Regulating Competition in Stock Markets: Antitrust Measures to Promote Fairness and Transparency Through Investor Protection and Crisis Prevention (Wiley Finance Series) - Tapa dura

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LAWRENCE R. KLEIN is Benjamin Franklin Professor Emeritus of Economics at the University of Pennsylvania and a Nobel laureate in Economics. He's published widely and is the intellectual father of Project LINK, a global consortium of national economic forecasting established in 1969 and coordinated in part by the United Nations Department of Economic and Social Affairs. Klein received a PhD in economics from the Massachusetts Institute of Technology. Viktoria Dalko is a JoAnne Fussa Distinguished Teacher of the Graduate Program in Management, Harvard University Extension School, and a Global Professor of Finance at Hult International Business School in Boston, Dubai, London, San Francisco, and Shanghai. Dalko received a PhD in economics from the University of Pennsylvania. Michael H. Wang is cofounder, Vice President, and Director of Research of the Boston-based think tank Research Institute of Comprehensive Economics. Wang obtained a PhD in mechanical engineering from the University of Illinois at Urbana-Champaign.

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Praise for Regulating Competition in Stock Markets

"A fascinating, wide-ranging analysis beginning with the adverse effects of the financial crisis on happiness, health, and suicide, then analyzing the manipulation of finance markets that presumably contributed to the crisis, and ending with regulatory cures." Richard B. Freeman, PhD, Herbert S. Ascherman Professor of Economics, Harvard University, Fellow of the American Academy of Arts and Sciences, member of two panels of the National Academy of Sciences

"This timely book examines the causes and consequences of stock market manipulation around the world. Given the importance of investor protection and crisis prevention, the authors' insightful work is an essential read for academics, practitioners, and policymakers alike." Douglas Cumming, JD, PhD, CFA, Professor of Finance and Entrepreneurship and Ontario Research Chair in Economics and Cross Cultural Studies, Schulich School of Business, York University

"This intriguing book makes the case that stock market manipulation, far from being a lurid practice of the past, might still be an important concern in modern economies. Academics and policymakers will benefit from studying its immense wealth of data and its proposals." Xavier Gabaix, PhD, Martin J. Gruber Professor of Finance, Stern School of Business, New York University

"In economics, measures of happiness are increasingly used to evaluate well-being. This is quite a novel and welcome addition to this literature." Richard A. Easterlin, PhD, University Professor and Professor of Economics,University of Southern California, member of the National Academy of Sciences and the American Academy of Arts and Sciences

"A substantive, authoritative, and insightful work on securities regulation, relevant to both scholars and practitioners." Richard J. Joseph, MLitt, JD, Vice President of Academic Affairs, Hult International Business School

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In addition to the material losses sustained during the most recent financial crisis, the impact of this event was felt in many other ways. The loss of predictability, combined with rising uncertainties in times of financial crisis, resulted in an array of social and emotional burdens to individuals that eventually eroded their physical and mental health. In the process, their happiness was also negatively affected.

With this in mind, the editors of Regulating Competition in Stock Markets set out to show how we are truly affected by the functioning of the financial system. What they discuss here is essential, if we intend on understanding how financial crises shape us and what it will take to achieve a more fair, transparent, and competitive market equilibrium moving forward.

Engaging and informative, Regulating Competition in Stock Markets provides the first diagnosis of how well the financial system, and the stock market in particular, fits into the current social trend of health and happiness. The study on which it is basedwhich includes a collection of semi-annual survey responses from the spring of 2008 to the spring of 2010 from hundreds of business professionals and former graduate studentsreveals that the global financial crisis has had a measurable and detrimental impact on health and happiness. With this established, the editors have taken the opportunity to examine the stock market as a primary example of a financial market and study from where these problems originate.

Throughout these pages, they focus on the characteristics that may cause unfair losses to investors, market instability, and financial crisis, as these elements are closely linkedfrom a financial standpointto the loss of human health and happiness. They identify certain monopolistic practices, especially as monopoly power is exercised through market manipulation, as the key source of these problems. Along the way, they also highlight systemic risk factors to financial markets and present potential regulatory proposals to prevent the utilization of monopoly power in illegal or unfair trading practiceswith the goal of investor protection and crisis prevention.

Divided into two comprehensive parts, this valuable resource addresses some of the most important issues in this field, with empirical analysis of the impact of financial crises on health and happiness to hundreds of securities litigation cases from around the world that provide solid evidence of both trade- and information-based market manipulation.

While financial crises remain hard to predict, their international impact is clear.Regulating Competition in Stock Markets is an important step in attempting to prevent future market crises and improving the health and happiness of our society as a whole.