Regulating competition in stock markets : antitrust measures to promote fairness and transparency through investor protection and crisis prevention

A guide to curbing monopoly power in stock markets Engaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. Happiness is lost because of emotional and physical health deterioration resulting from the crisis. Therefore, the authors conclude that financial crisis prevention should be the focus of public policy. This book is the most comprehensive study so far on potential risks to the stock market, especially various forms of m. � Read more... Abstract: A guide to curbing monopoly power in stock markets Engaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. � Read more... A guide to curbing monopoly power in stock markets Engaging and informative, "Regulating Competition in Stock Markets" skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. Happiness is lost because of emotional and physical health deterioration resulting from the crisis. Therefore, the authors conclude that financial crisis prevention should be the focus of public policy. This book is the most comprehensive study so far on potential risks to the stock market, especially various forms of market manipulation that lead to mania and eventual crisis. Based on litigation cases from international stock markets, and borrowing multidisciplinary findings in the fields of finance, economics, accounting, media studies, criminology, legal studies, psychology, and medicine, this book is the first to provide thorough micro-level regulatory proposals rooted in financial reality. By focusing on securities trading, they apply antitrust measures to limiting monopolistic power that is used for the manipulation of investors' perception and monopolistic profit. These proposals are quantifiable, adjustable, inexpensive, and can be easily implemented by any securities regulating agency for real-time oversight and daily operations. The recommendations found here are intended to improve the fairness and transparency of the financial markets, thereby perfecting the market competition, protecting investors, stabilizing the market, and preventing crises Explores how avoiding crises can to contribute to a more scientific, health aware, and civilized economic and social development Written by a team of authors who have extensive experience in this dynamic field, including Nobel Laureate Lawrence R. Klein Since the founding of the first, organized stock exchange in Amsterdam 400 years ago, no systematic economic research results on stock markets have been implemented in stock market regulation around the world. "Regulating Competition in Stock Markets" aims to fill this void.

Praise for Regulating Competition in Stock Markets

"A fascinating, wide-ranging analysis beginning with the adverse effects of the financial crisis on happiness, health, and suicide, then analyzing the manipulation of finance markets that presumably contributed to the crisis, and ending with regulatory cures."—Richard B. Freeman, PhD, Herbert S. Ascherman Professor of Economics, Harvard University, Fellow of the American Academy of Arts and Sciences, member of two panels of the National Academy of Sciences

"This timely book examines the causes and consequences of stock market manipulation around the world. Given the importance of investor protection and crisis prevention, the authors' insightful work is an essential read for academics, practitioners, and policymakers alike."—Douglas Cumming, JD, PhD, CFA, Professor of Finance and Entrepreneurship and Ontario Research Chair in Economics and Cross Cultural Studies, Schulich School of Business, York University

"This intriguing book makes the case that stock market manipulation, far from being a lurid practice of the past, might still be an important concern in modern economies. Academics and policymakers will benefit from studying its immense wealth of data and its proposals."—Xavier Gabaix, PhD, Martin J. Gruber Professor of Finance, Stern School of Business, New York University

"In economics, measures of happiness are increasingly used to evaluate well-being. This is quite a novel and welcome addition to this literature."—Richard A. Easterlin, PhD, University Professor and Professor of Economics,University of Southern California, member of the National Academy of Sciences and the American Academy of Arts and Sciences

"A substantive, authoritative, and insightful work on securities regulation, relevant to both scholars and practitioners."—Richard J. Joseph, MLitt, JD, Vice President of Academic Affairs, Hult International Business School

Content: Part 1 Happiness, Health, and Longevity during the 2008 Global Financial Crisis -- 1. Does the Recent Financial Crisis Impact Health and Happiness? / Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, Michael H. Wang, and Christine Huang -- 2. Profound Unhappiness in the International Recession: The Case of Suicide in Industrialized Countries / M. Harvey Brenner -- Part 2 Imperfect Competition and Antitrust Regulations in the Stock Markets -- 3. Preventing Stock Market Crises (I): Regulating Shareholding Concentration / Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. Wang -- 4. Preventing Stock Market Crises (II): Regulating Trade-Based Price-Lifting / Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. Wang -- 5. Preventing Stock Market Crises (III): Regulating Earnings Manipulation / Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. Wang -- 6. Preventing Stock Market Crises (IV): Regulating Trading by Corporate Insiders / Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcs any, and Michael H. Wang -- 7. Preventing Stock Market Crises (V): Regulating Information Manipulation by Sell-Side Analysts / Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. Wang -- 8. Preventing Stock Market Crises (VI): Regulating Information-Based Manipulation / Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. Wang -- 9. Preventing Stock Market Crises (VII): Principles of Regulating New Reporting That Cultivates Long-Run Manias and Triggers Short-Run Panics / Xin Yan, Lawrence R. Klein, Viktoria Dalko, Ferenc Gyurcsany, and Michael H. Wang.