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MUSTO Published: Ng 11, 2013 Pages: 201-235 DOI: 10.1111/j.1540-6261.2012.01798.x ¡f¸Z% ;   #ªV H>òójÅ 0ß òókÅ 0ß%ó1%Ÿ 8ˆm9�€D�Ñ‘AmÏ‘g'YSZPÀNHNÿegê�ù[Ï~ª~ºNÀo±R:g6R„vÁ‹nc ¡ &&ª Ÿ bŽýVÑ‘�‡NÑv¡{@\ÿFinancial Industry Regulatory Authority (FINRA) ÿÑS^†NN*N°e„vÐc®‹(Federal Register, May 9, 2011, pp. 26779 26787) ÿ ÿ�‰Bl@b g„vÁ‹8RÏ~ª~ºN´f2—6eeQŒT/eØN0Ù�›N>Nªc_ÑS†N¸‹Y˜ ÿvQ-NN*N˜/f ÿ(W°sLˆÑv¡{¯sƒX N ÿÏ~ª~ºN/f&T0‚YUO«ˆª…l‘q_ÍT0¡²²c!§ ±ª. / 0@ó2&Ÿ 6ˆm9�€D�Ñ‘AmÏ‘g'YSZPÀNHNÿegê�ù[Ï~ª~ºNÀo±R:g6R„vÁ‹nc¡&ª Ÿ ~Ù�Ç{‡eàzÀhŒš†NÏ~ª~ºN„v\O(u ÿ$\vQ/fÖNìN„vª…l‘Ào±R_w�„v\O(u0xvz†NÏ~ª~ºNÀo±R`HNq_ÍT•bD�»SY„v �éb ÿ‚YUOž[°så‹ �éb0Ù�Ì‘„vÀo±Rc„v/fÕlš[YHh-N„v ÿÔk‚Y•.URb06eeQ0úWÑ‘¶[­^„vD–^\0xvzÑS°sù[Ï~ª~ºN„v/eØNù[°sÑ‘AmeQÏ‘ g>fW„„vq_ÍT ÿload sharing € N/frevenue sharingý€Y„˜Km N}Y„vé~He ÿÁ‹f†N«ˆÞVcb÷�OO„v}YYKNN/feˆPÎNúWÑ‘¶[­^-N+R„v0W¹eÍ‘°eN�ÞVeg0 ¡J¿ZZ½c c§ ª.s-ó3'Ÿ ÊIndustry Specific HumanCapital, Idiosyncratic Risk, and the Cross  Section of Expected Stock Returns ¡ fd&&ª HŸ Abstract Full Text PDFFull Text HTML Author(s): ESTHER EILING Published: Ng 11, 2013 Pages: 43-84 DOI: 10.1111/j.1540-6261.2012.01794.x¡Rˆ/  "ªX  <òólÅ 0ßòómÅ 0ß$ó4(Ÿª Ÿ Œ(Wtº‹ N ÿºN›RD�,g/fÄ~T �ébÿworker ÿŒTD�§Nš[÷N„v‹NöNÿmatter ÿ0ºN›RD�,g/f•bD�€B\b—„v ÿ�OV�ŽNt^„Ÿ0Ye²€0L€N0•bD�€ÎN‹Nå]\O„v§NNbON0�Ç�•bD�€ ÿºN›RD�,g„v_(�'`ïSåNü[ô�¡€hy¹�E–—Bl„v N T ÿÔk‚Y1uŽN³R¨R6eeQΘi–„v4ls^î]_b€ºN›RD�,gŒT¡€Cg6eÊv„vøvsQ'`î]_0ž[Á‹D�§Nš[÷N„vº‹‡e„v&q¹p/f„vºN›RD�,g(aggregate human capital)„vãNtØSÏ‘ã‰Ê‘¡€hy*j*bb—gg6eÊv0¡ÇxÇa§ &Ǫ@ wó5)Ÿ 2§NNB\b—„vºN›RD�,g,yr(�Θi– ŒT¡€hy*j*bb—gg6eÊv¡&ª Ÿ þ!�.sÿ 0O¡‹†N§NNB\b—ºN›RD�,g„v6eÊv ÿS_\O§NN4ls^„v³R¨R6eeQ„v TgžX•‡s0 �OncGWfW„„v0 øv”^ŽN N T§NNºN›RD�,g„v6eÊv ÿ0O¡‹†NN*NS+T^:W6eÊvŒTYºN›RD�,gàV }„v¿~'`D�§Nš[÷N!j‹W0¡, |²Ø€ª*Uó6*Ÿ 4§NNB\b—„vºN›RD�,g,yr(�Θi– ŒT¡€hy*j*bb—gg6eÊv ¡ &&ª Ÿ xXd�‰ ºN›RD�,g(WÏ~Nm NŒTtº‹ N/fg'Y„vD�§NKNN ÿƒ[(WD�§Nš[÷N Nw�@wÍ‘�‰\O(u0(W•bD�€KNô• ÿºN›RD�,g/fX[(W_(�'`„v0_(�'`„veg�nKNN/f§NNR_^\0bÑS°s, ¡€hy*j*bb—gg6eÊv;N�‰×S§NN4ls^q_ÍT ÿ € N/f³R¨R6eeQΘi–0 €N ÿS_ºN›RD�,g NS+T(WD�§Nš[÷N!j‹W-Nöe ÿ1udk§Nu„vyr(�Θi–òórÅ 0ßòósÅ 0ß$ó8,Ÿ ‹NMROP¦^ŒT¡€hygg6eÊv¡ ª Ÿ R°s g‡e.s g$Nag¿~ÿÿ1 ÿ!j‹WŒTž[Á‹Ó~œg:_ŒS_Øš6–éwq_ÍT�–:g˜b°sàVP[ÿstochastic discount factors ÿöe ÿØš6–éw„vÍ‘�‰'`ÿÿ2 ÿ!j‹WŒTž[Á‹Ó~œg&q¹p/f*N+RÁ‹8R„vØš6–éwyr�_0Ù�Ç{‡eàz ÿ(u°e¹eÕlÀhŒš†NØš6–éw„vÍ‘�‰'` ÿsSÑS°s†N‚YœggCgŒT¡€hy÷NòóƒÅ 0ß òó„Å 0ß%ó;/Ÿ &5uP[^:W„vAm¨R'`hTgŒT6R �/±‚9�9�(u ¡$C&&ª Ÿ ü•bD�€ù[¤Nf:gO„vÍS”^�¦^ù[ŽN¨R`D�§Nš[÷N/fÍ‘�‰„v0 5uP[^:W zµ~sS�„v¤Nf:gOÏ~8^1u¤NfÇ� zê�«Ž_w�0  liquidity cycles 1u$N6–µkÄ~b:ÿ1 ÿ make liquidity phase, N*N¤NfT ÿAm¨R'`›OÙ~¹eÞz‰NÐc›OAm¨R'`ÿÿ2 ÿ take liquidity phase ÿAm¨R'`„v—Bl¹eÞz‰Nˆm9�Am¨R'`0 (W,{ŒN*N6–µk ÿ¤Nf€=\Am¨R'` ÿ¹pÃq†NN*N°e„v6R �/ˆm9�„vhTg. £�HNÙ�*NhTgÑSu„v�¦^³Qš[¤Nf«ˆž[°s„v�¦^ÿrate ÿ0¾‹¡‹!j‹WR�gS_^:WÑv¡{f5�öeÙ�*N¤Nf�¦^„v³Qš[àV }0¡ÿ Zÿ§ ª¬6)ó<0Ÿ &5uP[^:W„vAm¨R'`hTgŒT6R �/±‚9�9�(u ¡$C&&ª Ÿ (¤Nf€b—4N,{Nöeô•“bOO·ƒ)R:gO„v6eÊvN,{Nöeô•“bOO:gO@b—b,gKNô•„vCgaˆ0å‹!j‹WÐc›O†NN*N6R �/ˆm9�š[÷N„vã‰Ê‘ ÿv^Nù[Am¨R'`0¤NfÏ‘ŒT�y)R„v z�^S¤Nf„vq_ÍT gNš[„v+TIN0Am¨R'`›O”^¹eŒTAm¨R'`—Bl¹e„v¤NfÆ[Æ–¦^’NøvžX:_ ÿøQ>f†NAm¨R'`Yè�'`„vNÍy°eb__0¤NfŒT¥b÷N„v•ggpencïSåN(uegÆ‹+RÙ�›NYè�'`0¡••Aª/eó=1Ÿ ŒShort Selling Bans Around the World: Evidence from the 2007 09 Crisis ¡GG&Ÿ 6Abstract Full Text PDF Full Text HTML Author(s): ALESSANDRO BEBER, MARCO PAGANO Published: Ng 11, 2013 Pages: 343-381 DOI: 10.1111/j.1540-6261.2012.01802.x¡dœ%    "ªL ->òó…Å 0ß òó†Å 0ß%ó>2Ÿ ŒShort Selling Bans Around the World: Evidence from the 2007 09 Crisis ¡GG&Ÿ Ê The emergency order temporarily banning short selling of financial stocks will restore equilibrium to markets (Christopher Cox, SEC Chairman, 19 September 2008, SEC News Release 2008 211).  Knowing what we know now, I believe on balance the commission would not do it again. The costs (of the short-selling ban on financials) appear to outweigh the benefits. 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