NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Effects of Stock Lending on Security Prices: An Experiment

Steven N. Kaplan, Tobias J. Moskowitz, Berk A. Sensoy

NBER Working Paper No. 16335
Issued in September 2010

---- Acknowledgements -----

We thank Jack Bao, Lauren Cohen, John Heaton, Charles Jones, Les Nelson, Oguzhan Ozbas, Lasse Pedersen, Adam Reed, Savina Rizova, Ingrid Werner, and seminar participants at Duke University, Indiana University, the University of North Carolina, the University of Chicago, and the RMA/UNC conference on securities lending for helpful comments and discussions. Kaplan and Moskowitz thank the Initiative on Global Markets and CRSP at the University of Chicago Booth School of Business for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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