اطلاعات در فروش استقراضی : مقایسه نزدک و نایس
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|50706||2011||10 صفحه PDF||سفارش دهید||9711 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Review of Financial Economics, Volume 20, Issue 1, January 2011, Pages 1–10
This study directly compares the level and return predictability of short selling for NYSE stocks to a matched sample of Nasdaq stocks. When considering trading that executes on all exchanges, we document that the Nasdaq has greater levels of short selling, relative to total trading activity, than the NYSE. However, Nasdaq has less relative short activity than the NYSE when considering short selling that executes on the primary exchange. When comparing the contrarian trading behavior and the return predictability of short sellers, we show that Nasdaq short sellers are more contrarian in contemporaneous and past returns and better at predicting negative returns than NYSE short sellers. These results are robust in each trade-size category.