2420:, being 'short' means having the legal obligation to deliver something at the expiration of the contract, although the holder of the short position may alternately buy back the contract prior to expiration instead of making delivery. Short futures transactions are often used by producers of a commodity to fix the future price of goods they have not yet produced. Shorting a futures contract is sometimes also used by those holding the underlying asset (i.e. those with a long position) as a temporary hedge against price declines. Shorting futures may also be used for speculative trades, in which case the investor is looking to profit from any decline in the price of the futures contract prior to expiration.
56:
2609:; others may be forced to cover, subject to the terms under which they borrowed the stock, if the person who lent the stock wishes to sell and take a profit. Since covering their positions involves buying shares, the short squeeze causes an ever further rise in the stock's price, which in turn may trigger additional covering. Because of this, most short sellers restrict their activities to heavily traded stocks, and they keep an eye on the "short interest" levels of their short investments. Short interest is defined as the total number of shares that have been
1898:, who is usually holding the securities for another investor who owns the securities; the broker himself seldom purchases the securities to lend to the short seller. The lender does not lose the right to sell the securities while they have been lent, as the broker usually holds a large pool of such securities for a number of investors which, as such securities are fungible, can instead be transferred to any buyer. In most market conditions there is a ready supply of securities to be borrowed, held by pension funds, mutual funds and other investors.
623:
1567:. An investor therefore "borrows" securities in the same sense as one borrows a $ 10 bill, where the legal ownership of the money is transferred to the borrower and it can be freely disposed of, and different bank notes or coins can be returned to the lender. This can be contrasted with the sense in which one borrows a bicycle, where the ownership of the bicycle does not change and the same bicycle must be returned, not merely one that is the same model.
513:) and quickly selling it. The short seller must later buy the same amount of the asset to return it to the lender. If the market value of the asset has fallen in the meantime, the short seller will have made a profit equal to the difference. Conversely, if the price has risen then the short seller will bear a loss. The short seller usually must pay a handling fee to borrow the asset (charged at a particular rate over time, similar to an
6257:
6247:
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1924:, meaning they have borrowed from the account. SEC Rule 15c3-3 imposes such severe restrictions on the lending of shares from cash accounts or excess margin (fully paid for) shares from margin accounts that most brokerage firms do not bother except in rare circumstances. (These restrictions include that the broker must have the express permission of the customer and provide collateral or a letter of credit.)
33:
2873:
state pension bodies to refrain from lending stock for shorting purposes. An assessment of the effect of the temporary ban on short-selling in the United States and other countries in the wake of the financial crisis showed that it had only "little impact" on the movements of stocks, with stock prices moving in the same way as they would have moved anyhow, but the ban reduced volume and liquidity.
1495:
2672:
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2347:
2223:
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2897:, made clear in public statements and a letter to the FSA that he believed it ought to be extended. Between 19 and 21 September 2008, Australia temporarily banned short selling, and later placed an indefinite ban on naked short selling. Australia's ban on short selling was further extended for another 28 days on 21 October 2008. Also during September 2008, Germany, Ireland,
536:, by which the short seller assumes an obligation or right to sell an asset at a future date at a price stated in the contract. If the price of the asset falls below the contract price, the short seller can buy it at the lower market value and immediately sell it at the higher price specified in the contract. A short position can also be achieved through certain types of
2290:. If short shares continue to rise in price, and the holder does not have sufficient funds in the cash account to cover the position, the holder begins to borrow on margin for this purpose, thereby accruing margin interest charges. These are computed and charged just as for any other margin debit. Therefore, only margin accounts can be used to open a short position.
1916:
holds the securities for the institution. In an institutional stock loan, the borrower puts up cash collateral, typically 102% of the value of the stock. The cash collateral is then invested by the lender, who often rebates part of the interest to the borrower. The interest that is kept by the lender is the compensation to the lender for the stock loan.
2808:
U.S. investors considering entering into a "short against the box" transaction should be aware of the tax consequences of this transaction. Unless certain conditions are met, the IRS deems a "short against the box" position to be a "constructive sale" of the long position, which is a taxable event.
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Another risk is that a given stock may become "hard to borrow". As defined by the SEC and based on lack of availability, a broker may charge a hard to borrow fee daily, without notice, for any day that the SEC declares a share is hard to borrow. Additionally, a broker may be required to cover a short
1915:
The vast majority of stocks borrowed by U.S. brokers come from loans made by the leading custody banks and fund management companies (see list below). Institutions often lend out their shares to earn extra money on their investments. These institutional loans are usually arranged by the custodian who
2447:
currencies. Assume that the current market rate is US$ 1 to Rs. 50 and the trader borrows Rs. 100. With this, he buys US$ 2. If the next day, the conversion rate becomes US$ 1 to Rs. 51, then the trader sells his US$ 2 and gets Rs. 102. He returns Rs. 100 and keeps the Rs. 2 profit (minus fees).
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relates the number of shares in a given equity that have been legally shorted divided by the total shares outstanding for the company, usually expressed as a percent. For example, if there are ten million shares of XYZ Inc. that are currently legally short-sold, and the total number of shares issued
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sold short as a multiple of the average daily volume. These can be useful tools to spot trends in stock price movements but for them to be reliable, investors must also ascertain the number of shares brought into existence by naked shorters. Speculators are cautioned to remember that for every share
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Brokerage firms can also borrow stocks from the accounts of their own customers. Typical margin account agreements give brokerage firms the right to borrow customer shares without notifying the customer. In general, brokerage accounts are only allowed to lend shares from accounts for which customers
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is the practice of short-selling a tradable asset without first borrowing the security or ensuring that the security can be borrowed – it was this practice that was commonly restricted. Investors argued that it was the weakness of financial institutions, not short-selling, that drove stocks to fall.
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Short sellers tend to temper overvaluation by selling into exuberance. Likewise, short sellers are said to provide price support by buying when negative sentiment is exacerbated after a significant price decline. Short selling can have negative implications if it causes a premature or unjustified
1792:
In
September 2008, the Securities Exchange Commission in the United States abruptly banned short sales, primarily in financial stocks, to protect companies under siege in the stock market. That ban expired several weeks later as regulators determined the ban was not stabilizing the price of stocks.
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or VOC in Dutch). Short selling can exert downward pressure on the underlying stock, driving down the price of shares of that security. This, combined with the seemingly complex and hard-to-follow tactics of the practice, has made short selling a historical target for criticism. At various times in
1650:. These contracts are typically cash-settled, meaning that no buying or selling of the asset in question is actually involved in the contract, although typically one side of the contract will be a broker that will effect a back-to-back sale of the asset in question in order to hedge their position.
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and sell it, expecting that it will be cheaper to repurchase in the future. When the seller decides that the time is right (or when the lender recalls the securities), the seller buys the same number of equivalent securities and returns them to the lender. The act of buying back the securities that
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The
Securities and Exchange Commission initiated a temporary ban on short selling of 799 financial stocks from 19 September 2008 until 2 October 2008. Greater penalties for naked shorting, by mandating delivery of stocks at clearing time, were also introduced. Some state governors have been urging
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stock reached an annualized 55%, indicating that a short seller would need to pay the lender more than half the price of the stock over the course of the year, essentially as interest for borrowing a stock in limited supply. This has important implications for derivatives pricing and strategy, for
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banned naked short selling of leading financial stocks. By contrast with the approach taken by other countries, Chinese regulators responded by allowing short selling, along with a package of other market reforms. Short selling was completely allowed on 31 March 2010, limited to " for large blue
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was used to store (long) shares. The purpose of this technique is to lock in paper profits on the long position without having to sell that position (and possibly incur taxes if said position has appreciated). Once the short position has been entered, it serves to balance the long position taken
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is constantly trading bonds when clients want to buy or sell. This can create substantial bond positions. The largest risk is that interest rates overall move. The trader can hedge this risk by selling government bonds short against his long positions in corporate bonds. In this way, the risk
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with their stockbroker after selling a stock short—an order to the brokerage to cover the position if the price of the stock should rise to a certain level. This is to limit the loss and avoid the problem of unlimited liability described above. In some cases, if the stock's price skyrockets, the
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A similar issue comes up with the voting rights attached to the shorted shares. Unlike a dividend, voting rights cannot legally be synthesized and so the buyer of the shorted share, as the holder of record, controls the voting rights. The owner of a margin account from which the shares were lent
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is the fee paid to a securities lender for borrowing the stock or other security. The cost of borrowing the stock is usually negligible compared to fees paid and interest accrued on the margin account – in 2002, 91% of stocks could be shorted for less than a 1% fee per annum, generally lower than
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short-sold and the number of days of typical trading that it would require to 'cover' all legal short positions outstanding. For example, if there are ten million shares of XYZ Inc. that are currently legally short-sold and the average daily volume of XYZ shares traded each day is one million, it
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are not, as there is no limit, in theory, on how high the price can go. On the other hand, the short seller's possible gains are limited to the original price of the stock, which can only go down to zero, whereas the loss potential, again in theory, has no limit. For this reason, short selling
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A naked short sale occurs when a security is sold short without borrowing the security within a set time (for example, three days in the US.) This means that the buyer of such a short is buying the short-seller's promise to deliver a share, rather than buying the share itself. The short-seller's
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sold short, but not covered. A short squeeze can be deliberately induced. This can happen when large investors (such as companies or wealthy individuals) notice significant short positions, and buy many shares, with the intent of selling the position at a profit to the short sellers, who may be
2605:. When the price of a stock rises significantly, some people who are shorting the stock cover their positions to limit their losses (this may occur in an automated way if the short sellers had stop-loss orders in place with their brokers); others may be forced to close their position to meet a
2407:
Transactions in financial derivatives such as options and futures have the same name but have different overlaps, one notable overlap is having an equal "negative" amount in the position. However, the practice of a short position in derivatives is completely different. Derivatives are contracts
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and is unlikely to be aware that these particular shares are being lent out for shorting, also expects to receive a dividend. The short seller therefore pays the lender an amount equal to the dividend to compensate—though technically, as this payment does not come from the company, it is not a
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An investor can also purchase a put option, giving that investor the right (but not the obligation) to sell the underlying asset (such as shares of stock) at a fixed price. In the event of a market decline, the option holder may exercise these put options, obliging the counterparty to buy the
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For some brokers, the short seller may not earn interest on the proceeds of the short sale or use it to reduce outstanding margin debt. These brokers may not pass this benefit on to the retail client unless the client is very large. The interest is often split with the lender of the security.
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and other
European countries in 2008 to minimal effect. Australia moved to ban naked short selling entirely in September 2008. Germany placed a ban on naked short selling of certain euro zone securities in 2010. Spain, Portugal and Italy introduced short selling bans in 2011 and again in 2012.
2954:. Chanos responds to critics of short-selling by pointing to the critical role they played in identifying problems at Enron, Boston Market and other "financial disasters" over the years. In 2011, research oriented short sellers were widely acknowledged for exposing the China stock frauds.
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that froze the values of shorted stocks at artificially high values. Reportedly in some instances, brokers charged short sellers excessively large amounts of interest based on these high values as the shorts were forced to continue their borrowings at least until the halts were lifted.
1560:. A short position can be covered at any time before the securities are due to be returned. Once the position is covered, the short seller is not affected by subsequent rises or falls in the price of the securities, for it already holds the securities that it will return to the lender.
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These conditions include a requirement that the short position be closed out within 30 days of the end of the year and that the investor must hold their long position, without entering into any hedging strategies, for a minimum of 60 days after the short position has been closed.
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earlier. Thus, from that point in time, the profit is locked in (less brokerage fees and short financing costs), regardless of further fluctuations in the underlying share price. For example, one can ensure a profit in this way, while delaying sale until the subsequent tax year.
2834:) that a short sale could only be made when the price of a particular stock was higher than the previous trade price. The uptick rule aimed to prevent short sales from causing or exacerbating market price declines. In January 2005, The Securities and Exchange Commission enacted
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have said that short sellers help the market. Klarman argued that short sellers are a useful counterweight to the widespread bullishness on Wall Street, while
Buffett believes that short sellers are useful in uncovering fraudulent accounting and other problems at companies.
2034:
and SunGard
Financial Systems) believe that stock lending data provides a good proxy for short interest levels (excluding any naked short interest). SunGard provides daily data on short interest by tracking the proxy variables based on borrowing and lending data it collects.
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interest rates earned on the margin account. However, certain stocks become "hard to borrow" as stockholders willing to lend their stock become more difficult to locate. The cost of borrowing these stocks can become significant – in
February 2001, the cost to borrow (short)
1763:, shorting a start-up company could backfire since it could be taken over at a price higher than the price at which speculators shorted; short-sellers were forced to cover their positions at acquisition prices, while in many cases the firm often overpaid for the start-up.
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Short selling is sometimes referred to as a "negative income investment strategy" because there is no potential for dividend income or interest income. Stock is held only long enough to be sold pursuant to the contract, and one's return is therefore limited to short term
1638:"Shorting" or "going short" (and sometimes also "short selling") also refer more broadly to any transaction used by an investor to profit from the decline in price of a borrowed asset or financial instrument. Derivatives contracts that can be used in this way include
2432:
Selling short on the currency markets is different from selling short on the stock markets. Currencies are traded in pairs, each currency being priced in terms of another. In this way, selling short on the currency markets is identical to going long on stocks.
1959:
that has been shorted (owned by a new owner), a 'shadow owner' exists (i.e., the original owner) who also is part of the universe of owners of that stock, i.e., despite having no voting rights, he has not relinquished his interest and some rights in that stock.
2209:, intended to prevent speculators from selling some stocks short before doing a locate. More stringent rules were put in place in September 2008, ostensibly to prevent the practice from exacerbating market declines. These rules were made permanent in 2009.
1678:
collapsed in June 1772, precipitating a major crisis that included the collapse of almost every private bank in
Scotland, and a liquidity crisis in the two major banking centres of the world, London and Amsterdam. The bank had been speculating by shorting
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by the company is one hundred million, the Short
Interest is 10% (10 million / 100 million). If, however, shares are being created through naked short selling, "fails" data must be accessed to assess accurately the true level of short interest.
4831:
Lobanova O, Hamid S. S. and
Prakash A. J. (2010) "The impact of short-sale restrictions on volatility, liquidity, and market efficiency: the evidence from the short-sale ban in the u.s." Technical report, Florida International University – Department of
1973:
When a security is sold, the seller is contractually obliged to deliver it to the buyer. If a seller sells a security short without owning it first, the seller must borrow the security from a third party to fulfill its obligation. Otherwise, the seller
2795:
One variant of selling short involves a long position. "Selling short against the box" consists of holding a long position on which the shares have already risen, whereupon one then enters a short sell order for an equal number of shares. The term
1725:. Regulations governing short selling were implemented in the United States in 1929 and in 1940. Political fallout from the 1929 crash led Congress to enact a law banning short sellers from selling shares during a downtick; this was known as the
2930:
mechanism. Financial researchers at Duke
University said in a study that short interest is an indicator of poor future stock performance (the self-fulfilling aspect) and that short sellers exploit market mistakes about firms' fundamentals.
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to its broker as collateral to ensure that any such liabilities can be met, and to post additional margin if losses begin to accrue. For analogous reasons, short positions in derivatives also usually involve the posting of margin with the
2018:
shorted shares) is available in a number of countries, including the US, the UK, Hong Kong, and Spain. The number of stocks being shorted on a global basis has increased in recent years for various structural reasons (e.g., the growth of
2621:
Because short sellers must eventually deliver the shorted securities to their broker, and need money to buy them, there is a credit risk for the broker. The penalties for failure to deliver on a short selling contract inspired financier
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on North American equity markets brought a related risk to light for the short seller. The efforts of research-oriented short sellers to expose these frauds eventually prompted NASDAQ, NYSE and other exchanges to impose sudden, lengthy
1602:
Short seller keeps as its profit the $ 200 difference between the price at which the short seller sold the borrowed shares and the lower price at which the short seller purchased the equivalent shares (minus borrowing fees paid to the
2439:
When the exchange rate has changed, the trader buys the first currency again; this time he gets more of it, and pays back the loan. Since he got more money than he had borrowed initially, he makes money. The reverse can also occur.
4817:
Marsh I and Niemer N (2008) "The impact of short sales restrictions". Technical report, commissioned and funded by the International Securities Lending Association (ISLA) the Alternative Investment Management Association (AIMA) and
1628:
Short seller incurs as a loss the $ 1,500 difference between the price at which they sold the borrowed shares and the higher price at which the short seller had to purchase the equivalent shares (plus any borrowing
593:
Research indicates that banning short selling is ineffective and has negative effects on markets. Nevertheless, short selling is subject to criticism and periodically faces hostility from society and policymakers.
1819:, shorting was severely restricted or temporarily banned, with European market watchdogs tightening the rules on short selling "in an effort to stem the historic losses arising from the coronavirus pandemic".
1998:. The lender receives a fee for this service. Similarly, retail investors can sometimes make an extra fee when their broker wants to borrow their securities. This is only possible when the investor has full
544:. This is an agreements between two parties to pay each other the difference if the price of an asset rises or falls, under which the party that will benefit if the price falls will have a short position.
4841:
Beber A. and Pagano M. (2009) "Short-selling bans around the world: Evidence from the 2007–09 crisis". CSEF Working Papers 241, Centre for Studies in Economics and Finance (CSEF), University of Naples,
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securities by requiring a broker possess or have arranged to possess borrowed shares. The close out component requires that a broker be able to deliver the shares that are to be shorted. In the US,
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created instability in the stock market and placed additional downward pressure on prices. In response, a number of countries introduced restrictive regulations on short-selling in 2008 and 2009.
2286:
If the short position begins to move against the holder of the short position (i.e., the price of the security begins to rise), money is removed from the holder's cash balance and moved to their
3406:
1822:
Worldwide, economic regulators seem inclined to restrict short selling to decrease potential downward price cascades. Investors continue to argue this only contributes to market inefficiency.
2283:
When a broker facilitates the delivery of a client's short sale, the client is charged a fee for this service, usually a standard commission similar to that of purchasing a similar security.
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2849:(IPOs) cannot be sold short for a month after they start trading. This mechanism is in place to ensure a degree of price stability during a company's initial trading period. However, some
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Where shares have been shorted and the company that issues the shares distributes a dividend, the question arises as to who receives the dividend. The new buyer of the shares, who is the
586:
investors or speculators hope to profit from a rise in the price of an instrument that appears undervalued. Alternatively, traders or fund managers may use offsetting short positions to
1706:
was in use from at least the mid-nineteenth century. It is commonly understood that the word "short" (i.e. 'lacking') is used because the short seller is in a deficit position with his
1599:
Short seller returns the shares to the lender, who must accept the return of the same number of shares as was lent despite the fact that the market value of the shares has decreased.
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Novice traders or stock traders can be confused by the failure to recognize and understand this point: a contract is always long in terms of one medium and short another.
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A farmer who has just planted their wheat wants to lock in the price at which they can sell after the harvest. The farmer would take a short position in wheat futures.
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stockbroker may decide to cover the short seller's position immediately and without his consent to guarantee that the short seller can make good on his debt of shares.
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4288:
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and immediately sells them. The short seller then expects the price to decrease, after which the seller can profit by purchasing the shares to return to the lender.
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seller's position at any time ("buy in"). The short seller receives a warning from the broker that he is "failing to deliver" stock, which leads to the buy-in.
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To sell stocks short in the U.S., the seller must arrange for a broker-dealer to confirm that it can deliver the shorted securities. This is referred to as a
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1931:. Brokers go through the "locate" process outside their own firm to obtain borrowed shares from other brokers only for their large institutional customers.
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Negative news, such as litigation against a company, may also entice professional traders to sell the stock short in hope of the stock price going down.
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As noted earlier, victims of naked shorting sometimes report that the number of votes cast is greater than the number of shares issued by the company.
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55:
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to warn: "He who sells what isn't his'n, Must buy it back or go to pris'n." To manage its own risk, the broker requires the short seller to keep a
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Several studies of the effectiveness of short selling bans indicate that short selling bans do not contribute to more moderate market dynamics.
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to target abusive naked short selling. Regulation SHO was the SEC's first update to short selling restrictions since the uptick rule in 1938.
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the power to regulate short sales. The first official restriction on short selling came in 1938, when the SEC adopted a rule (known as the
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A short seller may be trying to benefit from market inefficiencies arising from the mispricing of certain products. Examples of this are
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and was in effect until 3 July 2007, when it was removed by the Securities and Exchange Commission (SEC Release No. 34-55970). President
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486:, where the investor will profit if the market value of the asset rises. An investor that sells an asset short is, as to that asset, a
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underlying asset at the agreed upon (or "strike") price, which would then be higher than the current quoted spot price of the asset.
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3329:"The Panic Effect: Possible Unintended Consequences of the Temporary Bans on Short Selling Enacted During the 2008 Financial Crisis"
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Most brokers allow retail customers to borrow shares to short a stock only if one of their own customers has purchased the stock on
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Because a short seller can incur a liability to the lender if the price rises, and because a short sale is normally done through a
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Because the price of a share is theoretically unlimited, the potential losses of a short-seller are also theoretically unlimited.
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or options; the preceding method is used to bet on the spot price, which is more directly analogous to selling a stock short.
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between two parties, a buyer and seller. Each trade results in a "long" (buyer's position) and a "short" (seller's position).
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2914:." However, in 2015, short selling was effectively banned due to legislative restrictions on borrowing stocks following the
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1912:. Brokers have a variety of means to borrow stocks to facilitate locates and make good on delivery of the shorted security.
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The Theory and Practice of Short Selling, Chapter 9, Conclusions and Implications for Investors by Frank J. Fabozzi, editor
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and holds the shares outright, receives the dividend from the company. However, the lender, who may hold its shares in a
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When the holder of the underlying stock receives a dividend, the holder of the hypothecated share would receive an equal
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profile from selling short. Furthermore, a "long's" losses are limited because the price can only go down to zero, but
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passes, the dividend is deducted from the shortholder's account and paid to the person from whom the stock is borrowed.
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Hedging often represents a means of minimizing the risk from a more complex set of transactions. Examples of this are:
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The regulation contains two key components: the "locate" and the "close-out". The locate component attempts to reduce
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stock on a massive scale, and apparently using customer deposits to cover losses. In another well-referenced example,
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2512:
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would require ten days of average trading for all legal short positions to be covered (10 million / 1 million).
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founded a fund (that was unregulated) that bought stocks while selling other stocks short, hence hedging some of the
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2194:" or simply "fail." While many fails are settled in a short time, some have been allowed to linger in the system.
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Don't Blame the Shorts: Why Short Sellers Are Always Blamed for Market Crashes and Why History Is Repeating Itself
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2575:, which are taxed as ordinary income. For this reason, buying shares (called "going long") has a very different
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A short seller borrows from a lender 100 shares of ACME Inc., and immediately sells them for a total of $ 1,000.
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Short seller returns the shares to the lender, who accepts the return of the same number of shares as was lent.
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suggest Cramer exaggerated the costs of short selling and underestimated the benefits, which may include the
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2995:, for example, engaged in a lengthy legal battle with the pharmaceutical manufacturer Hemispherx Biopharma.
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Short seller is required to return the shares, and is compelled to buy 100 shares of ACME Inc. for $ 2,500.
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2027:
member firms to report data on the 15th of each month, and then publishes a compilation eight days later.
2023:
type strategies, short or bear ETFs). The data is typically delayed; for example, the NASDAQ requires its
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760:
165:
6196:
5854:
5826:
5807:
5585:
5394:
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1991:
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800:
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has expressed concern about short selling and started a petition calling for the reintroduction of the
2614:
panicked by the initial uptick or who are forced to cover their short positions to avoid margin calls.
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6013:
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4311:"Australian Securities and Investments Commission – 08-210 ASIC extends ban on covered short selling"
3806:
3049:
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1979:
1951:
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1385:
1302:
1006:
931:
865:
817:
660:
560:. Any failure to post margin promptly would prompt the broker or counterparty to close the position.
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87:
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so that they are not exposed to risk from price movements in the stocks that underlie their options.
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6270:
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typically report the "short interest" of a stock, which gives the number of shares that have been
6181:
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5690:
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5170:
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2191:
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941:
675:
502:
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363:
306:
160:
65:
47:
37:
4089:
The Hedge Fund Handbook: A Definitive Guide for Analyzing and Evaluating Alternative Investments
3524:
The Hedge Fund Handbook: A Definitive Guide for Analyzing and Evaluating Alternative Investments
2443:
An example of this is as follows: Let us say a trader wants to trade with the US dollar and the
1775:, critics argued that investors taking large short positions in struggling financial firms like
622:
3130:
http://scholarlycommons.law.northwestern.edu/cgi/viewcontent.cgi?article=1704&context=njilb
5904:
5880:
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5539:
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4902:
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3528:
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3039:
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2783:
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1816:
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The process relies on the fact that the securities (or the other assets being sold short) are
1363:
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1001:
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965:
926:
750:
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413:
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4424:
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3244:
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agreed in advance to relinquish voting rights to shares during the period of any short sale.
6073:
6008:
5655:
5575:
5371:
5252:
5128:
5047:
5003:
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4535:
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3987:
3522:
3340:
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3034:
2974:
2801:
2634:
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2417:
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2123:
1999:
1928:
1908:
1738:
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1639:
1579:
1435:
1228:
1202:
1120:
1113:
1096:
1042:
1016:
903:
885:
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790:
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685:
670:
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606:
582:
may sell short hoping to realize a profit on an instrument that appears overvalued, just as
572:
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552:
533:
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398:
393:
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226:
180:
175:
127:
117:
105:
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3582:
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6212:
6106:
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6054:
5978:
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5909:
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5725:
5635:
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5544:
5524:
5483:
5478:
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5453:
5341:
5275:
5267:
5155:
5042:
4859:
4583:
4025:
3820:
SunGard Launches Borrow Indices; First Proxy for Measuring Short Interest on a Daily Basis
3200:
3136:
3118:
3100:
3007:
2927:
2661:
2585:
2452:
2318:
2111:
1947:
1776:
1734:
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1688:
1583:
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1343:
1334:
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1057:
946:
860:
641:
587:
506:
418:
318:
293:
273:
261:
238:
203:
155:
27:
Practice of selling securities or other financial instruments that are not currently owned
2950:
received widespread publicity when he was an early critic of the accounting practices of
2647:
share price collapse when the fear of cancellation due to bankruptcy becomes contagious.
2182:
Naked shorting has been made illegal except where allowed under limited circumstances by
4170:
The Complete Guide to Selling Stocks Short: Everything You Need to Know Explained Simply
3486:
6111:
6091:
5859:
5812:
5685:
5680:
5580:
5565:
5326:
5321:
5286:
5085:
5052:
4998:
4990:
4796:
2939:
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2835:
2744:
2314:
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2117:
2031:
1987:
1895:
1796:
1784:
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1730:
1707:
1659:
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1325:
1163:
855:
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740:
707:
583:
537:
510:
480:
403:
368:
313:
208:
198:
170:
77:
4853:"Regulatory Medicine Against Financial Market Instability: What Helps And What Hurts?"
2885:
had a moratorium on short selling of 29 leading financial stocks, effective from 2300
2630:
account, and charges interest of between 2% and 8% depending on the amounts involved.
1616:
A short seller borrows 100 shares of ACME Inc., and sells them for a total of $ 1,000.
6285:
6186:
6161:
6151:
6077:
5925:
5549:
5534:
5509:
5463:
5415:
5118:
5075:
5062:
5013:
4456:
3059:
3029:
3013:
2862:
2756:
2602:
2105:
2024:
2003:
1392:
1348:
1124:
1086:
1066:
951:
912:
665:
493:
There are a number of ways of achieving a short position. The most basic is physical
4945:
4141:
3453:
6191:
6146:
6033:
6018:
5899:
5710:
5630:
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1983:
1711:
1684:
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1317:
1287:
1147:
845:
722:
695:
557:
476:
112:
4244:
36:
Schematic representation of physical short selling in two steps. The short seller
4939:
2046:
is the relationship between the number of shares in a given equity that has been
6023:
5963:
5943:
5715:
5695:
5675:
5670:
5615:
5504:
5436:
3194:
https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci18-5.pdf
2962:
2902:
2898:
2869:. Canada and other countries do allow selling IPOs (including U.S. IPOs) short.
2854:
2831:
2749:
2671:
2623:
2468:
2346:
2222:
1841:
1746:
1726:
1564:
907:
772:
717:
712:
655:
568:
548:
268:
137:
3742:"Short-selling bans sweep Europe in the hope of stemming stock market bleeding"
2926:
Advocates of short selling argue that the practice is an essential part of the
1994:
firm, often lend out these securities to gain extra income, a process known as
1658:
The practice of short selling was likely invented in 1609 by Dutch businessman
5772:
5700:
5620:
5297:
5160:
3370:
3094:
https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr518.pdf
2958:
2593:
1750:
1142:
981:
917:
579:
288:
283:
213:
32:
4448:
2991:
Individual short sellers have been subject to criticism and even litigation.
2901:
and Canada banned short selling of leading financial stocks, and France, the
6176:
5789:
5336:
5331:
5246:
5165:
4740:"B. Alpert "Even Short Sellers Burned by Chinese Shares" (Barrons 20110618)"
4598:"Do Short Sellers Convey Information About Changes in Fundamentals or Risk?"
3155:
2769:
1447:
1408:
1091:
880:
875:
472:
82:
4051:
3650:"Germany to Temporarily Ban Naked Short Selling, Some Swaps of Euro Bonds"
2197:
In the US, arranging to borrow a security before a short sale is called a
2086:
feature of American call options on non-dividend paying stocks can become
1482:
17:
5514:
5150:
4248:
3074:
2176:
2153:
2135:
2129:
2075:
1737:
said he would investigate short sellers for their role in prolonging the
1543:
To profit from a decrease in the price of a security, a short seller can
895:
755:
518:
514:
72:
4539:
5358:
4529:"Short Sale Constraints And Stock Returns by C.M Jones and O.A. Lamont"
4528:
4440:
3401:
3328:
2978:
2906:
1866: in this section. Unsourced material may be challenged and removed.
1800:
614:
460:
343:
3583:"A Debate as a Ban on Short-Selling Ends: Did It Make Any Difference?"
3344:
2889:
on 19 September 2008 until 16 January 2009. After the ban was lifted,
5101:
2201:. In 2005, to prevent widespread failure to deliver securities, the
2147:
2020:
1939:
1804:
767:
4950:
4914:
Fubarnomics: A Lighthearted, Serious Look at America's Economic Ills
4879:
4765:
4656:"2006 Berkshire Hathaway Annual Meeting Q&A with Warren Buffett"
5024:
4852:
4026:"United States IRS Publication 550 Investment Income and Expenses"
3771:
2982:
2951:
1808:
986:
936:
468:
233:
92:
31:
3371:"Scripophily – PSTA – Professional Scripophily Trade Association"
1695:
of 1992, when he sold short more than $ 10 billion worth of
4142:"Division of Market Regulation: Key Points about Regulation SHO"
2576:
1935:
1780:
1312:
1279:
890:
830:
5745:
4954:
4425:"Short selling, margin buying and stock return in China market"
3429:"What Kinds of Restrictions Does the SEC Put on Short Selling?"
3112:
http://people.stern.nyu.edu/mbrenner/research/short_selling.pdf
5741:
4338:"Australian short selling ban goes further than other bourses"
2886:
2665:
2462:
2340:
2216:
1835:
1671:
history, governments have restricted or banned short selling.
1619:
Subsequently, the price of the shares rises to $ 25 per share.
1223:
3246:
Trading and Exchange: Market Microstructure for Practitioners
1593:
Subsequently, the price of the shares falls to $ 8 per share.
2910:
chip stocks with good earnings performance and little price
590:
certain risks that exist in a long position or a portfolio.
479:
of the asset falls. This is the opposite of the more common
4394:"UPDATE 2-China to launch stocks margin trade, short sales"
2861:) have used the lack of short selling during this month to
4484:"China stock exchanges step up crackdown on short-selling"
4197:
Security Analysis with Investment and Portfolio Management
517:) and reimburse the lender for any cash return (such as a
1795:
Temporary short-selling bans were also introduced in the
4527:
Jones, Charles M.; Lamont, Owen A. (20 September 2001).
2002:
of the security, so it cannot be used as collateral for
1596:
Short seller now buys 100 shares of ACME Inc. for $ 800.
4940:"Short-Selling Bans Dampen 130/30 Strategies Worldwide"
4223:"Short Sellers under Fire in U.S., U.K. After AIG Fall"
3681:"Spain, Portugal and Italy reinstate short-selling ban"
2451:
One may also take a short position in a currency using
1612:
Shares in ACME Inc. currently trade at $ 10 per share.
4683:"Balance Sheet : The silly season isn't over yet"
4482:
Chatterjee, Nathaniel Taplin, Saikat (4 August 2015).
2566:
Note: this section does not apply to currency markets.
1718:, began shorting stocks in the United States in 1822.
501:, by which the short seller borrows an asset (often a
3711:"The AMF announces a short selling ban for one month"
1950:. Alternatively, these can also be expressed as the
4423:
Li, Rui; Li, Nan; Li, Jiahui; Wu, Chongfeng (2018).
3487:"New York Magazine – The Creation of the Hedge Fund"
2778:
An arbitrageur who buys long futures contracts on a
1982:, and the seller may be subject to a claim from its
6205:
6139:
6047:
6001:
5992:
5951:
5918:
5873:
5840:
5788:
5779:
5492:
5367:
5266:
5186:
5094:
5061:
5022:
4988:
4173:. Atlantic Publishing Group Inc. pp. 178–179.
3397:"Short sellers have been the villain for 400 years"
2601:Short sellers must be aware of the potential for a
2493:. Unsourced material may be challenged and removed.
2322:dividend. The short seller is therefore said to be
475:in such a way that the investor will profit if the
4713:"Contrarian Investor Sees Economic Crash in China"
3624:
3273:An Introduction to Derivatives and Risk Management
2588:strategy to manage the risks of long investments.
3557:. South-Western College Publishing. p. 308.
1986:. Certain large holders of securities, such as a
4119:. Discovery Publishing House. pp. 122–123.
2070:the borrow cost itself can become a significant
565:public securities, futures, and currency markets
3679:Tracy Rucinski; Stephen Jewkes (23 July 2012).
3270:Don M. Chance; Robert Brooks (11 August 2009).
578:A short sale may have a variety of objectives.
551:, a short seller is typically required to post
524:A short position can also be created through a
4942:, Global Investment Technology, Sept. 29, 2008
4371:"Europe Spooked By Revenge of the Commodities"
3298:"'Naakt short gaan', een oud-Hollands kunstje"
5757:
4966:
3969:"Even Short-Sellers Burned by Chinese Shares"
2893:, chairman of the Treasury Select Committee,
2755:An options trader may short shares to remain
2074:for holding the stock (similar to additional
1519:
521:) that was paid on the asset while borrowed.
440:
8:
4901:(New York: McGraw-Hill Professional, 2009).
4512:: CS1 maint: multiple names: authors list (
4057:. Securities and Exchange Commission. 1934.
6241:Alternative investment management companies
6218:Standards Board for Alternative Investments
4884:The Oxford Handbook of Financial Regulation
4081:
4079:
2700:. Unsourced material may be challenged and
2375:. Unsourced material may be challenged and
2251:. Unsourced material may be challenged and
2188:Depository Trust & Clearing Corporation
2090:, which otherwise would not be economical.
1894:A short seller typically borrows through a
1404:International Financial Reporting Standards
1369:Separation of investment and retail banking
6266:
6122:Taxation of private equity and hedge funds
5998:
5785:
5764:
5750:
5742:
4973:
4959:
4951:
3516:
3514:
3512:
2172:promise is known as a hypothecated share.
1608:Worked example of a loss-making short sale
1539:Physical shorting with borrowed securities
1526:
1512:
1397:
1330:
1168:
970:
637:
601:
447:
433:
43:
4886:(Oxford: Oxford University Press, 2015).
3610:
3608:
3546:
3544:
2720:Learn how and when to remove this message
2553:Learn how and when to remove this message
2395:Learn how and when to remove this message
2271:Learn how and when to remove this message
2132:(Amsterdam, Netherlands, formerly Fortis)
1882:Learn how and when to remove this message
1574:Worked example of a profitable short sale
4289:"ASX ban on short selling is indefinite"
3925:"Knowing the Rules of the Shorting Game"
3768:"Understanding Short Selling – A Primer"
3576:
3574:
3214:"Short Sale Constraints and Overpricing"
3865:"Lecture 13: Hard to Borrow Securities"
3249:. Oxford University Press. p. 41.
3086:
2203:U.S. Securities and Exchange Commission
1333:
1210:
1171:
1065:
1034:
973:
780:
730:
640:
613:
46:
4579:
4568:
4505:
3986:Fabozzi, Frank J. (17 November 2004).
3617:"Short-selling ban has minimal effect"
3179:: CS1 maint: archived copy as title (
3172:
2014:Time delayed short interest data (for
563:Short selling is a common practice in
5822:fixed-income relative-value investing
4946:SEC Discussion of Naked Short Selling
4820:London Investment Banking Association
4610:from the original on 22 February 2012
4336:McDonald, Sarah (22 September 2008).
2633:In 2011, the eruption of the massive
2144:Corporation (New York, United States)
2126:(Amsterdam, Netherlands, now defunct)
1946:sold short as a percent of the total
7:
4255:from the original on 22 January 2009
4221:Tsang, Michael (19 September 2008).
4148:from the original on 3 February 2023
4064:from the original on 14 January 2012
4032:from the original on 26 October 2018
4006:from the original on 3 February 2023
3931:from the original on 3 February 2023
3721:from the original on 3 February 2023
3691:from the original on 3 February 2023
3660:from the original on 3 February 2023
3593:from the original on 3 February 2023
3497:from the original on 3 February 2023
3409:from the original on 3 February 2023
3377:from the original on 3 February 2023
3351:from the original on 3 February 2023
3333:Entrepreneurial Business Law Journal
3308:from the original on 3 February 2023
3276:. South-Western College. p. 6.
3224:from the original on 28 January 2021
2698:adding citations to reliable sources
2491:adding citations to reliable sources
2373:adding citations to reliable sources
2249:adding citations to reliable sources
1864:adding citations to reliable sources
339:Residential mortgage-backed security
4916:(Buffalo, N.Y.: Prometheus, 2010).
1687:became notorious for "breaking the
1634:Synthetic shorting with derivatives
334:Commercial mortgage-backed security
4787:Nelson, Brett (26 November 2001).
4245:"FSA clamps down on short-selling"
3748:from the original on 31 March 2020
3615:Oakley, David (18 December 2008).
3554:Financial Markets and Institutions
2828:Securities and Exchange Commission
1721:Short sellers were blamed for the
1443:Private equity and venture capital
1354:Bank for International Settlements
359:Collateralized mortgage obligation
25:
4052:"Securities Exchange Act of 1934"
3923:Arnold, Roger (14 January 2000).
3527:. McGraw-Hill. pp. 442–443.
3466:from the original on 15 July 2012
2782:, and sells short the underlying
2584:probably is most often used as a
2082:relationships are broken and the
2030:Some market data providers (like
1733:condemned short sellers and even
1668:Vereenigde Oostindische Compagnie
1582:Inc. currently trade at $ 10 per
1488:Business and Economics portal
6265:
6256:
6255:
6246:
6245:
6236:
6235:
5942:
5229:Electronic communication network
4654:Casterline, Rick (1 June 2006).
4557:from the original on 2 June 2018
4494:from the original on 27 May 2021
4463:from the original on 5 June 2021
4404:from the original on 5 June 2021
4369:Ram, Vidya (22 September 2008).
4295:. 3 October 2008. Archived from
3904:from the original on 10 May 2018
3877:from the original on 18 May 2013
3845:from the original on 3 June 2013
3833:"The market for borrowing stock"
3581:Harris, Larry (7 October 2008).
3327:Stanley, Christopher A. (2009).
2916:stock market crash the same year
2670:
2467:
2345:
2221:
1954:, which is the number of shares
1840:
1767:Naked short selling restrictions
1662:, a sizeable shareholder of the
1493:
1481:
1076:Base erosion and profit shifting
621:
54:
4935:Porsche VW Shortselling Scandal
4392:Shen, Samuel (5 October 2008).
4092:. McGraw-Hill. pp. 85–95.
3951:"margin account rates schedule"
3770:. Langasset.com. Archived from
3740:Smith, Elliot (17 March 2020).
3485:Lindgren, Hugo (9 April 2007).
3070:Special settlement (securities)
2824:Securities Exchange Act of 1934
2478:needs additional citations for
1851:needs additional citations for
3898:"Over-voting at Taser in 2005"
3648:Crawford, Alan (18 May 2010).
3065:Socially responsible investing
2010:Sources of short interest data
1741:. A few years later, in 1949,
836:Collateralised debt obligation
746:Bull (stock market speculator)
354:Collateralized fund obligation
349:Collateralized debt obligation
1:
5223:Multilateral trading facility
4738:Alpert, Bill (18 June 2011).
4681:Peterson, Jim (6 July 2002).
4313:. Asic.gov.au. Archived from
3794:About the Short Interest Page
3212:Lamont, Owen (1 March 2005).
3055:Sharia and securities trading
2857:(referred to colloquially as
2412:Futures and options contracts
1716:The Great Bear of Wall Street
1676:Neal, James, Fordyce and Down
1182:Final consumption expenditure
244:Initial public offering (IPO)
133:Over-the-counter market (OTC)
6096:security characteristic line
5646:Returns-based style analysis
5442:Post-modern portfolio theory
5348:Security characteristic line
4880:Regulating Trading Practices
4873:General and cited references
3020:Inverse exchange-traded fund
2883:Financial Services Authority
1934:Stock exchanges such as the
1674:The London banking house of
6084:Capital asset pricing model
5803:Capital structure arbitrage
5400:Efficient-market hypothesis
5304:Capital asset pricing model
5241:Straight-through processing
4764:. TheStreet. Archived from
4200:. Gyan Books. p. 233.
2877:Europe, Australia and China
2800:alludes to the days when a
2591:Many short sellers place a
2305:Dividends and voting rights
2108:(New Jersey, United States)
6323:
5886:Commodity trading advisors
5217:Alternative Trading System
4658:. Fool.com. Archived from
4167:Young, Matthew G. (2010).
4140:U.S. SEC (11 April 2005).
3454:"SEC Release No. 34-55970"
2767:
2659:
2164:
2088:rational to exercise early
1966:
1902:Shorting stock in the U.S.
1829:
1548:were sold short is called
1414:Professional certification
1012:Enterprise risk management
796:Offshore financial centres
279:Exchange-traded fund (ETF)
6231:
6223:Managed Funds Association
6167:High-net-worth individual
5940:
4293:The Sydney Morning Herald
4086:Lavinio, Stefano (1999).
3992:. John Wiley & Sons.
3896:Greg Land (15 May 2009).
3521:Lavinio, Stefano (1999).
2186:. It is detected by the
2138:(New York, United States)
2114:(New York, United States)
1978:the transaction does not
1723:Wall Street Crash of 1929
1359:Financial Stability Board
6307:Stock market terminology
6060:Arbitrage pricing theory
5281:Arbitrage pricing theory
4429:Accounting & Finance
4343:National Business Review
3117:14 February 2017 at the
3099:24 December 2016 at the
2934:Such noted investors as
2156:(London, United Kingdom)
2120:(Chicago, United States)
2100:State Street Corporation
1664:Dutch East India Company
1048:Mergers and acquisitions
329:Mortgage-backed security
6172:Institutional investors
6065:Assets under management
5890:managed futures account
5560:Initial public offering
5421:Modern portfolio theory
5316:Dividend discount model
5199:List of stock exchanges
2752:of the corporate bonds.
2179:from the short seller.
2142:Bank of New York Mellon
2102:(Boston, United States)
542:contract for difference
123:Foreign exchange market
6197:Sovereign wealth funds
5969:High-frequency trading
5818:Fixed income arbitrage
5448:Random walk hypothesis
4878:Fleckner, Andreas M. "
4858:3 January 2018 at the
4578:Cite journal requires
4194:Mahipal Singh (2011).
3809:discusses the product.
3199:18 August 2016 at the
3135:18 August 2016 at the
2967:Don't Blame the Shorts
2922:Views of short selling
850:certificate of deposit
166:Inflation-indexed bond
41:
6039:Structured securities
5855:Distressed securities
5827:Statistical arbitrage
5813:Equity market neutral
5808:Convertible arbitrage
5586:Market capitalization
5395:Dollar cost averaging
4381:on 22 September 2008.
4251:. 18 September 2008.
3551:Madura, Jeff (2009).
3405:. 26 September 2008.
3243:Larry Harris (2002).
2847:initial public offers
2768:Further information:
2660:Further information:
2150:(Zurich, Switzerland)
1992:investment management
1773:2008 financial crisis
1554:covering the position
801:Conduit and sink OFCs
324:Asset-backed security
35:
6302:Financial regulation
6157:Financial endowments
6102:Fundamental analysis
5850:Shareholder activism
5832:Volatility arbitrage
5406:Fundamental analysis
5390:Contrarian investing
5353:Security market line
5258:Liquidity aggregator
5235:Direct market access
5146:Quantitative analyst
4742:. Online.barrons.com
4350:on 27 September 2011
3373:. Encyberpedia.com.
3050:Repurchase agreement
2969:by Robert Sloan and
2784:US Treasury security
2780:US Treasury security
2694:improve this section
2502:"Short" finance
2487:improve this article
2369:improve this section
2245:improve this section
1952:short interest ratio
1860:improve this article
1743:Alfred Winslow Jones
1027:Financial statements
1007:Credit rating agency
932:Repurchase agreement
6271:List of hedge funds
6261:Hedge fund managers
6177:Insurance companies
6162:Fund of hedge funds
6070:Black–Scholes model
5984:Proprietary trading
5959:Algorithmic trading
5926:Fund of hedge funds
5651:Reverse stock split
5596:Market manipulation
5520:Dual-listed company
5380:Algorithmic trading
5310:Capital market line
5112:Inter-dealer broker
4540:10.2139/ssrn.281514
4113:S.K. Singh (2009).
3629:on 10 December 2022
2853:that specialize in
2205:(SEC) put in place
2167:Naked short selling
2161:Naked short selling
2044:Days to Cover (DTC)
2039:Short selling terms
1789:Naked short selling
1545:borrow the security
1463:Accounting scandals
1453:Stock market bubble
1173:Government spending
1130:Employment contract
1082:Corporate tax haven
841:Credit default swap
6127:Technical analysis
5691:Stock market index
5530:Efficient frontier
5469:Technical analysis
5427:Momentum investing
5249:(private exchange)
5139:Proprietary trader
5081:Shares outstanding
5071:Authorised capital
4912:Wright, Robert E.
4719:on 12 January 2010
4687:The New York Times
4441:10.1111/acfi.12229
4299:on 5 October 2008.
3587:The New York Times
2981:identification of
2843:failure to deliver
2635:China stock frauds
2324:short the dividend
2293:When a security's
2192:failure to deliver
2190:(in the US) as a "
2078:) – for instance,
1996:securities lending
1969:Securities lending
1963:Securities lending
1832:Securities lending
1681:East India Company
1550:covering the short
1458:Stock market crash
1308:Investment banking
1298:Fractional-reserve
1263:Warrant of payment
1212:Government revenue
1135:Financial planning
1053:Structured finance
364:Credit-linked note
307:Structured finance
161:Floating rate note
42:
6297:Financial markets
6279:
6278:
6135:
6134:
5938:
5937:
5905:Long/short equity
5881:Convergence trade
5865:Special situation
5739:
5738:
5540:Flight-to-quality
5292:Buffett indicator
4982:Financial markets
4922:978-1-61614-191-2
4907:978-0-07-163686-5
4892:978-0-19-968720-6
4799:on 10 August 2009
4277:. 2 October 2008.
3774:on 19 August 2011
3040:Manuel P. Asensio
2993:Manuel P. Asensio
2730:
2729:
2722:
2563:
2562:
2555:
2537:
2418:futures contracts
2405:
2404:
2397:
2281:
2280:
2273:
2072:convenience yield
1976:fails to deliver,
1892:
1891:
1884:
1817:COVID-19 pandemic
1536:
1535:
1426:
1425:
1376:
1375:
1364:Deposit insurance
1270:
1269:
1104:
1103:
1002:Corporate finance
997:Capital structure
992:Capital budgeting
927:Performance bonds
808:
807:
791:Financial centres
751:Financial planner
651:Asset (economics)
457:
456:
414:Credit derivative
227:Equities (stocks)
16:(Redirected from
6314:
6269:
6268:
6259:
6258:
6249:
6248:
6239:
6238:
6182:Investment banks
6029:Foreign exchange
5999:
5946:
5786:
5766:
5759:
5752:
5743:
5656:Share repurchase
5368:Trading theories
5253:Crossing network
5211:Over-the-counter
5048:Restricted stock
5004:Secondary market
4975:
4968:
4961:
4952:
4866:
4849:
4843:
4839:
4833:
4829:
4823:
4815:
4809:
4808:
4806:
4804:
4795:. Archived from
4784:
4778:
4777:
4775:
4773:
4768:on 15 March 2012
4758:
4752:
4751:
4749:
4747:
4735:
4729:
4728:
4726:
4724:
4715:. Archived from
4709:
4703:
4702:
4700:
4698:
4689:. Archived from
4678:
4672:
4671:
4669:
4667:
4651:
4645:
4630:Margin of safety
4626:
4620:
4619:
4617:
4615:
4609:
4602:
4594:
4588:
4587:
4581:
4576:
4574:
4566:
4564:
4562:
4556:
4533:
4524:
4518:
4517:
4511:
4503:
4501:
4499:
4479:
4473:
4472:
4470:
4468:
4420:
4414:
4413:
4411:
4409:
4389:
4383:
4382:
4377:. Archived from
4366:
4360:
4359:
4357:
4355:
4346:. Archived from
4333:
4327:
4326:
4324:
4322:
4317:on 20 March 2012
4307:
4301:
4300:
4285:
4279:
4278:
4275:"The Australian"
4271:
4265:
4264:
4262:
4260:
4241:
4235:
4234:
4232:
4230:
4218:
4212:
4211:
4191:
4185:
4184:
4164:
4158:
4157:
4155:
4153:
4137:
4131:
4130:
4116:Bank Regulations
4110:
4104:
4103:
4083:
4074:
4073:
4071:
4069:
4063:
4056:
4048:
4042:
4041:
4039:
4037:
4022:
4016:
4015:
4013:
4011:
3983:
3977:
3976:
3965:
3959:
3958:
3947:
3941:
3940:
3938:
3936:
3920:
3914:
3913:
3911:
3909:
3893:
3887:
3886:
3884:
3882:
3876:
3869:
3861:
3855:
3854:
3852:
3850:
3844:
3837:
3829:
3823:
3822:. Business Wire.
3816:
3810:
3803:
3797:
3790:
3784:
3783:
3781:
3779:
3764:
3758:
3757:
3755:
3753:
3737:
3731:
3730:
3728:
3726:
3707:
3701:
3700:
3698:
3696:
3676:
3670:
3669:
3667:
3665:
3645:
3639:
3638:
3636:
3634:
3628:
3623:. Archived from
3612:
3603:
3602:
3600:
3598:
3578:
3569:
3568:
3548:
3539:
3538:
3518:
3507:
3506:
3504:
3502:
3482:
3476:
3475:
3473:
3471:
3465:
3458:
3450:
3444:
3443:
3441:
3439:
3425:
3419:
3418:
3416:
3414:
3393:
3387:
3386:
3384:
3382:
3367:
3361:
3360:
3358:
3356:
3324:
3318:
3317:
3315:
3313:
3304:. 25 July 2008.
3294:
3288:
3287:
3267:
3261:
3260:
3240:
3234:
3233:
3231:
3229:
3209:
3203:
3191:
3185:
3184:
3178:
3170:
3168:
3166:
3160:
3154:. Archived from
3153:
3145:
3139:
3127:
3121:
3109:
3103:
3091:
3035:Magnetar Capital
2975:Robert E. Wright
2895:House of Commons
2802:safe deposit box
2748:that remains is
2725:
2718:
2714:
2711:
2705:
2674:
2666:
2558:
2551:
2547:
2544:
2538:
2536:
2495:
2471:
2463:
2400:
2393:
2389:
2386:
2380:
2349:
2341:
2311:holder of record
2295:ex-dividend date
2276:
2269:
2265:
2262:
2256:
2225:
2217:
1887:
1880:
1876:
1873:
1867:
1844:
1836:
1528:
1521:
1514:
1500:Money portal
1498:
1497:
1496:
1486:
1485:
1436:Economic history
1398:
1331:
1229:Deficit spending
1203:Transfer payment
1169:
1097:Transfer pricing
1043:Leveraged buyout
1017:Enterprise value
971:
886:Letter of credit
871:Futures contract
704:
702:Over-the-counter
691:Foreign exchange
638:
625:
602:
530:forward contract
526:futures contract
515:interest payment
449:
442:
435:
262:Investment funds
181:Commercial paper
176:Zero-coupon bond
128:Futures exchange
118:Commodity market
58:
44:
21:
6322:
6321:
6317:
6316:
6315:
6313:
6312:
6311:
6282:
6281:
6280:
6275:
6227:
6213:Fund governance
6201:
6131:
6055:Absolute return
6043:
5994:
5988:
5979:Program trading
5974:Prime brokerage
5947:
5934:
5914:
5910:Trend following
5895:Dedicated short
5869:
5836:
5793:
5781:
5775:
5770:
5740:
5735:
5726:Voting interest
5636:Public offering
5571:Mandatory offer
5545:Government bond
5525:DuPont analysis
5488:
5484:Value investing
5479:Value averaging
5474:Trend following
5459:Style investing
5454:Sector rotation
5369:
5363:
5342:Net asset value
5268:Stock valuation
5262:
5182:
5090:
5057:
5043:Preferred stock
5018:
4984:
4979:
4931:
4897:Sloan, Robert.
4875:
4870:
4869:
4860:Wayback Machine
4851:Kerbl S (2010)
4850:
4846:
4840:
4836:
4830:
4826:
4816:
4812:
4802:
4800:
4786:
4785:
4781:
4771:
4769:
4760:
4759:
4755:
4745:
4743:
4737:
4736:
4732:
4722:
4720:
4711:
4710:
4706:
4696:
4694:
4680:
4679:
4675:
4665:
4663:
4662:on 13 June 2006
4653:
4652:
4648:
4627:
4623:
4613:
4611:
4607:
4600:
4596:
4595:
4591:
4577:
4567:
4560:
4558:
4554:
4531:
4526:
4525:
4521:
4504:
4497:
4495:
4481:
4480:
4476:
4466:
4464:
4422:
4421:
4417:
4407:
4405:
4391:
4390:
4386:
4368:
4367:
4363:
4353:
4351:
4335:
4334:
4330:
4320:
4318:
4309:
4308:
4304:
4287:
4286:
4282:
4273:
4272:
4268:
4258:
4256:
4243:
4242:
4238:
4228:
4226:
4225:. Bloomberg L.P
4220:
4219:
4215:
4208:
4193:
4192:
4188:
4181:
4166:
4165:
4161:
4151:
4149:
4139:
4138:
4134:
4127:
4112:
4111:
4107:
4100:
4085:
4084:
4077:
4067:
4065:
4061:
4054:
4050:
4049:
4045:
4035:
4033:
4024:
4023:
4019:
4009:
4007:
4000:
3985:
3984:
3980:
3975:. 18 June 2011.
3967:
3966:
3962:
3957:. 18 June 2011.
3949:
3948:
3944:
3934:
3932:
3922:
3921:
3917:
3907:
3905:
3895:
3894:
3890:
3880:
3878:
3874:
3867:
3863:
3862:
3858:
3848:
3846:
3842:
3835:
3831:
3830:
3826:
3817:
3813:
3804:
3800:
3791:
3787:
3777:
3775:
3766:
3765:
3761:
3751:
3749:
3739:
3738:
3734:
3724:
3722:
3709:
3708:
3704:
3694:
3692:
3678:
3677:
3673:
3663:
3661:
3647:
3646:
3642:
3632:
3630:
3621:Financial Times
3614:
3613:
3606:
3596:
3594:
3580:
3579:
3572:
3565:
3550:
3549:
3542:
3535:
3520:
3519:
3510:
3500:
3498:
3484:
3483:
3479:
3469:
3467:
3463:
3456:
3452:
3451:
3447:
3437:
3435:
3427:
3426:
3422:
3412:
3410:
3395:
3394:
3390:
3380:
3378:
3369:
3368:
3364:
3354:
3352:
3326:
3325:
3321:
3311:
3309:
3302:NRC Handelsblad
3296:
3295:
3291:
3284:
3269:
3268:
3264:
3257:
3242:
3241:
3237:
3227:
3225:
3211:
3210:
3206:
3201:Wayback Machine
3192:
3188:
3171:
3164:
3162:
3161:on 22 July 2012
3158:
3151:
3149:"Archived copy"
3147:
3146:
3142:
3137:Wayback Machine
3128:
3124:
3119:Wayback Machine
3110:
3106:
3101:Wayback Machine
3092:
3088:
3083:
3008:Anthony Elgindy
3004:
2928:price discovery
2924:
2881:In the UK, the
2879:
2851:brokerage firms
2820:
2815:
2793:
2791:Against the box
2772:
2766:
2745:corporate bonds
2726:
2715:
2709:
2706:
2691:
2675:
2664:
2662:Hedge (finance)
2658:
2653:
2559:
2548:
2542:
2539:
2496:
2494:
2484:
2472:
2461:
2430:
2414:
2401:
2390:
2384:
2381:
2366:
2350:
2339:
2307:
2277:
2266:
2260:
2257:
2242:
2226:
2215:
2169:
2163:
2112:JP Morgan Chase
2096:
2080:put–call parity
2041:
2012:
1971:
1965:
1904:
1888:
1877:
1871:
1868:
1857:
1845:
1834:
1828:
1777:Lehman Brothers
1769:
1735:J. Edgar Hoover
1708:brokerage house
1697:pounds sterling
1693:Black Wednesday
1689:Bank of England
1656:
1636:
1610:
1576:
1541:
1532:
1494:
1492:
1480:
1468:
1467:
1438:
1428:
1427:
1419:Fund governance
1395:
1378:
1377:
1344:Banking license
1335:Bank regulation
1322:
1293:Deposit account
1282:
1272:
1271:
1258:Non-tax revenue
1254:
1233:
1199:
1166:
1156:
1155:
1152:
1116:
1106:
1105:
1058:Venture capital
1022:Risk management
968:
958:
957:
956:
947:Syndicated loan
923:
820:
810:
809:
700:
635:
600:
571:and reasonably
534:option contract
453:
424:
423:
419:Hybrid security
384:
374:
373:
319:Agency security
309:
299:
298:
294:Segregated fund
274:Closed-end fund
264:
254:
253:
229:
219:
218:
204:Government bond
194:
193:Bonds by issuer
186:
185:
156:Fixed rate bond
151:
150:Bonds by coupon
143:
142:
108:
98:
97:
68:
28:
23:
22:
15:
12:
11:
5:
6320:
6318:
6310:
6309:
6304:
6299:
6294:
6284:
6283:
6277:
6276:
6274:
6273:
6263:
6253:
6243:
6232:
6229:
6228:
6226:
6225:
6220:
6215:
6209:
6207:
6203:
6202:
6200:
6199:
6194:
6189:
6187:Merchant banks
6184:
6179:
6174:
6169:
6164:
6159:
6154:
6152:Family offices
6149:
6143:
6141:
6137:
6136:
6133:
6132:
6130:
6129:
6124:
6119:
6114:
6112:Securitization
6109:
6104:
6099:
6081:
6067:
6062:
6057:
6051:
6049:
6045:
6044:
6042:
6041:
6036:
6031:
6026:
6021:
6016:
6011:
6005:
6003:
5996:
5990:
5989:
5987:
5986:
5981:
5976:
5971:
5966:
5961:
5955:
5953:
5949:
5948:
5941:
5939:
5936:
5935:
5933:
5932:
5922:
5920:
5916:
5915:
5913:
5912:
5907:
5902:
5897:
5892:
5883:
5877:
5875:
5871:
5870:
5868:
5867:
5862:
5860:Risk arbitrage
5857:
5852:
5846:
5844:
5838:
5837:
5835:
5834:
5829:
5824:
5815:
5810:
5805:
5799:
5797:
5795:relative value
5783:
5777:
5776:
5771:
5769:
5768:
5761:
5754:
5746:
5737:
5736:
5734:
5733:
5728:
5723:
5718:
5713:
5708:
5703:
5698:
5693:
5688:
5686:Stock exchange
5683:
5681:Stock dilution
5678:
5673:
5668:
5663:
5658:
5653:
5648:
5643:
5638:
5633:
5628:
5623:
5618:
5613:
5608:
5606:Mean reversion
5603:
5598:
5593:
5588:
5583:
5581:Market anomaly
5578:
5573:
5568:
5563:
5557:
5552:
5547:
5542:
5537:
5532:
5527:
5522:
5517:
5512:
5507:
5502:
5500:Bid–ask spread
5496:
5494:
5490:
5489:
5487:
5486:
5481:
5476:
5471:
5466:
5461:
5456:
5451:
5445:
5439:
5434:
5429:
5424:
5418:
5413:
5408:
5403:
5397:
5392:
5387:
5382:
5376:
5374:
5365:
5364:
5362:
5361:
5356:
5350:
5345:
5339:
5334:
5329:
5327:Earnings yield
5324:
5322:Dividend yield
5319:
5313:
5307:
5301:
5295:
5289:
5284:
5278:
5272:
5270:
5264:
5263:
5261:
5260:
5255:
5250:
5244:
5238:
5232:
5226:
5220:
5214:
5213:(off-exchange)
5208:
5207:
5206:
5201:
5190:
5188:
5187:Trading venues
5184:
5183:
5181:
5180:
5175:
5174:
5173:
5163:
5158:
5153:
5148:
5143:
5142:
5141:
5136:
5126:
5121:
5116:
5115:
5114:
5109:
5098:
5096:
5092:
5091:
5089:
5088:
5086:Treasury stock
5083:
5078:
5073:
5067:
5065:
5059:
5058:
5056:
5055:
5053:Tracking stock
5050:
5045:
5040:
5035:
5029:
5027:
5020:
5019:
5017:
5016:
5011:
5006:
5001:
4999:Primary market
4995:
4993:
4986:
4985:
4980:
4978:
4977:
4970:
4963:
4955:
4949:
4948:
4943:
4937:
4930:
4929:External links
4927:
4926:
4925:
4910:
4895:
4874:
4871:
4868:
4867:
4844:
4834:
4824:
4810:
4779:
4753:
4730:
4704:
4693:on 31 May 2013
4673:
4646:
4621:
4589:
4580:|journal=
4519:
4474:
4435:(2): 477–501.
4415:
4384:
4361:
4328:
4302:
4280:
4266:
4236:
4213:
4207:978-8182055193
4206:
4186:
4180:978-1601383266
4179:
4159:
4132:
4126:978-8183564472
4125:
4105:
4099:978-0071350303
4098:
4075:
4043:
4017:
3998:
3978:
3960:
3942:
3915:
3888:
3856:
3824:
3811:
3798:
3785:
3759:
3732:
3702:
3671:
3640:
3604:
3570:
3564:978-1439038840
3563:
3540:
3534:978-0071350303
3533:
3508:
3477:
3445:
3420:
3388:
3362:
3319:
3289:
3283:978-0324601206
3282:
3262:
3256:978-0195144703
3255:
3235:
3204:
3186:
3140:
3122:
3104:
3085:
3084:
3082:
3079:
3078:
3077:
3072:
3067:
3062:
3057:
3052:
3047:
3042:
3037:
3032:
3027:
3022:
3017:
3010:
3003:
3000:
2940:Warren Buffett
2923:
2920:
2878:
2875:
2865:thinly traded
2836:Regulation SHO
2819:
2816:
2814:
2811:
2792:
2789:
2788:
2787:
2765:
2762:
2761:
2760:
2753:
2737:
2728:
2727:
2678:
2676:
2669:
2657:
2654:
2652:
2649:
2561:
2560:
2475:
2473:
2466:
2460:
2457:
2429:
2426:
2413:
2410:
2403:
2402:
2353:
2351:
2344:
2338:
2335:
2315:margin account
2306:
2303:
2288:margin balance
2279:
2278:
2229:
2227:
2220:
2214:
2211:
2207:Regulation SHO
2165:Main article:
2162:
2159:
2158:
2157:
2151:
2145:
2139:
2133:
2127:
2121:
2118:Northern Trust
2115:
2109:
2103:
2095:
2092:
2084:early exercise
2055:Short Interest
2040:
2037:
2032:Data Explorers
2011:
2008:
1967:Main article:
1964:
1961:
1922:debit balances
1903:
1900:
1890:
1889:
1848:
1846:
1839:
1827:
1824:
1797:United Kingdom
1785:Morgan Stanley
1768:
1765:
1761:dot-com bubble
1731:Herbert Hoover
1660:Isaac Le Maire
1655:
1652:
1635:
1632:
1631:
1630:
1626:
1623:
1620:
1617:
1609:
1606:
1605:
1604:
1600:
1597:
1594:
1591:
1575:
1572:
1540:
1537:
1534:
1533:
1531:
1530:
1523:
1516:
1508:
1505:
1504:
1503:
1502:
1490:
1478:
1470:
1469:
1466:
1465:
1460:
1455:
1450:
1445:
1439:
1434:
1433:
1430:
1429:
1424:
1423:
1422:
1421:
1416:
1411:
1406:
1396:
1384:
1383:
1380:
1379:
1374:
1373:
1372:
1371:
1366:
1361:
1356:
1351:
1346:
1338:
1337:
1329:
1328:
1326:Lists of banks
1321:
1320:
1315:
1310:
1305:
1300:
1295:
1290:
1284:
1283:
1278:
1277:
1274:
1273:
1268:
1267:
1266:
1265:
1260:
1255:
1253:
1252:
1247:
1236:
1234:
1232:
1231:
1226:
1220:
1215:
1214:
1208:
1207:
1206:
1205:
1200:
1198:
1197:
1195:Redistribution
1192:
1186:
1184:
1176:
1175:
1167:
1162:
1161:
1158:
1157:
1154:
1153:
1151:
1150:
1145:
1139:
1137:
1132:
1127:
1117:
1112:
1111:
1108:
1107:
1102:
1101:
1100:
1099:
1094:
1089:
1084:
1079:
1070:
1069:
1063:
1062:
1061:
1060:
1055:
1050:
1045:
1037:
1036:
1032:
1031:
1030:
1029:
1024:
1019:
1014:
1009:
1004:
999:
994:
989:
984:
976:
975:
969:
964:
963:
960:
959:
955:
954:
949:
944:
939:
934:
929:
922:
921:
915:
910:
900:
899:
898:
893:
888:
883:
878:
873:
868:
863:
858:
853:
843:
838:
833:
828:
822:
821:
816:
815:
812:
811:
806:
805:
804:
803:
798:
793:
785:
784:
778:
777:
776:
775:
770:
765:
764:
763:
753:
748:
743:
741:Angel investor
735:
734:
728:
727:
726:
725:
720:
715:
710:
708:Private equity
705:
698:
693:
688:
683:
678:
673:
668:
663:
658:
653:
645:
644:
636:
631:
630:
627:
626:
618:
617:
611:
610:
599:
596:
509:of stock or a
455:
454:
452:
451:
444:
437:
429:
426:
425:
422:
421:
416:
411:
406:
401:
396:
391:
385:
380:
379:
376:
375:
372:
371:
369:Unsecured debt
366:
361:
356:
351:
346:
341:
336:
331:
326:
321:
316:
314:Securitization
310:
305:
304:
301:
300:
297:
296:
291:
286:
281:
276:
271:
265:
260:
259:
256:
255:
252:
251:
246:
241:
236:
230:
225:
224:
221:
220:
217:
216:
211:
209:Municipal bond
206:
201:
199:Corporate bond
195:
192:
191:
188:
187:
184:
183:
178:
173:
171:Perpetual bond
168:
163:
158:
152:
149:
148:
145:
144:
141:
140:
135:
130:
125:
120:
115:
109:
104:
103:
100:
99:
96:
95:
90:
85:
80:
75:
69:
64:
63:
60:
59:
51:
50:
38:borrows shares
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
6319:
6308:
6305:
6303:
6300:
6298:
6295:
6293:
6292:Short selling
6290:
6289:
6287:
6272:
6264:
6262:
6254:
6252:
6244:
6242:
6234:
6233:
6230:
6224:
6221:
6219:
6216:
6214:
6211:
6210:
6208:
6204:
6198:
6195:
6193:
6192:Pension funds
6190:
6188:
6185:
6183:
6180:
6178:
6175:
6173:
6170:
6168:
6165:
6163:
6160:
6158:
6155:
6153:
6150:
6148:
6147:Vulture funds
6145:
6144:
6142:
6138:
6128:
6125:
6123:
6120:
6118:
6115:
6113:
6110:
6108:
6105:
6103:
6100:
6097:
6093:
6089:
6085:
6082:
6079:
6078:delta neutral
6075:
6071:
6068:
6066:
6063:
6061:
6058:
6056:
6053:
6052:
6050:
6046:
6040:
6037:
6035:
6034:Money markets
6032:
6030:
6027:
6025:
6022:
6020:
6017:
6015:
6012:
6010:
6007:
6006:
6004:
6000:
5997:
5991:
5985:
5982:
5980:
5977:
5975:
5972:
5970:
5967:
5965:
5962:
5960:
5957:
5956:
5954:
5950:
5945:
5931:
5930:Multi-manager
5927:
5924:
5923:
5921:
5917:
5911:
5908:
5906:
5903:
5901:
5898:
5896:
5893:
5891:
5887:
5884:
5882:
5879:
5878:
5876:
5872:
5866:
5863:
5861:
5858:
5856:
5853:
5851:
5848:
5847:
5845:
5843:
5839:
5833:
5830:
5828:
5825:
5823:
5819:
5816:
5814:
5811:
5809:
5806:
5804:
5801:
5800:
5798:
5796:
5791:
5787:
5784:
5778:
5774:
5767:
5762:
5760:
5755:
5753:
5748:
5747:
5744:
5732:
5729:
5727:
5724:
5722:
5719:
5717:
5714:
5712:
5709:
5707:
5704:
5702:
5699:
5697:
5694:
5692:
5689:
5687:
5684:
5682:
5679:
5677:
5674:
5672:
5669:
5667:
5664:
5662:
5661:Short selling
5659:
5657:
5654:
5652:
5649:
5647:
5644:
5642:
5639:
5637:
5634:
5632:
5629:
5627:
5624:
5622:
5619:
5617:
5614:
5612:
5609:
5607:
5604:
5602:
5599:
5597:
5594:
5592:
5589:
5587:
5584:
5582:
5579:
5577:
5574:
5572:
5569:
5567:
5564:
5561:
5558:
5556:
5553:
5551:
5550:Greenspan put
5548:
5546:
5543:
5541:
5538:
5536:
5535:Financial law
5533:
5531:
5528:
5526:
5523:
5521:
5518:
5516:
5513:
5511:
5510:Cross listing
5508:
5506:
5503:
5501:
5498:
5497:
5495:
5493:Related terms
5491:
5485:
5482:
5480:
5477:
5475:
5472:
5470:
5467:
5465:
5464:Swing trading
5462:
5460:
5457:
5455:
5452:
5449:
5446:
5443:
5440:
5438:
5435:
5433:
5432:Mosaic theory
5430:
5428:
5425:
5422:
5419:
5417:
5416:Market timing
5414:
5412:
5409:
5407:
5404:
5401:
5398:
5396:
5393:
5391:
5388:
5386:
5383:
5381:
5378:
5377:
5375:
5373:
5366:
5360:
5357:
5354:
5351:
5349:
5346:
5343:
5340:
5338:
5335:
5333:
5330:
5328:
5325:
5323:
5320:
5317:
5314:
5311:
5308:
5305:
5302:
5299:
5296:
5293:
5290:
5288:
5285:
5282:
5279:
5277:
5274:
5273:
5271:
5269:
5265:
5259:
5256:
5254:
5251:
5248:
5245:
5242:
5239:
5236:
5233:
5230:
5227:
5224:
5221:
5218:
5215:
5212:
5209:
5205:
5204:Trading hours
5202:
5200:
5197:
5196:
5195:
5192:
5191:
5189:
5185:
5179:
5176:
5172:
5169:
5168:
5167:
5164:
5162:
5159:
5157:
5154:
5152:
5149:
5147:
5144:
5140:
5137:
5135:
5132:
5131:
5130:
5127:
5125:
5122:
5120:
5119:Broker-dealer
5117:
5113:
5110:
5108:
5105:
5104:
5103:
5100:
5099:
5097:
5093:
5087:
5084:
5082:
5079:
5077:
5076:Issued shares
5074:
5072:
5069:
5068:
5066:
5064:
5063:Share capital
5060:
5054:
5051:
5049:
5046:
5044:
5041:
5039:
5036:
5034:
5031:
5030:
5028:
5026:
5021:
5015:
5014:Fourth market
5012:
5010:
5007:
5005:
5002:
5000:
4997:
4996:
4994:
4992:
4987:
4983:
4976:
4971:
4969:
4964:
4962:
4957:
4956:
4953:
4947:
4944:
4941:
4938:
4936:
4933:
4932:
4928:
4923:
4919:
4915:
4911:
4908:
4904:
4900:
4896:
4893:
4889:
4885:
4881:
4877:
4876:
4872:
4864:
4861:
4857:
4854:
4848:
4845:
4838:
4835:
4828:
4825:
4821:
4814:
4811:
4798:
4794:
4790:
4789:"Short Story"
4783:
4780:
4767:
4763:
4757:
4754:
4741:
4734:
4731:
4718:
4714:
4708:
4705:
4692:
4688:
4684:
4677:
4674:
4661:
4657:
4650:
4647:
4644:
4643:0-88730-510-5
4640:
4636:
4632:
4631:
4625:
4622:
4606:
4599:
4593:
4590:
4585:
4572:
4553:
4549:
4545:
4541:
4537:
4530:
4523:
4520:
4515:
4509:
4493:
4489:
4485:
4478:
4475:
4462:
4458:
4454:
4450:
4446:
4442:
4438:
4434:
4430:
4426:
4419:
4416:
4403:
4399:
4395:
4388:
4385:
4380:
4376:
4372:
4365:
4362:
4349:
4345:
4344:
4339:
4332:
4329:
4316:
4312:
4306:
4303:
4298:
4294:
4290:
4284:
4281:
4276:
4270:
4267:
4254:
4250:
4246:
4240:
4237:
4224:
4217:
4214:
4209:
4203:
4199:
4198:
4190:
4187:
4182:
4176:
4172:
4171:
4163:
4160:
4147:
4143:
4136:
4133:
4128:
4122:
4118:
4117:
4109:
4106:
4101:
4095:
4091:
4090:
4082:
4080:
4076:
4060:
4053:
4047:
4044:
4031:
4027:
4021:
4018:
4005:
4001:
3999:9780471704331
3995:
3991:
3990:
3982:
3979:
3974:
3970:
3964:
3961:
3956:
3952:
3946:
3943:
3930:
3927:. TheStreet.
3926:
3919:
3916:
3903:
3899:
3892:
3889:
3873:
3866:
3860:
3857:
3841:
3834:
3828:
3825:
3821:
3815:
3812:
3808:
3807:ShortSide.com
3802:
3799:
3795:
3789:
3786:
3773:
3769:
3763:
3760:
3747:
3743:
3736:
3733:
3720:
3716:
3712:
3706:
3703:
3690:
3686:
3682:
3675:
3672:
3659:
3655:
3651:
3644:
3641:
3627:
3622:
3618:
3611:
3609:
3605:
3592:
3588:
3584:
3577:
3575:
3571:
3566:
3560:
3556:
3555:
3547:
3545:
3541:
3536:
3530:
3526:
3525:
3517:
3515:
3513:
3509:
3496:
3492:
3488:
3481:
3478:
3462:
3455:
3449:
3446:
3434:
3430:
3424:
3421:
3408:
3404:
3403:
3398:
3392:
3389:
3376:
3372:
3366:
3363:
3350:
3346:
3342:
3338:
3334:
3330:
3323:
3320:
3307:
3303:
3299:
3293:
3290:
3285:
3279:
3275:
3274:
3266:
3263:
3258:
3252:
3248:
3247:
3239:
3236:
3223:
3219:
3215:
3208:
3205:
3202:
3198:
3195:
3190:
3187:
3182:
3176:
3157:
3150:
3144:
3141:
3138:
3134:
3131:
3126:
3123:
3120:
3116:
3113:
3108:
3105:
3102:
3098:
3095:
3090:
3087:
3080:
3076:
3073:
3071:
3068:
3066:
3063:
3061:
3060:Short squeeze
3058:
3056:
3053:
3051:
3048:
3046:
3043:
3041:
3038:
3036:
3033:
3031:
3030:Joseph Parnes
3028:
3026:
3023:
3021:
3018:
3016:
3015:
3014:The Big Short
3011:
3009:
3006:
3005:
3001:
2999:
2996:
2994:
2989:
2987:
2984:
2980:
2976:
2972:
2968:
2965:. Books like
2964:
2960:
2955:
2953:
2949:
2944:
2941:
2937:
2932:
2929:
2921:
2919:
2917:
2913:
2908:
2904:
2900:
2896:
2892:
2888:
2884:
2876:
2874:
2870:
2868:
2864:
2863:pump and dump
2860:
2856:
2852:
2848:
2844:
2839:
2837:
2833:
2829:
2825:
2818:United States
2817:
2812:
2810:
2806:
2803:
2799:
2790:
2785:
2781:
2777:
2776:
2775:
2771:
2763:
2758:
2757:delta neutral
2754:
2751:
2746:
2742:
2738:
2735:
2734:
2733:
2724:
2721:
2713:
2703:
2699:
2695:
2689:
2688:
2684:
2679:This section
2677:
2673:
2668:
2667:
2663:
2655:
2650:
2648:
2644:
2641:
2640:trading halts
2636:
2631:
2629:
2625:
2619:
2615:
2612:
2608:
2604:
2603:short squeeze
2599:
2596:
2595:
2589:
2587:
2582:
2578:
2574:
2573:capital gains
2568:
2567:
2557:
2554:
2546:
2535:
2532:
2528:
2525:
2521:
2518:
2514:
2511:
2507:
2504: –
2503:
2499:
2498:Find sources:
2492:
2488:
2482:
2481:
2476:This article
2474:
2470:
2465:
2464:
2458:
2456:
2454:
2449:
2446:
2441:
2437:
2434:
2427:
2425:
2421:
2419:
2416:When trading
2411:
2409:
2399:
2396:
2388:
2378:
2374:
2370:
2364:
2363:
2359:
2354:This section
2352:
2348:
2343:
2342:
2336:
2334:
2331:
2327:
2325:
2320:
2316:
2312:
2304:
2302:
2298:
2296:
2291:
2289:
2284:
2275:
2272:
2264:
2254:
2250:
2246:
2240:
2239:
2235:
2230:This section
2228:
2224:
2219:
2218:
2212:
2210:
2208:
2204:
2200:
2195:
2193:
2189:
2185:
2184:market makers
2180:
2178:
2173:
2168:
2160:
2155:
2152:
2149:
2146:
2143:
2140:
2137:
2134:
2131:
2128:
2125:
2122:
2119:
2116:
2113:
2110:
2107:
2106:Merrill Lynch
2104:
2101:
2098:
2097:
2094:Major lenders
2093:
2091:
2089:
2085:
2081:
2077:
2073:
2068:
2063:
2059:
2056:
2052:
2049:
2045:
2038:
2036:
2033:
2028:
2026:
2025:broker-dealer
2022:
2017:
2009:
2007:
2005:
2004:margin buying
2001:
1997:
1993:
1989:
1985:
1981:
1977:
1970:
1962:
1960:
1957:
1953:
1949:
1945:
1941:
1937:
1932:
1930:
1925:
1923:
1917:
1913:
1911:
1910:
1901:
1899:
1897:
1886:
1883:
1875:
1865:
1861:
1855:
1854:
1849:This section
1847:
1843:
1838:
1837:
1833:
1825:
1823:
1820:
1818:
1813:
1810:
1806:
1802:
1798:
1793:
1790:
1786:
1782:
1778:
1774:
1766:
1764:
1762:
1757:
1754:
1752:
1748:
1744:
1740:
1736:
1732:
1728:
1724:
1719:
1717:
1713:
1709:
1705:
1700:
1698:
1694:
1690:
1686:
1682:
1677:
1672:
1669:
1665:
1661:
1653:
1651:
1649:
1645:
1641:
1633:
1627:
1624:
1621:
1618:
1615:
1614:
1613:
1607:
1601:
1598:
1595:
1592:
1589:
1588:
1587:
1585:
1581:
1573:
1571:
1568:
1566:
1561:
1559:
1555:
1551:
1546:
1538:
1529:
1524:
1522:
1517:
1515:
1510:
1509:
1507:
1506:
1501:
1491:
1489:
1484:
1479:
1477:
1474:
1473:
1472:
1471:
1464:
1461:
1459:
1456:
1454:
1451:
1449:
1446:
1444:
1441:
1440:
1437:
1432:
1431:
1420:
1417:
1415:
1412:
1410:
1407:
1405:
1402:
1401:
1400:
1399:
1394:
1393:Financial law
1391:
1387:
1382:
1381:
1370:
1367:
1365:
1362:
1360:
1357:
1355:
1352:
1350:
1349:Basel Accords
1347:
1345:
1342:
1341:
1340:
1339:
1336:
1332:
1327:
1324:
1323:
1319:
1316:
1314:
1311:
1309:
1306:
1304:
1301:
1299:
1296:
1294:
1291:
1289:
1286:
1285:
1281:
1276:
1275:
1264:
1261:
1259:
1256:
1251:
1248:
1245:
1241:
1238:
1237:
1235:
1230:
1227:
1225:
1222:
1221:
1219:
1218:
1217:
1216:
1213:
1209:
1204:
1201:
1196:
1193:
1191:
1188:
1187:
1185:
1183:
1180:
1179:
1178:
1177:
1174:
1170:
1165:
1160:
1159:
1149:
1146:
1144:
1141:
1140:
1138:
1136:
1133:
1131:
1128:
1126:
1122:
1119:
1118:
1115:
1110:
1109:
1098:
1095:
1093:
1090:
1088:
1087:Tax inversion
1085:
1083:
1080:
1077:
1074:
1073:
1072:
1071:
1068:
1064:
1059:
1056:
1054:
1051:
1049:
1046:
1044:
1041:
1040:
1039:
1038:
1033:
1028:
1025:
1023:
1020:
1018:
1015:
1013:
1010:
1008:
1005:
1003:
1000:
998:
995:
993:
990:
988:
985:
983:
980:
979:
978:
977:
972:
967:
962:
961:
953:
952:Synthetic CDO
950:
948:
945:
943:
940:
938:
935:
933:
930:
928:
925:
924:
919:
916:
914:
911:
909:
905:
902:
901:
897:
894:
892:
889:
887:
884:
882:
879:
877:
874:
872:
869:
867:
864:
862:
859:
857:
854:
851:
847:
844:
842:
839:
837:
834:
832:
829:
827:
824:
823:
819:
814:
813:
802:
799:
797:
794:
792:
789:
788:
787:
786:
783:
779:
774:
771:
769:
766:
762:
761:institutional
759:
758:
757:
754:
752:
749:
747:
744:
742:
739:
738:
737:
736:
733:
729:
724:
721:
719:
716:
714:
711:
709:
706:
703:
699:
697:
694:
692:
689:
687:
684:
682:
679:
677:
674:
672:
669:
667:
666:Capital asset
664:
662:
659:
657:
654:
652:
649:
648:
647:
646:
643:
639:
634:
629:
628:
624:
620:
619:
616:
612:
608:
604:
603:
597:
595:
591:
589:
585:
581:
576:
574:
570:
566:
561:
559:
554:
550:
545:
543:
539:
535:
531:
527:
522:
520:
516:
512:
508:
504:
500:
499:short-selling
496:
495:selling short
491:
489:
485:
482:
478:
474:
470:
466:
462:
450:
445:
443:
438:
436:
431:
430:
428:
427:
420:
417:
415:
412:
410:
407:
405:
402:
400:
397:
395:
392:
390:
387:
386:
383:
378:
377:
370:
367:
365:
362:
360:
357:
355:
352:
350:
347:
345:
342:
340:
337:
335:
332:
330:
327:
325:
322:
320:
317:
315:
312:
311:
308:
303:
302:
295:
292:
290:
287:
285:
282:
280:
277:
275:
272:
270:
267:
266:
263:
258:
257:
250:
249:Short selling
247:
245:
242:
240:
237:
235:
232:
231:
228:
223:
222:
215:
212:
210:
207:
205:
202:
200:
197:
196:
190:
189:
182:
179:
177:
174:
172:
169:
167:
164:
162:
159:
157:
154:
153:
147:
146:
139:
136:
134:
131:
129:
126:
124:
121:
119:
116:
114:
111:
110:
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102:
101:
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91:
89:
86:
84:
81:
79:
76:
74:
71:
70:
67:
62:
61:
57:
53:
52:
49:
45:
39:
34:
30:
19:
6116:
6024:Fixed income
5900:Global macro
5894:
5842:Event-driven
5711:Tender offer
5660:
5631:Public float
5601:Market trend
5591:Market depth
5411:Growth stock
5385:Buy and hold
5294:(Cap-to-GDP)
5134:Floor trader
5124:Market maker
5107:Floor broker
5095:Participants
5038:Golden share
5033:Common stock
5009:Third market
4913:
4898:
4883:
4862:
4847:
4837:
4827:
4813:
4801:. Retrieved
4797:the original
4792:
4782:
4770:. Retrieved
4766:the original
4756:
4744:. Retrieved
4733:
4721:. Retrieved
4717:the original
4707:
4695:. Retrieved
4691:the original
4686:
4676:
4664:. Retrieved
4660:the original
4649:
4635:Seth Klarman
4628:
4624:
4612:. Retrieved
4592:
4571:cite journal
4561:23 September
4559:. Retrieved
4522:
4496:. Retrieved
4487:
4477:
4465:. Retrieved
4432:
4428:
4418:
4406:. Retrieved
4397:
4387:
4379:the original
4374:
4364:
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4348:the original
4341:
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4319:. Retrieved
4315:the original
4305:
4297:the original
4292:
4283:
4269:
4257:. Retrieved
4239:
4227:. Retrieved
4216:
4196:
4189:
4169:
4162:
4152:11 September
4150:. Retrieved
4135:
4115:
4108:
4088:
4068:11 September
4066:. Retrieved
4046:
4034:. Retrieved
4020:
4008:. Retrieved
3988:
3981:
3972:
3963:
3954:
3945:
3933:. Retrieved
3918:
3906:. Retrieved
3891:
3879:. Retrieved
3859:
3847:. Retrieved
3827:
3814:
3801:
3788:
3776:. Retrieved
3772:the original
3762:
3750:. Retrieved
3735:
3723:. Retrieved
3714:
3705:
3695:12 September
3693:. Retrieved
3684:
3674:
3664:13 September
3662:. Retrieved
3653:
3643:
3633:12 September
3631:. Retrieved
3626:the original
3620:
3597:12 September
3595:. Retrieved
3586:
3553:
3523:
3499:. Retrieved
3490:
3480:
3468:. Retrieved
3448:
3436:. Retrieved
3433:Investopedia
3432:
3423:
3413:28 September
3411:. Retrieved
3400:
3391:
3379:. Retrieved
3365:
3353:. Retrieved
3336:
3332:
3322:
3310:. Retrieved
3301:
3292:
3272:
3265:
3245:
3238:
3226:. Retrieved
3217:
3207:
3189:
3163:. Retrieved
3156:the original
3143:
3125:
3107:
3089:
3025:James Chanos
3012:
2997:
2990:
2970:
2966:
2957:Commentator
2956:
2948:James Chanos
2946:Shortseller
2945:
2936:Seth Klarman
2933:
2925:
2880:
2871:
2859:bucket shops
2855:penny stocks
2840:
2821:
2807:
2797:
2794:
2773:
2741:market maker
2731:
2716:
2707:
2692:Please help
2680:
2645:
2632:
2620:
2616:
2610:
2600:
2592:
2590:
2569:
2565:
2564:
2549:
2540:
2530:
2523:
2516:
2509:
2497:
2485:Please help
2480:verification
2477:
2450:
2445:Indian rupee
2442:
2438:
2435:
2431:
2422:
2415:
2406:
2391:
2382:
2367:Please help
2355:
2332:
2328:
2323:
2319:prime broker
2310:
2308:
2299:
2292:
2285:
2282:
2267:
2258:
2243:Please help
2231:
2198:
2196:
2181:
2174:
2170:
2067:Krispy Kreme
2061:
2060:
2054:
2053:
2047:
2043:
2042:
2029:
2015:
2013:
1984:counterparty
1975:
1972:
1955:
1943:
1933:
1926:
1921:
1918:
1914:
1907:
1905:
1893:
1878:
1872:January 2019
1869:
1858:Please help
1853:verification
1850:
1821:
1814:
1794:
1770:
1758:
1755:
1720:
1715:
1712:Jacob Little
1703:
1701:
1685:George Soros
1673:
1657:
1637:
1611:
1577:
1569:
1562:
1557:
1553:
1549:
1542:
1389:
1318:Money supply
1303:Full-reserve
1288:Central bank
1148:Student loan
1123: /
1035:Transactions
846:Time deposit
732:Participants
661:Asset growth
592:
577:
562:
558:counterparty
546:
540:, such as a
523:
498:
494:
492:
488:short seller
487:
477:market value
464:
458:
248:
113:Stock market
29:
6251:Hedge funds
6014:Derivatives
6009:Commodities
5964:Day trading
5874:Directional
5773:Hedge funds
5716:Uptick rule
5696:Stock split
5676:Squeeze-out
5671:Speculation
5616:Open outcry
5505:Block trade
5437:Pairs trade
4762:"TheStreet"
4633:(1991), by
4498:26 February
4467:26 February
4028:. Irs.gov.
3900:. Law.com.
3881:25 December
3849:25 December
2971:Fubarnomics
2963:uptick rule
2903:Netherlands
2899:Switzerland
2891:John McFall
2832:uptick rule
2813:Regulations
2750:credit risk
2624:Daniel Drew
2607:margin call
2062:Borrow cost
1815:During the
1771:During the
1759:During the
1747:market risk
1727:uptick rule
1714:, known as
856:Credit line
818:Instruments
713:Real estate
676:Derivatives
580:Speculators
549:stockbroker
382:Derivatives
269:Mutual fund
138:Spot market
6286:Categories
6206:Governance
5780:Investment
5721:Volatility
5701:Stock swap
5621:Order book
5372:strategies
5298:Book value
5166:Arbitrager
5161:Speculator
4723:28 January
4354:9 November
3805:SunGard's
3345:1811/78357
3312:22 January
3228:28 January
2959:Jim Cramer
2912:volatility
2710:April 2018
2651:Strategies
2594:stop order
2543:April 2009
2513:newspapers
2385:April 2018
2261:April 2018
1830:See also:
1753:was born.
1751:hedge fund
1749:, and the
1739:Depression
1578:Shares in
1556:or simply
1386:Regulation
1190:Operations
1143:Retirement
982:Accounting
866:Derivative
773:Speculator
605:Part of a
505:such as a
289:Index fund
284:Hedge fund
214:Pfandbrief
88:Derivative
66:Securities
48:Securities
18:Short sale
6140:Investors
5790:Arbitrage
5337:Fed model
5332:EV/EBITDA
5247:Dark pool
5178:Regulator
5023:Types of
4989:Types of
4863:arXiv.org
4508:cite news
4457:157725706
4449:1467-629X
4259:4 January
3955:ScotTrade
3818:SunGard.
3654:Bloomberg
3081:Citations
2826:gave the
2770:Arbitrage
2764:Arbitrage
2681:does not
2356:does not
2232:does not
1988:custodian
1826:Mechanism
1702:The term
1448:Recession
1409:ISO 31000
1092:Tax haven
966:Corporate
881:Insurance
876:Indemnity
782:Locations
671:Commodity
567:that are
473:investing
83:Debenture
5782:strategy
5666:Slippage
5626:Position
5611:Momentum
5515:Dividend
5194:Exchange
5151:Investor
4856:Archived
4832:Finance.
4803:9 August
4697:9 August
4605:Archived
4552:Archived
4492:Archived
4461:Archived
4402:Archived
4253:Archived
4249:BBC News
4229:11 March
4146:Archived
4059:Archived
4030:Archived
4004:Archived
3929:Archived
3902:Archived
3872:Archived
3840:Archived
3792:NASDAQ.
3752:30 March
3746:Archived
3744:. CNBC.
3725:30 March
3719:Archived
3689:Archived
3658:Archived
3591:Archived
3495:Archived
3491:New York
3461:Archived
3407:Archived
3375:Archived
3349:Archived
3306:Archived
3222:Archived
3197:Archived
3175:cite web
3133:Archived
3115:Archived
3097:Archived
3075:Straddle
3002:See also
2428:Currency
2177:dividend
2154:Barclays
2136:Citibank
2130:ABN AMRO
2076:dividend
1603:lender).
1565:fungible
1558:covering
1224:Taxation
1114:Personal
1067:Taxation
942:Security
896:Mortgage
756:Investor
569:fungible
519:dividend
503:security
484:position
463:, being
73:Banknote
6002:Markets
5993:Related
5952:Trading
5555:Haircut
5359:T-model
5171:Scalper
4991:markets
4822:(LIBA).
4488:Reuters
4398:Reuters
3973:Barrons
3685:Reuters
3438:31 July
3402:Reuters
2986:bubbles
2979:ex ante
2907:Belgium
2702:removed
2687:sources
2656:Hedging
2611:legally
2527:scholar
2453:futures
2377:removed
2362:sources
2337:Markets
2317:with a
2253:removed
2238:sources
2048:legally
2016:legally
1956:legally
1944:legally
1938:or the
1801:Germany
1654:History
1644:options
1640:futures
1476:Outline
1280:Banking
1244:balance
1242: (
974:General
906: (
861:Deposit
681:Domains
633:Markets
615:Finance
598:Concept
461:finance
409:Warrant
394:Futures
389:Forward
344:Tranche
106:Markets
6074:Greeks
6019:Equity
5576:Margin
5444:(PMPT)
5306:(CAPM)
5156:Hedger
5129:Trader
5102:Broker
5025:stocks
4920:
4905:
4890:
4842:Italy.
4793:Forbes
4772:24 May
4746:24 May
4666:24 May
4641:
4614:24 May
4548:281514
4546:
4455:
4447:
4408:2 July
4375:Forbes
4321:24 May
4204:
4177:
4123:
4096:
4036:24 May
4010:24 May
3996:
3935:24 May
3908:10 May
3778:24 May
3561:
3531:
3501:24 May
3470:24 May
3381:24 May
3280:
3253:
3165:5 July
3045:Margin
2628:margin
2529:
2522:
2515:
2508:
2500:
2199:locate
2148:UBS AG
2124:Fortis
2021:130/30
1980:settle
1940:NASDAQ
1929:margin
1909:locate
1896:broker
1805:France
1646:, and
1629:fees).
1388:
1240:Budget
1164:Public
1121:Credit
1078:(BEPS)
913:exotic
904:Option
768:Retail
686:Equity
642:Assets
607:series
573:liquid
553:margin
471:means
467:in an
399:Option
6117:Short
6107:Hedge
6088:alpha
5995:terms
5919:Other
5731:Yield
5706:Trade
5641:Rally
5562:(IPO)
5450:(RMH)
5423:(MPT)
5402:(EMH)
5355:(SML)
5344:(NAV)
5318:(DDM)
5312:(CML)
5283:(APT)
5276:Alpha
5243:(STP)
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