Bây giờ chúng ta đã cung cấp một nền tảng khái niệm về đặc điểm tài chính của người sáng tạo giàu có, chúng ta có thể sử dụng mô hình sự giàu có để đạt được cái nhìn sâu sắc vào các đặc điểm tài chính của tàu khu trục của cải. Không có gì đáng ngạc nhiên, | Short Sales in Global Perspective 327 practices. In our previous work cited above we tested the proposition that short sales restrictions made markets less informationally efficient and we also tested whether markets with short sales restrictions were less prone to precipitous price declines. We found positive evidence on both of these questions. In this chapter we turn to broader questions about the effects of short sales restrictions on global investing and international capital flows. Exhibit summarizes our information about short sales regulations and practice. Out of the 59 countries in the GNM dataset we exclude the countries for which we could not find individual firm stock price data. This leaves a sample of 47 countries. In 35 of these short selling was allowed as of December 2001 the final date of our sample period. In 12 of these 47 short sales were prohibited for the entire sample period of January 1990 to December 2001. In 12 of the 35 countries where short sales are currently allowed restrictions existed in 1990 but were lifted at some point within the sample period. These countries are Chile Hong Kong Hungary Malaysia New Zealand Norway Philippines Poland Spain Sweden Thailand and Turkey. In three cases Malaysia Hong Kong and Thailand restrictions on short selling were removed and later re-enacted 3 In Malaysia the Securities Commission issued in December 1995 the Guidelines on Securities Borrowing and Lending and the Securities Industry Act of 1993 was amended to allow short sales. The regulatory changes came into force on March 7 1996 and allowed the local exchange the Kuala Lumpur Stock Exchange to enact short selling rules. With that regulated short selling commenced on September 30 1996. However in August 28 1997 and in the onset of the Asian financial crises these activities were suspended as interim measures to prevent excessive volatility in the markets. In February 2001 the Securities Commission launched a plan the Capital .
