Eficacia de las prohibiciones de las ventas en corto en España

This paper studies the influence of short sales bans on the Spanish stock market, and its objective is to know if this corrective measure has had positive effects on the market. To determine this influence, we have studied the profitability, risk and liquidity of Ibex 35 in the period between November 11, 2008 and May 31, 2013, distinguishing in this period between the two restrictions established in Spain during the crisis. To measure the impact of these bans, econometric linear regression models have been designed between securities lending volume and profitability of Ibex 35, concluding that the bans on short sales implemented have not corrected the falls in quotations or the volatility. However, there is a significant decrease in the volume of trading during the ban periods.