The Mechanics and Regulation of Market Abuse: A Legal and Economic Analysis

Hardcover | September 8, 2005

byEmilios E. Avgouleas

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Economic theory indicates that financial markets play a prominent role to the efficient allocation of resources in the modern world. Financial markets can fulfil this role if they enjoy the confidence of investors and are free of abuse. The financial frauds associated with the collapse ofEnron and the major crises in world leading corporations such as WorldCom, Adelphia, Tyco, and the 'Wall Street financial scandals' have shown that fraud, manipulation, and insider dealing retain a catastrophic presence in modern financial markets. Proper deterrence of market abuse is necessary notonly for the effective operation of modern financial markets, but also for regaining investor confidence. This book analyses the mechanics and regulation of two of the most harmful market practices in the modern financial world: insider dealing and market manipulation, which together comprise the offence of market abuse. Avgouleas examines the UK and EC regimes from an interdisciplinary perspective,also making extensive and critical use of US case law. He emphasizes the economic analysis of anti-fraud manipulation regulations and their effects upon market welfare and explores the possible deterrent benefits of civil law remedies.

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Economic theory indicates that financial markets play a prominent role to the efficient allocation of resources in the modern world. Financial markets can fulfil this role if they enjoy the confidence of investors and are free of abuse. The financial frauds associated with the collapse ofEnron and the major crises in world leading corp...

Dr Emilios E. Avgouleas is Assistant Professor in the Department of International and European Studies of the University of Piraeus.
Format:HardcoverDimensions:608 pages, 9.21 × 6.14 × 1.46 inPublished:September 8, 2005Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199244529

ISBN - 13:9780199244522

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Table of Contents

PART I: THE ECONOMIC ANALYSIS OF MARKET ABUSECHAPTER 1: INTRODUCTION1. The Importance of Open Markets Free of Abuse2. A Modern Study of Market Abuse3. Scope and structureCHAPTER 2: MODERN FINANCIAL MARKETS AND FINANCE THEORY1. Introduction2. The Modern Market Landscape3. Modern and 'Post-modern' Finance Theory4. Bubbles, Manias, Cognition and Herding5. Concluding RemarksCHAPTER THREE: DECONSTRUCTING AND RECONCEPTUALIZING MARKET ABUSE1. Introduction2. The Mechanics of Insider Dealing3. Corporate Fraud, Governance Failures, 'Bubbles' and Market Abuse: Behavioural Transmissions and Causal Linkages4. Concluding RemarksCHAPTER FOUR: THE MECHANICS OF MARKET MANIPULATION1. Introduction2. The Mechanics of Market Manipulation3. Market Manipulation, Species, Devices and Techniques4. Concluding RemarksCHAPTER 5: THE REGULATION OF MARKET ABUSE1. Introduction2. Theories of Regulation and Financial Market Regulation3. Mandatory Disclosure4. Market Transparency and the Liquidity Trade Off5. Insider Dealing: Crime and Punishment?6. The Regulation (Prohibition) of Market Manipulation7. Market Manipulation and Exchange Self-Regulation: A Critical Evaluation8. Concluding RemarksPART II: THE EU AND UK MARKET ABUSE REGIMESCHAPTER 6: THE EMERGING EU REGIME FOR THE REGULATION OF MARKET ABUSE1. Introduction2. The Evolution of EC Securities Regulation3. The Market Abuse Directive4. An Analysis of FIMD, Prospectus and Transparency Obligations Directives as part of the Emerging EU Regime Regulating Market Abuse5. Concluding RemarksCHAPTER SEVEN: THE PROHIBITION AND PUNISHMENT OF MARKET ABUSE IN THE UK1. Introduction2. Criminal Liability for Insider Dealing and Market Manipulation3 The Offence of Market Abuse in FSMA4. Remedies5. Concluding RemarksCHAPTER EIGHT: CIVIL LIABILITY FOR MARKET ABUSE IN THE UK1. Introduction2. Civil Liability under Statutory Law3. Civil Liability at Common Law4. Liability in Equity5. Unjust Enrichment-Restitution6. Concluding RemarksPART III: MARKET ABUSE DETERRENCECHAPTER NINE: MARKET ABUSE DETERRENCE UNDER A CIVIL LIABILITY REGIME1. Introduction2. Civil Remedies for Market Abuse3. The Fraud-on-the-Market Theory and its Reconstruction4. Civil Remedies and Market Abuse Deterrence5. Concluding Remarks and a ProposalCHAPTER TEN: CONCLUSIONS1. An Interdisciplinary Study of Market Abuse: An Overview2. Conclusions and Proposals