Internet Appendix to: The SEC’s Short-Sale Experiment: Evidence on Causal Channels and Reassessment of Indirect Effects

147 Pages Posted: 21 Jul 2020 Last revised: 2 Jun 2023

Date Written: April 12, 2023

Abstract

This Appendix contains additional results and discussions to accompany Black, Desai, Litvak, Yoo, and Yu, The SEC’s Short-Sale Experiment: Evidence on Causal Channels and Reassessment of Indirect Effects (2023). It contains sample details; details on differences between our specification and the best-match specifications; additional results for the best-match specifications; results for step-by-step moves from our specification to each best-match specification; technical replication for FHK and HHZ; robustness assessments for the FHK and HHZ exact samples and specifications; and analysis of the additional specifications and datasets publicly posted by FHK in response to an earlier draft of the paper. We confirm technical replication for the FHK accruals result and the HHZ result for audit fees, for their exact samples and specification, but show that both results are fragile. We also respond in detail to the FHK reply to an earlier draft of this paper.

Suggested Citation

Black, Bernard S. and Desai, Hemang and Litvak, Kate and Yoo, Woongsun and Yu, Jeff Jiewei, Internet Appendix to: The SEC’s Short-Sale Experiment: Evidence on Causal Channels and Reassessment of Indirect Effects (April 12, 2023). Available at SSRN: https://ssrn.com/abstract=3657200 or http://dx.doi.org/10.2139/ssrn.3657200

Bernard S. Black (Contact Author)

Northwestern University - Pritzker School of Law ( email )

375 E. Chicago Ave
Chicago, IL 60611
United States
312-503-2784 (Phone)

Hemang Desai

Southern Methodist University (SMU) - Accounting Department ( email )

United States
214-768-3185 (Phone)
214-768-4099 (Fax)

Kate Litvak

Northwestern University - Pritzker School of Law ( email )

375 E. Chicago Ave
Chicago, IL 60611
United States

Woongsun Yoo

Central Michigan University ( email )

Mount Pleasant, MI 48859
United States

Jeff Jiewei Yu

University of Arizona ( email )

School of Accountancy
Eller College of Management
Tucson, AZ 85721
United States
520-621-1273 (Phone)

HOME PAGE: http://https://accounting.eller.arizona.edu/people/jeff-jiewei-yu

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
136
Abstract Views
1,389
Rank
335,988
PlumX Metrics