We examine how institutional ownership structure gives rise to limits to arbitrage through its
impact on short-sale constraints. Stocks with lower, more concentrated, short-term, and less …

Purpose This study delves into the nuanced implications of short-sale constraints on stock
prices within the context of stock market efficiency. While existing research has explored this …

This study examines the cross-sectional impact of the 2008 short sale ban on the returns of
US financial stocks. Motivated by the large cross-sectional variation in the extent to which …

We find that higher stock lending fees predict significantly lower future returns after
controlling for shorting demand for US stocks during the period 2007–10. These results …

Short sellers are known to have private information about security prices. Empirical evidence
of short selling, however, is based on only half of short sellers' trading activity; specifically …

Given the complex and controversial nature of short-selling regulation, we review the
academic literature and provide insights for policy makers and academics. We organize the …

Using options-implied variance, a forward-looking measure of conditional variance, we
revisit the debate on the idiosyncratic risk-return relation. In both cross-sectional (for …

I test the Duffie, Gârleanu, and Pedersen hypothesis that security prices incorporate
expected future securities lending income. To determine whether institutional investors …

We examine prices and daily short selling activity around reverse stock splits using a
difference-in-difference identification strategy. The results show negative returns for …

We examine the informativeness of short selling on margin buying activities around
corporate earnings announcements before and after the removing of uptick rules for some …