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Saffi, Pedro; Sturgess, J.
The risky practice of short selling can artificially drive stock prices down, which is why, as the financial market collapsed in the past two years, some people were quick to point the finger at the actions of investors who sold shares short. But for stock to be borrowed, there has to be someone willing to loan it. In their paper, “Equity Lending Markets and Ownership Structure,” Pedro Saffi and Jason Sturgess consider how the composition of shareholders, and the concentration levels of these holdings among institutional investors, affect how many shares can be borrowed.
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