Stock market manipulation: a systematic literature review on prominent aspects and guidance for future research
Stock market manipulation: a systematic literature review on prominent aspects and guidance for future research
This paper provides a comprehensive and up-to-date systematic review of the empirical literature on stock market manipulation by analysing and synthesising the findings from 94 peer-reviewed articles published between 2000 and 2025. Our results show that the current empirical studies focus on the (i) motivations and consequences, (ii) strategies and techniques, (iii) detection methods and (iv) regulation and prevention methods of stock manipulation. Given that stock market manipulation has various detrimental effects on capital markets worldwide, our in-depth systematic review sheds light on the prominent aspects in this area to help all market stakeholders better understand the relevant reasons, issues and consequences of stock manipulation. Our study also offers promising directions to researchers for the on-going stock manipulation research and further advancement in interdisciplinary studies. We further provide all market stakeholders and regulators with practical insights into detecting and preventing stock manipulation.
Stock market manipulation, systematic literature review, trade-based manipulation, information-based manipulation, call auction mechanisms
Ntim, Collins G.
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Kilincarslan, Erhan
53dc5ee6-2279-4766-a5ec-3e5306c5da13
Li, Jiafan
971e5850-ddaa-4ec2-b849-b533669ec7b0
Nguyen, Thi Kim Chi
1ae8e72c-dd4a-4ce8-9849-81a2609c2c85
Ntim, Collins G.
1f344edc-8005-4e96-8972-d56c4dade46b
Kilincarslan, Erhan
53dc5ee6-2279-4766-a5ec-3e5306c5da13
Li, Jiafan
971e5850-ddaa-4ec2-b849-b533669ec7b0
Nguyen, Thi Kim Chi
1ae8e72c-dd4a-4ce8-9849-81a2609c2c85
Ntim, Collins G., Kilincarslan, Erhan, Li, Jiafan and Nguyen, Thi Kim Chi
(2025)
Stock market manipulation: a systematic literature review on prominent aspects and guidance for future research.
International Journal of Banking, Accounting and Finance.
(In Press)
Abstract
This paper provides a comprehensive and up-to-date systematic review of the empirical literature on stock market manipulation by analysing and synthesising the findings from 94 peer-reviewed articles published between 2000 and 2025. Our results show that the current empirical studies focus on the (i) motivations and consequences, (ii) strategies and techniques, (iii) detection methods and (iv) regulation and prevention methods of stock manipulation. Given that stock market manipulation has various detrimental effects on capital markets worldwide, our in-depth systematic review sheds light on the prominent aspects in this area to help all market stakeholders better understand the relevant reasons, issues and consequences of stock manipulation. Our study also offers promising directions to researchers for the on-going stock manipulation research and further advancement in interdisciplinary studies. We further provide all market stakeholders and regulators with practical insights into detecting and preventing stock manipulation.
Text
Stock market manipulation IJBAAF_Final_Accepted_10_September_2025
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Restricted to Repository staff only until 10 September 2026.
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Accepted/In Press date: 10 September 2025
Keywords:
Stock market manipulation, systematic literature review, trade-based manipulation, information-based manipulation, call auction mechanisms
Identifiers
Local EPrints ID: 505904
URI: http://eprints.soton.ac.uk/id/eprint/505904
ISSN: 1755-3830
PURE UUID: 9ecf9f29-3b57-4779-9f65-fbebc1c1f2e5
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Date deposited: 22 Oct 2025 17:02
Last modified: 23 Oct 2025 01:27
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Contributors
Author:
Erhan Kilincarslan
Author:
Jiafan Li
Author:
Thi Kim Chi Nguyen
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