Go Down Fighting: Short Sellers vs. Firms

Owen A. Lamont

The Review of Asset Pricing Studies, 2012, vol. 2, issue 1, 1-30

Abstract: This study examines 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% per month.

JEL-codes: G14 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (38)

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