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DTSTART:19701025T020000
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DTSTAMP:20261113T100818Z
DTSTART;TZID=Europe/London:20220201T111500
DTEND;TZID=Europe/London:20220201T123000
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SUMMARY:School of Economics and Finance Seminar
DESCRIPTION:Speaker: Professor Robert Kosowski, Imperial College Business School    Abstract:  In this paper, we present a theoretical framework to study the effects of short-selling bans on markets and we test its predictions using cross-sectional variation in the European 2020 short-selling bans. The model's novelty is in the way that institutional ownership affects the conditions under which bans help avert a sharp decline in prices. Empirically we find, consistent with the model, that tail risk was reduced in countries that implemented short-selling bans, and that this effect was more pronounced in stocks with low institutional ownership. However, bans were detrimental for liquidity and failed to support the average level of prices. https://events.st-andrews.ac.uk/events/school-of-economics-and-finance-seminar-5/
LOCATION:Online
URL:https://events.st-andrews.ac.uk/events/school-of-economics-and-finance-seminar-5/
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