The Response to Share Mispricing by Issuing Firms and Short Sellers
研究发现，当股票卖空受限时，公司会趁机增发股票，而在容易卖空时回购；只有卖空困难的股票在增发后表现不佳，表明部分增发由错误定价驱动。
Abstract Short sale constrained stocks are overpriced on average. I show that firms exploit mispricing by selling shares when their stock is short sale constrained and repurchasing shares when their stock is easily shorted. Stocks underperform following seasoned equity offerings (SEOs) if and only if the stock is difficult to short. This suggests that some SEOs are motivated by mispricing, whereas others are not. Short selling costs make it difficult for investors to profit from the poor performance following SEOs. Short selling and SEOs are alternative ways to supply shares to investors, and firms become the low-cost share provider when short selling is costly.