Short-sales constraints and stock return asymmetry: evidence from the Chinese stock markets

• Autores: C. James Hueng
• Localización: Applied financial economics, ISSN 0960-3107, Vol. 16, Nº. 10, 2006, págs. 707-716
• Idioma: inglés
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• Resumen

  • The difficulty of short-selling stocks in the Chinese markets conforms to the assumption of the �Differences-of-Opinion� theory and therefore, provides an empirical framework for testing the theory. The results show evidence supporting the theory: heavier trading predicts a more negatively skewed return.