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Alper Koparan - Dissertation.pdf (953.12 KB)

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REGULATION CHANGE AND STOCK PRICE MANIPULATION: EVIDENCE FROM TURKEY

KOPARAN, ALPER
http://rave.ohiolink.edu/etdc/view?acc_num=kent1650064838100104

Abstract Details

2022, PHD, Kent State University, College of Business and Entrepreneurship, Ambassador Crawford / Department of Finance.
Price manipulation is the act of artificially influencing asset prices in either direction using misleading information or false trades for monetary gains and it has been one of the most common market frauds observed in stock exchanges for many years. It is an illegal practice in most countries and regulators take both preventive and enforcement actions against manipulators. The effects of regulatory changes on capital markets and market efficiency have been subject to a wide variety of research in the literature (e.g., Pirrong, 1995, Aggarwal, 2001, LAPorta et al., 2002, Pistor and Xu, 2003, Pirrong, 2004, Jackson, 2007, Commerton-Forte and Putnins, 2014, Chitimiara, 2015, Cumming and Johan, 2018, Fox et al., 2018). This dissertation focuses on the effects of regulatory changes on manipulation case frequency, market liquidity, and price synchronicity. In particular, this study examines how the application of informational dark pool and circuit breaker systems as a trade halting mechanism in the context of the Istanbul Stock Exchange affect manipulation case frequency, market liquidity, and pricing efficiency. This study contributes to the literature on manipulative actions with a detailed 20-year country-specific dataset and one of the first investigations of the effects of the dark pool and circuit breaker applications on market efficiency and manipulation cases of a specific stock market. The research question this dissertation focuses on is how dark pool and circuit breaker (trade halt mechanism) applications affect the efficiency of the stock market as measured by market liquidity and pricing efficiency (price synchronicity) and whether the frequency of manipulation cases changes due to these regulatory tools. This study uses an interrupted time series analysis research design to test the effects of dark pool and circuit breaker on market efficiency and manipulation case frequency in the Istanbul Stock Exchange and event periods are compared with the test period for each regulatory tool.
XIAOLING PU (Committee Chair)
MARC VIA (Committee Member)
SHAWN ROHLIN (Committee Member)
94 p.
Finance
STOCK PRICE MANIPULATION; MARKET QUALITY; DARK POOL; CIRCUIT BREAKER; PRICE SYNCHRONICITY; LIQUIDITY

Recommended Citations

Citations

  • KOPARAN, A. (2022). REGULATION CHANGE AND STOCK PRICE MANIPULATION: EVIDENCE FROM TURKEY [Doctoral dissertation, Kent State University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=kent1650064838100104

    APA Style (7th edition)

  • KOPARAN, ALPER. REGULATION CHANGE AND STOCK PRICE MANIPULATION: EVIDENCE FROM TURKEY. 2022. Kent State University, Doctoral dissertation. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=kent1650064838100104.

    MLA Style (8th edition)

  • KOPARAN, ALPER. "REGULATION CHANGE AND STOCK PRICE MANIPULATION: EVIDENCE FROM TURKEY." Doctoral dissertation, Kent State University, 2022. http://rave.ohiolink.edu/etdc/view?acc_num=kent1650064838100104

    Chicago Manual of Style (17th edition)

kent1650064838100104
237
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This open access ETD is published by Kent State University and OhioLINK.