Researchers found significant short-selling of shares leading up to the attacks on October 7 that triggered the Israel-Hamas war.
"Days before the attack, traders appeared to anticipate the events to come," they wrote, citing short interest in the Israel ETF that "suddenly, and significantly, spiked" on October 2 based on data from the Financial Industry Regulatory Authority.
"Taken together, our evidence is consistent with informed traders anticipating and profiting from the Hamas attack," the researchers concluded.
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