Stock Market Manipulation and Corporate Venture Capital Investments

UNIVERSITY OF TECHNOLOGY SYDNEY
Finance Department
Research Seminars in Finance

Douglas Cumming

Paper Title: Stock Market Manipulation and Corporate Venture Capital Investments

 Speaker: Douglas Cumming, Florida Atlantic University. 

 Time and Date: 12 – 1 pm, Wednesday 3 May 2023  (AEST)

 Venue: Face-to-face seminar in room CB08.08.02, Level 8, Building 8, University of Technology Sydney, 14-28 Ultimo Rd, Ultimo, Sydney, Australia (Map of campus)

 Abstract and paper:  We investigate the relationship between stock manipulation and corporate venture capital (CVC) investments among public companies listed on NASDAQ and NYSE. The data indicate stock market manipulation drops by 23% on average over a two-year period before to forming a CVC. After each CVC investment in entrepreneurial firms, there is a rise in market manipulation in the short run up to 1 year, but a decline in the long run from 1-2 years. The data further indicate that CVCs associated with higher levels of stock manipulation are less likely to have syndicate their deals and 50% less likely to have portfolio companies successfully exit through IPOs. Paper is available upon request. 

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Co-ordinator: Kenny Phua

Enquiries: Chloe Qu

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