Manipulation on Trial
Economic Analysis and the Hunt Silver Case
Published on 29. May 2008
Book
Paperback/Softback
268 pages
978-0-521-06347-0 (ISBN)
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 / Votes
"...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 LiteratureMore details
Language
English
Place of publication
Cambridge
United Kingdom
Target group
Professional and scholarly
Product notice
Paperback (trade)
Illustrations
18 Tables, unspecified; 30 Line drawings, unspecified
Dimensions
Height: 229 mm
Width: 152 mm
Thickness: 17 mm
Weight
440 gr
ISBN-13
978-0-521-06347-0 (9780521063470)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Book
07/1995
Cambridge University Press
€140.70
Shipment within 15-20 days
Person
Rev. Dr. Jeffrey B. Williams has been the pastor at Trinity Lutheran Church (LCMS) since January, 2020. Before serving in Slayton, Minnesota, he served congregations in Kansas, Wisconsin, and Colorado. He also was on the faculty at Concordia University Wisconsin as a Professor of Computer Science.
Dr. Williams earned his Bachelor of Science degree in Business Management from Elmhurst College in 1987. In May, 1992, he completed his Master of Divinity at Concordia Theological Seminary in Fort Wayne, Indiana. His doctorate in Education was granted in 2005 by Kansas State University.
He serves as a Civil Air Patrol Chaplain as well as being a parish pastor. Dr. Williams and his long-suffering spouse unit, Sally, have two adopted daughters who are in the Milwaukee and Denver area. The reverend and his wife have been married over 50 years and live in the parsonage in Slayton with their two dogs.
Content
List of figures; List of tables; Preface; Foreword Thomas O. Gorman; 1. Why the Hunt silver case? 2. Turmoil in the silver market; 3. Identifying a manipulation; 4. Testing for the cause of the price rise in silver; 5. Determining the appropriate price of silver; 6. Inferring manipulative intent; 7. The predicament of economic analysis in the courtroom; Glossary of commodity market terms; References; Index.