SEC staff has studied the effects of the Uptick Rule, in "The Uptick Rule of Short Sale Regulation - Can it Alleviate Downward Price Pressure from Negative Earnings Shocks?" The answer to their study was that "The study has not found any evidence that prices of stocks subject to the rule declined at a slower speed than prices of exempted stocks at times of stress. The two groups of stocks had similar levels of short sale volumes despite the rule's prohibition on short selling at minus or zero-minus ticks."
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=956106
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