총 44페이지

Cub-Economist
Short:AreYouFamiliar?
ByNamGyeong-eun
StaffReporterofSocialSection
riumphontheinvestment,”averyordinarywishanypersonwholivesin
SellHigh
for
Differences
themodernsocietywouldhave.Howgoodwoulditbetoextendafortune
Contracts
insuchway?Onewayofdoingsoisshortingstocks.SupposeImun-dong
Coffeehouse is a corporation. People who expect the stock price to fall would borrow
and
BuyLow
thestockandsellitatitscurrentprice.Whenthestockpricefallsasexpected,theybuy
ⓒTrading
the number of stocks they have borrowed and reap in the benefits. If one sold a stock
at7,000won(US$6.35)andre-boughtastockat4,000won(US$3.63),therewillbea
3,000wonprofitperastock.
▲Profitstructureinshortsellingisnothardto
understand.
The Korean government has banned the short selling of stock starting from March
2020totheupcomingMay2.Themeasurewastheresultofprotestsagainstshortsellingheldbyindividualinvestors.Whydid
such a protest happen? Would the existence of short selling cause any big difference? The Argus jumps into the middle of the
controversyonshortselling.
BeforeReading
·Korea Composite Stock Price Index (KOSPI): The stock index of companies with owned capital of more than 30 billion
won (US$ 27.2 million), with 10 billion won (US$ 9 million) in recent sales for more than three years since its establishment,
includingCelltrion,abio-medicalmanufacturer.
·Korea Securities Dealers Automated Quotations (KOSDAQ): The stock index of companies with owned capital of
more than 3 billion won (US$ 2 million), established for less than three years, possessing more than five hundred minority
shareholders,includingHLB,apharmaceuticalcompanythatdevelopsanti-cancerdrugs.
·BubblePhenomenon:Thephenomenawherespeculationraisespricesevenwhentherearenosubstantialgroundsforsuch
development.Investorswhohavefallenintothespeculativeatmosphereandboughtstocksatunreasonablepricesmaymake
losses.
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www.theargus.org

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