Future Lending Income and Security Value
检验了Duffie等人提出的证券价格包含未来贷款收入的假说，发现机构投资者在贷款费上升时买入股票，这解释了高贷款费股票的溢价，但卖空带来的负面信息削弱了该效应。
Abstract I test the Duffie, Gârleanu, and Pedersen hypothesis that security prices incorporate expected future securities lending income. To determine whether institutional investors anticipate gains from future lending of securities, I examine their trading behavior around loan-fee increases. The evidence suggests that institutions buy shares in response to an increase in lending fees, and that this could explain the premium associated with high-lending-fee stocks. Expected future lending income affects stock prices, although the effect seems to be attenuated by the negative information that arises from short selling.