Globalstar Telecommunications Limited GSAT Message Board

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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 61.03

+0.3%

Nov 26 3:59 PM EST

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To: JMD who wrote (13772)	6/23/2000 7:09:00 PM
From: Art Bechhoefer	Read Replies (1) of 29987

Mike, fraud on the market is a theory that was discussed not too many years ago in a Harvard Law Review article. It concerns the act of deliberately trying to mislead investors in order to profit on the resulting price changes. It is different from insider trading, where it is assumed that the analyst had access to private information that had not yet circulated. In this case, it appears he didn't have access to ANY information at all, but used his position in the investment community as a way of influencing price fluctuations for his own benefit or for that of others, and indirectly for himself. Fraud on the market appears to have wider applicability than the more narrowly construed securities laws. Art

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