In this paper we address two important questions that emerged in the aftermath of the recent banking crisis. First, did the financial statements of the bank holding companies provide an early warning of their impending distress? Second, whether the actions of four key financial intermediaries...

This is a pre-analysis plan for The Reg SHO Reanalysis Project, in which we will reassess primary results from selected recent accounting and finance papers, which exploit the randomized trial conducted by the Securities and Exchange Commission (SEC) from May 2, 2005 to July 6, 2007. As part of...

During 2005-2007, the SEC conducted a randomized trial in which it removed short-sale restrictions from one-third of the Russell 3000 firms. Early studies found modest microstructure-related effects of removing the restrictions but no effect on short interest or share prices. More recently,...

This Appendix contains additional results and discussion for Black, Desai, Litvak, Yoo, and Yu, The SEC’s Short-sale Experiment: Evidence on Causal Channels and the Importance of Specification Choice in Randomized and Natural Experiments (2022). It contains sample details; details on...