Short-sell attacks likely to have less impact as market learns and adapts

WHEN Iceberg Research last week said in a 17-page report that Noble Group's shares were worth only 10 cents at a time when the price was S$1.20, there were worries that the market could see a repeat of November 2012 when Olam International came under attack from Muddy Waters.

This was because Iceberg likened Noble's accounting to that practised by the infamous Enron, which if proven accurate, could be disastrous to Noble shareholders. So it…