FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2930530441> ?p ?o ?g. }

• W2930530441 abstract "Just as market regulators around the world adopt a more rigorous attitude towards short selling and margin trading, Chinese authorities at its first time approve trades on margin in the domestic stock market. With this introduction event, we conduct three empirical studies regarding short selling and margin trading in the A-share market. The first study examines the impact of the dual introduction on feedback trading behaviour and stock volatility dynamics of the underlying stocks. With a combination of the heterogeneous trader model and GARCH-type models, we highlight the conditional nature of return persistence stemming from feedback trading behaviour. Our findings indicate that the introduction of short selling and margin trading contribute to a moderated level of unconditional positive autocorrelation and conditional positive feedback trading. Besides, no evidence shows that the two mechanisms destabilise the stock market by increasing the volatility persistence in stock returns. Rather, the two mechanisms support the informational efficiency and contribute to the stabilisation of the stock market.With more precise data of each mechanism’s trading activity, the second study investigates the different impacts of short selling and margin trading on the degree of feedback trading and returns volatility at three levels, the individual stock level, the portfolio level, and the market level. Also, we study the impact differences between the trading activity of retail margin investors and that conducted by institutional margin investors. Our results indicate that neither short-selling activity nor margin-trading activity increases positive feedback trading among studied stocks. However, an increasing impact of short selling on negative feedback trading is observed. The strategy of negative feedback trading adopted by short sellers is not conducive to market stability since it does not involve evaluation of a security’s intrinsic value. We also find that margin-trading activity has a significant increasing impact on the level of volatility, while short-selling activity has a slightly decreasing impact. Besides, it reveals that retail investors who have a lower level of financial literacy are more prone to feedback trading strategies. During the stable and booming periods, trades on margin conducted by institutional investors are positively related to a lower level of returns volatility. During the bearish and crash periods, the participation of retail margin investors leads to a higher level of negative feedback trading.Our third study estimates the determinants of short selling and margin trading respectively with panel regressions of a hierarchical approach. We argue that short-selling (or margin-trading) activity is a function of various factors at both the firm and market level. Taking together with control variables, the firm-level factors considered include past short-selling/margin-trading activity, past stock returns, stock returns volatility, financial ratios, ex-dividend date event, industry classification, insider trading event, stock analyst recommendations, block trading event, whereas the market-level factors include past market performance and investor sentiment. We find that short-selling activity is significantly related to past short-selling activity (+), past stock returns (+), historical volatility (-), EPS (-), financial industry stocks (+), insider sale (+), analyst upgrade (+), block plus-tick order (+), past market performance (+) and CCI (-). While margin-trading activity is decided by past margin-trading activity (+), past stock returns (+), historical volatility (-), EPS (+), ex-dividend date event (-), financial stocks (+), insider purchase (+), analyst upgrade (-), block plus-tick order (+), past market performance (+) and market turnover (+). These results provide crucial insights into the nature of information advantages that lead to abnormal returns earned by short sellers and margin traders." @default.
• W2930530441 created "2019-04-11" @default.
• W2930530441 creator A5073451438 @default.
• W2930530441 date "2018-01-01" @default.
• W2930530441 modified "2023-09-27" @default.
• W2930530441 title "Short Selling and Margin Trading in the Chinese Stock Market" @default.
• W2930530441 hasPublicationYear "2018" @default.
• W2930530441 type Work @default.
• W2930530441 sameAs 2930530441 @default.
• W2930530441 citedByCount "0" @default.
• W2930530441 crossrefType "dissertation" @default.
• W2930530441 hasAuthorship W2930530441A5073451438 @default.
• W2930530441 hasConcept C106159729 @default.
• W2930530441 hasConcept C119857082 @default.
• W2930530441 hasConcept C127413603 @default.
• W2930530441 hasConcept C131562839 @default.
• W2930530441 hasConcept C144133560 @default.
• W2930530441 hasConcept C151730666 @default.
• W2930530441 hasConcept C162324750 @default.
• W2930530441 hasConcept C172428447 @default.
• W2930530441 hasConcept C204036174 @default.
• W2930530441 hasConcept C23922673 @default.
• W2930530441 hasConcept C2780299701 @default.
• W2930530441 hasConcept C2780762169 @default.
• W2930530441 hasConcept C2780821815 @default.
• W2930530441 hasConcept C41008148 @default.
• W2930530441 hasConcept C556758197 @default.
• W2930530441 hasConcept C774472 @default.
• W2930530441 hasConcept C78508483 @default.
• W2930530441 hasConcept C78519656 @default.
• W2930530441 hasConcept C86803240 @default.
• W2930530441 hasConcept C91602232 @default.
• W2930530441 hasConceptScore W2930530441C106159729 @default.
• W2930530441 hasConceptScore W2930530441C119857082 @default.
• W2930530441 hasConceptScore W2930530441C127413603 @default.
• W2930530441 hasConceptScore W2930530441C131562839 @default.
• W2930530441 hasConceptScore W2930530441C144133560 @default.
• W2930530441 hasConceptScore W2930530441C151730666 @default.
• W2930530441 hasConceptScore W2930530441C162324750 @default.
• W2930530441 hasConceptScore W2930530441C172428447 @default.
• W2930530441 hasConceptScore W2930530441C204036174 @default.
• W2930530441 hasConceptScore W2930530441C23922673 @default.
• W2930530441 hasConceptScore W2930530441C2780299701 @default.
• W2930530441 hasConceptScore W2930530441C2780762169 @default.
• W2930530441 hasConceptScore W2930530441C2780821815 @default.
• W2930530441 hasConceptScore W2930530441C41008148 @default.
• W2930530441 hasConceptScore W2930530441C556758197 @default.
• W2930530441 hasConceptScore W2930530441C774472 @default.
• W2930530441 hasConceptScore W2930530441C78508483 @default.
• W2930530441 hasConceptScore W2930530441C78519656 @default.
• W2930530441 hasConceptScore W2930530441C86803240 @default.
• W2930530441 hasConceptScore W2930530441C91602232 @default.
• W2930530441 hasLocation W29305304411 @default.
• W2930530441 hasOpenAccess W2930530441 @default.
• W2930530441 hasPrimaryLocation W29305304411 @default.
• W2930530441 hasRelatedWork W1784304379 @default.
• W2930530441 hasRelatedWork W1963895853 @default.
• W2930530441 hasRelatedWork W1971450855 @default.
• W2930530441 hasRelatedWork W1984424424 @default.
• W2930530441 hasRelatedWork W2145021153 @default.
• W2930530441 hasRelatedWork W2188372953 @default.
• W2930530441 hasRelatedWork W2321664582 @default.
• W2930530441 hasRelatedWork W2351051234 @default.
• W2930530441 hasRelatedWork W2353667290 @default.
• W2930530441 hasRelatedWork W2356639956 @default.
• W2930530441 hasRelatedWork W2358728402 @default.
• W2930530441 hasRelatedWork W2385457072 @default.
• W2930530441 hasRelatedWork W2388831620 @default.
• W2930530441 hasRelatedWork W2765852683 @default.
• W2930530441 hasRelatedWork W2796714261 @default.
• W2930530441 hasRelatedWork W2888240260 @default.
• W2930530441 hasRelatedWork W2949755800 @default.
• W2930530441 hasRelatedWork W2953750298 @default.
• W2930530441 hasRelatedWork W3122986119 @default.
• W2930530441 hasRelatedWork W3123951935 @default.
• W2930530441 isParatext "false" @default.
• W2930530441 isRetracted "false" @default.
• W2930530441 magId "2930530441" @default.
• W2930530441 workType "dissertation" @default.