Regulating Competition in Stock Markets: Antitrust Measures to Promote Fairness and Transparency Through Investor Protection and Crisis Prevention

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Regulating Competition in Stock Markets: Antitrust Measures to Promote Fairness and Transparency Through Investor Protection and Crisis Prevention

Format:  Hardcover,

334 pages

Publisher: John Wiley & Sons Inc

Publish Date: Jun 2012

ISBN-13: 9781118094815

ISBN-10: 1118094816

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Book Information

The following content was provided by the publisher.

Specifications

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:
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Publisher: John Wiley & Sons Inc
Publish Date: Jun 2012
ISBN-13: 9781118094815
ISBN-10: 1118094816
Format: Hardcover
Number of Pages: 334
Shipping Weight (in pounds): 1.26
Product in Inches (L x W x H): 6.5 x 9.25 x 1.25

Chapter outline

Foreword
Introduction
Acknowledgments
Happiness, Health, and Longevity during the 2008 Global Financial Crisis
Does the Recent Financial Crisis Impact Health and Happiness?
Concepts of Happiness
The History of Modeling Health and Financial Crisis
Our Three Objectives
Our Financial CrisisImpact Model
Results
Financial Crisis as a Major International Traumatic Event
Can We Just Wait for the Next Financial Crisis?
Notes
Profound Unhappiness in the International Recession: The Case of Suicide in Industrialized Countries
Background
Two Concepts of Happiness
A Psychological Viewpoint
Unhappiness, Hopelessness, and Depression
Hypothesis: Happiness as Accomplishment Predicts Happiness as Pleasure
Analysis
Conclusions
Imperfect Competition and Antitrust Regulations in the Stock Markets
Preventing Stock Market Crises (I): Regulating Shareholding Concentration
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
Preventing Stock Market Crises (II): Regulating Trade-Based Price-Lifting
How Is Large Price Impact by Other Investors Induced?
Empirical Research on Volume-Based Price Impact
The SEBI Prosecution Cases
The Manipulation Tactics Used in Price Lifting
Anatomy of an Investors Trades in a Stock during a Trading Day
Preventing Stock Market Crises (III): Regulating Earnings Manipulation
Preventing Stock Market Crises (IV): Regulating Trading by Corporate Insiders
Preventing Stock Market Crises (V): Regulating Information Manipulation by Sell-Side Analysts
Preventing Stock Market Crises (VI): Regulating Information-Based Manipulation
Preventing Stock Market Crises (VII): Principles of Regulating New Reporting That Cultivates Long-Run Manias and Triggers Short-Run Panics

Book description

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.

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