Fabozzi Đầu tư vào thị trường mới nổi thu nhập cố định thay đổi nội dung bởi Frank J. Fabozzi và Efstathia Pilarinu Sổ tay tài sản thay thế bởi Mark JP Anson các quỹ giao dịch bằng tay bởi Gary L. Gastineau thị trường tiền tệ toàn cầu Frank J. Fabozzi, Steven V. | 70 THEORY AND EVIDENCE ON SHORT SELLING problem bad luck that has temporarily depressed earnings and so on . Virtually never will a firm publicize facts like the obsolescence of their products the products lack of durability or the stupidity or senility of their management. Just imagine what the sales reps for the competition could do with statements such as Competitor X has a better product Our product is obsolete or We have found unexpected durability problems with our product. A plaintiff s lawyer would love to have a statement on record saying Our product is unsafe. If analysts or brokers identify a stock that is underpriced they can be expected to publicize the information that make them believe it is undervalued. They and their firm could get an order to purchase the stock by informing investors of the information. Just as an example a recent news story states Keane s nod carries some punch as his advice reaches 12 000 retail stock brokers at Wachovia Securities. 11 If each broker keeps only nine investors informed the word has reached 108 000 investors more than the 100 000 investors discussed above. In contrast even when short selling is allowed few investors will place short sale orders. Only a few investors will own any given stock so phone calls saying the stock is over valued will typically be greeted with That s interesting but I don t own any. In many cases if the stock is actually owned it is because the broker making the call sold it to the investor. There are real problems in calling a client up and explaining why the stock you previously urged him to buy should now be sold. Even those who own a stock are unhappy at brokers and analysts who draw attention to a stock s problems since this forces its price down making current owners poorer. The current owner usually has an ego investment in the stocks he owns and telling him that these stocks are overvalued is to question his good judgment. The brokerage firms that employ analysts are also investment
