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1 See Wilson, 1975. [return to text]

2 See, for example, Arthur et al. (1997); Farmer and Lo (1999). [return to text]

3 Naked short-selling and intraday shorting can be exceptions to this rule. [return to text]

4 These interviews took place between 2005 and 2009 and involved 31 experienced market practitioners. [return to text]