[posting]60233398[/posting]VII. Conclusion The evidence shows that when firms take anti-shorting actions, their stock returns are extraordinarily low over the subsequent months and years. The evidence confirms the hypothesis that short sale constraints allow stocks to become overpriced. While the underperformance of -2 per month is very large, it is similar in magnitude to the -1 to -10 range found in other studies of stocks with very high short sale constraints. FC: gemeint sind "-2 percent per month." --> siehe ABSTRACT: I study battles between short sellers and firms. Firms use a variety of methods to impede short selling, including legal threats, investigations, lawsuits, and various technical actions intended to create a short squeeze. These actions create short sale constraints. Consistent with the hypothesis that short sale constraints allow stocks to be overpriced, firms taking anti-shorting actions have in the subsequent year very low abnormal returns of about -2 percent per month. aus: GO DOWN FIGHTING: SHORT SELLERS VS. FIRMS Owen A. Lamont Working Paper 10659 http://www.nber.org/papers/w10659 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2004 |
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Autor (Datum des Eintrages): | faultcode (20.04.19 23:55:10) |
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