I'd like to compare the volatility and returns of put options versus
short selling. Such research is time-consuming, and I'm not looking
for a Google researcher to crunch the numbers. However, I would like
to see a formal study that compares the two investment strategies. I'd
be satisfied with an academic, brokerage, or association-sponsored
study, as long as it is well designed.

An acceptable study will consider the relative historical volatility
and returns of both strategies and provide historical statistics.

A researcher who finds such a study considered in the context of
long-short portfolios will receive a generous tip.

The results depend upon what years of data you use.  Options give more
leverage.  If the market is going the right way, they make more money.
 However, they blow goats in just about every other way.  Spreads are
wide, volume is low, liquidity is difficult, commissions are higher,
valuations are enigmatic at best, and the worst part is that they
expire, unlike a short position, so time is not on your side with
options.  These scenarios are for the option buyer - one may also sell
or write the lottery ticket known as the option.  It's a great deal
until some lucky fool to whom you sold the option hits it big and you
lose big.

Here's my simple answer for simple minds like me:
up market - good to be long stock, great to be long calls, ok to write
puts until market plummets and wipes you out
down market - good to be short stock, great to be long puts, ok to
write calls until market spikes you.
sideways market - ok to be long and unmargined, annoying to be short
due to margin interest, great to write calls and puts, slow agonizing
death to be long any options

All you have to know is where the market will move.  But if you knew
that, you'd just trade futures and make a billion bucks.