Produktbild: Corruption and Fraud in Financial Markets

Corruption and Fraud in Financial Markets Malpractice, Misconduct and Manipulation

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

22.06.2020

Herausgeber

Carol Alexander + weitere

Verlag

John Wiley & Sons Inc

Seitenzahl

624

Maße (L/B/H)

25,1/17,3/4,3 cm

Gewicht

1195 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-42177-1

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

22.06.2020

Herausgeber

Verlag

John Wiley & Sons Inc

Seitenzahl

624

Maße (L/B/H)

25,1/17,3/4,3 cm

Gewicht

1195 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-119-42177-1

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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  • Produktbild: Corruption and Fraud in Financial Markets
  • About the Editors xv
     
    List of Contributors xvii
     
    Foreword xix
     
    Acknowledgements xxi
     
    Chapter 1: Introduction 1
    Carol Alexander and Douglas Cumming
     
    Part I What are Manipulation and Fraud and Why Do They Matter? 11
     
    Chapter 2: An Overview of Market Manipulation 13
    Tlis J. PutniFs
     
    2.1 Introduction 14
     
    2.2 Definitions of Market Manipulation 16
     
    2.2.1 Legal Interpretation and Provisions against Market Manipulation 16
     
    2.2.2 Economics and Legal Studies Perspective 18
     
    2.3 A Taxonomy of the Types of Market Manipulation 19
     
    2.3.1 Categories of Market Manipulation 19
     
    2.3.2 Market Manipulation Techniques 22
     
    2.4 Research on Market Manipulation 26
     
    2.4.1 Theoretical Literature 27
     
    2.4.2 Empirical Literature 30
     
    2.4.3 Conclusions from the Research on Market Manipulation 35
     
    2.5 Summary and Conclusions 39
     
    References 40
     
    Chapter 3: A Taxonomy of Financial Market Misconduct 45
    Ai Deng and Priyank Gandhi
     
    3.1 Introduction 46
     
    3.2 Challenges in Research on Financial Market Misconduct 50
     
    3.3 Defining Financial Market Misconduct 51
     
    3.3.1 Price Manipulation 53
     
    3.3.2 Circular Trading 54
     
    3.3.3 Collusion and Information Sharing 55
     
    3.3.4 Inside Information 56
     
    3.3.5 Reference Price Influence 56
     
    3.3.6 Improper Order Handling 57
     
    3.3.7 Misleading Customers 58
     
    3.4 Defining Financial Fraud 59
     
    3.4.1 Credit Card Fraud 59
     
    3.4.2 Money Laundering 60
     
    3.4.3 Financial Statement Fraud 60
     
    3.4.4 Computer Intrusion Fraud 61
     
    3.5 Conclusion 61
     
    References 61
     
    Chapter 4: Financial Misconduct and Market-Based Penalties 65
    Chelsea Liu and Alfred Yawson
     
    4.1 Introduction 66
     
    4.2 Notable Cases of Financial Reporting Fraud 69
     
    4.3 Financial Reporting Misconduct and Legal Redress 70
     
    4.4 Evolution of US Financial Regulations 71
     
    4.4.1 Private Securities Litigation Reform Act (1995) 72
     
    4.4.2 Sarbanes-Oxley Act (2002) 72
     
    4.4.3 Dodd-Frank Act (2010) 73
     
    4.5 Legal versus Market-Based Penalties for Financial Misconduct 74
     
    4.5.1 Common Forms of Legal Penalties 74
     
    4.5.2 Role of Market-Based Penalties 75
     
    4.6 Firm-Level Penalties for Corporate Financial Misconduct 75
     
    4.6.1 Direct Economic Costs Captured in Loss of Market Value 83
     
    4.6.2 Loss of Firm Reputation 83
     
    4.6.3 Spillover of Reputational Effect 84
     
    4.6.4 Governance Risk and Insurance Premiums 85
     
    4.6.5 Reduced Liquidity 85
     
    4.6.6 Access to Financing 85
     
    4.6.7 Reduced Innovation 86
     
    4.6.8 Mergers and Acquisitions 86
     
    4.7 Individual-Level Penalties for Corporate Financial Misconduct 87
     
    4.7.1 Executive and Director Turnover 87
     
    4.7.2 Impaired Career Progression 95
     
    4.7.3 Loss of Reputation 96
     
    4.7.4 Executive Compensation 97
     
    4.7.5 Strengthened Monitoring 97
     
    4.8 Causes, Risks, and Moderators of Financial Misconduct 98
     
    4.8.1 Fraud Incentives 98
     
    4.8.2 Risk Factors 113
     
    4.8.3 Public Enforcement: Regulatory and Judicial Stringency 115
     
    4.8.4 Public Enforcement: Detection and Surveillance 116
     
    4.8.5 Private Enforcement 117
     
    4.9 Other Non-Financial Misconduct 118
     
    4.10 Concluding Remarks 119
     
    References 120
     
    Chapter 5: Insider Trading and Market Manipulation 135
    Jonathan A. Batten, Igor Lon arski, and Peter G. Szilagyi
     
    5.1