I logged in with a character who had a Improvised Ashwood Short Bow on his person, pre- .55 patch.
When the bow is readied, the holding animation or stance is wrong. The Bow is readied in an inappropriate animation for the item. The bow is unable to be fired while being held in such a way, as the character will not draw back on the bow, or have any reaction whatsoever.

Attempts to craft another bow with fresh new resources (Rope, Ashwood Stick) did not fix the bow, even when using a different character.
Having Arrows either loaded into the bow or not makes no difference, it will not work either way.