Date: 22 December, 2017 Friday
\nTime: 13:40-14:40<\/p>\n
Place: Faculty of Business Administration,
\nUmit Berkman Seminar Room<\/p>\n
\u201cShow Us Your Shorts!\u201d by Bige Kahraman Alper, Associate Professor of Finance, Sa\u00efd Business School<\/p>\n
Abstract:
\nWhat is the impact of greater publicity in the shorting market on informational efficiency? To answer this, we exploit rule amendments in U.S. securities markets which increased the frequency of public disclosure of short interest. Greater publicity can potentially improve or deteriorate informational efficiency. We find that with more frequent disclosure, short-sellers\u2019 private information is incorporated into prices faster, improving informational efficiency. We also document significant market reactions to short interest announcements, suggesting investor learning, and furthermore, increases in short-sellers\u2019 returns and reductions in their holding periods.<\/p>\n","protected":false},"excerpt":{"rendered":"
Date: 22 December, 2017 Friday Time: 13:40-14:40 Place: Faculty of Business Administration, Umit Berkman Seminar Room \u201cShow Us Your Shorts!\u201d by Bige Kahraman Alper, Associate Professor of Finance, Sa\u00efd Business School Abstract: What is the impact of greater publicity in the shorting market on informational efficiency? To answer this, we [\u2026] <\/p>\n