期刊论文详细信息
Journal of Governance and Regulation | |
AN EMPIRICAL EXAMINATION OF THE RELATIONSHIP BETWEEN NAKED SHORTING AND SHARE PRICES AROUND THE ANNOUNCEMENT OF A FIRM’S NEED FOR EXTERNAL CAPITAL | |
关键词: Naked Shorting; Short Sales; New Issue; Dilution; Value; | |
DOI : 10.22495/jgr_v1_i4_c1_p3 | |
学科分类:社会科学、人文和艺术(综合) | |
来源: Virtus Interpress | |
【 摘 要 】
This research finds some empirical evidence that the sale of stock without delivering shares can contribute to pressuring down the equity prices of companies seeking to raise capital. By allowing for the delayed effects on prices of limit orders by naked shorts, a significant negative impact on equity value per share is discovered but only for naked short selling by market makers and only on stocks of firms in urgent need of external financing.
【 授权许可】
CC BY-NC
【 预 览 】
Files | Size | Format | View |
---|---|---|---|
RO201901212423399ZK.pdf | 657KB | download |