Why Do Investors Hold Overpriced Shares?
研究发现，借入成本高的股票长期表现不佳，投资者持有这些股票并非为了未来出借，而是出于短期交易目的，且高换手率时这些股票被高估。
Abstract Stocks that are expensive to borrow underperform significantly and for long periods of time. Every share must be held by an investor who does not lend it out and, hence, loses money. I find no evidence that investors hold these stocks in anticipation of lending them in the future. Instead, investors appear to hold these stocks for short-term trading. When turnover is high, high-fee stocks are overpriced and underperform. When turnover is low, high-fee stock prices are low, and they earn positive returns. More Robinhood investors hold shares when turnover is high than when it is low.