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THE UNDERCOVER ECONOMIST - Why Short-Sellers Get Short Shrift
做空者只是看上去很坏


FT专栏作家哈福德:做空者期待坏事发生,有动力斥巨资去揭破欺诈,因此他们更有可能及时发现坏消息。研究表明,禁止做空会产生反效果。

No economist could remain unmoved by the brouhaha that has engulfed Herbalife, the nutritional supplements company. The sponsors of football teams such as Barcelona and LA Galaxy, it sells diet drinks and protein bars through a network of small distributors, many of whom recruit, train and supply further distributors. This may be an intelligent way of selling the product through word-of-mouth. But doubters wonder whether Herbalife isn't too reliant on distributors filling their spare bedrooms with protein shakes, which they hope to sell at a profit by recruiting yet more distributors.

没有一个manbetx20客户端下载 学家能够对近期跟保健品公司康宝莱(Herbalife)有关的喧嚣无动于衷。作为巴塞罗纳足球俱乐部(FC Barcelona)和洛杉矶银河队(Los Angeles Galaxy)等足球队的赞助商,该公司通过一个由小型分销商组成的网络销售减肥饮料和蛋白棒,其中很多分销商会再招聘和培训分销商,并向他们供货。这可能是一种通过口口相传来销售产品的聪明方法。但质疑者的疑问是:康宝莱是否过于依赖分销商?这些分销商在自己家客房堆满各种蛋白质混合饮料,希望通过招聘更多分销商来销售这些产品,好从中获利。

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