Short Selling: Strategies, Risks, and Rewards

ISBN-13: 9780471660200 / Angielski / Twarda / 2004 / 432 str.

Cfa Frank J. Fabozzi; Clifford S. Asness

Opis

The latest theoretical and empirical evidence on short selling in the United States and throughout the world
To get the most success out of what the finance community regards as a risky business, short sellers need high-level information. The Theory and Practice of Short Selling offers managers and investors the information they need to maximize and enhance their short selling capabilities for bigger profits. Frank Fabozzi collects a group of market experts who share their knowledge on everything from the basics to the complex in the world of short sales, including mechanics of short selling, the empirical evidence on short-selling, the implications or restrictions on short selling for investment strategies, short-selling strategies pursued by institutional investors, and identifying short-selling candidates.
Frank J. Fabozzi, PhD, CFA (New Hope, PA), is the Frederick Frank Adjunct Professor of Finance at Yale University's School of Management and Editor of the Journal of Portfolio Management. He is the author or editor of over 100 books on finance and investing.

Spis treści

Foreword (Clifford S. Asness).

Preface.

About the Editor.

Contributing Authors.

CHAPTER 1: Introduction (Frank J. Fabozzi, Steven L. Jones, and Glen Larsen).

SECTION ONE: The Mechanics of Short Selling.

CHAPTER 2: Mechanics of the Equity Lending Market (Jeff Cohen, David Haushalter, and Adam V. Reed).

CHAPTER 3: Shorting Using Futures and Options (Frank J. Fabozzi).

CHAPTER 4: Is Selling ETFs Short a Financial Extreme Sport ? (Gary L. Gastineau).

SECTION TWO: Theory and Evidence on Short Selling.

CHAPTER 5: Restrictions on Short Selling and Exploitable Opportunities for Investors (Edward M. Miller).

CHAPTER 6: Implications of Short Selling and Divergence of Opinion for Investment Strategy (Edward M. Miller).

CHAPTER 7: Short Sale Constraints and Overpricing (Owen A. Lamont).

CHAPTER 8: How Short Selling Expands the Investment Opportunity Set and Improves Upon Potential Portfolio Efficiency (Steven L. Jones and Glen Larsen).

CHAPTER 9: The Information Content of Short Sales (Steven L. Jones and Glen Larsen).

SECTION THREE: Short Selling Strategies.

CHAPTER 10: Spotting Clues in Qs (Ron Gutfleish and Lee Atzil).

CHAPTER 11: The Economic Profit Approach to Short Selling (James A. Abate and James L. Grant).

CHAPTER 12: Long–Short Equity Portfolios (Bruce I. Jacobs and Kenneth N. Levy).

SECTION FOUR: Short Selling and Market Efficiency.

CHAPTER 13: Short Sales in Global Perspective (Arturo Bris, William N. Goetzmann, and Ning Zhu).

CHAPTER 14: Short Selling and Financial Puzzles (Edward M. Miller).

INDEX.

O autorze

FRANK J. FABOZZI, PhD, CFA, is the Frederick Frank Adjunct Professor of Finance at Yale University’s School of Management and Editor of the Journal of Portfolio Management. Frank is a Chartered Financial Analyst and Certified Public Accountant who has authored and edited many acclaimed books in finance. He earned a doctorate in economics from the City University of New York in 1972. He is a Fellow of the International Center for Finance at Yale University.

Blurb

Short selling is regarded as a risky business in the finance community. Yet, informed professionals recognize that short selling is an essential element of portfolio management. Clients who impose restrictions that prevent their managers from short selling will hamper them from maximizing their returns.

Short Selling offers managers and investors the information they need to benefit from pursuing a short selling strategy and the rationale for short selling even in a rising stock market. Financial expert Frank Fabozzi has collected a group of market experts who share their knowledge on everything from the basics to the complex in the world of short selling, including:

• The mechanics of short selling
• Empirical evidence on short selling
• The implications of restrictions on short selling for investment strategies
• Short selling strategies pursued by institutional investors
• Identifying short selling candidates

Filled with the latest theoretical and empirical evidence on short selling in the United States and throughout the world, Short Selling will increase your knowledge of this technique and enhance your financial performance in all market environments.