Financial System Workshop：Did the Game Stop for Hedge Funds?

Title

Did the Game Stop for Hedge Funds?

Abstract

Can retail investors on social media platforms effectively target hedge fund short positions? We show that the disclosure of hedge fund short positions drives social media activity on WallStreetBets. Social media activity in turn precipitates price increases for heavily shorted stocks. The resultant short squeezes hurt hedge funds, which respond by shorting less aggressively, leading to prolonged overpricing in the stock market. In line with a causal interpretation, the impact of social media on stock returns manifests around the publication dates for short sales, but not around the settlement dates, and attenuates during trading restrictions imposed by Robinhood.

開催日時

2023年12月5日（火）10:30～12:00

会場

東京大学経済学研究科学術交流棟（小島ホール）1階　第2セミナー室

講演者

Melvyn TEO
Deputy Dean (Faculty & Research) 
Professor of Finance         
Lee Kong Chian School of Business, Singapore Management University

https://business.smu.edu.sg/faculty/profile/1651/melvyn-teo

開催言語

英語

参加申込

申込フォーム