Full metadata record
DC Field | Value | Language |
---|---|---|
dc.creator | Arce, O. (Óscar) | - |
dc.creator | Mayordomo, S. (Sergio) | - |
dc.date.accessioned | 2017-03-27T13:52:01Z | - |
dc.date.available | 2017-03-27T13:52:01Z | - |
dc.date.issued | 2012 | - |
dc.identifier.citation | Arce, O. (Óscar); Mayordomo, S. (Sergio). "Short Sales Constraints and Financial Stability: Evidence from the Spanish 2011 Ban". En . , 2012, | es |
dc.identifier.uri | https://hdl.handle.net/10171/43144 | - |
dc.description.abstract | This paper studies the main effects of the short sales ban implemented in August 2011 in the Spanish stock market along two dimensions: financial stability and market performance. Regarding the first, we show that short positions were a significant determinant of the probability of default of medium-sized banks before the ban. We find that, by weakening the contagion effect coming from the sovereign risk, the ban helped stabilise the probability of default of medium-sized banks, an effect which is not significant in the case of the largest banks and non-financials. Nonetheless, the stabilising power of the ban came at the cost of a large decline in the relative liquidity, trading volumes and price information efficiency of medium-sized banks stocks. | es_ES |
dc.language.iso | eng | es_ES |
dc.rights | info:eu-repo/semantics/openAccess | es_ES |
dc.subject | Materias Investigacion::Economía y Empresa | es_ES |
dc.subject | Short-sales constraints | es_ES |
dc.subject | Financial stability | es_ES |
dc.subject | Financial institutions | es_ES |
dc.subject | Credit default swap | es_ES |
dc.subject | Contagion | es_ES |
dc.title | Short Sales Constraints and Financial Stability: Evidence from the Spanish 2011 Ban | es_ES |
dc.type | info:eu-repo/semantics/article | es_ES |
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