Broker and Institutional Investor Short Selling

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aut.relation.journalAccounting and Finance
dc.contributor.authorMarshall, BR
dc.contributor.authorNguyen, NH
dc.contributor.authorVisaltanachoti, N
dc.contributor.authorZhu, J
dc.date.accessioned2024-10-02T03:50:03Z
dc.date.available2024-10-02T03:50:03Z
dc.date.issued2024-09-20
dc.description.abstractBrokers have access to order-flow data, which they can use to enhance their short-selling returns. However, New Zealand brokers also have a fiduciary duty to place their clients' interests before their own. We compare the short-selling returns and trading behaviours of brokers and institutional investors who predominantly focus on profit-making. Our results show no significant return difference between broker and institutional short sales and indicate that broker short sales are apparently to stabilise the market. Short selling is associated with improved market quality, and this improvement is more pronounced when brokers short sell more than institutional investors.
dc.identifier.citationAccounting and Finance, ISSN: 0810-5391 (Print); 1467-629X (Online), Wiley. doi: 10.1111/acfi.13339
dc.identifier.doi10.1111/acfi.13339
dc.identifier.issn0810-5391
dc.identifier.issn1467-629X
dc.identifier.urihttp://hdl.handle.net/10292/18091
dc.languageen
dc.publisherWiley
dc.relation.urihttps://onlinelibrary.wiley.com/doi/10.1111/acfi.13339
dc.rights© 2024 The Author(s). Accounting & Finance published by John Wiley & Sons Australia, Ltd on behalf of Accounting and Finance Association of Australia and New Zealand. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.
dc.rights.accessrightsOpenAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subject38 Economics
dc.subject3502 Banking, Finance and Investment
dc.subject3801 Applied Economics
dc.subject35 Commerce, Management, Tourism and Services
dc.subject1402 Applied Economics
dc.subject1501 Accounting, Auditing and Accountability
dc.subject1502 Banking, Finance and Investment
dc.subjectAccounting
dc.subject3501 Accounting, auditing and accountability
dc.subject3502 Banking, finance and investment
dc.subject3801 Applied economics
dc.titleBroker and Institutional Investor Short Selling
dc.typeJournal Article
pubs.elements-id570492
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