Activist short-sellers could play an information role in capital markets by disclosing informative short-theses, or, as many are concerned, a manipulation role by spreading misinformation. To shed light on this controversy, this paper focuses on a powerful setting where both roles are heightened...

Using hand-collected information, we find that analysts who own stock in a company they follow make more informative recommendations and exert more effort in covering the company. However, we also find that analysts with stock ownership issue more optimistic target price forecasts. These...

We examine whether activists exhibit persistent cross-sectional performance differences in identifying targets to short. We find no evidence of performance persistence using target returns, consistent with Ljungqvist and Qian (2016), but document that the current target is more likely to delist...

Using standardized abnormal turnover to proxy for disagreement, we find that cryptocurrencies with high disagreement experience significantly lower future returns that cannot be explained by common risk factors and various coin characteristics. In addition, we show that (i) when short-sale...

Closed-end country funds are interesting in that they have two sets of prices for the same underlying assets – the net asset value (NAV) of the fund holdings as measured using the underlying firms' stock prices in their home markets and the fund price at which the fund trades on a U.S. stock...