Short selling plays a unique role in financial markets. Short selling's institutional structure is
distinct from other types of trades, and short sellers have been shown to be more informed …

This chapter reviews tax research related to whether corporate and personal taxes affect
domestic and multinational capital structure, debt maturity, payout policy, compensation …

We analyze a reduced-form framework for understanding the equity loan market's impact on
share prices. We show that hard-to-borrow stocks will have distinct return patterns …

When companies announce their quarterly results, along with their standard GAAP earnings
number, managers sometimes choose to disclose an adjusted (pro forma) earnings figure …

We use short interest as an investor-based measure of over-or undervaluation that
distinguishes between the misvaluation and Q-theories of mergers. Using this measure, we …

Institutional ownership is thought to facilitate short-selling, as short sellers typically borrow
from the holdings of institutions. Yet, institutional demand, and hence lending supply, is …

This study shows that managers adjust corporate payout policies to counteract intensified
short‐selling pressures following the removal of a short‐selling constraint. We use a …

We examine the relationship between short selling and analyst optimism bias of earnings
forecasts of stocks in China. We propose two possible hypotheses: short selling enhances …

We study the effects of tax progressivity on stock returns in the US. Using the Local
Projection method and the novel progressivity tax data from 1969 to 2016 provided by …

In a standard stock loan, the borrower reimburses the lender any dividends paid while the
loan is outstanding. Since these substitute dividends may be taxed differently than dividend …