In September 2008, the U.S. Securities and Exchange Commission (SEC) temporarily banned most short sales in nearly 1,000 financial stocks. We examine the ban's effect on market quality, shorting activity, the aggressiveness of short sellers, and stock prices. The ban's effects are concentrated...

The Northeast Asian region includes the major players China, Japan, and Korea, with productive linkages to resource-rich Russia and to the United States and is one of the most dynamic economic regions in the world. In contrast to the region's robust economic growth, regional security has long...

The total effect of a regulatory change consists of direct effects and indirect effects (spillovers), but the standard difference-in-difference approach measures only direct effects and ignores potential indirect effects. By examining the short-sale aggressiveness during the 2007 full repeal of...