{"id":"https://openalex.org/W4291777916","doi":"https://doi.org/10.1017/s0022109022000849","title":"Short-Sale Constraints and Corporate Investment","display_name":"Short-Sale Constraints and Corporate Investment","publication_year":2022,"publication_date":"2022-08-15","ids":{"openalex":"https://openalex.org/W4291777916","doi":"https://doi.org/10.1017/s0022109022000849"},"language":"en","primary_location":{"id":"doi:10.1017/s0022109022000849","doi":"https://doi.org/10.1017/s0022109022000849","is_oa":true,"landing_page_url":"https://doi.org/10.1017/s0022109022000849","pdf_url":"https://www.cambridge.org/core/services/aop-cambridge-core/content/view/AB9980AC159604C16223AE306A182F4A/S0022109022000849a.pdf/div-class-title-short-sale-constraints-and-corporate-investment-div.pdf","source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://www.cambridge.org/core/services/aop-cambridge-core/content/view/AB9980AC159604C16223AE306A182F4A/S0022109022000849a.pdf/div-class-title-short-sale-constraints-and-corporate-investment-div.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5051782406","display_name":"Xiaohu Deng","orcid":"https://orcid.org/0000-0001-8419-0865","observed_orcids":["https://orcid.org/0000-0001-8419-0865"]},"institutions":[{"id":"https://openalex.org/I31746571","display_name":"UNSW Sydney","ror":"https://ror.org/03r8z3t63","country_code":"AU","type":"education","lineage":["https://openalex.org/I31746571"]}],"countries":["AU"],"is_corresponding":false,"raw_author_name":"Xiaohu Deng","raw_affiliation_strings":["University of New South Wales School of Banking and Finance at the UNSW Business School"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of New South Wales School of Banking and Finance at the UNSW Business School","institution_ids":["https://openalex.org/I31746571"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5071994432","display_name":"Vishal K. Gupta","orcid":"https://orcid.org/0000-0003-2173-0240","observed_orcids":["https://orcid.org/0000-0003-2173-0240"]},"institutions":[{"id":"https://openalex.org/I17301866","display_name":"University of Alabama","ror":"https://ror.org/03xrrjk67","country_code":"US","type":"education","lineage":["https://openalex.org/I17301866"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Vishal K. Gupta","raw_affiliation_strings":["University of Alabama Department of Management at the Culverhouse College of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Alabama Department of Management at the Culverhouse College of Business","institution_ids":["https://openalex.org/I17301866"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5052187259","display_name":"Marc Lars Lipson","orcid":"https://orcid.org/0000-0001-9226-6591","observed_orcids":["https://orcid.org/0000-0001-9226-6591"]},"institutions":[{"id":"https://openalex.org/I51556381","display_name":"University of Virginia","ror":"https://ror.org/0153tk833","country_code":"US","type":"education","lineage":["https://openalex.org/I51556381"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Marc L. Lipson","raw_affiliation_strings":["University of Virginia Finance Area at the Darden School of Business"],"raw_orcid":"https://orcid.org/0000-0001-9226-6591","affiliations":[{"raw_affiliation_string":"University of Virginia Finance Area at the Darden School of Business","institution_ids":["https://openalex.org/I51556381"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5000062052","display_name":"Sandra C. Mortal","orcid":"https://orcid.org/0000-0002-8769-1515","observed_orcids":["https://orcid.org/0000-0002-8769-1515"]},"institutions":[{"id":"https://openalex.org/I17301866","display_name":"University of Alabama","ror":"https://ror.org/03xrrjk67","country_code":"US","type":"education","lineage":["https://openalex.org/I17301866"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Sandra Mortal","raw_affiliation_strings":["University of Alabama Department of Economics Finance and Legal Studies at the Culverhouse College of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Alabama Department of Economics Finance and Legal Studies at the Culverhouse College of Business","institution_ids":["https://openalex.org/I17301866"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5052187259"],"corresponding_institution_ids":["https://openalex.org/I51556381"],"apc_list":{"value":3255,"currency":"USD","value_usd":3255},"apc_paid":{"value":3255,"currency":"USD","value_usd":3255},"fwci":3.6265,"has_fulltext":true,"cited_by_count":14,"citation_normalized_percentile":{"value":0.93022029,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"58","issue":"6","first_page":"2489","last_page":"2521"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9312000274658203,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9312000274658203,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.06539999693632126,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.001500000013038516,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/short-sale-constraints","display_name":"short-selling constraints","score":0.824999988079071},{"id":"https://openalex.org/keywords/corporate-investment","display_name":"corporate investment","score":0.9739999771118164},{"id":"https://openalex.org/keywords/capital-expenditure","display_name":"capital expenditure","score":0.9440000057220459},{"id":"https://openalex.org/keywords/asset-growth","display_name":"asset growth","score":0.8379999995231628},{"id":"https://openalex.org/keywords/stock-price-decline","display_name":"stock price decline","score":0.7459999918937683},{"id":"https://openalex.org/keywords/regulation-sho","display_name":"Regulation SHO","score":0.7760000228881836},{"id":"https://openalex.org/keywords/capital-constraints","display_name":"capital constraints","score":0.6869999766349792},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.753000020980835}],"concepts":[{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6614303588867188},{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.6506855487823486},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.6420983076095581},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.6332895755767822},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5688981413841248},{"id":"https://openalex.org/C2988984586","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Stock price","level":3,"score":0.5370610356330872},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.49249300360679626},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.45596688985824585},{"id":"https://openalex.org/C2985722716","wikidata":"https://www.wikidata.org/wiki/Q4290","display_name":"Capital investment","level":2,"score":0.4403282403945923},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.43974781036376953},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3863351345062256},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3732505142688751},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C143724316","wikidata":"https://www.wikidata.org/wiki/Q312468","display_name":"Series (stratigraphy)","level":2,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1017/s0022109022000849","doi":"https://doi.org/10.1017/s0022109022000849","is_oa":true,"landing_page_url":"https://doi.org/10.1017/s0022109022000849","pdf_url":"https://www.cambridge.org/core/services/aop-cambridge-core/content/view/AB9980AC159604C16223AE306A182F4A/S0022109022000849a.pdf/div-class-title-short-sale-constraints-and-corporate-investment-div.pdf","source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:cup:jfinqa:v:58:y:2023:i:6:p:2489-2521_7","doi":null,"is_oa":false,"landing_page_url":"https://www.cambridge.org/core/product/identifier/S0022109022000849/type/journal_article","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:unsworks.library.unsw.edu.au:1959.4/unsworks_81809","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/1959.4/unsworks_81809","pdf_url":null,"source":{"id":"https://openalex.org/S4306401737","display_name":"UNSWorks (University of New South Wales, Sydney, Australia)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I40053085","host_organization_name":"Australian Defence Force Academy","host_organization_lineage":["https://openalex.org/I40053085"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Journal of Financial and Quantitative Analysis, 58, 6, 1-33","raw_type":"http://purl.org/coar/resource_type/c_6501"}],"best_oa_location":{"id":"doi:10.1017/s0022109022000849","doi":"https://doi.org/10.1017/s0022109022000849","is_oa":true,"landing_page_url":"https://doi.org/10.1017/s0022109022000849","pdf_url":"https://www.cambridge.org/core/services/aop-cambridge-core/content/view/AB9980AC159604C16223AE306A182F4A/S0022109022000849a.pdf/div-class-title-short-sale-constraints-and-corporate-investment-div.pdf","source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4291777916.pdf","grobid_xml":"https://content.openalex.org/works/W4291777916.grobid-xml"},"referenced_works_count":59,"referenced_works":["https://openalex.org/W1546044195","https://openalex.org/W2024623582","https://openalex.org/W2026824595","https://openalex.org/W2032947759","https://openalex.org/W2034925237","https://openalex.org/W2037270550","https://openalex.org/W2070892101","https://openalex.org/W2074167316","https://openalex.org/W2088006783","https://openalex.org/W2091901314","https://openalex.org/W2099064248","https://openalex.org/W2102281187","https://openalex.org/W2103838917","https://openalex.org/W2104822863","https://openalex.org/W2110982500","https://openalex.org/W2121606993","https://openalex.org/W2128422529","https://openalex.org/W2141703703","https://openalex.org/W2142831770","https://openalex.org/W2144696811","https://openalex.org/W2144844788","https://openalex.org/W2149101203","https://openalex.org/W2149367714","https://openalex.org/W2252821271","https://openalex.org/W2271674507","https://openalex.org/W2581415099","https://openalex.org/W2605111594","https://openalex.org/W2765628206","https://openalex.org/W2790233174","https://openalex.org/W2791859701","https://openalex.org/W2890302625","https://openalex.org/W2890884722","https://openalex.org/W2952479076","https://openalex.org/W2969300137","https://openalex.org/W2980034524","https://openalex.org/W3021915290","https://openalex.org/W3026110307","https://openalex.org/W3121266341","https://openalex.org/W3121362994","https://openalex.org/W3121593127","https://openalex.org/W3122478445","https://openalex.org/W3122551571","https://openalex.org/W3123102838","https://openalex.org/W3123190879","https://openalex.org/W3123452713","https://openalex.org/W3123519783","https://openalex.org/W3123728483","https://openalex.org/W3123825352","https://openalex.org/W3123871479","https://openalex.org/W3124138979","https://openalex.org/W3124218631","https://openalex.org/W3124326590","https://openalex.org/W3124896525","https://openalex.org/W3125720591","https://openalex.org/W3125898740","https://openalex.org/W3126017435","https://openalex.org/W3126044242","https://openalex.org/W4239467316","https://openalex.org/W4241680639"],"related_works":["https://openalex.org/W2470496258","https://openalex.org/W3123102838","https://openalex.org/W4390543246","https://openalex.org/W3042091007","https://openalex.org/W4409361508","https://openalex.org/W4387428485","https://openalex.org/W2512104311","https://openalex.org/W7202366849","https://openalex.org/W2337746493","https://openalex.org/W2910704742"],"abstract_inverted_index":{"Abstract":[0],"In":[1,29],"a":[2,30,39],"sample":[3],"of":[4,32,41],"non-U.S.":[5],"regulatory":[6],"regime":[7],"shifts,":[8],"we":[9],"find":[10],"that":[11,64,72,81,88],"expanded":[12],"short":[13],"selling":[14],"is":[15,68,91],"associated":[16],"with":[17],"stock":[18],"price":[19],"declines,":[20],"reductions":[21],"in":[22,38],"capital":[23,95],"expenditure,":[24],"and":[25,47,87],"lower":[26],"asset":[27],"growth.":[28],"reversal":[31],"results":[33,51,79],"found":[34],"for":[35,54,58,70],"U.S.":[36],"stocks":[37],"study":[40],"Regulation":[42],"SHO":[43],"by":[44,94],"Grullon,":[45],"Michenaud,":[46],"Weston":[48],"(2015),":[49],"our":[50],"are":[52],"stronger":[53,69],"large":[55],"firms":[56,71],"than":[57],"small":[59],"firms.":[60],"We":[61],"also":[62],"show":[63],"this":[65,89],"investment":[66,86],"effect":[67,90],"previously":[73],"relied":[74],"on":[75],"outside":[76],"financing.":[77],"Our":[78],"suggest":[80],"short-sale":[82],"policies":[83],"affect":[84],"corporate":[85],"not":[92],"driven":[93],"constraints.":[96]},"counts_by_year":[{"year":2026,"cited_by_count":5},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":2},{"year":2020,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2022-08-16T00:00:00"}