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Arbitrage and short selling: a political economy approach
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Robotti, Paola Giovanna, 1969- (2006) Arbitrage and short selling: a political economy approach. Working Paper. Coventry: University of Warwick. Centre for the Study of Globalisation and Regionalisation. (Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation)).
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Official URL: http://www2.warwick.ac.uk/fac/soc/csgr/research/wo...
Abstract
Arbitrage and short selling are investment strategies that epitomise a particular mode of investment: smart, sophisticated, and efficiency-enhancing (as described within mainstream finance). Yet many market events of the recent financial history point to a less benign face of this practice. Short selling in particular can be associated with manipulative strategies that do not add much to the efficiency of the market but rather hinder the interests of various categories of market actors, notably long-term investors and corporate actors. Despite pointing to important aspects of the capitalist relationships created by contemporary financial markets, these topics have gone unnoticed in international political economy. This article shows that a political-economy approach to arbitrage would provide important insights into the role that financial theories play in the formulation of regulatory decisions and into the impact that these decisions have on different classes of market actors.
| Item Type: | Working or Discussion Paper (Working Paper) |
|---|---|
| Subjects: | H Social Sciences > HG Finance H Social Sciences > HB Economic Theory |
| Divisions: | Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation |
| Library of Congress Subject Headings (LCSH): | Arbitrage, Short selling, Hedging (Finance), Economics -- Political aspects, Efficient market theory, Stock exchanges -- Law and legislation |
| Series Name: | Working papers (University of Warwick. Centre for the Study of Globalisation and Regionalisation) |
| Publisher: | University of Warwick. Centre for the Study of Globalisation and Regionalisation |
| Place of Publication: | Coventry |
| Date: | April 2006 |
| Number: | No.205 |
| Number of Pages: | 43 |
| Status: | Not Peer Reviewed |
| Access rights to Published version: | Open Access |
| URI: | http://wrap.warwick.ac.uk/id/eprint/1901 |
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