Short-Sale Constraints and Corporate Investment
利用非美国监管制度变化样本，研究发现卖空放松导致股价下跌、资本支出和资产增长减少，且对大企业影响更强，该效应并非由资本约束驱动。
Abstract In a sample of non-U.S. regulatory regime shifts, we find that expanded short selling is associated with stock price declines, reductions in capital expenditure, and lower asset growth. In a reversal of results found for U.S. stocks in a study of Regulation SHO by Grullon, Michenaud, and Weston (2015), our results are stronger for large firms than for small firms. We also show that this investment effect is stronger for firms that previously relied on outside financing. Our results suggest that short-sale policies affect corporate investment and that this effect is not driven by capital constraints.