Jay Ritter

Department of Finance
School of Business
University of Florida
P.O. Box 117168
Gainsville, FL 32611-7168
Tel: 352/846-2837

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: University of Florida

NBER Working Papers and Publications

April 2004Short Interest and Stock Returns
with Paul Asquith, Parag A. Pathak: w10434
Using a longer time period and both NYSE-Amex and Nasdaq stocks, this paper examines short interest and stock returns in more detail than any previous study and finds that many documented patterns are not robust. While equally weighted high short interest portfolios generally underperform, value weighted portfolios do not. In addition, there is a negative correlation between market returns and short interest over our whole period. Finally, inferences from short time periods, such as 1988-1994 when the underperformance of high short interest stocks was exceptional or 1995-2002, when high short interest Nasdaq stocks did not underperform, are misleading.

Published: Asquith, Paul, Parag A. Pathak and Jay R. Ritter. "Short Interest, Institutional Ownership, And Stock Returns," Journal of Financial Economics, 2005, v78(2,Nov), 243-276.

February 2002A Review of IPO Activity, Pricing, and Allocations
with Ivo Welch: w8805
We review the theory and evidence on IPO activity: why firms go public, why they reward first-day investors with considerable underpricing, and how IPOs perform in the long run. Our perspective on the literature is three-fold: First, we believe that many IPO phenomena are not stationary. Second, we believe research into share allocation issues is the most promising area of research in IPOs at the moment. Third, we argue that asymmetric information is not the primary driver of many IPO phenomena. Instead, we believe future progress in the literature will come from non-rational and agency conflict explanations. We describe some promising such alternatives.

Published: Ritter, Jay R. and Ivo Welch. "A Review Of IPO Activity, Pricing, And Allocations," Journal of Finance, 2002, v57(4,Aug), 1795-1828. citation courtesy of

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