The effect of bans on short selling: a comprehensive study

尽管2008年的金融危机极大地阻碍了全球经济，但它为研究人员提供了一个难得的机会，来验证对金融市场做出的一些假设的真实性，这些市场目前运行时没有流动性问题。这个项目将发展一种新的期权定价理论，适用于一些卖空限制下的金融市场。通过从经验和理论两个角度探讨卖空禁令将如何影响传统期权定价理论中的一些重要假设，新开发的期权定价框架不仅应该有助于期权交易，还应该帮助市场监管机构有效地利用卖空禁令来稳定金融市场。

Although the 2008 financial crisis has greatly impeded the global economy, it has provided a rare opportunity for researchers to verify the truthfulness of some assumptions made on financial markets that are running without liquidity problems. This project will develop a new option pricing theory suitable for financial markets under some short-selling restrictions. Through exploring, from both empirical and theoretical points of view, how short-selling bans will affect some important assumptions made in conventional option pricing theory, the newly developed option pricing framework should not only assist in trading options, but also assist market regulators to effectively use bans on short selling to stabilise financial markets.