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http://ssrn.com/abstract=1441236
 
 

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Emergency Short Selling Restrictions in the Course of the Financial Crisis


Seraina N. Gruenewald


University of Zurich - Rechtswissenschaftliches Institut (School of Law)

Alexander F. Wagner


University of Zurich - Department of Banking and Finance; Swiss Finance Institute; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI)

Rolf H. Weber


University of Zurich - Faculty of Law

June 22, 2010


Abstract:     
This paper summarizes the short selling restrictions adopted - mainly on an emergency basis - in the time period of July 2008 up to mid-June 2010 in 56 countries around the world. It is a supplement to a recent article of the authors (Gruenewald et al., 2010) and gives a detailed overview of the regulators’ short-term measures ranging from complete short selling bans to extra disclosure obligations for short sellers. The overview includes the measures’ time frame, type and exceptions as well as information on the targeted firms. Although not all countries have implemented short selling restrictions, their impact is massive: Approximately 80% of the December 2008 stock market capitalizations of the countries in our sample were directly or indirectly affected by some emergency short selling restriction.

Number of Pages in PDF File: 18

Keywords: short selling, regulation, market abuse, market efficiency, financial crisis

JEL Classification: G01, G28

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Date posted: August 1, 2009 ; Last revised: June 23, 2010

Suggested Citation

Gruenewald, Seraina N. and Wagner, Alexander F. and Weber, Rolf H., Emergency Short Selling Restrictions in the Course of the Financial Crisis (June 22, 2010). Available at SSRN: http://ssrn.com/abstract=1441236 or http://dx.doi.org/10.2139/ssrn.1441236

Contact Information

Seraina Neva Gruenewald
University of Zurich - Rechtswissenschaftliches Institut (School of Law) ( email )
Raemistrasse 74/38
CH-8001 Zurich
Switzerland
Alexander F. Wagner (Contact Author)
University of Zurich - Department of Banking and Finance ( email )
Plattenstrasse 14
Zürich, 8032
Switzerland
+41 44 634 3963 (Phone)
Swiss Finance Institute ( email )
c/o University of Geneve
40, Bd du Pont-d'Arve
1211 Geneva, CH-6900
Switzerland
HOME PAGE: http://www.alex-wagner.com

Centre for Economic Policy Research (CEPR) ( email )
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
European Corporate Governance Institute (ECGI) ( email )
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
Rolf H. Weber
University of Zurich - Faculty of Law ( email )
Universität Zürich
Rämistrasse 74 / 57
Zürich, CH-8001
Switzerland
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