{"slug":"short-selling-bans-explained","qid":"esma_2020","label":"What ESMA measured during the 2020 bans (published estimates, % versus the control group)","post_title":"Short Selling Bans Explained: US, Germany, EU","post_url":"/blog/short-selling-bans-explained#q-esma_2020","columns":["measure","published_effect_pct"],"rows":[{"measure":"Bid-ask spread","published_effect_pct":8},{"measure":"Amihud illiquidity","published_effect_pct":5.8},{"measure":"Volume traded","published_effect_pct":-14.9},{"measure":"Volatility","published_effect_pct":-8.4}],"shape":"ranking","sql":"SELECT\n    measure,\n    published_effect_pct\nFROM\n(\n    SELECT 'Bid-ask spread' AS measure, 8.0 AS published_effect_pct, 1 AS display_order\n    UNION ALL\n    SELECT 'Amihud illiquidity', 5.8, 2\n    UNION ALL\n    SELECT 'Volume traded', -14.9, 3\n    UNION ALL\n    SELECT 'Volatility', -8.4, 4\n)\nORDER BY display_order","computed_at":"2026-09-15T14:40:34.042888+00:00","elapsed":0.001880482}