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| Author: | Cumming, D. Johan, S. Li, D. |
| Title: | Exchange trading rules and stock market liquidity |
| Journal: | Journal of Financial Economics
2011 : MAR, VOL. 99:3 p. 651-671 |
| Index terms: | insider trading brokerage law finance regulations stock exchanges |
| Language: | eng |
| Abstract: | This paper explores stock exchange trading rules for market manipulation, insider trading, and broker-agency conflict, across countries and over time, in 42 stock exchanges around the world. Some stock exchanges have extremely detailed rules which explicitly prohibit specific manipulative practices, but others use less precise and broadly framed rules. The paper presents new indices for market manipulation, insider trading, and broker-agency conflict based on the specific provisions in the trading rules of each stock exchange. It is shown that differences in exchange trading rules, over time and across markets, significantly influence liquidity. |
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