We find that higher stock lending fees predict significantly lower future returns after controlling for shorting demand for U.S. stocks during the period 2007–2010. These results suggest that active institutional investors on the supply side play an important role in the return predictability...

Short sellers are known to have private information about security prices. Empirical evidence of short selling, however, is based on only half of short sellers' trading activity; specifically, the opening of the position. Using disclosed large short position data from the Japanese stock market,...

We examine whether analysts tip investors during investor conferences. We find that conference-day abnormal returns of a presenting company are about 0.6% higher when the conference is hosted by an analyst who will initiate coverage with a Buy recommendation than when the conference is hosted by...