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Do Bears Prefer The Weak And The Downtrodden? The Effects Of The 52-Week Low And Financial Strength On Short-Seller Behavior, Christopher Alan Miller
Do Bears Prefer The Weak And The Downtrodden? The Effects Of The 52-Week Low And Financial Strength On Short-Seller Behavior, Christopher Alan Miller
Electronic Theses and Dissertations
This dissertation investigates the effects of a company’s financial strength on short-seller behavior around a non-information-producing event. The distance of a stock price to its 52-week high or low does not provide fundamental information, but the price extremes serve as salient price points upon which investors anchor their expectations of future stock performance. Using a large sample of daily short sales data, I investigated the effects of both the proximity to the 52-week low and the financial strength of the underlying company on short-seller behavior. I found that short-selling volume increases as the price nears its 52-week low and that …
Tiered Market Structures: An Empirical Examination Of Nasdaq, Kevin D. Broom
Tiered Market Structures: An Empirical Examination Of Nasdaq, Kevin D. Broom
Electronic Theses and Dissertations
This dissertation consists of two essays examining tiered market structures. We focus on the June 2006 restructuring of the NASDAQ Stock Exchange where the listing environment changed from two to three tiers, creating a top tier with the highest listing standards for any exchange in the world. The first essay examines market quality. Theoretical motivation indicates that different listing and disclosure requirements could result in different levels of information production across tiers, and thus different market quality characteristics. While we do find cross-sectional evidence of market quality differences, we do not find evidence of market quality changes when firms change …