Given that corporate managers use stock prices as signals when making investment decisions, does market manipulation distort this process and impact corporate investment? We find that the increased prevalence of stock price manipulation has an economically meaningful negative effect on firms’...

We show that a type of market manipulation popularized in cryptocurrency markets is now also found in stock markets, an effect we term “crime contagion”. Manipulators gather traders in pseudo-anonymous online forums (e.g., Telegram) where they co-ordinate pump-and-dump attacks on stocks,...

In this chapter, I describe the various forms of market manipulation, ranging from classical pump and dump schemes, bear raids, and painting the tape, through to recent forms of manipulation such as spoofing, layering, pinging, and quote stuffing. I discuss the defining elements of market...

We show that cryptocurrency markets are plagued by pump-and-dump manipulation, with at least 355 cases in seven months. Unlike stock market manipulators, cryptocurrency manipulators openly declare their intentions to pump specific coins, rather than trying to deceive investors. Puzzlingly,...