Posted on

Testimony: Rule Number S7-12-06 Comments on Proposed Amendments to Regulation SHO

Rule Number S7-12-06: Comments on Proposed Amendments to Regulation SHO Robert Shapiro 14 September 2006 I am Robert J. Shapiro, chairman of Sonecon, LLC, an economic analysis and advisory firm in Washington, D.C. From 1998 to 2001, I was Under Secretary of Commerce for Economic Affairs. Prior to that, I was Vice President and co-founder …

Continue reading “Testimony: Rule Number S7-12-06 Comments on Proposed Amendments to Regulation SHO”

Posted on

Memorandum: Short Sales on the New York Stock Exchange: Their Share of All Trades and the Types of Companies Most Likely to be Sold Short

Short Sales on the New York Stock Exchange: Their Share of All Trades and the Types of Companies Most Likely to be Sold Short Robert J. Shapiro Sonecon, July 2006 We analyzed the extent and focus of short sales of New York Stock Exchange (NYSE) companies over a six-month period, February – July 2006. More …

Continue reading “Memorandum: Short Sales on the New York Stock Exchange: Their Share of All Trades and the Types of Companies Most Likely to be Sold Short”

Posted on

Paper: 500 Million Shares of Stock Are Missing A Report on the Impact of Allowing Stock Sales to Go Undelivered for Long Periods

500 Million Shares of Stock Are Missing: A Report on the Impact of Allowing Stock Sales to Go Undelivered for Long Periods Robert J. Shapiro Sonecon, March 2006 It has been well established that every day, millions of shares of stock in U.S. companies that are sold go undelivered. In November 2004, an SEC visiting economist, …

Continue reading “Paper: 500 Million Shares of Stock Are Missing A Report on the Impact of Allowing Stock Sales to Go Undelivered for Long Periods”

Posted on

Paper: The Concentration of Undelivered Shares Among Threshold Securities: Prospects of Stock Manipulation Using Naked Short Sales

The Concentration of Undelivered Shares Among Threshold Securities: Prospects of Stock Manipulation Using Naked Short Sales Robert J.  Shapiro Sonecon, 14 November 2005 American public companies and their shareholders face a significant threat. Last year, researchers determined that naked short sales – short sales in which the shares are credited to buyer, but the short …

Continue reading “Paper: The Concentration of Undelivered Shares Among Threshold Securities: Prospects of Stock Manipulation Using Naked Short Sales”

Posted on

Paper: Boni Analysis of Failures-to-Deliver

Boni Analysis of Failures-to-Deliver Robert Shapiro Sonecon, November 2004 A new study documents that significant failures to promptly deliver shares sold short (“fails” or “failures”) are not, as many market participants assume, rare, brief and inadvertent, but rather pervasive, extended and deliberate. The analysis was done by Dr. Leslie Boni, recently a visiting financial economist …

Continue reading “Paper: Boni Analysis of Failures-to-Deliver”