Short Selling Strategies, Risks, and Rewards phần 3 pps

... Page 83 Thursday, August 5, 2004 11:10 AM 86 THEORY AND EVIDENCE ON SHORT SELLING Brazil, Chile, Finland, India, Israel, New Zealand, the Philippines, Poland, Spain, and Turkey. In China the short ... extreme and the holding period is short. To a professional fund manager, the idea expressed in Exhibit 5 .3 that a stock would be a short sale candidate because it could be sol...

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... 11:10 AM 86 THEORY AND EVIDENCE ON SHORT SELLING Brazil, Chile, Finland, India, Israel, New Zealand, the Philippines, Poland, Spain, and Turkey. In China the short sales restrictions are binding ... of such short selling opportunities suggests that there is merit to the idea of hedge funds (which try to take both long and short positions), and to mutual funds that take bot...

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... 32 1 CHAPTER 13 Short Sales in Global Perspective 32 3 Arturo Bris, William N. Goetzmann, and Ning Zhu Short Sales Restrictions Around the World 32 5 Foreign Listing and Short Selling 33 1 Short Selling ... Constraints and International Capital Flows 33 9 Conclusion 34 2 CHAPTER 14 Short Selling and Financial Puzzles 34 5 Edward M. Miller Divergence of Opinion...

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... ban short selling. 3 3 J. Edward Meeker, Short Selling (New York: Harper & Brothers Publishers, 1 932 ). 7-Lamont -Short Constraints Page 182 Thursday, August 5, 2004 11:12 AM 196 THEORY AND ... ON SHORT SELLING weak measure of shorting demand. Overpricing falls over time, while the level of short interest rises. Thus short interest can be negatively cor- related with...

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... 30 9 sacrifice, 31 5 transport, 31 5 American Depository Receipt (ADR), 5, 31 , 32 4, 33 1 33 2 data, 32 3 listings, 32 5 American option, 30 , 196 American Stock Exchange (AMEX), 53, 122, 233 firms, listing, 65 stocks, ... 215, 227, 30 4, 30 5, 30 9, 31 0, 31 2, 31 3, 31 6, 31 9 Jaffre, Jeffrey, 93, 38 6 Jagannathan, Ravi, 230 Jarrow, Robert, 131 Jarrow-Miller theoretical...

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... Jan- 03 Apr- 03 Jul- 03 Oct- 03 Jan-04 S&P 500 SPDR SPY Shares Outstanding 30 3, 835 38 1,288 4 53, 441 458,745 39 7,048 35 9,252 38 0,806 Short Interest 42,044 73, 567 44,580 66,496 96 ,33 5 107,4 63 114, 033 Short ... 39 . 43% Short Interest 3, 369 1,518 1,468 2,782 Total Share Equivalents 50,819 54,118 52,469 70 ,31 8 73, 432 71,875 36 .99% DJIA DIAMONDS DIA Sh...

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... Banking and Finance (1988), pp. 33 3 35 2. 6-Miller-Implications Page 144 Thursday, August 5, 2004 11:11 AM Implications of Short Selling and Divergence of Opinion for Investment Strategy 131 After ... 5, 2004 11:11 AM Implications of Short Selling and Divergence of Opinion for Investment Strategy 141 result in short selling as option dealers and others make short sale...

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... position cannot be maintained, and (4) the legal and institutional restrictions on short selling. Items 1, 2, and 3 are normally referred to as the costs of short selling. 3 The most widely known ... borrowing when short selling. EXHIBIT 8.6 Enhanced Indexing by Hedging with Short Sales 8-Jones/Larsen-ExpandInvest Page 217 Thursday, August 5, 2004 11: 13 AM How Short...

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... Huang, “Profitability of Short- Selling and Exploitability of Short Information,” Journal of Portfolio Management (Winter 1994), pp. 33 38 . 9-Jones/Larsen-InfoContent Page 2 43 Thursday, August 5, ... (or impossibility) of establishing a short position; (3) the risk that the short position cannot be maintained; and (4) the legal and institutional restrictions on short sel...

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... perform T 12-Jacobs/Levy-Long-ShortEquity Page 30 3 Thursday, August 5, 2004 11:17 AM 31 0 SHORT SELLING STRATEGIES Consider, for example, an investor who does not have the ability to dis- criminate between good and bad ... 11:16 AM SECTION Four Short Selling and Market Efficiency Sect4 Page 32 1 Thursday, August 5, 2004 10:49 AM 284 SHORT SELLING STRATEGIES ing in the dire...

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