While theoretical models strongly suggest that short-sales are mainly driven by private information, recent empirical evidence of has been rather mixed. This paper contributes to the discussion by looking at various potential motives to sell short and compares these with regular buys and sales...

We examine the differences between short sales and "regular" trades with regard to the nature of their information content. First, we find that short-sales impound private information that is significantly longer-lived than that in regular trades, and accordingly find that short-sales play an...

This paper investigates the information environment during and after a corporate break-up utilizing direct measures of information asymmetry developed in the market microstructure literature. The analysis is based on all corporate break-ups in the United States in the period 1995-2005. The...

This paper investigates the information environment during and after a corporate break-up utilizing direct measures of information asymmetry developed in the market microstructure literature. The analysis is based on all corporate break-ups in the United States in the period 1995-2005. The...

The major contribution of this paper is to utilise the direct measures of informed trading and information asymmetry developed in the market microstructure literature to provide rich insights into how the information environment changes during and after a corporate break-up. The paper analyses...