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首页> 外文期刊>Journal of the Japanese and International Economies >Are short-sales constraints binding when there is a centralized lendable securities market? Evidence from Japan
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Are short-sales constraints binding when there is a centralized lendable securities market? Evidence from Japan

机译：当存在集中式可贷证券市场时，卖空限制是否具有约束力？来自日本的证据

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摘要

This study examines the significance of short-sales constraints in the presence of a centralized lendable securities market in Japan. We find evidence that a centralized lendable securities market experiences lower short sales constraints. The cost of borrowing stock is found to be lower in Japan's centralized lendable securities market compared with a non-centralized lendable securities market. We also find evidence that recall risk is lower in a centralized lendable securities market. Additionally, there is evidence that stocks are not systematically overvalued in the presence of the centralized lendable securities market. These results are robust when alternative measures of short-sales constraints are considered.
机译：这项研究探讨了在日本存在集中式可贷证券市场的情况下卖空限制的重要性。我们发现有证据表明，集中式可贷证券市场的空头销售限制较低。与非集中式可贷证券市场相比，日本的集中式可贷证券市场的借贷成本更低。我们还发现有证据表明，在集中式可贷证券市场中，召回风险较低。此外，有证据表明，在存在集中式可贷证券市场的情况下，股票不会被系统地高估。当考虑短期销售限制的替代措施时，这些结果是可靠的。

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