منابع مشابه
Short sellers and corporate disclosures
We examine how short sellers affect corporate disclosures using a natural experiment. From May 2005 to July 2007, the SEC implemented a pilot program by randomly selecting one third of Russell 3000 stocks and removing the short sale price tests for these stocks (referred to as pilot firms), leading to lower short-selling constraint, without changing the requirement for other firms (referred to ...
متن کاملCan Short-sellers Predict Returns? Daily Evidence
We test whether short-sellers in U.S. stocks are able to predict future returns based on new SEC-mandated data for 2005. There is a tremendous amount of short-selling activity during the sample: Short-sales represent 24 percent of NYSE and 32 percent of Nasdaq share volume. Our analysis shows that short-sellers primarily target short-term overreaction in stock prices, but they are also able to ...
متن کاملDo foreign short-sellers predict stock returns? Evidence from daily short-selling in Korean stock market ¬リニ
Article history: Received 12 September 2014 Accepted 20 January 2015 Available online 24 January 2015 We investigate the daily short-selling by foreign investors and their impact on stock price, liquidity, and volatility in the Korean stock market. From January 1, 2006, to May 31, 2010, we find that the majority of short-selling is performed by foreign, rather than by domestic, investors and th...
متن کاملDoing battle with short sellers: the conflicted role of blockholders in bear raids ?
If short sellers can destroy firm value by manipulating prices down, an informed blockholder has a powerful natural incentive to protect the value of his stake by trading against them. However, he also has a potentially conflicting incentive to use his information to generate trading profits. We show that a speculator can exploit this conflict and force the blockholder to buy a disproportionate...
متن کاملDoing Battle with Short Sellers: The Role of Blockholders in Bear Raids
If short sellers can destroy firm value by manipulating prices down in a “bear raid,” an informed blockholder has a powerful natural incentive to protect the value of his stake by trading against them. However, he also has an incentive to use his information to generate trading profits. We show that these conflicting objectives create a multiplier effect, whereby the buying quantity needed to d...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2017
ISSN: 1556-5068
DOI: 10.2139/ssrn.2894507