| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28824 |
| 来源ID | Working Paper 28824 |
| A Long and a Short Leg Make For a Wobbly Equilibrium | |
| Nicolae B. Gârleanu; Stavros Panageas; Geoffery X. Zheng | |
| 发表日期 | 2021-05-24 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We document the historically bad performance of shorting strategies in late 2020 and early 2021. Short sellers started retreating several weeks before the dramatic growth in the online discussion of January 2021 and across numerous stocks, the majority of which were not heavily discussed online and did not experience an unusual increase in retail buying volume. We provide a model to explain how fears among short sellers can become self-fulfilling and lead to “run-type” behavior. The model also provides a novel explanation why rational short sellers may choose to leave the market even as mispricing widens. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w28824 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586498 |
| 推荐引用方式 GB/T 7714 | Nicolae B. Gârleanu,Stavros Panageas,Geoffery X. Zheng. A Long and a Short Leg Make For a Wobbly Equilibrium. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28824.pdf（909KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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