Impacts of Short-sale Constraints on Stock Market
Author | : 曾秀英 |
Publisher | : |
Total Pages | : 118 |
Release | : 2010 |
Genre | : |
ISBN | : |
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Author | : 曾秀英 |
Publisher | : |
Total Pages | : 118 |
Release | : 2010 |
Genre | : |
ISBN | : |
Author | : Mr.R. Gelos |
Publisher | : International Monetary Fund |
Total Pages | : 42 |
Release | : 1999-03-01 |
Genre | : Business & Economics |
ISBN | : 1451844247 |
This paper examines the impact of financial liberalization on fixed investment in Mexico, using establishment-level data from the manufacturing sector. It analyzes changes in cash-flow sensitivities and uses an innovative approach to explore the role of real estate as collateral and deal with a potential censoring problem. The results suggest that financial constraints were eased for small firms but not for large ones. However, banks’ reliance on collateral in their lending operations increased the importance of real estate. The results provide microeconomic evidence consistent with the role attributed to “financial accelerator” mechanisms during lending booms and during recessions that stem from financial crises.
Author | : Frank J. Fabozzi |
Publisher | : John Wiley & Sons |
Total Pages | : 434 |
Release | : 2004-11-17 |
Genre | : Business & Economics |
ISBN | : 0471704334 |
The latest theoretical and empirical evidence on short selling in the United States and throughout the world To get the most success out of what the finance community regards as a risky business, short sellers need high-level information. The Theory and Practice of Short Selling offers managers and investors the information they need to maximize and enhance their short selling capabilities for bigger profits. Frank Fabozzi collects a group of market experts who share their knowledge on everything from the basics to the complex in the world of short sales, including mechanics of short selling, the empirical evidence on short-selling, the implications or restrictions on short selling for investment strategies, short-selling strategies pursued by institutional investors, and identifying short-selling candidates. Frank J. Fabozzi, PhD, CFA (New Hope, PA), is the Frederick Frank Adjunct Professor of Finance at Yale University's School of Management and Editor of the Journal of Portfolio Management. He is the author or editor of over 100 books on finance and investing.
Author | : Gevorg Hunanyan |
Publisher | : Springer Nature |
Total Pages | : 117 |
Release | : 2019-10-05 |
Genre | : Business & Economics |
ISBN | : 3658279567 |
Gevorg Hunanyan develops a model that provides a comprehensive theoretical framework to study the consequences of short-sale constraints on the stability of financial markets. This model shows that overpricing of securities is solely attributable to the subjective second moment beliefs of investors. Thus, short-sale constraints prevent a market decline only if investors have low dispersion of beliefs, which in the model is embodied in the covariance matrix. Moreover, the author analyses the consequences of short-sale constraints on the investor’s portfolio selection, risk-taking behaviour as well as default probability. The author develops criteria that allow to analyse the effectiveness of short-sale constraints in reducing portfolio risk as well as default risk.
Author | : Gustavo Grullon |
Publisher | : |
Total Pages | : 51 |
Release | : 2014 |
Genre | : |
ISBN | : |
We use a regulatory experiment (Regulation SHO) that relaxes short-selling constraints on a random sample of US stocks to test whether capital market frictions have an effect on stock prices and corporate decisions. We find that an increase in short-selling activity causes prices to fall, and that small firms react to these lower prices by reducing equity issues and investment. These results not only provide evidence that short-selling constraints affect asset prices, but also confirm that short-selling activity has a causal impact on financing and investment decisions.
Author | : United States. Congress. House. Committee on Government Operations. Commerce, Consumer, and Monetary Affairs Subcommittee |
Publisher | : |
Total Pages | : 1358 |
Release | : 1991 |
Genre | : Consumer protection |
ISBN | : |
Author | : Ann E. Harrison |
Publisher | : World Bank Publications |
Total Pages | : 54 |
Release | : 2002 |
Genre | : Capital movements |
ISBN | : |
Firms often cite financing constraints as one of their primary obstacles to investment. Global capital flows, by bringing in scarce capital, may ease host-country firms' financing constraints. However, if incoming foreign investors borrow heavily from domestic basnks, direct foreign investment (DFI) may exacerbate financing constraints by crowding host country firms out of domestic capital markets. Combininb a unique cross-country firm-level panel with time-series data on restrictions on international transactions and capital flows, we find that different measures of global flows are associated with a reduction in firm-level financing constraints. First, we show that one type of capital inflow--DFI--is associated with a reduction in financing constraints. Second, we test whether restrictions on international transactions affect firms' financing constraints. Our results suggest that only one type of restriction--those on capital account transactions--negatively affect firms' financing constraints. We also show that multinational firms are not financially constrained and do not appear to be sensitive to the level of DFI. This implies that DFI eases financing constraints for non-multinational firms. Finally, we show that DFI only eases financing constraints in the non-G7 countries.
Author | : |
Publisher | : Academic Press |
Total Pages | : 625 |
Release | : 2011-08-31 |
Genre | : Business & Economics |
ISBN | : 0123877253 |
This comprehensive examination of short selling, which is a bet on stocks declining in value, explores the ways that this strategy drives financial markets. Its focus on short selling by region, its consideration of the history and regulations of short selling, and its mixture of industry and academic perspectives clarify the uses of short selling and dispel notions of its destructive implications. With contributions from around the world, this volume sheds new light on the ways short selling uncovers market forces and can yield profitable trades. Combines academic and professional research on short selling in all major financial markets Emphasizes details about strategies, implementations, regulation, and tax advantages Chapters provide summaries for readers who want up-to-date maps of subject landscapes
Author | : Charles Mark Jones |
Publisher | : |
Total Pages | : 34 |
Release | : 2001 |
Genre | : Economics |
ISBN | : |
Stocks can be overpriced when short sale constraints bind. We study the costs of short selling equities, 1926-1933, using the publicly observable market for borrowing stock. Some stocks are sometimes expensive to short, and it appears that stocks enter the borrowing market when shorting demand is high. We find that stocks that are expensive to short or which enter the borrowing market have high valuations and low subsequent returns, consistent with the overpricing hypothesis. Size-adjusted returns are one to two percent lower per month for new entrants, and despite high costs it is profitable to short them
Author | : United States. Securities and Exchange Commission |
Publisher | : |
Total Pages | : 116 |
Release | : 1935 |
Genre | : Securities |
ISBN | : |