一、报告题目：

 Short-Sale Constraints and Options Trading: Evidence from Reg SHO

二、报告人：

周冠男教授，台湾政治大学商学院财务管理学系

三、报告时间：

2018年11月30日 （周五）  上午11:00-12:00

四、报告地点：

知新楼B423

五、报告人简介：

周冠男，台湾政治大学商学院副经理、财务管理学系教授，美国爱荷华大学财务金融博士。研究方向包括投资学、市场微观结构及行为金融学等领域，担任《财务金融学刊》等重要期刊的主编、委员，曾在Journal of Corporate Finance, Financial Management等财务金融领域的国内外权威期刊发表其研究成果。

六、 报告摘要：
In 2005, the U.S. Securities and Exchange Commission implemented Reg SHO, which temporarily suspended short-sale price constraints for a set of “pilot” stocks. Examining these stocks, we find a significant decline in the put volume and price pressure of options on the pilot stocks. Violations of put–call parity dropped, and options trading provided less information content after Reg SHO. Relaxation of short-sale constraints in equity markets allowed traders to shift trading demand from options to stock markets, which affected options market quality and spot and options market relations. Clearly, it is important to consider cross-market effects of regulations.

七、主办单位：

suncitygroup太阳集团