Short-Sale Constraints and Corporate Investment
نویسندگان
چکیده
Abstract In a sample of non-U.S. regulatory regime shifts, we find that expanded short selling is associated with stock price declines, reductions in capital expenditure, and lower asset growth. reversal results found for U.S. stocks study Regulation SHO by Grullon, Michenaud, Weston (2015), our are stronger large firms than small firms. We also show this investment effect previously relied on outside financing. Our suggest short-sale policies affect corporate not driven constraints.
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ژورنال
عنوان ژورنال: Journal of Financial and Quantitative Analysis
سال: 2022
ISSN: ['1756-6916', '0022-1090']
DOI: https://doi.org/10.1017/s0022109022000849