Electronic Theses and Dissertations

Identifier

619

Date

2012

Document Type

Dissertation

Degree Name

Doctor of Philosophy

Major

Business Administration

Concentration

Finance

Committee Chair

Thomas McInish

Committee Member

Christine X Jiang

Committee Member

Zabihollah Rezaee

Abstract

This dissertation characterizes the legality and incidence of short selling in a worldwide, multimarket framework. Home country short selling restrictions curtail home market stock borrowing by 45% and reduce short selling of the country's ADRs by 68% due to regulatory reach. Also, the 2008 U.S. ban on short selling of financial firms reduced borrowing in foreign locations. These findings are robust to controls for option availability, enforcement, returns, firm-size, trading volume, dividends, ADR level, volatillity, days-to-cover, and industry sector. Further, investor conduct resulting from adherence to professional standards is a more powerful mechanism of regulatory reach than inter-goverment cooperation.

Comments

Data is provided by the student.

Library Comment

Dissertation or thesis originally submitted to the local University of Memphis Electronic Theses & dissertation (ETD) Repository.

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