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Market manipulation and innovation

Author

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  • Cumming, Douglas
  • Ji, Shan
  • Peter, Rejo
  • Tarsalewska, Monika

Abstract

End-of-day stock price manipulation is generally associated with short-termism, long-term damage to equity values, and reduced incentives for employees to innovate. We use a sample of suspected stock price manipulation events based on intraday data for stocks from nine countries over eight years and find evidence of negative effects of market manipulation on innovation. We show that these negative effects are particularly harmful to innovation in markets with low intellectual property rights and high shareholder protection.

Suggested Citation

  • Cumming, Douglas & Ji, Shan & Peter, Rejo & Tarsalewska, Monika, 2020. "Market manipulation and innovation," Journal of Banking & Finance, Elsevier, vol. 120(C).
    • Handle: RePEc:eee:jbfina:v:120:y:2020:i:c:s0378426620302193
    DOI: 10.1016/j.jbankfin.2020.105957
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    More about this item

    Keywords

    Market manipulation; End-of-day dislocation; Patents; Innovation; Intellectual property rights; Shareholder protection;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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