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Chester Spatt

Chester Spatt is Professor of Finance at Carnegie Mellon University’s Tepper School of Business and former Chief Economist of the U.S. Securities and Exchange Commission.
Commentary

Stop Blaming Short Sellers for the Banking Crisis

Hamid Mehran
To what degree did banks’ equity price declines trigger deposit withdrawals at recently failed banks? To what degree did the withdrawals trigger declining bank equity prices? Hamid Mehran and Chester Spatt note that in either case, short-selling is not to blame and is, in fact, an essential part of a well-functioning market.

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