Short-Selling Bans around the World : Evidence from the 2007-09 Crisis

  title={Short-Selling Bans around the World : Evidence from the 2007-09 Crisis},
  author={Alessandro Beber and Marco Pagano},
Most stock exchange regulators around the world reacted to the 2007-2009 crisis by imposing bans or regulatory constraints on short-selling. Short-selling restrictions were imposed and lifted at different dates in different countries, often applied to different sets of stocks and featured different degrees of stringency. We exploit this considerable variation in short-sales regimes to identify their effects with panel data techniques, and find that bans (i) were detrimental for liquidity… CONTINUE READING
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