The SEC’s Short-Sale Experiment: Evidence on Causal Channels and Reassessment of Indirect Effects

The authors thank David Sraer (department editor), an anonymous associate editor and two anonymous referees for their detailed comments and suggestions. The authors thank Parth Lalkiya and Lauren Fiotakis for research assistance. The authors thank Gauri Bhat, Ian Gow, Doug Hanna, Ankit Jain (discussant), Pab Jotikasthira, Sanjay Kallapur, Umang Khetan (discussant), Srini Krishnamurthy, Charles Lee, Dan Millimet, Shiva Rajgopal, Mehrdad Samadi, Holger Spamann, Shyam Sundar, Jake Thomas, Sorabh Tomar, and Ram Venkataraman as well as workshop participants at American Law and Economics Association (2021), Bar Ilan University, Carnegie Mellon University, Columbia Business School, Conference on Empirical Legal Studies (2022), Corporate Law Academic Webinar Series (2020), Financial Management Association (2021), Florida State University, Haifa University, Hebrew University of Jerusalem, Indian School of Business, Midwest Finance Association, Pace University, Southern Methodist University, Stanford Law School, Tel Aviv University, University of Central Florida, and University of Texas at Arlington as well as participants at American Law and Economics Association, Conference on Empirical Legal Studies, Midwest Finance Association, and Financial Management Association Annual Meetings for comments and discussions on an earlier draft.