Presenting a Model for Updating of Appropriate Supervisory Systems with Market Anomalies in Tehran Stock Exchange

Abstract

The main purpose of this research is to investigate the effectiveness of Surveillance measures and provide a model for Updating of appropriate supervisory systems with market anomalies in Tehran Stock Exchange and Overseas Iran. This research is a descriptive survey that consists of two parts. The first part is the prioritization of market abnormalities, which the method of theoretical discussions collecting has been library, as well as the information necessary for the realization of the research objectives using distribution and collection a questionnaire was conducted among 22 supervisors of Tehran Stock Exchange. In the second part of the research, the effects of identified abnormalities in securities transactions on the efficiency of Tehran Stock Exchange at two levels of large and small companies been investigated. The results of the survey briefly state that in large companies the most violations are affected by price and transactions manipulation, while in small companies, often violations will be due to the inside trading-based transactions. It can also be concluded that the anomalies of trades on the stock exchange reduce market efficiency.

Keywords

• market anomalies
• supervisors
• price manipulation
• inside trading
• market efficiency