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  3. Manipulation on Trial
  • Cited by 10
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    • Publisher:
      Cambridge University Press
      Publication date:
      17 September 2009
      27 July 1995
      ISBN:
      9780511521966
      9780521440288
      9780521063470
      DOI:
      https://doi.org/10.1017/CBO9780511521966
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.528kg, 268 Pages
      Dimensions:
      (229 x 152 mm)
      Weight & Pages:
      0.428kg, 268 Pages
      • Subjects:
      Economics, Industrial Economics, Law and Economics, Law
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    • Selected: Digital
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    Subjects:
    Economics, Industrial Economics, Law and Economics, Law
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    Book description

    The unprecedented rise and fall in silver's price during 1979 and 1980 resulted in charges against the Hunt brothers of Dallas of monopolization and market manipulation, charges which led to a lengthy trial. This book focuses on the economic analysis used at this trial. Drawing upon interviews with the judge, jury, attorneys and expert witnesses (the author having so served), it investigates the elusive definition of manipulation in sophisticated markets, the difficulties of interpreting statistical evidence, the imprecision in calculating damages, the hidden assumptions behind inferences concerning intent, and the hazards introduced when economic analysis enters complex litigation. The author concludes that these problems induce courtroom procedures to oversimplify the economic analysis and cause the law on market manipulation to be created retroactively. Yet the failure lies not with the legal institutions but with the futures exchanges who had not developed in advance the rules to minimize large-scale trading during the unusual price moves.

    Reviews

    "...should be interesting and instructive reading for business economists, especially for those who would venture into the loosely-charted, interdisciplinary world of forensic economics." Samuel C. Webb and Jen-Chi Cheng, Southern Economic Journal

    "For those interested in the intersections of law and economics, the volume will be a wonderful resource." Jonathan R. Macey, Journal of Economic Literature

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