An analysis of over-the-counter and centralized stock lending markets
作者： Melissa Porras Prado , Zsuzsa R. Huszár
DOI: 10.1016/J.FINMAR.2018.10.004
关键词:
摘要: Abstract We provide new insights about centralized and OTC stock lending in the context of Tokyo Stock Exchange listed stocks from July 2006 to December 2009. find that not only demand drivers two markets are significantly different but also pricing efficiency implications alternative different. Specifically, we higher activity is associated with greater better liquidity. The benefits market on average less clear, when constrained, it shown relax short-sale constraints improve
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