@article{Graham2007,
  title = {Ownership Structure, Expectations, and Short Sales on the {{Nasdaq}}},
  author = {Graham, J. Edward and Hughen, J. Christopher},
  year = 2007,
  journal = {Journal of Economics and Finance},
  volume = {31},
  number = {1},
  pages = {33--48},
  issn = {1055-0925},
  doi = {10.1007/BF02751510},
  abstract = {We estimate expected short interest for Nasdaq stocks. Extending prior work, our research is among the first to investigate the impact of ownership structure on short-selling activity. We find that short interest is negatively related to institutional ownership and positively related to inside ownership; stocks with greater liquidity and smaller relative spreads are more heavily shorted. We also develop a measure of the unanticipated level of short selling; relative to the reported amount of short interest, this unexpected level of short selling seems at first to better represent the opinions of informed investors engaging in costly short-selling activities. However, the power of the unanticipated level of short-selling factor is displaced when we make allowances for traditional market, firm-size, and momentum variables.}
}