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Finanzwirtschaft, Banken und Bankmanagement I Finance, Banks and Bank Management

The Consequences of Short-Sale Constraints on the Stability of Financial Markets

Authors: Hunanyan, Gevorg

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  • Publication in the field of economic theory

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eBook 59,49 €
price for Spain (gross)
  • ISBN 978-3-658-27956-1
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Softcover 72,79 €
price for Spain (gross)
  • ISBN 978-3-658-27955-4
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About this book

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 subjective second moment beliefs of investors. Thus, short-sale constraints prevent a market decline only if investors have low dispersion of beliefs, which in the model is embodied in the covariance matrix. Moreover, the author analyses the consequences of short-sale constraints on the investor’s portfolio selection, risk-taking behaviour as well as default probability. The author develops criteria that allow to analyse the effectiveness of short-sale constraints in reducing portfolio risk as well as default risk.

About the authors

Gevorg Hunanyan completed his doctoral dissertation under the supervision of Prof. Dr. Jan Wenzelburger at the Technische Universität Kaiserslautern at the Chair of Macroeconomics.

Table of contents (6 chapters)

Table of contents (6 chapters)

Buy this book

eBook 59,49 €
price for Spain (gross)
  • ISBN 978-3-658-27956-1
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover 72,79 €
price for Spain (gross)
  • ISBN 978-3-658-27955-4
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
  • The final prices may differ from the prices shown due to specifics of VAT rules
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Bibliographic Information

Bibliographic Information
Book Title
The Consequences of Short-Sale Constraints on the Stability of Financial Markets
Authors
Series Title
Finanzwirtschaft, Banken und Bankmanagement I Finance, Banks and Bank Management
Copyright
2019
Publisher
Gabler Verlag
Copyright Holder
Springer Fachmedien Wiesbaden GmbH, part of Springer Nature
eBook ISBN
978-3-658-27956-1
DOI
10.1007/978-3-658-27956-1
Softcover ISBN
978-3-658-27955-4
Series ISSN
2524-6429
Edition Number
1
Number of Pages
XV, 117
Number of Illustrations
24 b/w illustrations
Topics