because "naked short-selling is the same as counterfeiting, in that it is selling something that doesn't exist." A 2014 study of fails to deliver, published in the Journal of Financial Economics, found no evidence that fails contributed to "price distortions or the failure of financial firms during the 2008 financial crisis". See also Locate (finance) Market maker Securities lending References External links Short Selling FAQ: Securities and Exchange Commission Naked Short Selling FAQ: Depository Trust and Clearing Corp. NYSE's Regulation SHO threshold security list NASDAQ's Regulation SHO threshold security list SEC stock delivery failures charted. Stokes, Alexis B., In Pursuit of the Naked Short, New York University Journal of Law and Business (2009) Short selling Financial regulation Finance fraud Dutch inventions de:Leerverkauf#Gedeckte und ungedeckte Leerverkäufe