Die Arbeit befasst sich mit den Auswirkungen verschiedener Leerverkaufsbeschränkungen auf Liquidität, Markt Qualität und Informationsgehalt von Leerverkäufen. Basierend auf einer Paper von Kolasinski et al. wird zunächst in die Thematik eingeführt bevor im Anschluss die zentralen Begriffe definiert und in den Kontext eingeordnet werden. Abschließend werden einige von Kolasinki et al. aufgestellte Thesen logisch hergeleitet und deren empirische Überprüfung beschrieben.
Inhalt
1. Introduction
2. Short selling and its role in international stock markets
2.1 General definition of short selling
2.2 Influence on liquidity and market quality
2.3 Revealing private information
2.4 Political perspective during the financial crisis
3. Approved short selling restrictions by SEC in 2008
3.1 The emergency order
3.1.1 Impact on liquidity and market quality
3.1.2 Influence on information content of short sales
3.2 The short selling ban
3.2.1 Impact on liquidity and market quality
3.2.2 Influence on information content of short sales
4. The empirical analysis of Kolasinski et al. (2009)
4.1 Description of the used models
4.2 Discussion of the results
5. Conclusion
List of references
Appendix.
A: Formulas for liquidity and market quality
B: Formulas for information content of short sales.
-
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X. -
Upload your own papers! Earn money and win an iPhone X.