Electronic Theses and Dissertations

Date of Award


Document Type


Degree Name

Ph.D. in Accountancy

First Advisor

Morris H. Stocks

Second Advisor

Victoria L. Dickinson

Third Advisor

Wallace M. Wilder

Relational Format



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.

Included in

Accounting Commons



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