• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文OA文献 >The stock market and short selling : mechanics, history, regulation motivations and effects : and the effect of the public release of short interest information on the market prices of NASDAQ technology stocks : a two-part honors thesis (HONRS 499)
【2h】

The stock market and short selling : mechanics, history, regulation motivations and effects : and the effect of the public release of short interest information on the market prices of NASDAQ technology stocks : a two-part honors thesis (HONRS 499)

机译：股票市场和卖空：机制，历史，监管动机和影响：以及公开发布短期利息信息对纳斯达克科技股市场价格的影响：两部分荣誉论文（HONRs 499）

页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Short selling has had a very controversial existence. Bear raids and short and distort schemes tend to be the extent of the typical investors knowledge of short selling. Negative public opinion toward short-sellers ebbs and wanes as the market falls and rises. However, at best short sellers act unnoticed and during the worst times they become pariahs for the negative effects of down markets. Unbiased information about short selling is rare. This paper looks to uncover the truth behind short selling and serve as a counter to the negative public opinion of short selling.Several academic journal studies on short selling are examined to determine whether or increases in short interest volume precludes a down market or visa versa. Also examined in detail are the effects of regulation on short selling. Results from the academic studies are mixed; however, most studies lean toward the idea that short interest volume has no effect on the market. A few conclude that down markets tend to follow short interest. Only one concluded in favor of increases in short interest precluding a bull market.This study of NASDAQ technology stocks examines whether or not the release of short interest information triggers reaction in the prices of technology stocks. This reaction is measured in three tests involving, independently: short interest volume, short interest ratios and market value. These tests answer the question: is the level of short interest volume a predictor of future returns in technology stocks?Three conclusions are drawn from the study. First, on the day prior to the release of short interest information, NASDAQ technology stocks generate unexpected positive returns, and on the date of the release of the short interest information and the following day unexpected negative abnormal returns are generated.Second, short interest volume appeared to predict future abnormal returns. The short interest ratio failed to be a predictor of abnormal returns. Abnormal returns appear again when market value is used as the determining variable.Third, some conclusions can be drawn about the pattern that appears in the market value study. It appears that the market processes negative information about stocks with the largest market value over the short-term, in the day following an announcement of short interest. However, it appears that negative information takes longer to process for stocks of mid-to-large market value.
机译：卖空存在非常有争议的存在。空头袭击和卖空和扭曲计划往往是典型的投资者对卖空知识的了解程度。随着市场下跌和上涨，对卖空者的负面舆论起伏不定。但是，最好的情况下，卖空者的行为没有引起注意，在最坏的时候，他们由于市场下跌的负面影响而成为贱民。关于卖空的公正信息很少。本文旨在揭示卖空背后的真相，并与公众对卖空的负面看法相抵触。研究了一些关于卖空的学术期刊研究，以确定是否或增加了卖空量可以防止市场下跌，反之亦然。还详细研究了监管对卖空的影响。学术研究的结果好坏参半；但是，大多数研究倾向于这样一种观点，即空头交易量对市场没有影响。一些人得出的结论是，低迷市场倾向于跟随空头兴趣。纳斯达克科技股的这项研究调查了短期权益信息的发布是否会触发科技股价格的反应。此反应是通过三个测试来衡量的，分别涉及：卖空量，卖空率和市场价值。这些测试回答了以下问题：空头交易量的水平是否可以预测技术股的未来回报？研究得出三个结论。首先，在空头利息信息发布的前一天，纳斯达克科技股票产生意外的正收益，在空头利息信息发布之日和第二天产生意外的负异常收益;其次，空头交易量似乎可以预测未来的异常收益。空头利率不能预测异常收益。当以市场价值作为决定变量时，异常收益再次出现。第三，可以得出一些有关市场价值研究模式的结论。似乎在宣布卖空后的第二天，市场处理了有关短期内市值最大的股票的负面信息。但是，对于中大型市场价值的股票，负面信息似乎需要更长的处理时间。

著录项

  • 作者

    Shoulders Timothy Lee;

  • 作者单位
  • 年度 2002
  • 总页数
  • 原文格式 PDF
  • 正文语种
  • 中图分类

相似文献

  • 外文文献
  • 中文文献

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号