This research finds empirical evidence that naked short sales contribute to the ability of investors to manipulatively short down the value of firms in need of external capital. The findings are also consistent with a hypothesis that the announcement effect of a new stock issue is merely a proxy...

This paper examines how the release of industry rivals' earnings news during the IPO book-building period affects a firm's process of going public. The aggregate effect of rivals' earnings news is measured by a signal-to-noise ratio. Higher signal-to-noise ratios indicate better rivals' earnings...