Which firms are more prone to stock market manipulation?

Serkan Imisiker, Bedri Kamil Onur Tas*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

19 Citations (Scopus)


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 languageEnglish
Pages (from-to)119-130
Number of pages12
JournalEmerging Markets Review
Publication statusPublished - Sept 2013
Externally publishedYes


  • Dynamic probit regression
  • Firm characteristics
  • Manipulation

ASJC Scopus subject areas

  • Business and International Management
  • Economics and Econometrics


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