An analysis of over-the-counter and centralized stock lending markets

Detalhes bibliográficos
Autor(a) principal: Huszár, Zsuzsa R.
Data de Publicação: 2019
Outros Autores: Prado, Melissa Porras
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://doi.org/10.1016/j.finmar.2018.10.004
Resumo: 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. We find that not only the demand drivers in the two markets are significantly different but also the pricing efficiency implications of the alternative markets are different. Specifically, we find that higher OTC stock lending activity is associated with greater pricing efficiency and better liquidity. The benefits of the centralized market on average is less clear, but when the OTC market is constrained, it is shown to relax short-sale constraints and improve liquidity.
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spelling An analysis of over-the-counter and centralized stock lending marketsPricing efficiencyShort sellingStock lendingFinanceEconomics and EconometricsWe provide new insights about centralized and OTC stock lending in the context of Tokyo Stock Exchange listed stocks from July 2006 to December 2009. We find that not only the demand drivers in the two markets are significantly different but also the pricing efficiency implications of the alternative markets are different. Specifically, we find that higher OTC stock lending activity is associated with greater pricing efficiency and better liquidity. The benefits of the centralized market on average is less clear, but when the OTC market is constrained, it is shown to relax short-sale constraints and improve liquidity.NOVA School of Business and Economics (NOVA SBE)RUNHuszár, Zsuzsa R.Prado, Melissa Porras2022-02-11T01:30:35Z2019-032019-03-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://doi.org/10.1016/j.finmar.2018.10.004eng1386-4181PURE: 6602349http://www.scopus.com/inward/record.url?scp=85056377235&partnerID=8YFLogxKhttps://doi.org/10.1016/j.finmar.2018.10.004info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:37:38Zoai:run.unl.pt:10362/84415Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:36:28.974857Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv An analysis of over-the-counter and centralized stock lending markets
title An analysis of over-the-counter and centralized stock lending markets
spellingShingle An analysis of over-the-counter and centralized stock lending markets
Huszár, Zsuzsa R.
Pricing efficiency
Short selling
Stock lending
Finance
Economics and Econometrics
title_short An analysis of over-the-counter and centralized stock lending markets
title_full An analysis of over-the-counter and centralized stock lending markets
title_fullStr An analysis of over-the-counter and centralized stock lending markets
title_full_unstemmed An analysis of over-the-counter and centralized stock lending markets
title_sort An analysis of over-the-counter and centralized stock lending markets
author Huszár, Zsuzsa R.
author_facet Huszár, Zsuzsa R.
Prado, Melissa Porras
author_role author
author2 Prado, Melissa Porras
author2_role author
dc.contributor.none.fl_str_mv NOVA School of Business and Economics (NOVA SBE)
RUN
dc.contributor.author.fl_str_mv Huszár, Zsuzsa R.
Prado, Melissa Porras
dc.subject.por.fl_str_mv Pricing efficiency
Short selling
Stock lending
Finance
Economics and Econometrics
topic Pricing efficiency
Short selling
Stock lending
Finance
Economics and Econometrics
description 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. We find that not only the demand drivers in the two markets are significantly different but also the pricing efficiency implications of the alternative markets are different. Specifically, we find that higher OTC stock lending activity is associated with greater pricing efficiency and better liquidity. The benefits of the centralized market on average is less clear, but when the OTC market is constrained, it is shown to relax short-sale constraints and improve liquidity.
publishDate 2019
dc.date.none.fl_str_mv 2019-03
2019-03-01T00:00:00Z
2022-02-11T01:30:35Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://doi.org/10.1016/j.finmar.2018.10.004
url https://doi.org/10.1016/j.finmar.2018.10.004
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 1386-4181
PURE: 6602349
http://www.scopus.com/inward/record.url?scp=85056377235&partnerID=8YFLogxK
https://doi.org/10.1016/j.finmar.2018.10.004
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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