Mostafa Saidur Rahim

1. Introduction Existing studies underscore the pivotal role of stock borrowing costs in constraining short-selling practices, particularly in decentralized lendable stock markets.

1. Introduction Panic selling is widely regarded as irrational behavior because it involves selling all or a major portion of stocks out of fear during a market downturn, without considering for long-term market trends (Baker and Ricciardi 2017; Barber and Odean 2013; Shiller 2015). Historical data consistently show that markets tend to rebound after crises, meaning that short-term losses can often be recovered if investors hold their positions.

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