منابع مشابه
Costs and benefits of financial regulation: Short-selling bans and transaction taxes
We quantify the effects of financial regulation in an equilibrium model with delegated portfolio management. Fund managers trade stocks and bonds in an orderdriven market, subject to transaction taxes and constraints on short-selling and leverage. Results are obtained on the equilibrium properties of portfolio choice, trading activity, market quality and price dynamics under the different regul...
متن کاملShort-selling bans and institutional investors' herding behaviour: Evidence from the global financial crisis ¬リニ
a r t i c l e i n f o The literature on short-selling restrictions focusses mainly on a ban's impact on market efficiency, liquidity and overpricing. Surprisingly, little is known about the effects of short-sale constraints on herd behaviour. Since institutional investors have come to dominate mature stock markets and rely extensively on short sales, constraining these traders may influence the...
متن کاملShort-Selling Bans around the World: Evidence from the 2007-09 Crisis
Most stock exchange regulators around the world reacted to the 2007-2009 crisis by imposing bans or regulatory constraints on short-selling. Short-selling restrictions were imposed and lifted at different dates in different countries, often applied to different sets of stocks and featured different degrees of stringency. We exploit this considerable variation in short-sales regimes to identify ...
متن کاملShort-Selling Attacks and Creditor Runs
This paper investigates the mechanism through which short selling of a banks stocks can trigger the failure of the bank. In the model, creditors, who learn information from stock prices, will grow increasingly unsure about the banks true fundamentals in facing noisier stock prices; thus a run on the bank is more likely because of creditors concave payo¤. Understanding this, speculators condu...
متن کاملShort Selling and Default Prediction: International Evidence
We examine how short selling affects the accuracy of default prediction models. Our results indicate that a dynamic multiperiod logit model accurately predicts 18 percentage points more actual occurrences of default in countries where short-selling is widely practiced. Moreover, our analyses indicate that short selling has virtually no impact on the proportion of inaccurately classified non-def...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2015
ISSN: 1556-5068
DOI: 10.2139/ssrn.2710371