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The costs and benefits of short sale disclosure
Duong, Truong X.; Huszár, Zsuzsa R.; Yamada, Takeshi - In: Journal of Banking & Finance 53 (2015) C, pp. 124-139
In this study, we examine the impact of a market-wide mandatory disclosure policy on short selling on the Tokyo Stock Exchange. We find that average short selling slightly declined while investors’ shorting strategies changed significantly in response to the disclosure. Previously highly...
Persistent link: https://www.econbiz.de/10011209848
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An Analysis of Manipulation Strategies in Stock Markets
Ozcan, Rasim - In: Istanbul Stock Exchange Review 13 (2013) 49, pp. 19-37
circles and it was concluded that manipulation exerts negative impact on markets. A market with manipulation is considered as … less trustworthy and credible compared to a market without manipulation, which in turn, affects demand. Manipulations …, and regulatory institutions. This paper aims to review economic and financial studies on manipulation in order to reveal …
Persistent link: https://www.econbiz.de/10010754635
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Intra-Day Stock Returns and Close-End Price Manipulation in the Istanbul Stock Exchange
Küçükkocaoglu, Güray - In: Frontiers in Finance and Economics 5 (2008) 1, pp. 46-84
Persistent link: https://www.econbiz.de/10004998312
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An Analysis of Manipulation Strategies in Stock Markets
Ozcan, Rasim - In: Istanbul Stock Exchange Review 13 (2012) 49, pp. 19-37
circles and it was concluded that manipulation exerts negative impact on markets. A market with manipulation is considered as … less trustworthy and credible compared to a market without manipulation, which in turn, affects demand. Manipulations …, and regulatory institutions. This paper aims to review economic and financial studies on manipulation in order to reveal …
Persistent link: https://www.econbiz.de/10010764144
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Short-Selling Bans around the World: Evidence from the 2007-09 Crisis
Beber, Alessandro; Pagano, Marco - Tinbergen Instituut - 2010
Most stock exchange regulators around the world reacted to the 2007-2009 crisis byimposing bans or regulatory constraints on short-selling. Short-selling restrictions wereimposed and lifted at different dates in different countries, often applied to different sets ofstocks and featured different...
Persistent link: https://www.econbiz.de/10011255488
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Which financial stocks did short sellers target in the subprime crisis?
Hasan, Iftekhar; Massoud, Nadia; Saunders, Anthony; … - In: Journal of Banking & Finance 54 (2015) C, pp. 87-103
Tracing the SEC ban on the short selling of financial stocks in September 2008, this paper investigates whether such selling activity before the 2008 short ban reflected financial companies’ risk exposure in the subprime crisis. Evidence suggests that short sellers sold short stocks that had...
Persistent link: https://www.econbiz.de/10011264658
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Get Shorty? - Market Impact of the 2008-09 U.K. Short Selling Ban
Hansson, Fredrik; Rüdow Fors, Erik - Nationalekonomiska institutionen, Handelshögskolan - 2009
In September 2008, during one of the most intense periods of the financial crisis, the Financial Services Authority (FSA) decided to ban short-selling in financial stocks during four months in the U.K. market. The aim of the ban was to guard against instability and calm the market. This paper...
Persistent link: https://www.econbiz.de/10005245163
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Which Short-Selling Regulation is the Least Damaging to Market Efficiency? Evidence from Europe
Szafarz, Ariane; Herinckx, Astrid - Centre Emile Bernheim, Solvay Brussels School of … - 2012
Exploiting cross-sectional and time-series variations in European regulations during the July 2008 – June 2009 period, we show that: 1) Prohibition on covered short selling raises bid-ask spread and reduces trading volume, 2) Prohibition on naked short selling raises both volatility and...
Persistent link: https://www.econbiz.de/10009645490
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Efficient Markets and the Law: A Predictable Past and an Uncertain Future
Hu, Henry T.C. - In: Annual Review of Financial Economics 4 (2012) 1, pp. 179-214
This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...
Persistent link: https://www.econbiz.de/10010603964
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Impact Of Short Selling Activity On Market Dynamics: Evidence From An Emerging Market
Sobaci, Cihat; Sensoy, Ahmet; Erturk, Mutahhar - Research Department, Borsa İstanbul - 2014
With unique daily short sale data of Borsa Istanbul (stock exchange of Turkey), we investigate the dynamic relationship between short selling activity, volatil- ity, liquidity and market returns from January 2005 to December 2012 using a VAR(p)-cDCC-FIEGARCH(1,d,1) approach. Our findings suggest...
Persistent link: https://www.econbiz.de/10010752776