Can Short Restrictions Actually Increase Informed Short Selling?
研究了2008年卖空监管是否反而增加了知情卖空，发现两种限制措施均与知情交易增加相关，表明卖空限制不会减少知情卖空。
We use the 2008 short selling regulations to test whether short sale restrictions can increase informed short selling. For the preborrow requirement, we find more negative price reactions to short interest announcements though no reliable increase in the price impact of short sales volume. For the stocks with banned short sales, we find an increase in the price impact of short sale volume though no reliable change in the price reaction to short interest announcements. Both restrictions, however, are associated with increased informed trading. Our results suggest that short restrictions will not reduce informed short selling and may actually result in an increase by increasing the proportion of informed short sellers. .