主要内容：Using the unique regulatory setting from the Hong Kong stock market with both shortable and no-short stocks, we document that no-short stocks on average earn significantly higher average returns than shortable stocks. Furthermore, stocks that comove more with the portfolio of no-short (shortable) stocks on average earn higher (lower) subsequent abnormal returns.
主讲人简介：Xiaoming Li graduated with a PhD from University of Strathclyde, and worked as a postdoctoral research fellow at University of Sheffield, before joining Massey University in 1997. Since then, he has taught economics at the undergraduate and postgraduate levels, and supervised/examined research reports, MBS theses and PhD theses from both within and outside Massey University. Li’s research interests straddle macroeconomics, financial economics, international economics/finance and Chinese economy. He has published extensively in journals, books and international conferences, has received several prestigious awards/prizes/grants, and has served as a reviewer for many economics/finance journals and on several editorial boards.