TY - JOUR
T1 - Which firms are more prone to stock market manipulation?
AU - Imisiker, Serkan
AU - Tas, Bedri Kamil Onur
PY - 2013/9
Y1 - 2013/9
N2 - This study empirically investigates which firms are more susceptible to successful manipulation. For this purpose, a unique data set consisting of manipulation cases from 1998 to 2006 from the Istanbul Stock Exchange (ISE) was collected and firm-specific variables are used to explain these manipulations. Probit regression results show that small firms, firms with less free float rate and a higher leverage ratio are more prone to stock price manipulation. Dynamic probit analysis concludes that the probability of manipulation of a stock is significantly higher for stocks that have been previously manipulated.
AB - This study empirically investigates which firms are more susceptible to successful manipulation. For this purpose, a unique data set consisting of manipulation cases from 1998 to 2006 from the Istanbul Stock Exchange (ISE) was collected and firm-specific variables are used to explain these manipulations. Probit regression results show that small firms, firms with less free float rate and a higher leverage ratio are more prone to stock price manipulation. Dynamic probit analysis concludes that the probability of manipulation of a stock is significantly higher for stocks that have been previously manipulated.
KW - Dynamic probit regression
KW - Firm characteristics
KW - Manipulation
UR - http://www.scopus.com/inward/record.url?scp=84878914848&partnerID=8YFLogxK
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U2 - 10.1016/j.ememar.2013.04.003
DO - 10.1016/j.ememar.2013.04.003
M3 - Article
AN - SCOPUS:84878914848
SN - 1566-0141
VL - 16
SP - 119
EP - 130
JO - Emerging Markets Review
JF - Emerging Markets Review
ER -