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Peter Molk and Frank Patnoy
in “The Long-Term Effects of Short Selling and Negative Activism”
“We see activists – particularly ‘negative activists’ aka short sellers, as a private law version of some public law actors – such as free speech advocates – who might appear to have normatively undesirable characteristics, but whose activities are central to the protection of important principles and policy. People might not instinctively side with these activists, just as we might not instinctively side with controversial speakers seeking First Amendment protection, but their presence, in both cases, is central to desirable policy outcomes.”
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