Impact Of Short Selling In Financial Markets
DOI:
https://doi.org/10.24297/jssr.v11i3.6470Keywords:
Financial Markets, Short SellingAbstract
With the financial crisis gripping the stock market worldwide in the last few months of 2008, there have been widespread criticisms on the process of short selling. The opponents have questioned the existence of short selling and argued about the foul play of the short selling. Following such widespread campaigning, in order to boost the investors confidence short selling was either or restricted in most of the Western markets and in the Anglo-Saxon countries. Nevertheless, the financial experts and economists were divided in the opinion of anning short selling. Many argued that such ban will affect the market efficiency and disturb the market from operating freely and fairly. Hence the current research is about the impacts or the effects the ban on short selling have on the financial markets, especially the capital markets. This study focuses on finding such effects in a neutralised approach and free from bias to any side.
The research is compiled in such a way that, the literature review was conducted with an aim of uncovering the loop holes and functioning of short selling experts. Accordingly, the findings of the literature review are in the form of a list of key characteristics short selling possess which increases the efficiency of the system. These key characteristics are evaluated based on the stock price variations in the LSE. The conclusions are drawn based on the findings on the literature review and the analysis done on the stock price movements, crude oil price variation and a survey on the perception of short selling. Based on the findings, a set of commendations are made which will help in the further understanding of the short selling.
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References
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http://www.time.com/time/business/article/0,8599,1843255,00.html
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http://www.economist.com/businessfinance/PrinterFriendly.cfm?story_id=119512 46 x
19. Gordon, Marcy (2008-09-17). "SEC adopts rules against 'naked' short-selling". Associated Press, Retrieved on April 8 2009 from
http://www.iht.com/articles/ap/2008/09/17/business/NA-US-SEC-ShortSelling.php.
20. Susan Christoffersen, Christopher Geczy, David Musto, and Adam Reed, “How and Why do Investors Trade Votes, and What Does it Mean?†working paper, Wharton School of Business, University of Pennsylvania, March 2004.
21. Gene D’Avolio, “The Market for Borrowing Stock,†Journal of Financial Economics (November 2002), pp. 271–306.
22. D’Avolio, “The Market for Borrowing Stock†and Christopher Geczy, David Musto, and Adam Reed, “Stocks Are Special Too: An Analysis of the Equity
Lending Market,†Journal of Financial Economics (November 2002), pp. 241–269
23. D’Avolio, “The Market for Borrowing Stock†and Christopher Geczy, David Musto, and Adam Reed, “Stocks Are Special Too: An Analysis of the Equity
Lending Market,†Journal of Financial Economics (November 2002), pp. 241–269
24. Paul Asquith and Lisa Meulbroek, “An Empirical Investigation of Short Interest,†working paper, Harvard Business School, Harvard University, 1995.
25. D. Harmon and Y. Bar-Yam. "Technical Report on SEC Uptick Repeal Pilot". New England Complex Systems Institute, Retrieved on May 10 2009 from http://www.necsi.edu/research/UptickTechReport.pdf.
26. "Amendments to Exchange Act Rule 10a-1 and Rules 201 and 200(g) of
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http://www.marketwatch.com/news/story/bernanke-uptick-rule-mighthave/story.aspx?guid={78BCD860-C835-4E71-821E-8FB62D7C7964}.
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31. Manipulation, Retrieved on September 5, 2008 from http://www.investopedia.com/terms/m/manipulation.asp
32. New York Stock exchange, A guide to the NYSE market place, retrieved on September 5, 2008 from http://www.nyse.com/pdfs/nyse_bluebook.pdf
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35. Official website of London Stock Exchange, Retrieved on September 8, 2008, from http://www.londonstockexchange.com/en-gb/
36. Official Website of New York Stock Exchange, Retrieved on September 5, 2008, from http://www.nyse.com/
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46. Jackson, P. (1994). Desk Research. London: Kegan-Paul.
47. Marcoulides, G. A. (1998) Modern Methods for Business Research. NY: Lawrence Erlbaum Associates.
48. Miles, M.B. and Huberman, M. (1994) Qualitative Data Analysis: A Source Book of NewMethods. London: Sage Publications
49. Page and Meyer, (2000) Applied Research Design for Business and Management", McGrawHill
50. Hussey, J. & Hussey, R. 1997, Business Research, Macmillan Press Ltd, Basingstoke.
51. Cooper D.R. & Schindler P.S. (1998) 'Business Research Methods' Irwin, 6th Edition, 1998
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Restrictions, Cass Business School
56. "More woes for Refco, execs: Newspapers say creditors eye over $1B insiders made from stock, while SEC probes "naked shorting"". CNN/Money. October 20,
2005, Retrieved on April 20 2009 from http://money.cnn.com/2005/10/20/news/midcaps/refco/index.htm.
57. "SEC Complaint against Gryphon Partners" (PDF). December 12,2006, Retrieved on April 20 2009 from http://www.sec.gov/litigation/complaints/2006/comp19942.pdf.
58. "Goldman Sachs fined $2m over short-selling". TimesOnline and AP. March 15, 2007. Retrieved on April 20 2009 from http://business.timesonline.co.uk/tol/business/law/corporate/article1519648.ece.
59. "S.E.C. Requests Receiver for Universal Express". The New York Times. June 23, 2007. Retrieved on April 20 2009 from http://www.nytimes.com/2007/06/23/business/23sec.html.
60. Floyd Norris, "A Sad Tale of Fictional SEC Filings", The New York Times, June 22, 2007
61. "Monthly Disciplinary Actions - July 2007 ", NYSE Regulation, July 11, 2007
62. Edgar Ortega, "Piper Fined by the NYSE Over Short-Sale Violations", Bloomberg News, July 11, 2007
63. "SEC Charges New York Hedge Fund Adviser With Short Sale Violations in Connection With Hibernia-Capital One Merger", SEC Press Release, October 10, 2007
64. Heidi N. Moore, "We See Dead People: $250K Fine for Lehman Short-Sales", Wall Street Journal, October 22, 2008
65. "DTCC response to Wall Street Journal Article", Press release, July 6, 2007
66. Kaja Whitehouse (2008-11-05). "Drop in naked shorts". New York Post. Retrieved on April 30 2009 from http://www.nypost.com/seven/11052008/business/drop_in_naked_shorts_137107. htm. "
67. James W. Christian, Robert Shapiro & John-Paul Whalen (2006). "Naked Short Selling: How Exposed Are Investors?". Houston Law Review. Retrieved on May 11 2009 from http://www.houstonlawreview.org/archive/downloads/434_pdf/Christian.pdf.
68. Drummond, Bob (August 4, 2006). ""Naked Short Sellers Hurt Companies With Stock They Don't Have"". Bloomberg.com. Retrieved on May 11 2009 from http://www.rgm.com/articles/bloomberg2.html.
69. "DTCC Chief Spokesperson Denies Existence of Lawsuit". financialwire.net. May 11, 2004. . Retrieved on May 11 2009 from http://www.rgm.com/articles/financialwire.html.
70. "Senator Bennett Discusses Naked Short Selling on the Senate Floor", website of Senator Bennett, July 20, 2007, Retrieved on May 11 2009 from http://bennett.senate.gov/public/index.cfm?p=Speeches&ContentRecord_id=0c9d
7162-e177-459f-93cd-f3b51bdad7b5&ContentType_id=245cad09-9482-4f0d- 8004-9c5ff620e986&f1e77522-3fb1-4336-9ec8-fb7cc501dba0
71. "WayPoint Biomedical Holdings, Inc. Files Lawsuit Against The Depository Trust and Clearing Corporation (DTCC)". Genetic Engineering and Biotech News. June 25, 2007. Retrieved on May 4 2009 from http://www.genengnews.com/news/bnitem.aspx?name=19497609.
72. "Nevada Court Dismisses Nanopierce Lawsuit Against DTCC On Naked Short Selling". Depository Trust Clearing Corporation. May 2005. Retrieved on April 11 2009 fromhttp://www.dtcc.com/Publications/dtcc/may05/nanopierce.html.
73. Moyer, Liz (2006-04-13). "Naked Shorts". Forbes. Retrieved on April 8 2009 from http://www.forbes.com/business/2006/04/13/naked-shorts-lawsuitcx_lm_0413naked.html.
74. "US Judge Dismisses Naked Short Selling Suit Vs. Brokers", Dow Jones News Service, Dec. 20, 2007
75. "Naked Short Victim Strikes Back". Forbes. February 2, 2007. Retrieved on May 26 2009 from http://www.forbes.com/2007/02/02/naked-short-suit-overstock-bizcx_lm_0202naked.html.
76. Liz Moyer (July 18, 2007). "Naked Shorting Case Gains Traction". Forbes. Retrieved on May 14 2009 from http://www.forbes.com/wallstreet/2007/07/18/naked-shorting-overstock-bizwallst-cx_lm_0718overstock.html.
77. "Overstock Shares Rise on Court Ruling in Broker Suit", Bloomberg News, July 18, 2007
78. Pet Quarters, Inc. v. Depository Trust and Clearing Corp. --- F.3d ----, 2009 WL 579270 C.A.8 (Ark.),2009.
79. "Court Rules Against Company Claiming Illegal Short Selling" by Carol Remond, Dow Jones News Service, March 11, 2009
80. Companies in the Oil Business for the Long Haul by Giuseppe Marconi(2008) Retrieved on April 10 2009 from http://www.oil-price.net/
81. Profitability and $100 oil by Steve Austin - 2008/01/05 Retrieved on April 10 2009 from http://www.oil-price.net/
82. Light Sweet Crude Oil(2008) Retrieved on May 25 2009 from http://www.nymex.com/lsco_fut_descri.aspx
83. Ajay Shah(1998), “The price discovery mechanism†Retrieved on April 7 2009 from http://www.mayin.org/ajayshah/MEDIA/1998/pricediscovery.html
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Published
2017-12-12
How to Cite
Sharma, N. (2017). Impact Of Short Selling In Financial Markets. JOURNAL OF SOCIAL SCIENCE RESEARCH, 11(3), 2447–2481. https://doi.org/10.24297/jssr.v11i3.6470
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