Title: Market manipulation and surveillance - a survey of literature and some practical implications

Authors: Jose Joy Thoppan; M. Punniyamoorthy

Addresses: Gnanam School of Business, Thanjavur, Tamil Nadu, 613402, India ' Department of Management Studies, National Institute of Technology, Tiruchirappalli, Tamil Nadu, 620015, India

Abstract: Price discovery is the central element of a capital market value chain. Market surveillance becomes a necessity when any deliberate attempt is made at disrupting a free and fair mechanism for price discovery in a stock market. These attempts may be aimed at creating false and misleading signals with respect to the price or demand for a stock or both. This paper reviews the literature on: 1) efficiency and integrity of markets; 2) theoretical, empirical and experimental literature on manipulation; 3) surveillance systems and techniques.

Keywords: stock markets; market manipulation; market surveillance; price discovery; capital market value chains; market efficiency; market integrity.

DOI: 10.1504/IJVCM.2013.057322

International Journal of Value Chain Management, 2013 Vol.7 No.1, pp.55 - 75

Published online: 24 Jul 2014 *

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