Short-sales constraints and stock return asymmetry: evidence from the Chinese stock markets
The difficulty of short-selling stocks in the Chinese markets conforms to the assumption of the 'Differences-of-Opinion' theory and therefore, provides an empirical framework for testing the theory. The results show evidence supporting the theory: heavier trading predicts a more negatively skewed return.
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Volume (Year): 16 (2006)
Issue (Month): 10 ()
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