Go Down Fighting: Short Seller vs. Firms

Owen Lamont

Yale School of Management Working Papers from Yale School of Management

Abstract: I study 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 percent per month.

Keywords: mispricing; short selling; short-sale constraints (search for similar items in EconPapers)
Date: 2004-07-01, Revised 2004-08-01
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