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The evidence suggests that institutions buy shares in response to an increase in lending fees, and that this could explain the premium associated with high-lending-fee stocks. Expected future lending income affects stock prices, although the effect seems to be attenuated by the negative information that arises from short selling.<\/jats:p>","DOI":"10.1017\/s0022109015000393","type":"journal-article","created":{"date-parts":[[2015,11,13]],"date-time":"2015-11-13T05:51:04Z","timestamp":1447393864000},"page":"869-902","source":"Crossref","is-referenced-by-count":25,"title":["Future Lending Income and Security Value"],"prefix":"10.1017","volume":"50","author":[{"given":"Melissa Porras","family":"Prado","sequence":"first","affiliation":[]}],"member":"56","published-online":{"date-parts":[[2015,11,13]]},"reference":[{"key":"S0022109015000393_ref8","doi-asserted-by":"publisher","DOI":"10.1017\/S0022109000002143"},{"key":"S0022109015000393_ref1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00088"},{"key":"S0022109015000393_ref47","doi-asserted-by":"publisher","DOI":"10.1086\/378531"},{"key":"S0022109015000393_ref35","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2009.11.007"},{"key":"S0022109015000393_ref21","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00495"},{"key":"S0022109015000393_ref29","doi-asserted-by":"publisher","DOI":"10.2307\/2330366"},{"key":"S0022109015000393_ref15","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2004.00681.x"},{"key":"S0022109015000393_ref42","first-page":"1111","article-title":"\u201cSpeculative Investor Behavior and Learning.\u201d","volume":"111","author":"Morris","year":"1996","journal-title":"Journal of Financial Economics"},{"key":"S0022109015000393_ref41","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1977.tb03317.x"},{"key":"S0022109015000393_ref13","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb03808.x"},{"key":"S0022109015000393_ref37","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12051"},{"key":"S0022109015000393_ref10","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2008.01324.x"},{"key":"S0022109015000393_ref18","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhp057"},{"key":"S0022109015000393_ref5","doi-asserted-by":"publisher","DOI":"10.1111\/fire.12063"},{"key":"S0022109015000393_ref22","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(87)90042-0"},{"key":"S0022109015000393_ref45","unstructured":"Peterson LaBarge K . \u201cSecurity Lending Is Still No Free Lunch.\u201d Vanguard Research. 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