... anticipate and incorporate an expected short sale into the stock prices, and thus rational investors will not adjust their price expectation based on an expected short sales. They show that it is mainly unexpected high levels of short interest that will cause price adjustment. Thus, we need to examine...

...Andriy Shkilko; Crystal Xiaobei Chen Purpose The purpose of this paper is to study the relationship between excess returns and short sale activities under unexpected informed and uninformed short sales. It is found that in general, the unexpected informed short sale is a bearish signal and has...