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

Author

Listed:
  • Avgouleas, Emilios E.

    (Assistant Professor, Department of International and European Studies, University of Piraeus)

Abstract

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 of Enron 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 not only 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.

Suggested Citation

  • Avgouleas, Emilios E., 2005. "The Mechanics and Regulation of Market Abuse: A Legal and Economic Analysis," OUP Catalogue, Oxford University Press, number 9780199244522.
    • Handle: RePEc:oxp:obooks:9780199244522
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    Cited by:

    1. Ahmad Alkhamees, 2012. "Private action as a remedy against market manipulation in the USA," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 20(1), pages 41-55, February.
    2. Folarin Akinbami & Franklin N Ngwu, 2016. "Overhauling the institutional structure of financial regulation in Nigeria: The unfinished reform," Journal of Banking Regulation, Palgrave Macmillan, vol. 17(4), pages 311-331, November.

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