David Rodriguez
The immediate reaction of financial firms subject to the 2008 short sale ban has been examined in previous literature
and showed largely positive reactions. This study examines the ban beyond just those firms subject to the ban and finds
that reactions of the financial industry as a whole, and not just those firms that were subject to the ban, were not as clear
and imply a lack of cohesion. Additionally, this study finds that the commonalities of those firms subject to the ban were,
as suggested by media, minimal which implies that policy makers may not have produced the intended outcome. In an
effort to elaborate on the potential of unintended outcomes an industry ripple analysis was completed and shows that
particular sectors seem to follow the financial industry. Specifically, the finding is that capital intensive industries trended
with the financial industry at the initial announcement. Understanding the interrelatedness amongst industries should
assist in future policy implementations and business decisions.
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