دانلود مقاله ISI انگلیسی شماره 50711
ترجمه فارسی عنوان مقاله

فروش استقراضی و بازده سهام: شواهدی از انگلستان

عنوان انگلیسی
Short selling and stock returns: Evidence from the UK ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
50711 2013 13 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : The British Accounting Review, Volume 45, Issue 2, June 2013, Pages 125–137

ترجمه کلمات کلیدی
بهره کوتاه - فروش استقراضی - بازده سهام - بازده
کلمات کلیدی انگلیسی
Short interest; Short selling; Stock returns; Abnormal returns
پیش نمایش مقاله
پیش نمایش مقاله  فروش استقراضی و بازده سهام: شواهدی از انگلستان

چکیده انگلیسی

The practice of shorting stocks was put forward as one of the causes of the recent financial crisis whereas Shiller (2003), for example, considers shorting an essential element of an efficient market. Shorting involves selling borrowed stocks and subsequently closing the position by purchasing and returning the stock to the lender. A profit will be realised if the stock's price decreases. Shorting enables investors who do not own a perceived overvalued stock to sell. Using a high-frequency UK dataset for the period between September 2003 and April 2010, our findings suggest shorting indicates evidence of overvalued stocks as significantly negative abnormal stock returns appear to follow an increase in shorting. These results do not hold, however, for shorting which occurs around the ex-dividend date. We further find that these results hold during the recent financial crisis.