This systematic literature review critically analyzes studies on the determinants of short
selling and the implications for information distribution, real economic decisions, financial …

Prior studies provide conflicting evidence as to whether managers have a general tendency
to disclose or withhold bad news. A key challenge for this literature is that researchers …

We examine the economic determinants of short-sale supply, and its consequences for
future stock returns. Lendable supply increases with expected borrowing costs and …

Theory posits that investors can rationally infer the implications of strategic nondisclosure for
firm value, pressuring managers to disclose information voluntarily. This study documents …

We show that the average difference between the implied volatilities of call and put options
on individual equities, which we term the implied volatility spread (IVS), has strong predictive …

Purpose of the study: The purpose of this study was to examine the combined effect of
budgeting practices, public participation and automated revenue collection systems on the …

We study a rising phenomenon whereby activist short sellers, who disclose their short
theses to circumvent limits to arbitrage, provide quantitative disclosures in the form of target …

It is well established that initial public offerings (IPOs) tend to experience positive first-day
returns followed by underperformance, especially around the expiration of lockup …

We use the initial public offering (IPO) setting to provide evidence that the combination of
valuation uncertainty and short-sales constraints generates significant equity market …

Exploiting a regulatory change in short‐sale constraints (Regulation SHO) as a natural
experiment, this paper examines the effect of short‐sale constraints on informational …