| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24083 |
| 来源ID | Working Paper 24083 |
| Who Falls Prey to the Wolf of Wall Street? Investor Participation in Market Manipulation | |
| Christian Leuz; Steffen Meyer; Maximilian Muhn; Eugene Soltes; Andreas Hackethal | |
| 发表日期 | 2017-12-04 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Price distortions created by so-called “pump-and-dump” schemes are well known, but relatively little is known about the investors in these frauds. By examining 470 “pump-and-dump” schemes using a proprietary set of trading records for over 110,000 individual investors from a major German bank, we provide evidence on the participation rate, magnitude of the investments, the losses, and the characteristics of the individuals who invest in such schemes. Our evidence suggests that participation is quite common with nearly 8% of active investors participating in at least one “pump-and-dump” losing on average nearly 30%. We identify several distinct types among participating investors, some of which (i.e., day trader) should not be viewed as falling prey to the schemes. We show that investor types respond differently to market manipulation, which poses challenges in designing investor protections. We also show that portfolio composition and past trading behavior better explain tout participation than demographics. Moreover, the immediate effects of the schemes are only part of their adverse impact. We identify broader and longer-lasting ramifications for participating investors beyond their direct financial losses. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions ; Behavioral Finance ; Other ; Law and Economics ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w24083 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581756 |
| 推荐引用方式 GB/T 7714 | Christian Leuz,Steffen Meyer,Maximilian Muhn,et al. Who Falls Prey to the Wolf of Wall Street? Investor Participation in Market Manipulation. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24083.pdf（1148KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
