Devos, Erik; McInish, Thomas; McKenzie, Michael; Upson, … - In: The Journal of Real Estate Finance and Economics 49 (2014) 4, pp. 454-476
Naked short selling and purposeful fails-to-deliver have been identified in the popular press and by the SEC as … contributing factors to the stock market decline in 2008. We investigate the market impact of the announcement that fails-to-deliver … returns or has any market manipulation ability. We find that fails-to-deliver are most consistent with a 1 to 3 days delivery …