Abstract
This study empirically investigates which firms are more susceptible to successful manipulation. For this purpose, a unique data set consisting of manipulation cases from 1998 to 2006 from the Istanbul Stock Exchange (ISE) was collected and firm-specific variables are used to explain these manipulations. Probit regression results show that small firms, firms with less free float rate and a higher leverage ratio are more prone to stock price manipulation. Dynamic probit analysis concludes that the probability of manipulation of a stock is significantly higher for stocks that have been previously manipulated.
Original language | English |
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Pages (from-to) | 119-130 |
Number of pages | 12 |
Journal | Emerging Markets Review |
Volume | 16 |
DOIs | |
Publication status | Published - Sept 2013 |
Externally published | Yes |
Keywords
- Dynamic probit regression
- Firm characteristics
- Manipulation
ASJC Scopus subject areas
- Business and International Management
- Economics and Econometrics