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- W2891057104 abstract "Historically, option market makers were exempt from borrowing shares when short selling which allowed them to hedge their exposure in hard-to-borrow stocks. As a result, options were not redundant securities -- they allowed traders to circumvent short-sale constraints. Regulators removed this exemption in 2008 and in 2013 they prohibited a workaround using 'reverse conversions'. These regulatory changes eliminated the shadow supply of hard-to-borrow shares provided by options; we find that these changes increased the redundancy of option securities and caused a significant increase in equity loan fees. Consequently, market quality has deteriorated: price efficiency is lower and stocks are more overpriced." @default.
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- W2891057104 date "2018-01-01" @default.
- W2891057104 modified "2023-09-23" @default.
- W2891057104 title "Stock Options, Stock Loans, and the Law of One Price" @default.
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- W2891057104 doi "https://doi.org/10.2139/ssrn.3087563" @default.
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