Date of Award
Ph.D. in Accountancy
Morris H. Stocks
Victoria L. Dickinson
Wallace M. Wilder
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 the financial strength of the underlying stock has little effect on short sellers near the 52-week low.
Miller, Christopher Alan, "DO BEARS PREFER THE WEAK AND THE DOWNTRODDEN? THE EFFECTS OF THE 52-WEEK LOW AND FINANCIAL STRENGTH ON SHORT-SELLER BEHAVIOR" (2021). Electronic Theses and Dissertations. 2119.
Available for download on Thursday, December 14, 2023