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Roberto Tubaldi


Born in Recanati (Italy) in 1988, I graduated in Economics at the University of Bologna. In 2015, I started the SFI PhD in Finance at USI Lugano.

My research focuses on institutional investors and how they affect financial markets and real decisions.


Strategic Trading As a Response to Short Sellers

with Marco Di Maggio, Francesco Franzoni, and Massimo Massa

Abstract: We study empirically whether informed traders’ reaction to the presence of short sellers affects price discovery. We find a sizeable reduction of positive information impounding before earnings announcements for stocks more exposed to exogenous variation in the threat of short selling. Consistent with strategic behavior by informed investors, we show that investors with positive views on a stock slow down their trades when short sellers are present in the same stock. Furthermore, they break up their buy trades across multiple brokers, suggesting that they wish to prevent their information from leaking. The findings suggest that short selling can deter information impounding when information is spread across several investors.