The DOI matches its Crossref record; 32 of the 32 references it cites were found in a registry or an index.
Efficiency and the Bear: Short Sales and Markets Around the World
Abstract
We analyze cross‐sectional and time‐series information from 46 equity markets around the world to consider whether short sales restrictions affect the efficiency of the market and the distributional characteristics of returns to individual stocks and market indices. We find some evidence that prices incorporate negative information faster in countries where short sales are allowed and practiced. A common conjecture by regulators is that short sales restrictions can reduce the relative severity of a market panic. We find strong evidence that in markets where short selling is either prohibited or not practiced, market returns display significantly less negative skewness.
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Cites
The arbitrage theory of capital asset pricing
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Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies
Hong, H., Lim, T., & Stein, J. C. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00206 · Cited by 2,611
Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk
Campbell, J. Y., Lettau, M., Malkiel, B. G., & Xu, Y. (2001) · The Journal of Finance · doi:10.1111/0022-1082.00318 · Cited by 2,415
Overconfidence and Speculative Bubbles
Scheinkman, J. A., & Xiong, W. (2003) · Journal of Political Economy · doi:10.1086/378531 · Cited by 2,198
Constraints on short-selling and asset price adjustment to private information
Diamond, D. W., & Verrecchia, R. E. (1987) · Journal of Financial Economics · doi:10.1016/0304-405x(87)90042-0 · Cited by 1,919
Forecasting crashes: trading volume, past returns, and conditional skewness in stock prices
Chen, J., Hong, H., & Stein, J. C. (2001) · Journal of Financial Economics · doi:10.1016/s0304-405x(01)00066-6 · Cited by 1,907
Foreign Speculators and Emerging Equity Markets
Bekaert, G., & Harvey, C. R. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00220 · Cited by 1,865
Differences of Opinion, Short-Sales Constraints, and Market Crashes
Hong, H., & Stein, J. C. (2003) · Review of Financial Studies · doi:10.1093/rfs/hhg006 · Cited by 1,352
Abreu, D., & Brunnermeier, M. K. (2003) · Econometrica · doi:10.1111/1468-0262.00393 · Cited by 1,208
Cited by
Law, finance, and economic growth in China
ALLEN, F., QIAN, J., & QIAN, M. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.06.010 · Cited by 4,446
Bushman, R. M., & Piotroski, J. D. (2006) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2005.10.005 · Cited by 1,115
Political Incentives to Suppress Negative Information: Evidence from Chinese Listed Firms
PIOTROSKI, J. D., WONG, T. J., & ZHANG, T. (2015) · Journal of Accounting Research · doi:10.1111/1475-679x.12071 · Cited by 709
Price Efficiency and Short Selling
Saffi, P. A. C., & Sigurdsson, K. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhq124 · Cited by 667
Griffin, J. M., Kelly, P. J., & Nardari, F. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhq044 · Cited by 556
Metadata
- Authors
- BRIS, A., GOETZMANN, W. N., & ZHU, N.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2007-05-08
- Volume
- 62
- Issue
- 3
- Pages
- 1029-1079
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2890302625
- Cited by
- 817
- References
- 32
- FWCI
- 69.08
- Type
- journal article
- Language
- en
- Open access
- closed
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- BRIS, A., GOETZMANN, W. N., & ZHU, N. (2007). Efficiency and the Bear: Short Sales and Markets Around the World. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2007.01230.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
