This comprehensive examination of short selling, which is a bet on stocks declining in value, explores the ways that this strategy drives financial markets. Its focus on short selling by region, its consideration of the history and regulations of short selling, and its mixture of industry and academic perspectives clarify the uses of short selling and dispel notions of its destructive implications. With contributions from around the world, this volume sheds new light on the ways short selling uncovers market forces and can yield profitable trades.
1. 1.1. Introduction 2. 1.2. Markets with Short Sales 3. 1.3. Gains from Trade 4. 1.4. Social Diversity, Volatility, and Default 5. 1.5. Financial Innovation Creates Systemic Risks of Widespread Defaults 6. 1.6. Introducing Graduated Reserves 7. 1.7. Graduated Reserves Restore Stability and Prevent Default 8. 1.8. Conclusion 9. Chapter 2. The Goldman Sachs Swaps Shop 10. 2.1. Introduction 11. 2.2. “Weapons of Mass Financial Destruction” 12. 2.3. Key Sources of Relevant U.S. Securities Law 13. 2.4. SEC v. Goldman Sachs & Co., et al.—The Complaint 14. 2.5. Vampyroteuthis Infernalis—Collateral Consequences 15. 2.6. Conclusion 16. Chapter 3. Off-Shore Short Sales after Morrison 17. 3.1. Introduction 18. 3.2. Goldman and Paulson Enter into a Marriage of Convenience 19. 3.3. The Securities and Exchange Commission Charges Goldman and Tourre with Securities Fraud in Connection with ABACUS Structuring and Marketing 20. 3.4. Climax: Dodd–Frank Affords the Securities and Exchange Commission Extraterritorial Jurisdiction 21. 3.5. Conclusion—Tourre and His Cohorts Celebrate a Pyrrhic Victory 22. Chapter 4. Regulating Short Sales in the 21st Century 23. 4.1. Introduction 24. 4.2. U.S. Short Sale Regulation Background 25. 4.3. Current Securities and Exchange Commission Regulation of Short Selling Activity 26. 4.4. Conclusion 27. Chapter 5. Evolution of Short Selling Regulations and Trading Practices 28. 5.1. Introduction 29. 5.2. Literature Review 30. 5.3. Historical Background on Short Selling 31. 5.4. Short Selling and Financial Crisis 32. 5.5. A Detailed Analysis of Short Selling in Recent Times 33. 5.6. Conclusion 34. Chapter 6. Financing Techniques for Short Sellers 35. 6.1. Introduction 36. 6.2. Introducing the Repo Market for Fixed Income Securities 37. 6.3. Length of Trades 38. 6.4. Special Rate 39. 6.5. The Repo Market in Bankruptcy 40. 6.6. Haircuts and Margin Maintenance 41. 6.7. Financing Equity Short Positions 42. 6.8. In Lieu Payments and Other Rights 43. 6.9. Financing Currency Short Positions 44. 6.10. Financing Commodity Short Positions 45. 6.11. Trading in the Lending Markets 46. 6.12. Conclusion 47. Chapter 7. A Survey of Short Selling in Canada 48. 7.1. Introduction 49. 7.2. Current Regulations 50. 7.3. Taxation of Short Sales 51. 7.4. Recent Trends in Canada 52. 7.5. Impact of Recent Short Sale Prohibition 53. 7.6. Conclusion 54. Chapter 8. Are Restrictions on Short Selling Good? A Look at European Markets 55. 8.1. Introduction 56. 8.2. Short Selling Bans and Analysis of Market Reactions 57. 8.3. Committee of European Securities Regulators Initiative and Its Impacts on Professional Equity Investments 58. 8.4. Conclusion 59. Chapter 9. Short Selling, Clearing, and Settlement in Europe 60. 9.1. Introduction 61. 9.2. Short Selling and Settlement Risk 62. 9.3. Settlement Discipline in Europe 63. 9.4. Relation between Short Selling Market Discipline and Settlement Discipline 64. 9.5. Impact of Short Selling and Fails on the Effectiveness of Settlement Discipline Measures 65. 9.6. Conclusion 66. Chapter 10. The 2008 Emergency Regulation of Short Selling in the United Kingdom, United States, and Australia 67. 10.1. Introduction 68. 10.2. Objectives of Securities Regulation 69. 10.3. Analysis of Emergency Responses 70. 10.4. Types and Range of Initiatives 71. 10.5. Conclusion 72. Chapter 11. Reflections on Short Selling Regulations in Western and Eastern Europe 73. 11.1. Introduction 74. 11.2. A Review of the National Regulatory Regimes in the European Union (EU) 75. 11.3. The Case of Eastern Europe 76. 11.4. The New European Commission's Draft Regulation 77. 11.5. Conclusion 78. Chapter 12. Regulating Short Selling 79. 12.1. Introduction 80. 12.2. Theoretical Views of Short Selling Regulation 81. 12.3. European Regulations after the Lehman Brothers Collapse 82. 12.4. Regulatory Asymmetries and Arbitrage 83. 12.5. Conclusion 84. Chapter 13. Do Option Prices Reveal Short Sale Restrictions Impact on Banks’ Stock Prices? The German Case* 85. 13.1. Introduction 86. 13.2. Literature Review 87. 13.3. Methodology 88. 13.4. Data 89. 13.5. Do Options Prices Reveal Short Sale Restrictions? 90. 13.6. Conclusion 91. Chapter 14. Short Selling in France during the Crisis, the Bans, and What Has Changed since the Euro Correction 92. 14.1. Introduction 93. 14.2. Literature Review 94. 14.3. Regulatory Developments Concerning Short Selling in France 95. 14.4. Statistics 96. 14.5. Discussion 97. Chapter 15. The Chinese Real Estate Bubble 98. 15.1. Introduction 99. 15.2. Comparison with the United States 100. 15.3. The Bubble in China 101. 15.4. The Debt Deflation Model—Does It Apply to China? 102. 15.5. The Stock Market—Forecasting the Bursting of the Bubble? 103. 15.6. Problems in Shorting Chinese Stocks 104. 15.7. Conclusion 105. Chapter 16. Introduction of Margin Trading and Short Selling in China's Securities Market 106. 16.1. Introduction 107. 16.2. The Disordered Warrant Price in China's Securities Market 108. 16.3. Development of Margin Trading and Short Selling in China 109. 16.4. Introduction and Interpretation of China's Key Rules on Margin Trading and Short Selling 110. 16.5. Conclusion 111. Chapter 17. Impact of Short Selling on China Stock Prices 112. 17.1. Introduction 113. 17.2. Literature Review 114. 17.3. Methodology 115. 17.4. Sample and Hypotheses 116. 17.5. Empirical Findings 117. 17.6. Conclusion 118. Chapter 18. Short Selling the Real Estate Bubble in China 119. 18.1. Introduction 120. 18.2. Is There a Bubble in China's Real Estate Market? 121. 18.3. How to Short Sell the Real Estate Bubble 122. 18.4. Conclusion 123. Chapter 19. Impact of Macroeconomic Indicators on Short Selling 124. 19.1. Introduction 125. 19.2. Data and Brief Overview of Japanese Macroeconomic Indicators 126. 19.3. Data and Methodology 127. 19.4. Conclusion 128. Chapter 20. New Regulatory Developments for Short Selling in Asia 129. 20.1. Introduction 130. 20.2. Typical Short Selling Constraints 131. 20.3. Examples of a Few Asian Countries 132. 20.4. Recent Developments in China 133. 20.5. Conclusion 134. Chapter 21. The Signaling of Short Selling Activity in Australia 135. 21.1. Introduction 136. 21.2. Literature Review 137. 21.3. Data and Methodology 138. 21.4. Findings 139. 21.5. Conclusion 140. Chapter 22. Sourcing Securities for Short Sales 141. 22.1. Introduction 142. 22.2. Transactional Attributes of Securities Loans 143. 22.3. Securities Loans and Short Sales 144. 22.4. Securities Loans and Voting Rights 145. 22.5. Legal Characterization of Securities Loans 146. 22.6. Conclusion 147. Chapter 23. Short Selling in Emerging Markets 148. 23.1. Introduction 149. 23.2. Short Selling in Emerging Markets: Main Characteristics 150. 23.3. Emerging Market Main Indicators 151. 23.4. Conclusion 152. Chapter 24. Short Selling and the Problem of Market Maturity in Latin America 153. 24.1. Introduction 154. 24.2. Review of National Regulatory Regimes in Latin America 155. 24.3. Previous Studies on Short Selling in Latin America 156. 24.4. The Practice of Short Selling in Latin America 157. 24.5. Conclusion 158. Chapter 25. Short Selling—The Ambrosia or Kryptonite of Emerging Markets? 159. 25.1. Introduction 160. 25.2. Emerging Market Benefits from Short Selling 161. 25.3. Risk of Short Selling to an Emerging Market 162. 25.4. Short Selling in BRIC Nations 163. 25.5. Short Selling in Other Key Areas 164. 25.6. Helpful Investor Mechanisms 165. 25.7. Conclusion 166. Chapter 26. Short Selling Consistency in South Africa 167. 26.1. Introduction 168. 26.2. Johannesburg Stock Exchange and Financial Markets Regulation 169. 26.3. South African Markets prior to and during the Global Financial Crisis 170. 26.4. South African Short Selling Rules 171. 26.5. Conclusion 172. Chapter 27. Short Selling in Russia 173. 27.1. Introduction 174. 27.2. Main Regulations and Practices 175. 27.3. Empirical Analysis: A Comparison of Asset Allocation Strategies 176. 27.4. Conclusion 177. Chapter 28. Performance Persistence of Short-Biased Hedge Funds 178. 28.1. Introduction 179. 28.2. What are Short-Biased Hedge Funds? 180. 28.3. Past Performance of Short-Biased Hedge Funds 181. 28.4. Future Performance of Short-Biased Hedge Funds 182. 28.5. Asset Allocation and Short-Biased Hedge Funds 183. 28.6. Conclusion 184. Chapter 29. An Empirical Analysis of Short-Biased Hedge Funds’ Risk-Adjusted Performance 185. 29.1. Introduction 186. 29.2. Literature Review 187. 29.3. Data Analysis 188. 29.4. Empirical Analysis: A Panel Approach 189. 29.5. Conclusion 190. Chapter 30. Short Selling by Portfolio Managers 191. 30.1. Introduction 192. 30.2. Data Description 193. 30.3. Research Question/Hypothesis 194. 30.4. Methodology 195. 30.5. Results 196. 30.6. Conclusion 197. Chapter 31. Short Selling in an Asset Allocation Framework—The Search for Alpha 198. 31.1. Introduction 199. 31.2. A Stylized Example 200. 31.3. Alpha Transportation in Practice 201. 31.4. An Illustrative Example 202. 31.5. Conclusion 203. Chapter 32. Machine Learning and Short Positions in Stock Trading Strategies 204. 32.1. Introduction 205. 32.2. Literature Review 206. 32.3. Data and Methodology 207. 32.4. Empirical Results 208. 32.5. Conclusion 209. Chapter 33. Short Selling Stock Indices on Signals from Implied Volatility Index Changes 210. 33.1. Introduction 211. 33.2. Literature Review 212. 33.3. Data and Methodology 213. 33.4. Results 214. 33.5. Conclusion 215. Chapter 34. Short Selling and the Equity Premium Puzzle 216. 34.1. Introduction 217. 34.2. Theory 218. 34.3. Data 219. 34.4. Impact of Short Selling in a Heterogeneous Group of Investors 220. 34.5. Discussion 221. 34.6. Conclusion 222. Chapter 35. Affine Term Structure Models and Short Selling 223. 35.1. Introduction 224. 35.2. Affine Term Structure Models 225. 35.3. Macroeconomic Shocks Affecting Government Surpluses Are Affine 226. 35.4. Some Evidence on Affine Term Structure Models 227. 35.5. Risks of Sovereign Debt Rollover 228. 35.6. How Multiple Equilibrium Works and How It Could Result in “Runs” on Government Issuances 229. 35.7. Prohibition in Naked Short Selling: A Poor Workaround with Little Effective Consequences 230. 35.8. Conclusion 231. Chapter 36. Short Sale Constraints in the Equity Market and the Term Structure of Interest Rates 232. 36.1. Introduction 233. 36.2. Data and Method 234. 36.3. Main Findings 235. 36.4. Conclusion and Policy Implications 236. Chapter 37. Short Selling Assessment Where Consumer Prices Involve Both Currency Trades and Weather Shocks 237. 37.1. Introduction 238. 37.2. Methodology 239. 37.3. Data and Empirical Application 240. 37.4. Conclusion 241. Chapter 38. Aggregate Short Selling during Earnings Seasons 242. 38.1. Introduction 243. 38.2. Data and Methodology 244. 38.3. Empirical Results 245. 38.4. Conclusion 246. Chapter 39. The Information Content of Short Selling before Macroeconomic Announcements 247. 39.1. Introduction 248. 39.2. Data Sources and Sample Details 249. 39.3. Measures and Methods 250. 39.4. Results 251. 39.5. Conclusion 252. Index
This comprehensive examination of short selling, which is a bet on stocks declining in value, explores the ways that this strategy drives financial markets. Its focus on short selling by region, its consideration of the history and regulations of short selling, and its mixture of industry and academic perspectives clarify the uses of short selling and dispel notions of its destructive implications. With contributions from around the world, this volume sheds new light on the ways short selling uncovers market forces and can yield profitable trades.
1. 1.1. Introduction 2. 1.2. Markets with Short Sales 3. 1.3. Gains from Trade 4. 1.4. Social Diversity, Volatility, and Default 5. 1.5. Financial Innovation Creates Systemic Risks of Widespread Defaults 6. 1.6. Introducing Graduated Reserves 7. 1.7. Graduated Reserves Restore Stability and Prevent Default 8. 1.8. Conclusion 9. Chapter 2. The Goldman Sachs Swaps Shop 10. 2.1. Introduction 11. 2.2. “Weapons of Mass Financial Destruction” 12. 2.3. Key Sources of Relevant U.S. Securities Law 13. 2.4. SEC v. Goldman Sachs & Co., et al.—The Complaint 14. 2.5. Vampyroteuthis Infernalis—Collateral Consequences 15. 2.6. Conclusion 16. Chapter 3. Off-Shore Short Sales after Morrison 17. 3.1. Introduction 18. 3.2. Goldman and Paulson Enter into a Marriage of Convenience 19. 3.3. The Securities and Exchange Commission Charges Goldman and Tourre with Securities Fraud in Connection with ABACUS Structuring and Marketing 20. 3.4. Climax: Dodd–Frank Affords the Securities and Exchange Commission Extraterritorial Jurisdiction 21. 3.5. Conclusion—Tourre and His Cohorts Celebrate a Pyrrhic Victory 22. Chapter 4. Regulating Short Sales in the 21st Century 23. 4.1. Introduction 24. 4.2. U.S. Short Sale Regulation Background 25. 4.3. Current Securities and Exchange Commission Regulation of Short Selling Activity 26. 4.4. Conclusion 27. Chapter 5. Evolution of Short Selling Regulations and Trading Practices 28. 5.1. Introduction 29. 5.2. Literature Review 30. 5.3. Historical Background on Short Selling 31. 5.4. Short Selling and Financial Crisis 32. 5.5. A Detailed Analysis of Short Selling in Recent Times 33. 5.6. Conclusion 34. Chapter 6. Financing Techniques for Short Sellers 35. 6.1. Introduction 36. 6.2. Introducing the Repo Market for Fixed Income Securities 37. 6.3. Length of Trades 38. 6.4. Special Rate 39. 6.5. The Repo Market in Bankruptcy 40. 6.6. Haircuts and Margin Maintenance 41. 6.7. Financing Equity Short Positions 42. 6.8. In Lieu Payments and Other Rights 43. 6.9. Financing Currency Short Positions 44. 6.10. Financing Commodity Short Positions 45. 6.11. Trading in the Lending Markets 46. 6.12. Conclusion 47. Chapter 7. A Survey of Short Selling in Canada 48. 7.1. Introduction 49. 7.2. Current Regulations 50. 7.3. Taxation of Short Sales 51. 7.4. Recent Trends in Canada 52. 7.5. Impact of Recent Short Sale Prohibition 53. 7.6. Conclusion 54. Chapter 8. Are Restrictions on Short Selling Good? A Look at European Markets 55. 8.1. Introduction 56. 8.2. Short Selling Bans and Analysis of Market Reactions 57. 8.3. Committee of European Securities Regulators Initiative and Its Impacts on Professional Equity Investments 58. 8.4. Conclusion 59. Chapter 9. Short Selling, Clearing, and Settlement in Europe 60. 9.1. Introduction 61. 9.2. Short Selling and Settlement Risk 62. 9.3. Settlement Discipline in Europe 63. 9.4. Relation between Short Selling Market Discipline and Settlement Discipline 64. 9.5. Impact of Short Selling and Fails on the Effectiveness of Settlement Discipline Measures 65. 9.6. Conclusion 66. Chapter 10. The 2008 Emergency Regulation of Short Selling in the United Kingdom, United States, and Australia 67. 10.1. Introduction 68. 10.2. Objectives of Securities Regulation 69. 10.3. Analysis of Emergency Responses 70. 10.4. Types and Range of Initiatives 71. 10.5. Conclusion 72. Chapter 11. Reflections on Short Selling Regulations in Western and Eastern Europe 73. 11.1. Introduction 74. 11.2. A Review of the National Regulatory Regimes in the European Union (EU) 75. 11.3. The Case of Eastern Europe 76. 11.4. The New European Commission's Draft Regulation 77. 11.5. Conclusion 78. Chapter 12. Regulating Short Selling 79. 12.1. Introduction 80. 12.2. Theoretical Views of Short Selling Regulation 81. 12.3. European Regulations after the Lehman Brothers Collapse 82. 12.4. Regulatory Asymmetries and Arbitrage 83. 12.5. Conclusion 84. Chapter 13. Do Option Prices Reveal Short Sale Restrictions Impact on Banks’ Stock Prices? The German Case* 85. 13.1. Introduction 86. 13.2. Literature Review 87. 13.3. Methodology 88. 13.4. Data 89. 13.5. Do Options Prices Reveal Short Sale Restrictions? 90. 13.6. Conclusion 91. Chapter 14. Short Selling in France during the Crisis, the Bans, and What Has Changed since the Euro Correction 92. 14.1. Introduction 93. 14.2. Literature Review 94. 14.3. Regulatory Developments Concerning Short Selling in France 95. 14.4. Statistics 96. 14.5. Discussion 97. Chapter 15. The Chinese Real Estate Bubble 98. 15.1. Introduction 99. 15.2. Comparison with the United States 100. 15.3. The Bubble in China 101. 15.4. The Debt Deflation Model—Does It Apply to China? 102. 15.5. The Stock Market—Forecasting the Bursting of the Bubble? 103. 15.6. Problems in Shorting Chinese Stocks 104. 15.7. Conclusion 105. Chapter 16. Introduction of Margin Trading and Short Selling in China's Securities Market 106. 16.1. Introduction 107. 16.2. The Disordered Warrant Price in China's Securities Market 108. 16.3. Development of Margin Trading and Short Selling in China 109. 16.4. Introduction and Interpretation of China's Key Rules on Margin Trading and Short Selling 110. 16.5. Conclusion 111. Chapter 17. Impact of Short Selling on China Stock Prices 112. 17.1. Introduction 113. 17.2. Literature Review 114. 17.3. Methodology 115. 17.4. Sample and Hypotheses 116. 17.5. Empirical Findings 117. 17.6. Conclusion 118. Chapter 18. Short Selling the Real Estate Bubble in China 119. 18.1. Introduction 120. 18.2. Is There a Bubble in China's Real Estate Market? 121. 18.3. How to Short Sell the Real Estate Bubble 122. 18.4. Conclusion 123. Chapter 19. Impact of Macroeconomic Indicators on Short Selling 124. 19.1. Introduction 125. 19.2. Data and Brief Overview of Japanese Macroeconomic Indicators 126. 19.3. Data and Methodology 127. 19.4. Conclusion 128. Chapter 20. New Regulatory Developments for Short Selling in Asia 129. 20.1. Introduction 130. 20.2. Typical Short Selling Constraints 131. 20.3. Examples of a Few Asian Countries 132. 20.4. Recent Developments in China 133. 20.5. Conclusion 134. Chapter 21. The Signaling of Short Selling Activity in Australia 135. 21.1. Introduction 136. 21.2. Literature Review 137. 21.3. Data and Methodology 138. 21.4. Findings 139. 21.5. Conclusion 140. Chapter 22. Sourcing Securities for Short Sales 141. 22.1. Introduction 142. 22.2. Transactional Attributes of Securities Loans 143. 22.3. Securities Loans and Short Sales 144. 22.4. Securities Loans and Voting Rights 145. 22.5. Legal Characterization of Securities Loans 146. 22.6. Conclusion 147. Chapter 23. Short Selling in Emerging Markets 148. 23.1. Introduction 149. 23.2. Short Selling in Emerging Markets: Main Characteristics 150. 23.3. Emerging Market Main Indicators 151. 23.4. Conclusion 152. Chapter 24. Short Selling and the Problem of Market Maturity in Latin America 153. 24.1. Introduction 154. 24.2. Review of National Regulatory Regimes in Latin America 155. 24.3. Previous Studies on Short Selling in Latin America 156. 24.4. The Practice of Short Selling in Latin America 157. 24.5. Conclusion 158. Chapter 25. Short Selling—The Ambrosia or Kryptonite of Emerging Markets? 159. 25.1. Introduction 160. 25.2. Emerging Market Benefits from Short Selling 161. 25.3. Risk of Short Selling to an Emerging Market 162. 25.4. Short Selling in BRIC Nations 163. 25.5. Short Selling in Other Key Areas 164. 25.6. Helpful Investor Mechanisms 165. 25.7. Conclusion 166. Chapter 26. Short Selling Consistency in South Africa 167. 26.1. Introduction 168. 26.2. Johannesburg Stock Exchange and Financial Markets Regulation 169. 26.3. South African Markets prior to and during the Global Financial Crisis 170. 26.4. South African Short Selling Rules 171. 26.5. Conclusion 172. Chapter 27. Short Selling in Russia 173. 27.1. Introduction 174. 27.2. Main Regulations and Practices 175. 27.3. Empirical Analysis: A Comparison of Asset Allocation Strategies 176. 27.4. Conclusion 177. Chapter 28. Performance Persistence of Short-Biased Hedge Funds 178. 28.1. Introduction 179. 28.2. What are Short-Biased Hedge Funds? 180. 28.3. Past Performance of Short-Biased Hedge Funds 181. 28.4. Future Performance of Short-Biased Hedge Funds 182. 28.5. Asset Allocation and Short-Biased Hedge Funds 183. 28.6. Conclusion 184. Chapter 29. An Empirical Analysis of Short-Biased Hedge Funds’ Risk-Adjusted Performance 185. 29.1. Introduction 186. 29.2. Literature Review 187. 29.3. Data Analysis 188. 29.4. Empirical Analysis: A Panel Approach 189. 29.5. Conclusion 190. Chapter 30. Short Selling by Portfolio Managers 191. 30.1. Introduction 192. 30.2. Data Description 193. 30.3. Research Question/Hypothesis 194. 30.4. Methodology 195. 30.5. Results 196. 30.6. Conclusion 197. Chapter 31. Short Selling in an Asset Allocation Framework—The Search for Alpha 198. 31.1. Introduction 199. 31.2. A Stylized Example 200. 31.3. Alpha Transportation in Practice 201. 31.4. An Illustrative Example 202. 31.5. Conclusion 203. Chapter 32. Machine Learning and Short Positions in Stock Trading Strategies 204. 32.1. Introduction 205. 32.2. Literature Review 206. 32.3. Data and Methodology 207. 32.4. Empirical Results 208. 32.5. Conclusion 209. Chapter 33. Short Selling Stock Indices on Signals from Implied Volatility Index Changes 210. 33.1. Introduction 211. 33.2. Literature Review 212. 33.3. Data and Methodology 213. 33.4. Results 214. 33.5. Conclusion 215. Chapter 34. Short Selling and the Equity Premium Puzzle 216. 34.1. Introduction 217. 34.2. Theory 218. 34.3. Data 219. 34.4. Impact of Short Selling in a Heterogeneous Group of Investors 220. 34.5. Discussion 221. 34.6. Conclusion 222. Chapter 35. Affine Term Structure Models and Short Selling 223. 35.1. Introduction 224. 35.2. Affine Term Structure Models 225. 35.3. Macroeconomic Shocks Affecting Government Surpluses Are Affine 226. 35.4. Some Evidence on Affine Term Structure Models 227. 35.5. Risks of Sovereign Debt Rollover 228. 35.6. How Multiple Equilibrium Works and How It Could Result in “Runs” on Government Issuances 229. 35.7. Prohibition in Naked Short Selling: A Poor Workaround with Little Effective Consequences 230. 35.8. Conclusion 231. Chapter 36. Short Sale Constraints in the Equity Market and the Term Structure of Interest Rates 232. 36.1. Introduction 233. 36.2. Data and Method 234. 36.3. Main Findings 235. 36.4. Conclusion and Policy Implications 236. Chapter 37. Short Selling Assessment Where Consumer Prices Involve Both Currency Trades and Weather Shocks 237. 37.1. Introduction 238. 37.2. Methodology 239. 37.3. Data and Empirical Application 240. 37.4. Conclusion 241. Chapter 38. Aggregate Short Selling during Earnings Seasons 242. 38.1. Introduction 243. 38.2. Data and Methodology 244. 38.3. Empirical Results 245. 38.4. Conclusion 246. Chapter 39. The Information Content of Short Selling before Macroeconomic Announcements 247. 39.1. Introduction 248. 39.2. Data Sources and Sample Details 249. 39.3. Measures and Methods 250. 39.4. Results 251. 39.5. Conclusion 252. Index
