Date of Award
Doctor of Philosophy
Christine X Jiang
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.
dissertation or thesis originally submitted to the local University of Memphis Electronic Theses & dissertation (ETD) Repository.
Jain, Archana, "Worldwide Reach of Short Selling Regulations" (2012). Electronic Theses and Dissertations. 509.