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Short Selling: Strategies, Risks, and Rewards

Frank J. Fabozzi (Editor), Cliff Asness (Foreword by)
ISBN: 978-0-471-66020-0
416 pages
October 2004
Short Selling: Strategies, Risks, and Rewards (0471660205) cover image
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.
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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.

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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.
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