【报告主题】Informed Lenders in the Shorting Market
【主讲嘉宾】弗吉尼亚理工大学 叶鹏飞老师
【报告时间】2020年6月23日（星期二）9:00
【参与方式】ZOOM
【嘉宾简介】Dr.Ye is an assistant professor at Pamplin College of Business. He received his Ph.D. from the University of Wisconsin-Milwaukee. Dr.Ye's research focuses primarily on issues in managerial labor market and incentives，M&A. Dr.Ye has published extensively in top finance journals,including JFE,JFQA. He is currently conducting research on institutional investors and firm innovation.
【内容提要】This paper examines the equity loan supply for short-selling. Using detailed stock lending data, we show that active equity funds, on average, are informed stock lenders. The stocks they lend outperform those that they do not. The stocks they recall and sell perform worse in the future than those that remain on loan. These funds avoid lending stocks when lending fees are extremely high and seem to use the shorting market’s signals to form stock-selling decisions. Our findings help explain why institutional investors lend stocks. They also highlight a new source of short-sale constraints arising from the informed loan supply.