Mapping the Literature on Short-Selling in Financial Markets: A Lexicometric Analysis

Nitika Sharma, Sridhar Manohar, Bruce A. Huhmann () and Yam B. Limbu
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Nitika Sharma: Chitkara Business School, Chitkara University, Rajpura 140401, India
Sridhar Manohar: Chitkara Business School, Chitkara University, Rajpura 140401, India
Bruce A. Huhmann: Department of Marketing, Virginia Commonwealth University, Richmond, VA 23284, USA
Yam B. Limbu: Department of Marketing, Montclair State University, Montclair, NJ 07043, USA

IJFS, 2025, vol. 13, issue 3, 1-19

Abstract: This study provides a comprehensive assessment and synthesis of the literature on short-selling. It performs a lexicometric analysis, providing a quantitative review of 1093 peer-reviewed journal articles to identify and illustrate the main themes in short-selling research. Almost half the published literature on short-selling is thematically clustered around portfolio management techniques. Other key themes involve short-selling as it relates to risk management, strategic management, and market irregularities. Descending hierarchical classification examines the overall structure of the textual corpus of the short-selling literature and the relationships between its key terms. Similarity analysis reveals that the short-selling literature is highly concentrated, with most conceptual groups closely aligned and fitting into overlapping or conceptually similar areas. Some notable groups highlight prior short-selling studies of market dynamics, behavioral factors, technological advancements, and regulatory frameworks, which can serve as a foundation for market regulators to make more informed decisions that enhance overall market stability. Additionally, this study proposes a conceptual framework in which short-selling can be either a driver or an outcome by integrating the literature on its antecedents, consequences, explanatory variables, and boundary conditions. Finally, it suggests directions for future research.

Keywords: short-selling; financial markets; lexicometric analysis; investment decisions; portfolio protection; risk reduction; market inefficiency; market irregularities; conceptual framework (search for similar items in EconPapers)
JEL-codes: F2 F3 F41 F42 G1 G2 G3 (search for similar items in EconPapers)
Date: 2025
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