. Australasian Accounting Business & Finance Journal, 8(4), 105.
Ghafoor, A., Zainudin, R., & Mahdzan, N. S. (2018). Factors Eliciting Corporate Fraud in Emerging Markets: Case of Firms Subject to Enforcement Actions in Malaysia. Journal of Business Ethics, 1-22.
Guiso, L., Sapienza, P., & Zingales, L. (2008). Trusting the stock market. The journal of Finance, 63(6), 2557-2600.
Huang, Y. C., & Cheng, Y. J. (2015). Stock manipulation and its effects: pump and dump versus stabilization. Review of Quantitative Finance and Accounting, 44(4), 791-815.
Huang, Y. C., Hou, N. W., & Cheng, Y. J. (2012). Illegal insider trading and corporate governance: evidence from Taiwan. Emerging Markets Finance and Trade, 48(sup3), 6-22.
Huddart, S., Hughes, J. S., & Levine, C. B. (2001). Public disclosure and dissimulation of insider trades. Econometrica, 69(3), 665-681.
İmişiker, S., Özcan, R., & Taş, B. K. O. (2015). Price Manipulation by Intermediaries. Emerging Markets Finance and Trade, 51(4), 788-797.
Imisiker, S., & Tas, B. K. O. (2013). Which firms are more prone to stock market manipulation? Emerging Markets Review, 16, 119-130.
Jarrow, R. A. (1992). Market manipulation, bubbles, corners, and short squeezes. Journal of financial and Quantitative Analysis, 27(03), 311-336.
Jiang, G., Mahoney, P. G., & Mei, J. (2005). Market manipulation: A comprehensive study of stock pools. Journal of Financial Economics, 77(1), 147-170.
John, K., & Narayanan, R. (1997). Market Manipulation and the Role of Insider Trading Regulations*. The Journal of Business, 70(2), 217-247.
Khwaja, A. I., & Mian, A. (2005). Unchecked intermediaries: Price manipulation in an emerging stock market. Journal of Financial Economics, 78(1), 203-241.
Kong, D., & Wang, M. (2014). The manipulator's poker: order-based manipulation in the Chinese stock market. Emerging Markets Finance and Trade, 50(2), 73-98.
Lee, E. J., Eom, K. S., & Park, K. S. (2013). Microstructure-based manipulation: Strategic behavior and performance of spoofing traders. Journal of Financial Markets, 16(2), 227-252.
Li, Y., & Giles, D. E. (2015). Modelling volatility spillover effects between developed stock markets and asian emerging stock markets. International Journal of Finance & Economics, 20(2), 155-177.
Malhotra, N., Tandon, K., & Tandon, D. (2015). Testing the Empirics of Weak Form of Efficient Market Hypothesis: Evidence from Asia-Pacific Markets. IUP Journal of Applied Finance, 21(4), 18.
Maug, E. (2002). Insider trading legislation and corporate governance. European Economic Review, 46(9), 1569-1597.
Mei, J., Wu, G., & Zhou, C. (2004). Behavior based manipulation: theory and prosecution evidence. Available at SSRN 457880.
Öğüt, H., Doğanay, M. M., & Aktaş, R. (2009). Detecting stock-price manipulation in an emerging market: The case of Turkey. Expert Systems with Applications, 36(9), 11944-11949.
Punniyamoorthy, M., & Joy Thoppan, J. (2012). ANN-GA based model for stock market surveillance. Journal of Financial Crime, 20(1), 52-66.
Shi, W., Connelly, B. L., & Hoskisson, R. E. (2017). External corporate governance and financial fraud: cognitive evaluation theory insights on agency theory prescriptions. Strategic Management Journal, 38(6), 1268-1286.
Sia, S. K., Hsu, C., & Teo, W. J. (2016). Implementing asean stock trading links: Tackling the institutional challenges.
Siering, M., Clapham, B., Engel, O., & Gomber, P. (2017). A taxonomy of financial market manipulations: establishing trust and market integrity in the financialized economy through automated fraud detection. Journal of Information Technology, 32(3), 251-269.
Van Bommel, J. (2003). Rumors. The journal of Finance, 58(4), 1499-1520.
Aggarwal, R. K., & Wu, G. (2006). Stock market manipulations. The Journal of Business, 79(4), 1915-1953.
Aitken, M., Cumming, D., & Zhan, F. (2015). Exchange trading rules, surveillance and suspected insider trading. Journal of Corporate Finance, 34, 311-330.
Aitken, M. J., Aspris, A., Foley, S., & Harris, F. H. d. B. (2018). Market fairness: The poor country cousin of market efficiency. Journal of Business Ethics, 147(1), 5-23.
Aitken, M. J., & Harris, F. d. B. (2011). Evidence-Based Policy Making for Financial Markets: A* Fairness and Efficiency Framework for Assessing* Market Quality. The Journal of Trading, 6(3), 22-31.
Allen, F., & Gale, D. (1992). Stock-price manipulation. Review of financial studies, 5(3), 503-529.
Allen, F., & Gorton, G. (1991). Stock price manipulation, market microstructure and asymmetric information. Retrieved from
Austin, J. (2016). What Exactly Is Market Integrity? An Analysis of One of the Core Objectives of Securities Regulation.
Azad, A. S., Azmat, S., Fang, V., & Edirisuriya, P. (2014). Unchecked manipulations, price–volume relationship and market efficiency: Evidence from emerging markets. Research in International Business and Finance, 30, 51-71.
Bagnoli, M., & Lipman, B. L. (1996). Stock price manipulation through takeover bids. The RAND Journal of Economics, 124-147.
Chakraborty, A., & Yılmaz, B. (2004). Informed manipulation. Journal of Economic theory, 114(1), 132-152.
Chan, C.-H., & Ka Chun Ma, A. (2013). Order-based manipulation: evidence from Hong Kong stock market. Journal of Financial Crime, 21(1), 111-118.
Chaturvedula, C., Bang, N. P., Rastogi, N., & Kumar, S. (2015). Price manipulation, front running and bulk trades: Evidence from India. Emerging Markets Review, 23, 26-45.
Comerton-Forde, C., & Putniņš, T. J. (2014). Stock price manipulation: Prevalence and determinants. Review of Finance, 18(1), 23-66.
Cumming, D., Dannhauser, R., & Johan, S. (2015). Financial market misconduct and agency conflicts: A synthesis and future directions. Journal of Corporate Finance, 34, 150-168.
Dewandaru, G., Masih, R., & Masih, A. M. M. (2016). Contagion and interdependence across Asia-Pacific equity markets: An analysis based on multi-horizon discrete and continuous wavelet transformations. International Review of Economics & Finance, 43, 363-377.
Gerace, D., Chew, C., Whittaker, C., & Mazzola, P. (2014). Stock Market Manipulation on the Hong Kong Stock Exchange. Australasian Accounting Business & Finance Journal, 8(4), 105.
Ghafoor, A., Zainudin, R., & Mahdzan, N. S. (2018). Factors Eliciting Corporate Fraud in Emerging Markets: Case of Firms Subject to Enforcement Actions in Malaysia. Journal of Business Ethics, 1-22.
Guiso, L., Sapienza, P., & Zingales, L. (2008). Trusting the stock market. The journal of Finance, 63(6), 2557-2600.
Huang, Y. C., & Cheng, Y. J. (2015). Stock manipulation and its effects: pump and dump versus stabilization. Review of Quantitative Finance and Accounting, 44(4), 791-815.
Huang, Y. C., Hou, N. W., & Cheng, Y. J. (2012). Illegal insider trading and corporate governance: evidence from Taiwan. Emerging Markets Finance and Trade, 48(sup3), 6-22.
Huddart, S., Hughes, J. S., & Levine, C. B. (2001). Public disclosure and dissimulation of insider trades. Econometrica, 69(3), 665-681.
İmişiker, S., Özcan, R., & Taş, B. K. O. (2015). Price Manipulation by Intermediaries. Emerging Markets Finance and Trade, 51(4), 788-797.
Imisiker, S., & Tas, B. K. O. (2013). Which firms are more prone to stock market manipulation? Emerging Markets Review, 16, 119-130.
Jarrow, R. A. (1992). Market manipulation, bubbles, corners, and short squeezes. Journal of financial and Quantitative Analysis, 27(03), 311-336.
Jiang, G., Mahoney, P. G., & Mei, J. (2005). Market manipulation: A comprehensive study of stock pools. Journal of Financial Economics, 77(1), 147-170.
John, K., & Narayanan, R. (1997). Market Manipulation and the Role of Insider Trading Regulations*. The Journal of Business, 70(2), 217-247.
Khwaja, A. I., & Mian, A. (2005). Unchecked intermediaries: Price manipulation in an emerging stock market. Journal of Financial Economics, 78(1), 203-241.
Kong, D., & Wang, M. (2014). The manipulator's poker: order-based manipulation in the Chinese stock market. Emerging Markets Finance and Trade, 50(2), 73-98.
Lee, E. J., Eom, K. S., & Park, K. S. (2013). Microstructure-based manipulation: Strategic behavior and performance of spoofing traders. Journal of Financial Markets, 16(2), 227-252.
Li, Y., & Giles, D. E. (2015). Modelling volatility spillover effects between developed stock markets and asian emerging stock markets. International Journal of Finance & Economics, 20(2), 155-177.
Malhotra, N., Tandon, K., & Tandon, D. (2015). Testing the Empirics of Weak Form of Efficient Market Hypothesis: Evidence from Asia-Pacific Markets. IUP Journal of Applied Finance, 21(4), 18.
Maug, E. (2002). Insider trading legislation and corporate governance. European Economic Review, 46(9), 1569-1597.
Mei, J., Wu, G., & Zhou, C. (2004). Behavior based manipulation: theory and prosecution evidence. Available at SSRN 457880.
Öğüt, H., Doğanay, M. M., & Aktaş, R. (2009). Detecting stock-price manipulation in an emerging market: The case of Turkey. Expert Systems with Applications, 36(9), 11944-11949.
Punniyamoorthy, M., & Joy Thoppan, J. (2012). ANN-GA based model for stock market surveillance. Journal of Financial Crime, 20(1), 52-66.
Shi, W., Connelly, B. L., & Hoskisson, R. E. (2017). External corporate governance and financial fraud: cognitive evaluation theory insights on agency theory prescriptions. Strategic Management Journal, 38(6), 1268-1286.
Sia, S. K., Hsu, C., & Teo, W. J. (2016). Implementing asean stock trading links: Tackling the institutional challenges.
Siering, M., Clapham, B., Engel, O., & Gomber, P. (2017). A taxonomy of financial market manipulations: establishing trust and market integrity in the financialized economy through automated fraud detection. Journal of Information Technology, 32(3), 251-269.
Van Bommel, J. (2003). Rumors. The journal of Finance, 58(4), 1499-1520.