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A study on short-selling constraints: total ban versus partial ban

Author

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  • Esther C�ceres
  • David Moreno
  • Rosa Rodr�guez

Abstract

This article analyses the effect of short-selling constraints on market volatility. Between 2011 and 2012, two different types of short-sale bans were imposed on the Spanish stock market: first, a partial ban on financial companies, and later, a total ban affecting all stocks. Using panel data and different measures of risk, we study whether both types of constraints were effective in reducing market volatility or whether there were differences between them. Our results show evidence that market volatility was reduced under both types of bans, with a more powerful effect observed under the total ban.

Suggested Citation

  • Esther C�ceres & David Moreno & Rosa Rodr�guez, 2015. "A study on short-selling constraints: total ban versus partial ban," Applied Economics Letters, Taylor & Francis Journals, vol. 22(2), pages 99-103, January.
    • Handle: RePEc:taf:apeclt:v:22:y:2015:i:2:p:99-103
    DOI: 10.1080/13504851.2014.927564
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    Cited by:

    1. Baklaci, Hasan F. & Suer, Omur & Yelkenci, Tezer, 2016. "A closer insight into the causality between short selling trades and volatility," Finance Research Letters, Elsevier, vol. 17(C), pages 48-54.
    2. Kwaku Boafo Baidoo, 2019. "The Effects of Short Selling on Financial Markets Volatilities," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 5(2), pages 218-228.

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