Short Selling and Firm Operating Performance
研究发现，卖空比例大幅上升的公司，其后续经营业绩比对照组平均下降21%，且卖空比例增幅越大，业绩下滑越明显，表明卖空可能反映了关于公司基本面的私有信息。
While it is well known that short selling predicts future negative stock price performance, it has not been established whether short selling predicts future negative operating performance. We find that firms in the top decile of increases in short interest (an increase of about four percentage points) experience a 21% subsequent decline in operating performance relative to matched control firms. The greater the increase in short interest, the larger the decline in operating performance. The results are robust to alternative performance measures and to sample splits based on firm size. These results suggest that short interest may reflect private information about firm fundamentals rather than other factors that may drive stock price changes.