Routinely coded hospital data ('administrative data') have been criticised as invalid and unreliable, without due regard for how Australian data differ from those of other healthcare systems. The skills and education of coders, degree of professional coding supervision, and the existence and rigour of coding audits all strengthen Australian routine hospital data.

We examine how short selling affects the accuracy of default prediction models. Our results indicate that a dynamic multiperiod logit model accurately predicts 18 percentage points more actual occurrences of default in countries where short-selling is widely practiced. Moreover, our analyses indicate that short selling has virtually no impact on the proportion of inaccurately classified non-def...

This paper examines whether short sellers exploit information in economically linked firms to undertake profitable trades. Using newly available information on firm-level customer-suppliercompetitor relationships and Reg SHO daily short sales data, we find that the short selling of supplier stock increases with negative post-news customer returns, and that the relation becomes more pronounced i...

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 ...

This paper investigates the mechanism through which short-selling can cause failures of …nancial …rms and state …nancing. We show that the fundamental problem of short-selling is that it leads to an increase in uncertainty and information asymmetry on the …rm’s or the sovereign’s fundamentals. Debtholders, who care about downside risk but not upside risk, are averse to fundamental uncertainty. ...

It is suggested to consider long term trends of financial markets as a growth phenomenon. The question that is asked is what conditions are needed for a long term sustainable growth or contraction in a financial market? The paper discuss the role of traditional market players of long only mutual funds versus hedge funds which take both short and long positions. It will be argued that financial ...

We show that a trader, who starts with no initial wealth and is not allowed to borrow money or short sell assets, is theoretically able to attain positive wealth by continuous trading, provided that she has perfect foresight of future asset prices, given by a continuous semimartingale. Such an arbitrage strategy can be constructed as a process of finite variation that satisfies a seemingly inno...