TY - JOUR
T1 - Short Selling on the New York Stock Exchange and the Effects of the Uptick Rule
AU - Alexander, Gordon J.
AU - Peterson, Mark A.
PY - 1999/1
Y1 - 1999/1
N2 - We examine the impact of Rule 10a-1, the Uptick Rule, on short-sell orders sent to the NYSE. The principal finding is that the execution quality of short-sell orders is adversely affected by the Uptick Rule, even when stocks are trading in advancing markets. This is inconsistent with one of the three stated objectives of the rule, i.e., to allow relatively unrestricted short selling when a firm's stock is advancing so that the rule does not affect price discovery during such times. Journal of Economic Literature Classification Numbers: G18, K22
AB - We examine the impact of Rule 10a-1, the Uptick Rule, on short-sell orders sent to the NYSE. The principal finding is that the execution quality of short-sell orders is adversely affected by the Uptick Rule, even when stocks are trading in advancing markets. This is inconsistent with one of the three stated objectives of the rule, i.e., to allow relatively unrestricted short selling when a firm's stock is advancing so that the rule does not affect price discovery during such times. Journal of Economic Literature Classification Numbers: G18, K22
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U2 - 10.1006/jfin.1998.0254
DO - 10.1006/jfin.1998.0254
M3 - Article
AN - SCOPUS:0002480060
SN - 1042-9573
VL - 8
SP - 90
EP - 116
JO - Journal of Financial Intermediation
JF - Journal of Financial Intermediation
IS - 1-2
ER -