The real impacts of public short campaigns: Evidence from stakeholders
研究利用企业产品引入数据，发现公开做空运动导致目标企业减少新产品推出、生产率和产品质量下降，原因在于利益相关者（如资本提供者、员工、客户）支持减弱。
Using a novel dataset of firm product introductions, we examine whether public short campaigns (PSCs) have real impacts on targets. Targets introduce fewer new products and experience declines in productivity and product quality relative to matched firms following PSCs. These declines in product outcomes are partly attributed to the withdrawal of support from key stakeholders, resulting in reduced access to external capital, decreased employee commitment, and weakened customer relationships. Our results suggest that the public nature of PSCs has distinctive impacts on target firms compared to traditional short selling, primarily through their impact on the firm's stakeholders.