The Relevance of Short Sales to the Maltese Stock Market

This file is part of IDEAS, which uses RePEc data

The Relevance of Short Sales to the Maltese Stock Market

Author Info

Paul V. Azzopardi (Azzopardi Investment Management Ltd.)
Silvio John Camilleri (Banking & Finance Dept., FEMA, University of Malta)

Additional information is available for the following registered author(s):

Silvio John Camilleri

Abstract

The paper discusses the possible effects of short sales on the operation of a very small stock market such as the Maltese one. After studying the basic mechanics of short selling procedures, the paper reviews the salient literature with particular reference to how short sales may enhance informational efficiency and their relationship with liquidity. The paper proceeds by examining these relationships in the context of the Maltese securities market. The study reveals that short sales may be desirable on the Maltese stock market for enhancing price efficiency and liquidity, yet a more formal framework for conducting such transactions is required. In addition, short positions may be particularly risky in the context of the Maltese stock market, due to low liquidity levels.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

Publisher Info
Paper provided by EconWPA in its series Finance with number 0409009.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 17 pages
Date of creation: 07 Sep 2004
Date of revision:
Handle: RePEc:wpa:wuwpfi:0409009

Note: Type of Document - pdf; pages: 17
Contact details of provider:
Web page: http://129.3.20.41

For technical questions regarding this item, or to correct its listing, contact: (EconWPA).

Other versions of this item:

Find related papers by JEL classification:
G - Financial Economics

This paper has been announced in the following NEP Reports:

NEP-FIN-2004-09-12 (Finance)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Kyriacou, Kyriacos & Mase, Bryan, 2000. "Rolling Settlement and Market Liquidity," Applied Economics, Taylor and Francis Journals, vol. 32(8), pages 1029-36, June. [Downloadable!] (restricted)
Elfakhani, Said, 2000. "Short Positions, Size Effect, and the Liquidity Hypothesis: Implications for Stock Performance," Applied Financial Economics, Taylor and Francis Journals, vol. 10(1), pages 105-16, February. [Downloadable!] (restricted)
Figlewski, Stephen & Webb, Gwendolyn P, 1993. " Options, Short Sales, and Market Completeness," Journal of Finance, American Finance Association, vol. 48(2), pages 761-77, June. [Downloadable!] (restricted)

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Silvio John Camilleri, 2005. "Can a Stock Index be Less Efficient than Underlying Shares? An Analysis Using Malta Stock Exchange Data," Finance 0507006, EconWPA. [Downloadable!]

Statistics

Access and download statistics

Did you know? Authors can create their own profile with links to their works on the RePEc Author Service.

This page was last updated on 2009-10-20.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.