融资融券约束与股市波动

doi:10.16381/j.cnki.issn1003-207x.2019.0216

Abstract

Abstract: Although a large number of classical theories and empirical literature prove that with the relaxation of short-selling constraints, stock prices are more likely to approach theirfundamental values.The positive effect of the short-selling mechanism has always been controversial.Regardless of the 2008 global financial crisis or the 2015 China stock market crash, governments all over the world imposed different degrees of restrictions on short-selling transactions in order to curb the stock price plummet during market panic. Even when the market is operating smoothly, governments have imposed different degrees of restrictions on short sales, thereby reducing potential risks.

Key words: constraints of margin trading and short selling; volatility; margin financing loan

CLC Number:

ZHU Guang-wei, YANG Tao, DU Zai-chao. Margin Trading, Short Selling Constraints and Stock Market Volatility[J]. Chinese Journal of Management Science, 2022, 30(4): 13-29.

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Margin Trading, Short Selling Constraints and Stock Market Volatility

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