This book describes and clarifies how certain problems can be resolved in Japan and Asia. For the future, the focus should be on Japan, which can provide "common knowledge" as a public good. The book collects the results of researchers in Japan, China, South Korea, and Indonesia on declining...

We develop a simple model to address the interaction between security lending market and security trading market. Whether a security is hard to borrow or not results in two different scenarios of the interaction process. When a security is easy to borrow, short-selling leads to a lower spot...