| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7576 |
| DP7576 Selective contracting and foreclosure in health care markets | |
| jan boone; Gijsbert Zwart | |
| 发表日期 | 2009-11-22 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | 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 their effects with panel data techniques, and find that bans (i) were detrimental for liquidity, especially for stocks with small market capitalization, high volatility and no listed options; (ii) slowed down price discovery, especially in bear market phases, and (iii) failed to support stock prices, except possibly for U.S. financial stocks. |
| 主题 | Financial Economics |
| 关键词 | Ban Crisis Liquidity Price discovery Short selling |
| URL | https://cepr.org/publications/dp7576 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536413 |
| 推荐引用方式 GB/T 7714 | jan boone,Gijsbert Zwart. DP7576 Selective contracting and foreclosure in health care markets. 2009. |
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