کوتاه کردن مواد مخدر: فروش کوتاه مدت در فرایند توسعه دارو

Announcements related to the drug development process can have a profound impact on the market value of firms operating in the pharmaceutical and healthcare industries. We examine a large number of these events and document a strong negative relation between short selling during the days leading up to an event's announcement and the announcement return. Several additional tests indicate that insider information is a likely source for at least part of this profitable trading activity.