{"id":{"repo_id":"ubc","oai_identifier":"oai:circle.library.ubc.ca:2429/1183"},"canonical_url":"https://search.dev.ndltd.org/etd/ubc/oai:circle.library.ubc.ca:2429/1183","repository":{"repo_id":"ubc","name":"University of British Columbia","base_url":"http://circle.library.ubc.ca/oai/request"},"display":{"title":"The regulation of trade-based manipulation","abstract":"We examine a model in which security price manipulation can lead to the inefficient allocation of resources. The actions of a manipulator can create excess noise in the market which may discourage some investors from participating. We show how a regulator can use trading halts to mitigate the negative impact of manipulation and induce investors back into the market. However, the benefits derived from using halts are somewhat offset by illiquidity costs imposed by the halts on some market participants. 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