Title: Stock market manipulation: a systematic literature review on prominent aspects and guidance for future research

Authors: Collins Ntim; Erhan Kilincarslan; Jiafan Li; Thi Kim Chi Nguyen

Addresses: Department of Accounting, Southampton Business School, University of Southampton, University Road SO17 1BJ, Southampton, UK ' Department of Accounting, Finance, Logistic and Economics, School of Business, Education and Law, University of Huddersfield, Queensgate, HD1 3DH, Huddersfield, UK ' Department of Accounting, Finance, Logistic and Economics, School of Business, Education and Law, University of Huddersfield, Queensgate, HD1 3DH, Huddersfield, UK ' Department of Accounting, Finance, Logistic and Economics, School of Business, Education and Law, University of Huddersfield, Queensgate, HD1 3DH, Huddersfield, UK

Abstract: This paper provides a comprehensive and up-to-date systematic review of the empirical literature on stock market manipulation by analysing and synthesising the findings from 94 peer-reviewed articles published between 2000 and 2025. Our results show that the current empirical studies focus on the: 1) motivations and consequences; 2) strategies and techniques; 3) detection methods; 4) regulation and prevention methods of stock manipulation. Given that stock market manipulation has various detrimental effects on capital markets worldwide, our in-depth systematic review sheds light on the prominent aspects in this area to help all market stakeholders better understand the relevant reasons, issues and consequences of stock manipulation. Our study also offers promising directions to researchers for the on-going stock manipulation research and further advancement in interdisciplinary studies. We further provide all market stakeholders and regulators with practical insights into detecting and preventing stock manipulation.

Keywords: stock market manipulation; systematic literature review; trade-based manipulation; information-based manipulation; call auction mechanisms.

DOI: 10.1504/IJBAAF.2025.151895

International Journal of Banking, Accounting and Finance, 2025 Vol.15 No.4, pp.347 - 380

Received: 22 Nov 2024
Accepted: 10 Sep 2025
Published online: 25 Feb 2026 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article