Price manipulation by intermediaries

Serkan Imişiker, Rasim Özcan, Bedri Kamil Onur Taş*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

9 Citations (Scopus)


In this study, we investigate two main research questions using unique individual trade level data from the Istanbul Stock Exchange (ISE; renamed Borsa Istanbul in January 2013): (1) Do brokers conduct manipulative trades in the ISE? (2) Do these brokers gain returns from their manipulative behavior? We examine the trade-based "pump-and-dump" price manipulation scheme. Using the complete intraday trading history of stocks listed on the ISE over the 2003-6 period, we find that a significant percent of the trades conducted by brokers can be identified as consistent with the pump-and-dump price manipulation scheme, and brokers that conduct more pump-and-dump trades earn marginally higher profits.

Original languageEnglish
Pages (from-to)788-797
Number of pages10
JournalEmerging Markets Finance and Trade
Issue number4
Publication statusPublished - Jan 1 2015


  • Broker behavior
  • Market structure
  • Trade-based manipulation

ASJC Scopus subject areas

  • Finance
  • Economics, Econometrics and Finance(all)


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