標題: Short sellers and the failures of financial intermediaries
作者: Bui, Dien Giau
Lin, Chih-Yung
Chris, Vaike
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: Short sellers;Short interest;Financial intermediaries;Bank failures;Financial instability
公開日期: 1-十月-2019
摘要: This study examines whether short sellers can predict the failures of financial intermediaries. The sample consists of 2,457 financial intermediaries from 1990 to 2016. First, we show that short interest is positively correlated to the failures of financial intermediaries. Second, we construct two measures of abnormal short interest before a failure and find robust evidence that this interest is positively correlated to the failures. Our empirical results confirm that short sellers do predict the failures in financial intermediaries. Therefore, the trading information from short sellers could be a vital resource for the government to prevent the occurrence of financial instability. (C) 2019 Elsevier B.V. All rights reserved.
URI: http://dx.doi.org/10.1016/j.econlet.2019.108575
http://hdl.handle.net/11536/153060
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2019.108575
期刊: ECONOMICS LETTERS
Volume: 183
起始頁: 0
結束頁: 0
顯示於類別:期刊論文