This study provides an empirical analysis of the 2008 short sale ban. The evidence suggests that the presence of tradable options plays a crucial role in determining the effect of a short sale ban. Results show that if there are no traded options on a stock, the short sale ban brought abnormal returns of roughly +8%. However if there are traded options on a stock, the market maker exemptions nullify the positive effects of the ban. Furthermore, for the banned stocks that do experience positive abnormal returns during the ban, the lifting of the ban causes a prompt reversal of these returns. Findings suggest short sale bans cause an underrepresentation of negative opinions for as long as the ban lasts and that the presence of tradable options eliminates that underrepresentation by providing an alternative for pessimistic investors.

Made available in DSpace on 2016-04-26T20:48:39Z (GMT). No. of bitstreams: 1 Ivan de Andrade Paixao.pdf: 2341159 bytes, checksum: 62ae86b4eb08d6b18980776b56ede1bd (MD5) Previous issue date: 2013-11-04 / The present dissertation aims at analyzing Brazil s response to the 2008 world crisis, taking into consideration the country s recent history and its economic dilemmas. The argument takes into consideration theories about the crisis of Capitalism (Marx, Keynes, and Minsky), as well as an analysis of how Globalization has fostered financial agendas at large in a world scale, downplaying country-specific performances. In the Brazilian case, a review of the last two decades is paramount because it shows a changing economic scenario, which in turn allows for a better understanding of Brazil vis-à-vis the world crisis / A presente dissertação procura analisar o comportamento do Brasil em face da crise mundial, deflagrada em 2008, levando em consideração a história recente do país e seus dilemas econômicos. São considerados os aspectos teóricos ligados à crise do capitalismo (Marx, Keynes e Minsky), bem como a analise de como a globalização gerou a supremacia dos interesses financeiros em ampla escala, influenciando negativamente o desempenho dos países. No caso brasileiro, a retrospectiva das últimas duas décadas torna-se importante porque apresenta um cenário econômico em transformação, o que permite compreender o desempenho brasileiro diante da crise