WHICH SHORTS ARE INFORMED? Ekkehart Boehmer Mays Business School Texas A&M University Charles M. Jones Graduate School of Business Columbia University Xiaoyan Zhang Johnson Graduate School of Management Cornell University This draft: November 11, 2005 We are grateful to Yakov Amihud, Amy Edwards, Joel Hasbrouck, Terry Hendershott, Owen Lamont, Mark Seasholes, Sorin Sorescu, Michela Verardo, Ingrid Werner, and seminar participants at Cornell, Goldman Sachs Asset Management, the London School of Economics, the NBER Market Microstructure meeting, and the NYSE for helpful comments. We thank the NYSE for providing system order data.
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