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Stephen Figlewski, The Informational Effects of Restrictions on Short Sales: Some Empirical Evidence, The Journal of Financial and Quantitative Analysis, Vol. 16, No. 4, Proceedings of 16th Annual Conference of the Western Finance Association, June 18-20, 1981, Jackson Hole, Wyoming (Nov., 1981), pp. 463-476
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Stephen Figlewski (1981) studied this question.
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