Handbook of Short Selling

1st Edition

Hardcover ISBN: 9780123877246
eBook ISBN: 9780123877253
Imprint: Academic Press
Published Date: 28th September 2011
Page Count: 624
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Description

This comprehensive examination of short selling, which is a bet on stocks declining in value, explores the ways that this strategy drives financial markets. Its focus on short selling by region, its consideration of the history and regulations of short selling, and its mixture of industry and academic perspectives clarify the uses of short selling and dispel notions of its destructive implications. With contributions from around the world, this volume sheds new light on the ways short selling uncovers market forces and can yield profitable trades.

Key Features

  • Combines academic and professional research on short selling in all major financial markets
  • Emphasizes details about strategies, implementations, regulation, and tax advantages
  • Chapters provide summaries for readers who want up-to-date maps of subject landscapes

Readership

  • Primary: Academics worldwide working in subjects connected with trading, risk management, financial modeling, financial regulation, and financial economics in general.
  • Secondary: Professionals working in trading, risk management, financial modeling, financial regulation, and financial economics.
  • Table of Contents

    Preface

    Acknowledgments

    About the Editor

    Contributor Bios

    Chapter 1. Short Sales and Financial Innovation

    1.1. Introduction

    1.2. Markets with Short Sales

    1.3. Gains from Trade

    1.4. Social Diversity, Volatility, and Default

    1.5. Financial Innovation Creates Systemic Risks of Widespread Defaults

    1.6. Introducing Graduated Reserves

    1.7. Graduated Reserves Restore Stability and Prevent Default

    1.8. Conclusion

    Chapter 2. The Goldman Sachs Swaps Shop

    2.1. Introduction

    2.2. “Weapons of Mass Financial Destruction”

    2.3. Key Sources of Relevant U.S. Securities Law

    2.4. SEC v. Goldman Sachs & Co., et al.—The Complaint

    2.5. Vampyroteuthis Infernalis—Collateral Consequences

    2.6. Conclusion

    Chapter 3. Off-Shore Short Sales after Morrison

    3.1. Introduction

    3.2. Goldman and Paulson Enter into a Marriage of Convenience

    3.3. The Securities and Exchange Commission Charges Goldman and Tourre with Securities Fraud in Connection with ABACUS Structuring and Marketing

    3.4. Climax: Dodd–Frank Affords the Securities and Exchange Commission Extraterritorial Jurisdiction

    3.5. Conclusion—Tourre and His Cohorts Celebrate a Pyrrhic Victory

    Chapter 4. Regulating Short Sales in the 21st Century

    4.1. Introduction

    4.2. U.S. Short Sale Regulation Background

    4.3. Current Securities and Exchange Commission Regulation of Short Selling Activity

    4.4. Conclusion

    Chapter 5. Evolution of Short Selling Regulations and Trading Practices

    5.1. Introduction

    5.2. Literature Review

    5.3. Historical Background on Short Selling

    5.4. Short Selling and Financial Crisis

    5.5. A Detailed Analysis of Short Selling in Recent Times

    5.6. Conclusion

    Chapter 6. Financing Techniques for Short Sel

    Details

    No. of pages:
    624
    Language:
    English
    Copyright:
    © Academic Press 2012
    Published:
    Imprint:
    Academic Press
    eBook ISBN:
    9780123877253
    Hardcover ISBN:
    9780123877246
    Paperback ISBN:
    9780128103586

    Reviews

    "The global financial crisis triggered a debate about pros and cons of trading practices such as short selling and required policy responses. This is precisely the theme of this work. It has been well chosen and exhaustively analyzed, making this book a mandatory reading for anybody with an interest or responsibilities in the microstructure of financial markets."

    --Marco Rossi, Senior Economist, International Monetary Fund

     

    "This book is a very timely and extremely useful guide to the subtle and often difficult issues involved in short selling - a subject that is more relevant than ever since the financial crisis. It is written by many experts and covers by its manyfold chapters all aspects of short selling from different international points of view. It will surely lead to many new insights."

    --Carsten S. Wehn, Head of Risk Modelling, DekaBank, Germany

     

    "Short selling so far has been an investment technique that was wildly misunderstood by politicians, academics and practitioners alike. This book with 39 chapters written by leading academics and practitioners represents the ultimate resource for everyone who wants to really understand the concept. The Handbook of Short Selling covers regulation and best practices in various countries, the effect of short-selling bans throughout the financial crisis, as well as the diversification benefits of the addition of short sellers to a traditional investment portfolio."

    --Dieter Kaiser, Director of Investment Management, Feri Institutional Advisors GmbH

    "Many people are discussing the role and the effects of short selling in the (current) financial crisis, but these experts contributing to the 'Handbook of Short Selling' really know what they are talking about. The Handbook is a must read for every participant in the capital markets."

    --Christian Hoppe, Commerzbank AG, Frankfurt am Main

     

     "Short-sell