Go Down Fighting: Short Sellers vs. Firms
研究企业如何通过法律威胁、调查、诉讼和技术手段阻碍卖空，导致卖空约束，并发现采取这些行动的企业随后一年月异常回报率约为-2%，支持卖空约束导致股票高估的假说。
This study examines 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% per month.