Short Sellers – Highest Returns Go To The ‘Initiators’
It’s more difficult to study short-selling than long-only investing simply because of the difference in reporting requirements: short positions don’t show up in 13-F filings. But in November 2012 the EU started requiring funds to file whenever they built up short positions equivalent to 0.5% of outstanding shares, and then file again for every 0.1% change as long as they are above that threshold. Looking at this new data on significant short positions, finance professors Stephan Jank and Esad Smajlbegovic have found . . .
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