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Analyst Downgrades, Short Sale Constraints, And Intra-Day Stock Price Efficiency

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Figure

Table 1. Descriptive Statistics for Analyst Downgrades Pre-SHO
Table 2. Stock Price Responses to Analyst Downgrades on NYSE
Figure 1. Stock Price Response to After-hour Downgrades during the pre-SHO Period
Figure 3. Stock Price Response to Downgrades during Normal Trading Hours during the Post-SHO Period

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