Insider frading and market manipulation in stock markets: An empirical investigation and development of a surveillance model
Başlık çevirisi mevcut değil.
- Tez No: 355245
- Danışmanlar: PROF. DR. DOĞAN ALTUNER
- Tez Türü: Doktora
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1993
- Dil: İngilizce
- Üniversite: Marmara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: İşletme (İngilizce) Ana Bilim Dalı
- Bilim Dalı: Muhasebe Finansman Bilim Dalı
- Sayfa Sayısı: 259
Özet
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Özet (Çeviri)
This study aims at bringing out a detailed picture of the effects of insider trading and market manipulation in stock markets. The primary goal of the study is to discuss the aim of the manipulative actions and insider trading oper'ltions, its types and preventive regulations enforced both in Tiirkiye and other developed countries. The secondary goal of the study is to determine whether there are any insider trading and manipulative actions in the transactions of the companies operating in the Turkish capital market and to verify whether any abnormal returns due to those illegal activities have been realized or not by establishing an empirical model. In that respect, the dissertation consists of six chapters : The fITst and second chapters cover the legal regulations against the insider trading activities in U.S., Japan, Germany, France and U.K., various examples of cases and the issues that constitute the basis for the subject such as the misappropriation theory, breach of fiduciary duty and the effects of sanctions. The third chapter gathers the issue of information and market efficiency, the effects of corporate announcements, dividend announcements, net earning announcements and market liquidity under the title of“The Major Aspects of Insider Trading”. In the fourth chapter. manipulation is discussed in detail. It's definitions, goals, types, the past scientific researches on that subject, the effects of manipulation on the stock prices and the legal preventive regulations in several countries are explained. The fifth chapter includes the background of the Turkish capital market, and the past and latest legal regulations. The scope and the applicability of the“Surveillance System Model”in Tiirkiye to prevent insider trading and manipulation activities is also discussed in this chapter. The sixth chapter concentrates on the detection of such illegal activities in Tiirkiye and the development of a test model to apply in case of insider trading and manipulative actions that may happen in the future. This study examines (1) whether corporate insiders are able to earn abnormal returns by trading in the shares of their own companies and (2) whether outsiders, who use publicly available data about insider trading, can earn abnormal returns. In this dissertation, the impact of insider trading prior to an earning, announcement on the stock price response to earnings will be examined. The hypothesis is that insider trading prior to an earning announcement might provide an additional source of predisclosure information to market participants to make inferences about forthcoming earnings.
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