Short Covering Trades
利用日本股票市场的大额空头头寸披露数据，首次详细研究了空头回补交易，发现回补引发正面市场反应且仅部分逆转，表明部分卖空者对未来正面事件有私人信息并具备回补时机把握能力。
Short sellers are known to have private information about security prices. Empirical evidence of short selling, however, is based on only half of short sellers’ trading activity; specifically, the opening of the position. Using disclosed large-short-position data from the Japanese stock market, we provide the first detailed evidence of covering trades and find a positive reaction to short covering that only partially reverses. Although these results are consistent with substantial transaction costs for closing large short positions, they also reveal that some short sellers are privately informed about positive future events and have timing ability in covering positions.