Exchange trading rules and stock market liquidity
We examine stock exchange trading rules for market manipulation, insider trading, and broker-agency conflict, across countries and over time, in 42 stock exchanges around the world. Some stock exchanges have extremely detailed rules that explicitly prohibit specific manipulative practices, but others use less precise and broadly framed rules. We create new indices for market manipulation, insider trading, and broker-agency conflict based on the specific provisions in the trading rules of each stock exchange. We show that differences in exchange trading rules, over time and across markets, significantly affect liquidity.
Year of publication: |
2011
|
---|---|
Authors: | Cumming, Douglas ; Johan, Sofia ; Li, Dan |
Published in: |
Journal of Financial Economics. - Elsevier, ISSN 0304-405X. - Vol. 99.2011, 3, p. 651-671
|
Publisher: |
Elsevier |
Keywords: | Market manipulation Liquidity Insider trading Broker-agency conflict Law and finance |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
Exchange trading rules and stock market liquidity
Cumming, Douglas J., (2011)
-
Exchange trading rules and stock market liquidity
Cumming, Douglas, (2011)
-
Exchange Trading Rules and Stock Market Liquidity
Cumming, Douglas J., (2009)
- More ...