Adam Reed

Julian Price Scholar in Finance and Associate Professor of Finance, University of North Carolina, Kenan-Flagler Business School
Email: adam_reed@unc.edu

Adam Reed researches short selling, equity lending, capital markets and mutual funds.

His work has been published in the Journal of Finance, Journal of Financial Economics and Review of Financial Studies and featured in several books. It has been cited by The Wall Street Journal, Bloomberg and The New York Times.

Dr. Reed is also a research consultant for the U.S. Securities and Exchange Commission. He worked as a research assistant for the Board of Governors of the Federal Reserve System.

He is an award-winning teacher and researcher. Poets & Quants named him one of “The World’s Best 40 B-School Profs Under the Age of 40.” He has received research grants from Q Group and BNP Paribas.

Dr. Reed is a member of the board of academic directors for Quadriserv Inc., and serves on the board of directors for Polyglot and the N.C. State Employees Credit Union Local Advisory Board.

He received his PhD and master’s degree in finance from the Wharton School of the University of Pennsylvania and his BA in applied mathematics and economics with honors from the University of California at Berkeley.

Related Publications

Dancing to the Same Tune: Commonality in Securities Lending Fees

We document that there is commonality in the loan fees that short sellers pay, and the common component of loan fees explains a significant amount of their variation. The time series of the loan fee common component is highly correlated with several well-documented asset pricing and macro factors, suggesting that loan fee commonality is associated with states of the world that are consequential to investors.
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The Loan Fee Anomaly: A Short Seller’s Best Ideas

We find that equity loan fees are the best predictor of cross-sectional returns. When compared to 102 other anomalies, the loan fee anomaly has the highest monthly long-short return (1.17%), has the highest monthly Sharpe Ratio (0.40), and unlike other anomalies, exhibits strong persistence throughout the sample.
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Short Selling Risk

Short sellers face unique risks, such as the risk that stock loans become expensive and the risk that stock loans are recalled.
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How are Shorts Informed? Short Sellers, News and Information Processing

We find that a substantial portion of short sellers' trading advantage comes from their ability to analyze publicly available information.
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Competitive Effects on Private Equity Investments

In this paper we show that companies receiving private equity (PE) investments outperform their rivals, and we analyze the reasons for this outperformance.
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