Squeezing Shorts Through Social Media Platforms
References
- (2005) Semiparametric difference-in-differences estimators. Rev. Econom. Stud. 72(1):1–19.Crossref, Google Scholar
- (1992) Stock-price manipulation. Rev. Financial Stud. 5(3):503–529.Crossref, Google Scholar
- (1992) Stock price manipulation, market microstructure and asymmetric information. Eur. Econom. Rev. 36(2–3):624–630.Crossref, Google Scholar
- (2006) Large investors, price manipulation, and limits to arbitrage: An anatomy of market corners. Rev. Finance 10:645–693.Crossref, Google Scholar
- (2021) Market efficiency and limits to arbitrage: Evidence from the Volkswagen short squeeze. J. Financial Econom. 142(1):166–194.Crossref, Google Scholar
- (2025) How prevalent are short squeezes? Evidence from the U.S. and Europe. J. Banking Finance 176:107436.Crossref, Google Scholar
- (2021) Do individual investors trade on investment-related internet postings? Management Sci. 67(9):5679–5702.Link, Google Scholar
- (2021) Gamestonk: What happened and what to do about it. Research Paper No. 3782195, Georgetown McDonough School of Business, Washington, DC.Google Scholar
- (2009) Mostly Harmless Econometrics: An Empiricist’s Companion (Princeton University Press, Princeton, NJ).Crossref, Google Scholar
- (2019) Option prices and costly short-selling. J. Financial Econom. 134(1):1–28.Crossref, Google Scholar
- (1996) Stock price manipulation through takeover bids. RAND J. Econom. 27(1):124–147.Crossref, Google Scholar
- (2013) The cost of short-selling liquid securities. J. Finance 68(2):637–664.Crossref, Google Scholar
- (2024a) Resolving a paradox: Retail trades positively predict returns but are not profitable. J. Financia Quant. Anal. 59(6):2547–2581.Google Scholar
- (2008) Do retail trades move markets? Rev. Financial Stud. 22(1):151–186.Crossref, Google Scholar
- (2009) Systematic noise. J. Financial Markets 12(4):547–569.Crossref, Google Scholar
- (2022) Attention-induced trading and returns: Evidence from Robinhood users. J. Finance 77(6):3141–3190.Crossref, Google Scholar
- (2024b) A (sub) penny for your thoughts: Tracking retail investor activity in TAQ. J. Finance 79(4):2403–2427.Crossref, Google Scholar
- (1987) Efficient analytic approximation of American option values. J. Finance 42(2):301–320.Crossref, Google Scholar
- (2016) Are retail traders compensated for providing liquidity? J. Financial Econom. 120(1):146–168.Crossref, Google Scholar
- (2018) Can Twitter help predict firm-level earnings and stock returns? Accounting Rev. 93(3):25–57.Crossref, Google Scholar
- (2011) Regulatory uncertainty and market liquidity: The 2008 short sale ban’s impact on equity option markets. J. Finance 66(6):2013–2053.Crossref, Google Scholar
- (2023) Difficulties in obtaining a representative sample of retail trades from public data sources. Preprint, submitted October 18, https://doi.org/10.2139/ssrn.4579159.Google Scholar
- (2016) To squeeze or not to squeeze? That is no longer the question. J. Futures Markets 36(7):647–670.Crossref, Google Scholar
- (1992) Using privileged information to manipulate markets: Insiders, gurus, and credibility. Quart. J. Econom. 107(3):921–958.Crossref, Google Scholar
- (2015) In short supply: Short-sellers and stock returns. J. Accounting Econom. 60(2–3):33–57.Crossref, Google Scholar
- (2003) Trade execution costs and market quality after decimalization. J. Financial Quant. Anal. 38(4):747–777.Crossref, Google Scholar
- (2018) Firm communication and investor response: A framework and discussion integrating social media. Accounting Organ. Soc. 68:80–87.Crossref, Google Scholar
- (2014) The role of dissemination in market liquidity: Evidence from firms’ use of Twitter™. Accounting Rev. 89(1):79–112.Crossref, Google Scholar
- (2013) An examination of short-selling activity surrounding auditor changes. J. Accounting, Auditing Finance 28(4):348–368.Crossref, Google Scholar
- (2020) Smart retail traders, short sellers, and stock returns. Preprint, submitted December 1, https://dx.doi.org/10.2139/ssrn.3723096.Google Scholar
- (2021) Tracking retail investor activity. J. Finance 76(5):2249–2305.Crossref, Google Scholar
- (2024) Place your bets? The value of investment research on Reddit’s Wallstreetbets. Rev. Financial Stud. 37(5):1409–1459.Google Scholar
- (2022) Are shorts restricted when options are an option? Evidence from SEC Rule 201. Preprint, submitted November 17, https://dx.doi.org/10.2139/ssrn.4267574.Google Scholar
- (2005) Predatory trading. J. Finance 60(4):1825–1863.Crossref, Google Scholar
- (2022) Social media and short sellers. Preprint, submitted August 21, https://dx.doi.org/10.2139/ssrn.3907480.Google Scholar
- (2023) Earnings virality. J. Accounting Econom. 75(1):101517.Crossref, Google Scholar
- (2011) Short interest as a signal of audit risk. Contemporary Accounting Res. 28(4):1278–1297.Crossref, Google Scholar
- (2004) Manipulation in market order models. J. Financial Markets 7(2):187–206.Crossref, Google Scholar
- (2020) Short-sale constraints and options trading: Evidence from Reg SHO. J. Financial Quant. Anal. 55(5):1555–1579.Crossref, Google Scholar
- (2014) Wisdom of crowds: The value of stock opinions transmitted through social media. Rev. Financial Stud. 27(5):1367–1403.Crossref, Google Scholar
- (1995) Market manipulation. Jarrow RA, Maksimovic V, Ziemba WT, eds. Handbooks in Operations Research and Management Science, vol. 9 (Elsevier, Amsterdam), 611–630.Google Scholar
- (2011) Recent trends in trading activity and market quality. J. Financial Econom. 101(2):243–263.Crossref, Google Scholar
- (2017) Let the bear beware: What drives stock recalls. Preprint, submitted August 30, https://dx.doi.org/10.2139/ssrn.2831261.Google Scholar
- (2023) A model of influencer economy. Preprint, submitted May 5, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4448293.Google Scholar
- (2020) Why don’t we agree? Evidence from a social network of investors. J. Finance 75(1):173–228.Crossref, Google Scholar
- (2020) Does partisanship shape investor beliefs? Evidence from the COVID-19 pandemic. Rev. Asset Pricing Stud. 10(4):863–893.Crossref, Google Scholar
- (1998) A strategic analysis of corners and squeezes. J. Financial Quant. Anal. 33(1):117–137.Crossref, Google Scholar
- (2002) The market for borrowing stock. J. Financial Econom. 66(2–3):271–306.Crossref, Google Scholar
- (1997) Returns to contrarian investment strategies: Tests of naive expectations hypotheses. J. Financial Econom. 43(1):3–27.Crossref, Google Scholar
- (2006) Do short sellers target firms with poor earnings quality? Evidence from earnings restatements. Rev. Accounting Stud. 11(1):71–90.Crossref, Google Scholar
- (1987) Constraints on short-selling and asset price adjustment to private information. J. Financial Econom. 18(2):277–311.Crossref, Google Scholar
- (2009) It’s SHO time! Short-sale price tests and market quality. J. Finance 64(1):37–73.Crossref, Google Scholar
- (2021) Should retail investors listen to social media analysts? Evidence from text-implied beliefs. Working paper, Frankfurt School of Finance & Management, Frankfurt.Google Scholar
- (2011) Should investors follow the prophets or the bears? Evidence on the use of public information by analysts and short sellers. Accounting Rev. 86(1):101–130.Crossref, Google Scholar
- (2015) Short selling around restatement announcements: When do bears pounce? J. Accounting Auditing Finance 30(2):218–245.Crossref, Google Scholar
- (2021) Social media sentiment in international stock returns and trading activity. J. Behav. Finance 22(1):221–234.Crossref, Google Scholar
- (1998) Option volume and stock prices: Evidence on where informed traders trade. J. Finance 53(2):431–465.Crossref, Google Scholar
- (2022) Retail trader sophistication and stock market quality: Evidence from brokerage outages. J. Financial Econom. 146(2):502–528.Crossref, Google Scholar
- (2012) How are shorts informed?: Short sellers, news, and information processing. J. Financial Econom. 105(2):260–278.Crossref, Google Scholar
- (2018) Short-selling risk. J. Finance 73(2):755–786.Crossref, Google Scholar
- (2009) Failure is an option: Impediments to short selling and options prices. Rev. Financial Stud. 22(5):1955–1980.Crossref, Google Scholar
- (2022) The democratization of investment research and the informativeness of retail investor trading. J. Financial Econom. 145(2):616–641.Crossref, Google Scholar
- (1993) Options, short sales, and market completeness. J. Finance 48(2):761–777.Crossref, Google Scholar
- (1990) A theory of the interday variations in volume, variance, and trading costs in securities markets. Rev. Financial Stud. 3(4):593–624.Crossref, Google Scholar
- (2011) Individual investors and volatility. J. Finance 66(4):1369–1406.Crossref, Google Scholar
- (2010) What drives media slant? Evidence from U.S. daily newspapers. Econometrica 78(1):35–71.Crossref, Google Scholar
- (1984) The American put option valued analytically. J. Finance 39(5):1511–1524.Crossref, Google Scholar
- GibsonDunn (2021) The GameStop short squeeze: Potential regulatory and litigation fall out and considerations. Accesed November 17, 2025, https://www.gibsondunn.com/the-gamestop-short-squeeze-potential-regulatory-and-litigation-fall-out-and-considerations/.Google Scholar
- (1985) Bid, ask and transaction prices in a specialist market with heterogeneously informed traders. J. Financial Econom. 14(1):71–100.Crossref, Google Scholar
- (2008) Manipulation and the allocational role of prices. Rev. Econom. Stud. 75(1):133–164.Crossref, Google Scholar
- (2024) Financial analysis on social media and disclosure processing costs: Evidence from Seeking Alpha. Accounting Rev. 99(5):223–246.Crossref, Google Scholar
- (1988) Liquidity and market structure. J. Finance 43(3):617–633.Crossref, Google Scholar
- (2012) Do option markets undo restrictions on short sales? Evidence from the 2008 short-sale ban. J. Financial Econom. 106(2):331–348.Crossref, Google Scholar
- (2002) Trading and exchanges: Market microstructure for practitioners (Oxford University Press, Oxford, UK).Google Scholar
- (1977) On the profitability of speculation. Quart. J. Econom.91(4):579–597.Crossref, Google Scholar
- (2014) Price pressures. J. Financial Econom. 114(3):405–423.Crossref, Google Scholar
- (2020) Presidential address: Social transmission bias in economics and finance. J. Finance 75(4):1779–1831.Crossref, Google Scholar
- (1981) Optimal dealer pricing under transactions and return uncertainty. J. Financial Econom. 9(1):47–73.Crossref, Google Scholar
- (1992) Long-lived private information and imperfect competition. J. Finance 47(1):247–270.Crossref, Google Scholar
- (2017) Third-party consequences of short-selling threats: The case of auditor behavior. J. Accounting Econom. 63(2–3):479–498.Crossref, Google Scholar
- (2024) Social media attention, stock returns and retail trades. Preprint, submitted June 11, https://dx.doi.org/10.2139/ssrn.4861540.Google Scholar
- (2021) The rise of Reddit: How social media affects retail investors and short-sellers’ roles in price discovery. Preprint, submitted April 2, https://dx.doi.org/10.2139/ssrn.3807655.Google Scholar
- (1992) Market manipulation, bubbles, corners, and short squeezes. J. Financial Quant. Anal. 27(3):311–336.Crossref, Google Scholar
- (1994) Derivative security markets, market manipulation, and option pricing theory. J. Financial Quant. Anal. 29(2):241–261.Crossref, Google Scholar
- (2023) Media trading groups and short selling manipulation. Quant. Finance 23(7–8):1035–1052.Crossref, Google Scholar
- (1993) Treasury auction bids and the Salomon squeeze. J. Finance 48(4):1403–1419.Crossref, Google Scholar
- (2020) Can social media distort price discovery? Evidence from merger rumors. J. Accounting Econom. 70(1):101334.Crossref, Google Scholar
- (2022) Short selling: A review of the literature and implications for future research. Eur. Accounting Rev. 31(1):1–31.Crossref, Google Scholar
- (2020) Social media, news media and the stock market. J. Econom. Behav. Organ. 176:63–90.Crossref, Google Scholar
- (2021) When brokerages restrict retail investors, does the game stop? Preprint, submitted March 17, https://dx.doi.org/10.2139/ssrn.3804446.Google Scholar
- (2023) Finfluencers. Preprint, submitted May 3, https://dx.doi.org/10.2139/ssrn.4428232.Google Scholar
- (2008) Individual investor trading and stock returns. J. Finance 63(1):273–310.Crossref, Google Scholar
- (2010) Short sellers and financial misconduct. J. Finance 65(5):1879–1913.Crossref, Google Scholar
- (2013) Are short sellers informed? Evidence from the bond market. Accounting Rev. 88(2):611–639.Crossref, Google Scholar
- (2013) How wise are crowds? Insights from retail orders and stock returns. J. Finance 68(3):1229–1265.Crossref, Google Scholar
- (2013) Do short sellers front-run insider sales? Accounting Rev. 88(5):1743–1768.Crossref, Google Scholar
- (1978) Misinformation and regulatory actions in the Canadian capital markets: Some empirical evidence. Bell J. Econom. 9(2):355–368.Crossref, Google Scholar
- (2006) Retail investor sentiment and return comovements. J. Finance 61(5):2451–2486.Crossref, Google Scholar
- (1992) Futures manipulation with “cash settlement”. J. Finance 47(4):1485–1502.Google Scholar
- (1984) A theory of futures market manipulations. Anderson RW, ed. The Industrial Organization of Futures Markets (Lexington Books, Lexington, MA), 141–191.Google Scholar
- (1985) Continuous auctions and insider trading. Econometrica 53(6):1315–1335. Crossref, Google Scholar
- (2008) How to define illegal price manipulation. Amer. Econom. Rev. 98(2):274–279.Crossref, Google Scholar
- (2001) Contagion as a wealth effect. J. Finance 56(4):1401–1440.Crossref, Google Scholar
- (2012) Go down fighting: Short sellers vs. firms. Rev. Asset Pricing Stud. 2(1):1–30.Crossref, Google Scholar
- (2015) The role of social media in the capital market: Evidence from consumer product recalls. J. Accounting Res. 53(2):367–404.Crossref, Google Scholar
- (2015) Short selling pressure, stock price behavior, and management forecast precision: Evidence from a natural experiment. J. Accounting Res. 53(1):79–117.Crossref, Google Scholar
- (2022) Yolo trading: Riding with the herd during the GameStop episode. Financial Res. Lett. 46:102359.Crossref, Google Scholar
- (2005) Strategic trading behavior and price distortion in a manipulated market: Anatomy of a squeeze. J. Financial Econom. 77(1):171–218.Crossref, Google Scholar
- (2022) A report by the ad hoc academic committee on equity and options market structure conditions in early 2021. Preprint, submitted February 15, https://doi.org/10.2139/ssrn.4030179.Google Scholar
- (2022) Is there a risk premium in the stock lending market? Evidence from equity options. J. Finance 77(3):1787–1828.Crossref, Google Scholar
- (2022) Visuals and attention to earnings news on Twitter. Rev. Accounting Stud. 27(4):1233–1275.Crossref, Google Scholar
- (2004) Multiple unit auctions and short squeezes. Rev. Financial Stud. 17(2):545–580.Crossref, Google Scholar
- (1996) Discriminatory versus uniform treasury auctions: Evidence from when-issued transactions. J. Financial Econom. 42(1):63–104.Crossref, Google Scholar
- (2011) Is market fragmentation harming market quality? J. Financial Econom. 100(3):459–474.Crossref, Google Scholar
- (2004) Limited arbitrage and short sales restrictions: Evidence from the options markets. J. Financial Econom. 74(2):305–342.Crossref, Google Scholar
- (2022) The triple difference estimator. Econom. J. 25(3):531–553.Crossref, Google Scholar
- (2021) Flattening the illiquidity curve: Retail trading during the COVID-19 lockdown. J. Financial Quant. Anal. 56(7):2356–2388.Crossref, Google Scholar
- (2022) Game on: Social networks and markets. J. Financial Econom. 146(3):1097–1119.Crossref, Google Scholar
- (2020) Glued to the TV: Distracted noise traders and stock market liquidity. J. Finance 75(2):1083–1133.Crossref, Google Scholar
- (2009) Estimating standard errors in finance panel data sets: Comparing approaches. Rev. Finance Stud. 22(1):435–480. Crossref, Google Scholar
- (1993) Manipulation of the commodity futures market delivery process. J. Bus. 66(3).Crossref, Google Scholar
- (2001) Manipulation of cash-settled futures contracts. J. Bus. 74(2):221–244.Crossref, Google Scholar
- (2005) The information intermediary role of short sellers. Accounting Rev. 80(3):941–966.Crossref, Google Scholar
- (2013) Short selling. Ann. Rev. Financial Econom. 5(1):245–258.Crossref, Google Scholar
- (2019) Squeezing the shorts in small cap stocks. Preprint, submitted November 22, https://dx.doi.org/10.2139/ssrn.3484847.Google Scholar
- (2024) Short squeezes and their consequences. J. Financial Quant. Anal. 59(1):68–96Crossref, Google Scholar
- (2014) Security market manipulation. Ann. Rev. Financial Econom. 6(1):405–418.Crossref, Google Scholar
- (2025) Short squeezes after short-selling attacks. J. Accounting Res. 63(3):1187–1236.Google Scholar
- (1989) Simple games of market manipulation. Econom. Lett. 29:21–26.Crossref, Google Scholar
- (1998) Strategic trading, asymmetric information and heterogeneous prior beliefs. J. Financial Markets 1(3–4):321–352.Crossref, Google Scholar

