Title:
Regulating competition in stock markets : antitrust measures to promote fairness and transparency through investor protection and crisis prevention
Author:
Klein, Lawrence Robert.
ISBN:
9781118094815
Publication Information:
Hoboken, N.J. : Wiley, c2012.
Physical Description:
xxviii, 334 p. : ill. ; 24 cm.
Series:
Wiley finance series
Wiley finance series.
Contents:
Machine generated contents note: pt. 1 Happiness, Health, and Longevity during the 2008 Global Financial Crisis -- ch. 1 Does the Recent Financial Crisis Impact Health and Happiness? / Christine Huang -- Concepts of Happiness -- The History of Modeling Health and Financial Crisis -- Our Three Objectives -- Our Financial Crisis--Impact Model -- Results -- Financial Crisis as a Major International Traumatic Event -- Can We Just Wait for the Next Financial Crisis? -- Notes -- ch. 2 Profound Unhappiness in the International Recession: The Case of Suicide in Industrialized Countries / M. Harvey Brenner -- Background -- Two Concepts of Happiness -- A Psychological Viewpoint -- Unhappiness, Hopelessness, and Depression -- Hypothesis: Happiness as Accomplishment Predicts Happiness as Pleasure -- Analysis -- Conclusions -- pt. 2 Imperfect Competition and Antitrust Regulations in the Stock Markets --
Contents note continued: ch. 3 Preventing Stock Market Crises (I): Regulating Shareholding Concentration / Michael H. Wang -- Is Perfect Competition Possible in the Stock Market? -- Concentration, Manipulation, and Monopoly -- Can Stock Markets Still Be Manipulated? -- Theoretical Literature on Market Manipulation -- We Choose the Accumulation-Lift-Distribution Scheme to Study -- Manipulative Objective of Each Stage of the ALD Scheme -- Are Monopolistic Practices Involved in the ALD Scheme? -- Antitrust Against ALD Manipulation -- Existing Approach and Our Proposal to Regulate Market Manipulation -- Regulatory Proposal: A Generic Recommendation -- Benefits of Regulating Concentration -- Concluding Remarks and Future Research -- Notes -- ch. 4 Preventing Stock Market Crises (II): Regulating Trade-Based Price-Lifting / Michael H. Wang -- How Is Large Price Impact by Other Investors Induced? -- Empirical Research on Volume-Based Price Impact -- The SEBI Prosecution Cases --
Contents note continued: The Manipulation Tactics Used in Price Lifting -- Anatomy of an Investor's Trades in a Stock during a Trading Day -- Unified Approach to Surveillance and Regulatory Measures -- Selling Speed in Distribution and Short Selling -- Concluding Remarks -- Notes -- ch. 5 Preventing Stock Market Crises (III): Regulating Earnings Manipulation / Michael H. Wang -- How Important Is Earnings Information to Investors? -- Earnings Manipulation Is Problematic -- How Is Earnings Manipulation Done in Reality? -- Earnings Manipulation Is Pervasive -- Earnings Manipulation Is Persistent -- Auditors Frequently Fail to Stop Earnings Manipulation -- Proposals to Effectively Regulate Earnings Manipulation -- Concluding Remarks -- Notes -- ch. 6 Preventing Stock Market Crises (IV): Regulating Trading by Corporate Insiders / Michael H. Wang -- What Is the Purpose of Trading by Corporate Insiders? --
Contents note continued: The Relationship between Earnings Manipulation and Trading by Corporate Insiders -- Trading by Corporate Insiders Is an Important Drive for Earnings Manipulation -- Insider Trading with Earnings Manipulation Is Not Effectively Regulated -- Information Monopoly and Information Asymmetry -- Proposals to Effectively Regulate Trading by Corporate Insiders -- Discussion of the Four Proposed Measures -- Conclusion -- Notes -- ch. 7 Preventing Stock Market Crises (V): Regulating Information Manipulation by Sell-Side Analysts / Michael H. Wang -- What Is the Actual Role of Sell-Side Analysts? -- How Is the Value of Sell-Side Analysts' Work Defined? -- Analysts Can Hardly Attend Fairly to Public Interests -- Analyst-Generated Information Benefits the Informed -- Value of Analysts' Recommendation and Forecast to Issuers -- Value of Analysts' Work to Investment Banks and Brokerage Firms -- Comparison of Sell-Side Analysts and Corporate Insiders --
Contents note continued: Legal Difficulty in Prosecuting Wrongdoing by Sell-Side Analysts -- Regulatory Proposals -- Discussion of the Regulatory Proposals -- Concluding Remarks -- Notes -- ch. 8 Preventing Stock Market Crises (VI): Regulating Information-Based Manipulation / Michael H. Wang -- All Types of Market Manipulation Come Down to Perception Manipulation -- Anatomy of SEC Market Manipulation Litigation Cases (1999 to 2009) -- Information-Based Manipulation Schemes in Practice -- Information-Based Manipulation Schemes on the Internet -- Analysis of Information-Based Manipulation -- Regulatory Recommendations -- Discussion of Information Monopoly in Reality -- Concluding Remarks -- A Perspective for Future Research -- Notes -- ch. 9 Preventing Stock Market Crises (VII): Principles of Regulating New Reporting That Cultivates Long-Run Manias and Triggers Short-Run Panics / Michael H. Wang -- Information Monopoly and Certain Business News Reporting --
Contents note continued: A Prolonged Mania in Stock Buying Leads to a Marketwide Crisis -- Some Business News Reporting Is Capable of Moving Stock Prices in the Short Run -- Some Business News Reporting Affects Individual Investors in the Long Run -- Why Is Business News Reporting Usually Upward-Biased? -- Proposed Principles to Regulate Relevant Business Journalists and Mass Media -- Empirical Research on the Impact of Some Breaking News on Stock Markets -- Trading Halts, Circuit Breakers and Price Limits: Effectiveness and Limitations -- Regulatory Principles in Case of Breaking News -- Concluding Remarks -- Notes.