When the next round of finance texts is written, the American Dot-com Bubble of the late 1990s is sure to take its place with the classics – the Tulip Bubble, the South Seas Bubble, the run-up to the great crash of 1929. But what caused it? According to one theory, the problem was a shortage of short selling, say Wharton finance professors Christopher C. Geczy and David Musto. The two researchers and a third colleague have written an article examining this thesis entitled, “Stocks are Special Too: An Analysis of the Equity Lending Market.”
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