Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 18, 2022 erstellt
Description:
Under short-sales restrictions, we document a phenomenon where the market reacts again to publicly available adverse information, to which it has already responded before. We employ a Japanese dataset endowed with distinctive regulatory features pertaining to trading restrictions for a specific subset of stocks. The price reaction on the issue date, is to the now stale information to which the market has already reacted at its announcement. The phenomenon is attributable to a delayed reaction to publicly available information for short-sales restricted stocks, manifested only when additional shares are introduced