Price Informativeness and Corporate Investment: A Model of Costly Manipulation and Share Repurchases
References
- (2002) Illiquidity and stock returns: Cross-section and time-series effects. J. Financial Markets 5(1):31–56.Crossref, Google Scholar
- (2023) Dynamic equilibrium with costly short-selling and lending market. Rev. Financial Stud. 37(2):444–506.Crossref, Google Scholar
- (2006) Crushed by a rational stampede: Strategic share dumping and shareholder insurrections. J. Financial Econom. 79(1):181–222.Crossref, Google Scholar
- (2018) Identifying information asymmetry in securities markets. Rev. Financial Stud. 31(6):2277–2325.Crossref, Google Scholar
- (2003) When does the market matter? Stock prices and the investment of equity-dependent firms. Quart. J. Econom. 118(3):969–1005.Crossref, Google Scholar
- (2020) Why do firms disagree with short sellers? Managerial myopia versus private information. J. Financial Quant. Anal. 55(8):2431–2465.Crossref, Google Scholar
- (2013) Short-selling bans around the world: Evidence from the 2007–09 crisis. J. Finance 68(1):343–381.Crossref, Google Scholar
- (2018) How do short selling costs and restrictions affect the profitability of stock anomalies? Preprint, submitted November 9, http://dx.doi.org/10.2139/ssrn.3066750.Google Scholar
- (2007) Share repurchases and the need for external finance. J. Appl. Corporate Finance 19(3):42–55.Crossref, Google Scholar
- (2013) Connecting two markets: An equilibrium framework for shorts, longs, and stock loans. J. Financial Econom. 108(2):302–322.Crossref, Google Scholar
- (2016) Buying high and selling low: Stock repurchases and persistent asymmetric information. Rev. Financial Stud. 29(6):1409–1452.Crossref, Google Scholar
- (2012) The real effects of financial markets. Annual Rev. Financial Econom. 4(1):339–360.Crossref, Google Scholar
- (2023) Short interest and investment. Preprint, submitted November 29, http://dx.doi.org/10.2139/ssrn.4630093.Google Scholar
- (2005) Payout policy in the 21st century. J. Financial Econom. 77(3):483–527.Crossref, Google Scholar
- (2019) The rise of the equity lending market: Implications for corporate policies. Preprint, submitted September 19, http://dx.doi.org/10.2139/ssrn.2703318.Google Scholar
- (2017) Well-connected short-sellers pay lower loan fees: A market-wide analysis. J. Financial Econom. 123(3):646–670.Crossref, Google Scholar
- (2011) Adverse selection and convertible bonds. Rev. Econom. Stud. 78(1):148–175.Crossref, Google Scholar
- (1997) Why include warrants in new equity issues? A theory of unit IPOs. J. Financial Quant. Anal. 32(1):1–24.Crossref, Google Scholar
- (2023) Short-sale constraints and firm investment efficiency: Evidence from a natural experiment. J. Accounting Public Policy 42(6):107149.Crossref, Google Scholar
- (2016) Do short-selling constraints matter? Working paper, Copenhagen Business School, Copenhagen.Google Scholar
- (2017) The effects of short-selling threats on incentive contracts: Evidence from an experiment. Rev. Financial Stud. 30(5):1627–1659.Crossref, Google Scholar
- (2023) Short-sale constraints and corporate investment. J. Financial Quant. Anal. 58(6):2489–2521.Crossref, Google Scholar
- (2009) It’s SHO time! Short-sale price tests and market quality. J. Finance 64(1):37–73.Crossref, Google Scholar
- (2002) Securities lending, shorting, and pricing. J. Financial Econom. 66(2–3):307–339.Crossref, Google Scholar
- (1985) Disclosure of nonproprietary information. J. Accounting Res. 23(1):123–145.Crossref, Google Scholar
- (1996) Liquidity, information, and infrequently traded stocks. J. Finance 51(4):1405–1436.Crossref, Google Scholar
- (2012) The real effects of financial markets: The impact of prices on takeovers. J. Finance 67(3):933–971.Crossref, Google Scholar
- (2024) A survey of short-selling regulations. Rev. Asset Pricing Stud. 14(4):613–639.Crossref, Google Scholar
- (2014) Payout policy. Annual Rev. Financial Econom. 6(1):75–134.Crossref, Google Scholar
- (2025) Manipulation, panic runs, and the short selling ban. J. Econom. Theory 223:105939.Google Scholar
- (1988) Estimating the components of the bid/ask spread. J. Financial Econom. 21(1):123–142.Crossref, Google Scholar
- (2008) Manipulation and the allocational role of prices. Rev. Econom. Stud. 75(1):133–164.Crossref, Google Scholar
- (2013) Trading frenzies and their impact on real investment. J. Financial Econom. 109(2):566–582.Crossref, Google Scholar
- (2015) The real effects of short-selling constraints. Rev. Financial Stud. 28(6):1737–1767.Crossref, Google Scholar
- (2017) Evidence games: Truth and commitment. Amer. Econom. Rev. 107(3):690–713.Crossref, Google Scholar
- (1998) Private and public supply of liquidity. J. Political Econom. 106(1):1–40.Crossref, Google Scholar
- (2019) An analysis of over-the-counter and centralized stock lending markets. J. Financial Markets 43(March):31–53.Crossref, Google Scholar
- (1988) Disclosure when the market is unsure of information endowment of managers. J. Accounting Res. 26(1):146–153.Crossref, Google Scholar
- (2012) Doing battle with short sellers: The conflicted role of blockholders in bear raids. J. Financial Econom. 106(2):229–246.Crossref, Google Scholar
- (2013) A multiple lender approach to understanding supply and search in the equity lending market. J. Finance 68(2):559–595.Crossref, Google Scholar
- (1985) Cautious actions and insider trading. Econometrica 53(6):1315–1335.Crossref, Google Scholar
- (2012) Go down fighting: Short sellers vs. firms. Rev. Asset Pricing Stud. 2(1):1–30.Crossref, Google Scholar
- (2019) Contractual managerial incentives with stock price feedback. Amer. Econom. Rev. 109(7):2446–2468.Crossref, Google Scholar
- (2015) Competition of the informed: Does the presence of short sellers affect insider selling? J. Financial Econom. 118(2):268–288.Crossref, Google Scholar
- (2025) Predation by stock price manipulation. J. Corporate Finance 92(June):102770.Crossref, Google Scholar
- (1986) Relying on the information of interested parties. RAND J. Econom. 17(1):18–32.Crossref, Google Scholar
- (1977) Risk, uncertainty, and divergence of opinion. J. Finance 32(4):1151–1168.Crossref, Google Scholar
- (2009) Learning from Schelling’s strategy of conflict. J. Econom. Literature 47(4):1109–1125.Crossref, Google Scholar
- (2008) The probability and magnitude of information events. J. Financial Econom. 87(1):227–248.Crossref, Google Scholar
- Palfrey TR (1993) Implementation in Bayesian equilibrium: The multiple equilibrium problem in mechanism design. Laffont J-J, ed. Advances in Economic Theory: Sixth World Congress, Econometric Society Monographs (Cambridge University Press, Cambridge, UK), 283–327.Google Scholar
- (2016) Ownership structure, limits to arbitrage, and stock returns: Evidence from equity lending markets. Rev. Financial Stud. 29(12):3211–3244.Crossref, Google Scholar
- (2021) Short-sales constraints and the diversification puzzle. Management Sci. 67(2):1159–1182.Link, Google Scholar
- (2016) The bright side of stock repurchases. Preprint, submitted June 23, http://dx.doi.org/10.2139/ssrn.2798670.Google Scholar
- (2011) Price efficiency and short-selling. Rev. Financial Stud. 24(3):821–852.Crossref, Google Scholar
- (1980) The Strategy of Conflict: With a New Preface by the Author (Harvard University Press, Cambridge, MA).Google Scholar
- (2023) The response to share mispricing by issuing firms and short sellers. J. Financial Quant. Anal. 58(3):1078–1110.Crossref, Google Scholar
- (1994) News management and the value of firms. RAND J. Econom. 25(1):58–71.Crossref, Google Scholar
- (2003) Disclosures and asset returns. Econometrica 71(1):105–133.Crossref, Google Scholar
- (2001) Feedback from stock prices to cash flows. J. Finance 56(6):2389–2413.Crossref, Google Scholar
- (2021) Does capital market drive corporate investment efficiency? Evidence from equity lending supply. J. Corporate Finance 69(August):102042.Crossref, Google Scholar
- (1995) Long-term contracts, short-term investment and monitoring. Rev. Econom. Stud. 62(4):557–575.Crossref, Google Scholar
- (2020) Measuring mutual fund flow pressure as shock to stock returns. J. Finance 75(6):3221–3243.Crossref, Google Scholar
- (2024) Reg SHO and mispricing: The role of firm characteristics. Preprint, submitted August 27, http://dx.doi.org/10.2139/ssrn.4920166.Google Scholar

