A Study Of Market Wide Short Selling Restrictions
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A Study Of Market Wide Short Selling Restrictions
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Author : Hazem Daouk
language : en
Publisher:
Release Date : 2005
A Study Of Market Wide Short Selling Restrictions written by Hazem Daouk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
This paper contributes empirical evidence to the debate on short sales. Our examination of how market-wide short-sale restrictions affect aggregate market returns focuses on two main questions: What is the effect of short-sale restrictions on skewness, volatility, the probability of market crashes, and liquidity? What is the effect on the market expected return or cost of capital? We report new data on the history of short-selling and put option trading regulations and practices from 111 countries, and create a short-selling feasibility indicator for empirical of stock market indices around the world. We find that when short-selling is possible, aggregate stock returns are less volatile and there is greater liquidity. When countries start to permit short-selling, aggregate stock price increases, implying a cost of capital. There is no evidence that short-sale restrictions affect either the level of skewness of returns or the probability of a market crash. Collectively, our empirical evidence shows that allowing short sales improves market quality.
An Analysis Of Short Selling S Role In The Recent Financial Crisis And The Effectiveness Of Short Selling Restrictions
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Author : Richard M. Scialabba
language : en
Publisher:
Release Date : 2010
An Analysis Of Short Selling S Role In The Recent Financial Crisis And The Effectiveness Of Short Selling Restrictions written by Richard M. Scialabba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This paper goes into depth regarding short selling, short selling restrictions and the most recent financial crisis. Through statistical tests and analyses, I set out to illustrate how short selling impacted the market during the crisis, as well as, the effect of short selling restrictions on financial stock characteristics like return, volume and volatility. The paper will begin with an explanation of short selling and some background to the financial crisis. It will be followed by data selection and analysis and will end with conclusions brought about by the statistical tests. I will tailor my report for those who have a minimal finance background, hoping to educate the average investor, so they, too, will be able to form a well-versed opinion of short selling.
The Regulation Of Short Selling
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Author : Konstantinos Sergakis
language : en
Publisher:
Release Date : 2019
The Regulation Of Short Selling written by Konstantinos Sergakis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
While it is by no means a new trading strategy, short selling has attracted considerable attention on the part of regulators and the public over the last decade. In the midst of the financial crisis, securities markets regulators across the world imposed temporary bans or constraints on short selling. The regulators' interventions sought “to restore the orderly functioning of securities markets and limit unwarranted drops in securities prices capable of exacerbating the crisis”. Following the crisis, the success of Michael Lewis' book The Big Short - and subsequent movie - heightened the interest of the public towards this controversial trading strategy. Although regulators have lifted rapidly the temporary bans, the issues raised by short selling have continued to elicit debate in the academic, business and policy-making communities. If short selling attracts such attention, it is arguably because it poses challenges for the goals of financial markets regulation. Indeed, short selling involves market efficiency, stability and integrity. More troubling, it can both support and disrupt these goals, as underscore the mixed empirical record and the anecdotal evidence. Likewise, as commentators have more recently pointed out, short selling has implications for corporate governance. In particular, it can be a powerful tool to uncover fraud, but at the same time unsettle shareholder democracy. Given the breadth of the issues associated with short selling, the academic literature, in both law and financial economics, is vast. Against this rich theoretical and empirical backdrop, the purpose of this paper, which flows from a panel discussion between its three authors, is modest. At a general level, the paper seeks to foster the Trans-Atlantic dialogue on financial markets regulation, taking short selling as a case study. Specifically, it aims at providing a critical perspective on the regulatory choices and techniques used in Europe and Canada for dealing with the issues raised by short selling.
Handbook Of Short Selling
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Author : Greg N. Gregoriou
language : en
Publisher: Academic Press
Release Date : 2011-09-28
Handbook Of Short Selling written by Greg N. Gregoriou and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-28 with Business & Economics categories.
This comprehensive examination of short selling, which is a bet on stocks declining in value, explores the ways that this strategy drives financial markets. Its focus on short selling by region, its consideration of the history and regulations of short selling, and its mixture of industry and academic perspectives clarify the uses of short selling and dispel notions of its destructive implications. With contributions from around the world, this volume sheds new light on the ways short selling uncovers market forces and can yield profitable trades. Combines academic and professional research on short selling in all major financial markets Emphasizes details about strategies, implementations, regulation, and tax advantages Chapters provide summaries for readers who want up-to-date maps of subject landscapes
The Consequences Of Short Sale Constraints On The Stability Of Financial Markets
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Author : Gevorg Hunanyan
language : en
Publisher: Springer Nature
Release Date : 2019-10-05
The Consequences Of Short Sale Constraints On The Stability Of Financial Markets written by Gevorg Hunanyan and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-05 with Business & Economics categories.
Gevorg Hunanyan develops a model that provides a comprehensive theoretical framework to study the consequences of short-sale constraints on the stability of financial markets. This model shows that overpricing of securities is solely attributable to the subjective second moment beliefs of investors. Thus, short-sale constraints prevent a market decline only if investors have low dispersion of beliefs, which in the model is embodied in the covariance matrix. Moreover, the author analyses the consequences of short-sale constraints on the investor’s portfolio selection, risk-taking behaviour as well as default probability. The author develops criteria that allow to analyse the effectiveness of short-sale constraints in reducing portfolio risk as well as default risk.
The Streetsmart Guide To Short Selling
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Author : Tom Taulli
language : en
Publisher: McGraw Hill Professional
Release Date : 2002
The Streetsmart Guide To Short Selling written by Tom Taulli and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
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Short Sale Constraints And Stock Returns
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Author : Charles Mark Jones
language : en
Publisher:
Release Date : 2001
Short Sale Constraints And Stock Returns written by Charles Mark Jones and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Economics categories.
Stocks can be overpriced when short sale constraints bind. We study the costs of short selling equities, 1926-1933, using the publicly observable market for borrowing stock. Some stocks are sometimes expensive to short, and it appears that stocks enter the borrowing market when shorting demand is high. We find that stocks that are expensive to short or which enter the borrowing market have high valuations and low subsequent returns, consistent with the overpricing hypothesis. Size-adjusted returns are one to two percent lower per month for new entrants, and despite high costs it is profitable to short them
Law Reform And Financial Markets
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Author : K. Alexander
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Law Reform And Financial Markets written by K. Alexander and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Law categories.
Law Reform and Financial Markets addresses how law reform can be used to support strong financial markets and draws on the Global Financial Crisis as a case study. This edited collection reflects recent developments, including the EU institutional reforms and Dodd-Frank Act 2010. The different contributions adopt a range of theoretical, contextual, and substantive perspectives, examine different domestic, regional, and international contexts and assess public and private law frameworks in considering how legal and regulatory reforms can be most effectively designed for strong financial markets. This comprehensive book will appeal to academics and postgraduates in the field of financial regulation and in cognate fields, including finance and economics, as well as to regulators and policymakers.
The Oxford Handbook Of Empirical Legal Research
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Author : Peter Cane
language : en
Publisher: OUP Oxford
Release Date : 2012-05-17
The Oxford Handbook Of Empirical Legal Research written by Peter Cane and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-17 with Law categories.
The empirical study of law, legal systems and legal institutions is widely viewed as one of the most exciting and important intellectual developments in the modern history of legal research. Motivated by a conviction that legal phenomena can and should be understood not only in normative terms but also as social practices of political, economic and ethical significance, empirical legal researchers have used quantitative and qualitative methods to illuminate many aspects of law's meaning, operation and impact. In the 43 chapters of The Oxford Handbook of Empirical Legal Research leading scholars provide accessible and original discussions of the history, aims and methods of empirical research about law, as well as its achievements and potential. The Handbook has three parts. The first deals with the development and institutional context of empirical legal research. The second - and largest - part consists of critical accounts of empirical research on many aspects of the legal world - on criminal law, civil law, public law, regulatory law and international law; on lawyers, judicial institutions, legal procedures and evidence; and on legal pluralism and the public understanding of law. The third part introduces readers to the methods of empirical research, and its place in the law school curriculum.
Worldwide Reach Of Short Selling Regulations
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Author : Archana Jain
language : en
Publisher:
Release Date : 2012
Worldwide Reach Of Short Selling Regulations written by Archana Jain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This dissertation characterizes the legality and incidence of short selling in a worldwide, multimarket framework. Home country short selling restrictions curtail home market stock borrowing by 45% and reduce short selling of the country's ADRs by 68% due to regulatory reach. Also, the 2008 U.S. ban on short selling of financial firms reduced borrowing in foreign locations. These findings are robust to controls for option availability, enforcement, returns, firm-size, trading volume, dividends, ADR level, volatillity, days-to-cover, and industry sector. Further, investor conduct resulting from adherence to professional standards is a more powerful mechanism of regulatory reach than inter-goverment cooperation. .