| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11090 |
| DP11090 Short-Selling Bans and Bank Stability | |
| Marco Pagano; Alessandro Beber; Saverio Simonelli | |
| 发表日期 | 2016-02-07 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In both the subprime crisis and the eurozone crisis, regulators imposed bans on short sales, aimed mainly at preventing stock price turbulence from destabilizing financial institutions. Contrary to the regulators’ intentions, financial institutions whose stocks were banned experienced greater increases in the probability of default and volatility than unbanned ones, and these increases were larger for more vulnerable financial institutions. To take into account the endogeneity of short sales bans, we match banned financial institutions with unbanned ones of similar size and riskiness, and instrument the 2011 ban decisions with regulators’ propensity to impose a ban in the 2008 crisis. |
| 主题 | Financial Economics |
| 关键词 | Ban Bank stability Financial crisis Short-selling Systemic risk |
| URL | https://cepr.org/publications/dp11090 |
| 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/539919 |
| 推荐引用方式 GB/T 7714 | Marco Pagano,Alessandro Beber,Saverio Simonelli. DP11090 Short-Selling Bans and Bank Stability. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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