The Consequences of Short-Sale Constraints on the Stability of Financial Markets
Gevorg Hunanyan develops a model that provides a comprehensive theoretical framework to study the consequences of short-sale constraints on the stability of financial markets. This model shows that overpricing of securities is solely attributable to the s
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Gevorg Hunanyan
The Consequences of Short-Sale Constraints on the Stability of Financial Markets
Finanzwirtschaft, Banken und Bankmanagement | Finance, Banks and Bank Management Reihe herausgegeben von Axel Wieandt, Königstein, Deutschland Sebastian C. Moenninghoff, Vallendar, Deutschland
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Gevorg Hunanyan
The Consequences of Short-Sale Constraints on the Stability of Financial Markets With a foreword by Hon.-Prof. Dr. Axel Wieandt and Dr. Sebastian Moenninghoff
Gevorg Hunanyan Technical University Kaiserslautern Kaiserslautern, Germany Dissertation Technische Universität Kaiserslautern, Germany, 2019 D 386
ISSN 2524-6429 ISSN 2524-6437 (electronic) Finanzwirtschaft, Banken und Bankmanagement | Finance, Banks and Bank Management ISBN 978-3-658-27955-4 ISBN 978-3-658-27956-1 (eBook) https://doi.org/10.1007/978-3-658-27956-1 Springer Gabler © Springer Fachmedien Wiesbaden GmbH, part of Springer Nature 2019 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer Gabler imprint is published by the registered company Springer Fachmedien Wiesbaden GmbH part of Springer Nature. The registered company address is: Abraham-Lincoln-Str. 46, 65189 Wiesbaden, Germany
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Foreword Gevorg Hunanyan’s thesis examines how restrictions on short-selling of securities impact investor behavior, market prices and financial stability. The analysis is based on
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