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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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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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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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Which short-selling regulation is the least damaging to market efficiency? Evidence from Europe
Bernal, Oscar; Herinckx, Astrid; Szafarz, Ariane - In: International Review of Law and Economics 37 (2014) C, pp. 244-256
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/10010752945
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Are Short-Selling Bans Effective? Evidence from the Summer 2011 European Bans on Net Short Sales
Dagostino, Ramona - In: Rivista di Politica Economica (2013) 4, pp. 47-77
During the Summer of 2011, securities regulators in France,Italy and Spain reintroduced a ban on short sales. This ban differed from previous restrictions: it was the first time regulators prohibited net short sales on selected financial stocks, and extended the ban widely to include synthetic...
Persistent link: https://www.econbiz.de/10010740024
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Fails-to-deliver, short selling, and market quality
Fotak, Veljko; Raman, Vikas; Yadav, Pradeep K. - In: Journal of Financial Economics 114 (2014) 3, pp. 493-516
We investigate the aggregate market quality impact of equity shares that fail to deliver (hereafter “FTDs”). For a sample of 1,492 NYSE stocks over a 42-month period from 2005 to 2008, greater FTDs lead to higher liquidity and pricing efficiency, and their impact is similar to our estimate...
Persistent link: https://www.econbiz.de/10011076296
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Short-selling, margin-trading, and price efficiency: Evidence from the Chinese market
Chang, Eric C.; Luo, Yan; Ren, Jinjuan - In: Journal of Banking & Finance 48 (2014) C, pp. 411-424
China launched a pilot scheme in March 2010 to lift the ban on short-selling and margin-trading for stocks on a designated list. We find that stocks experience negative returns when added to the list. After the ban is lifted, price efficiency increases while stock return volatility decreases....
Persistent link: https://www.econbiz.de/10011077983