In the present paper we examine the German cinema market using time series data of 49 years. Applying estimation …

extreme market-wide events and the supply of CBs on performance. Out-of-sample tests provide corroborative evidence on our … active in shorting stocks to hedge their exposure than smaller funds. They are also more vulnerable to supply shocks in the … CB market. These findings are consistent with economies of scale that large funds enjoy in accessing the stock loan …