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Short Selling: Strategies, Risks and Rewards by Cliff Asness  
Although considered risky business in the finance community, short selling is recognized by many as an essential element of portfolio management. This guide for managers and investors presents practical suggestions from investment professionals and academics for using the technique of short selling to enhance financial performance. A sampling of topics includes the mechanics of the equity lending market, the information content of short sales, and the economic profit approach to short selling.

Table of Contents

	Foreword
Ch. 1	Introduction	1
Ch. 2	Mechanics of the equity lending market	9
Ch. 3	Shorting using futures and options	17
Ch. 4	Is selling ETFs short a financial "extreme sport"?	37
Ch. 5	Restrictions on short selling and exploitable opportunities for investors	61
Ch. 6	Implications of short selling and divergence of opinion for investment strategy	117
Ch. 7	Short sale constraints and overpricing	179
Ch. 8	How short selling expands the investment opportunity set and improves upon potential portfolio efficiency	205
Ch. 9	The information content of short sales	233
Ch. 10	Spotting clues in Qs	259
Ch. 11	The economic profit approach to short selling	279
Ch. 12	Long-short equity portfolios	303
Ch. 13	Short sales in global perspective	323
Ch. 14	Short selling and financial puzzles	345