| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19514 |
| 来源ID | Working Paper 19514 |
| Predatory Short Selling | |
| Markus K. Brunnermeier; Martin Oehmke | |
| 发表日期 | 2013-10-10 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Financial institutions may be vulnerable to predatory short selling. When the stock of a financial institution is shorted aggressively, leverage constraints imposed by short-term creditors can force the institution to liquidate long-term investments at fire sale prices. For financial institutions that are sufficiently close to their leverage constraints, predatory short selling equilibria co-exist with no-liquidation equilibria (the vulnerability region) or may even be the unique equilibrium outcome (the doomed region). Increased coordination among short sellers expands the doomed region, where liquidation is the unique equilibrium. Our model provides a potential justification for temporary restrictions on short selling of vulnerable institutions and can be used to assess recent empirical evidence on short-sale bans. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w19514 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577187 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Martin Oehmke. Predatory Short Selling. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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