{"id":477,"date":"1989-12-01T13:59:19","date_gmt":"1989-12-01T11:59:19","guid":{"rendered":"http:\/\/hardouvelis.gr\/?p=477"},"modified":"2023-10-16T17:36:46","modified_gmt":"2023-10-16T14:36:46","slug":"commentary-stock-market-margin-requirements-volatility","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/commentary-stock-market-margin-requirements-volatility\/","title":{"rendered":"Commentary: Stock Market Margin Requirements and Volatility"},"content":{"rendered":"<p class=\"qtranxs-available-languages-message qtranxs-available-languages-message-el\">\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 <a href=\"https:\/\/hardouvelis.gr\/en\/wp-json\/wp\/v2\/posts\/477\" class=\"qtranxs-available-language-link qtranxs-available-language-link-en\" title=\"English\">English<\/a>. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.<\/p><p><strong>Commentary: Stock Market Margin Requirements and Volatility<\/strong><br \/>\nAuthor: Gikas A. Hardouvelis<br \/>\n<em>Journal: Journal of Financial Services Research, Volume 3:139-151 (December 1989)<\/em><\/p>\n<p>Abstract: Michael Salinger has provided a very thoughtful and well-balanced article on margin requirements. The article builds upon and extends some of my earlier work on margin requirements and stock market volatility. Professor Salinger, however, reaches a different conclusion than I did about the influence of margin requirements on the stock market. Similarly, Richard Roll&#8217;s article in this issue expresses strong doubts about the effectiveness of margin requirements. He surveys some recent work that calls into question the robustness of my results. Thus before I comment on Salinger&#8217;s own work, I would like to provide a more general perspective on the issue of margin requirements and answer the basic objections of my critics. I begin in section 1 by describing the main question. Then in section 2, I give an example of the effects of margin requirements on long swings in stock prices, a key variable of interest. In section 3, I respond to the econometric criticisms of Salinger and other critics. In section 4, I comment more generally on Salinger&#8217;s article. Finally, in section 5, I summarize my thoughts on the effects of margin requirements and propose possible extensions of current empirical work.<\/p>\n<p><a href=\"http:\/\/hardouvelis.gr\/wp-content\/uploads\/2017\/12\/Commentary_Stock-Market-Margin-Requirements-and-Volatility.pdf\">Download Commentary: Stock Market Margin Requirements and Volatility pdf<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 English. For the sake of viewer convenience, the content is shown below in the alternative language. You<\/p>\n","protected":false},"author":1,"featured_media":4399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,3269],"tags":[3257],"yst_prominent_words":[349,902,897,892,889,899,893,894,178,900,895,890,898,703,172,174,896,891,203,232],"class_list":["post-477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-academic-publications","category-on-margins-requirements","tag-margin-requirements"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/comments?post=477"}],"version-history":[{"count":2,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/477\/revisions"}],"predecessor-version":[{"id":2613,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/477\/revisions\/2613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media\/4399"}],"wp:attachment":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media?parent=477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=477"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}