The study investigates the firm's specific characteristics of manipulated firms in East Asian emerging and developed markets using hand-collected 244 manipulated cases between 2001 and 2017. The empirical analysis is conducted using panel logistic regression to identify which stocks are more likely to be manipulated. Result shows that large and highly liquid firms were more likely to be manipulated in both emerging and developed markets. Additionally, marginal effect shows that firms with high free float and market capitalization had a higher probability of being manipulated in these markets. On the contrary, profitable firms were less likely to be manipulated in both developed and emerging markets. Limited studies have been conducted to empirically identify the characteristics of the manipulated stocks across the developed and emerging markets. The regulator can use these results to identify possible and expected manipulation and to design enforcement rules, accordingly. Further, investors can take into consideration these characteristics of manipulated stocks while designing their portfolio in order to reduce the portfolio risk.
RNA is a single stranded nucleic acid type, produced by DNA via a process of transcription. RNA tend to form secondary structure by pairing the complementary base pairs within it. The RNA secondary structure is an essential parameter to understand its functions and expression into a protein. This research is based to understand the link between RNA secondary structure and abiotic stresses in two leading organisms viz; Arabidopsis thaliana and Oryza sativa. For this purpose the RNA secondary structures analyses for abiotic stress resistant and housekeeping genes were done in A. thaliana and O. sativa. Total 138 abiotic stress resistant and 2l housekeeping genes were selected through literature survey and subjected to RNA secondary structure tool. RNA secondary structure were analyzed and characterized in terms of minimum free energy, number of stems and loops. The 80% of abiotic stress and 67% of housekeeping genes show significant difference in the minimum free energy (MFE) while there were no significant variation in the number of stems and loops. The open reading frame analysis, as an additional parameter, of the selected genes were also done, that revealed the preference of +1 frame by most of the genes, i.e., 42% of abiotic stress and 43% of housekeeping genes. RNA secondary structure analysis help us to engineer stress resistant genes with stable RNA structures.
Purpose
The purpose of this study is to empirically test the role of heterogeneous investor’s, i.e. institutional investors, individuals and insiders in deteriorating market integrity.
Design/methodology/approach
The research is conducted by examining the participants of 244 market manipulation cases of East Asian emerging and developed financial markets for the period of 2001–2016. The empirical analysis is conducted using panel logistic regression.
Findings
The results show that firms with higher institutional ownership are most likely to be manipulated in both markets. Insiders are potential manipulators in developed markets and deteriorate market integrity. In contrast, individual investors behave differently in both markets. In developed markets, firms with high individual ownership are less likely to be manipulated while in emerging markets, firms with individual ownership are more prone to manipulation because of substantial participation by individual investors which invites manipulative practices. Additionally, the authors found that firms with a higher proportion of passive institutional investors are less likely to be manipulated in emerging markets.
Originality/value
This study contributes to the existing literature by identifying the potential manipulators in the financial markets who deteriorate market integrity with the additional focus of subdivision of institutional investors as active institutional investors and passive institutional investor. The findings are helpful for regulators in designing policies to ensure market integrity and to enforce the role of institutional investors and insiders.
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