Seminar Series

2023 - 2024

Speaker: Robert Kosowski (Imperial College).

Title: “The Double-Edged Sword of The 2020 European Short-Selling Bans”.

joint with P. Della Corte (Imperial College), D. Papadimitriou (King’s College) and R. Nikolaos (Imperial College)

Date: Thursday, June 20th at 12h30 (Paris Time).

Abstract: We study the effects of short-selling bans on liquidity and prices through the lens of a model that incorporates a regulator aiming at preventing a significant price decline. Empirically, we evaluate our model’s predictions by exploiting the introduction of short-sales restrictions in some but not all European countries during the COVID-19 pandemic, while measuring the share of informed stockholders with institutional ownership. Consistent with our model, bans were detrimental to market liquidity and failed to support average returns, but were effective in limiting large price drawdowns in countries that implemented short-selling bans, especially for stocks with low institutional ownership.

Here is a link to the speaker’s and the FEELab website:

https://profiles.imperial.ac.uk/r.kosowski

https://sites.google.com/view/feelabtbs/

You are cordially invited to participate in the following seminar of the FEELab, which will take place in Room 101, Bosco building.

For more information, please contact: Pierre Mella-Barral p.mella-barral@tbs-education.fr