Short-Sale Restrictions and Price Clustering: Evidence from SEC Rule 201
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DOI: 10.1007/s10693-017-0272-7
Abstract: We provide a novel test of information-based theories of price clustering by examining trade, order, and the National Best Bid and Offer (NBBO) quote price clustering during periods when information is removed from the market.… read more here.
Keywords: short sale; price clustering; price; sec rule ... See more keywords
Short‐Termist CEO Compensation in Speculative Markets: A Controlled Experiment*
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DOI: 10.1111/1911-3846.12676
Abstract: We find an exogenous removal of short-sale constraints curbs CEO short-termism as measured by longer compensation duration. This is consistent with the agency model of Bolton, Scheinkman, and Xiong (2006) where optimal compensation contracts emphasize… read more here.
Keywords: short sale; ceo compensation; compensation; compensation speculative ... See more keywords
How Did Short Sale Ban Affect German Capital Market Risk
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DOI: 10.11118/actaun201765062017
Abstract: The problem of short sale is a popular issue of stock trading and efficiency of pricing. Most regulatory authorities around the world adopted in the period 2007–2010 ad hoc bans on short selling. This paper… read more here.
Keywords: risk; short sale; sale; market ... See more keywords