Arbeitspapier
Short-selling restrictions, strategic stock holdings and index futures markets in Finland
The goal of the paper is to rationalize the observed persistent underpricing in the Finnish stock index futures market.It is shown that under a binding short-selling restriction on stocks the observed futures "underpricing" can be a result of strategic motives of the Finnish industrial and financial groups to hold large amounts of stocks, which implies a net futures demand for hedging part of the financial risk brought in by these strategic holdings."Underpricing" can also emerge under short-selling restrictions, if strategic investors are better informed than other traders.Two main empirical implications of the model - a negative relationship between the futures basis and stock index volatility and a positive relationship between the basis and private information signals received by informed investors - are supported by the Finnish data from May 1988 to December 1990.
- ISBN
-
951-686-419-8
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Finland Discussion Papers ; No. 19/1994
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hietala, Pekka
Jokivuolle, Esa
Koskinen, Yrjö
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Finland
- (wo)
-
Helsinki
- (wann)
-
1994
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Hietala, Pekka
- Jokivuolle, Esa
- Koskinen, Yrjö
- Bank of Finland
Entstanden
- 1994
Ähnliche Objekte (12)
Legal restrictions on portfolio holdings: Some empirical results
Splitting the Disposition Effect : Asymmetric Reactions Towards “Selling Winners” and “Holding Losers”
Applying economic restrictions to foreign exchange rate dynamics: spot rates, futures, and options
Who should hold bail-inable debt and how can regulators police holding restrictions effectively?
Who should hold bail-inable debt and how can regulators police holding restrictions effectively?
Agreement restrictions
Der Delphinverkäufer : Erfolgs-Selling statt Power-Selling
Eduard Selling
Selling, Martin
Lean selling
Selling, Karl
Selling, Otto
Legal restrictions on portfolio holdings: Some empirical results
Splitting the Disposition Effect : Asymmetric Reactions Towards “Selling Winners” and “Holding Losers”
Applying economic restrictions to foreign exchange rate dynamics: spot rates, futures, and options
Who should hold bail-inable debt and how can regulators police holding restrictions effectively?
Who should hold bail-inable debt and how can regulators police holding restrictions effectively?
Agreement restrictions
Der Delphinverkäufer : Erfolgs-Selling statt Power-Selling
Eduard Selling
Selling, Martin
Lean selling
Selling, Karl
Selling, Otto
Legal restrictions on portfolio holdings: Some empirical results
Splitting the Disposition Effect : Asymmetric Reactions Towards “Selling Winners” and “Holding Losers”
Applying economic restrictions to foreign exchange rate dynamics: spot rates, futures, and options
Who should hold bail-inable debt and how can regulators police holding restrictions effectively?
Who should hold bail-inable debt and how can regulators police holding restrictions effectively?
Agreement restrictions
Der Delphinverkäufer : Erfolgs-Selling statt Power-Selling
Eduard Selling
Selling, Martin
Lean selling
Selling, Karl