知情人
业务
盈利能力指数
数据库事务
库存(枪支)
股票价格
货币经济学
交易数据
会计
经济
财务
政治学
法学
古生物学
系列(地层学)
程序设计语言
工程类
生物
机械工程
计算机科学
作者
Kemin Wang,Rencheng Wang,K.C. John Wei,Bohui Zhang,Yi Zhou
出处
期刊:The Accounting Review
[American Accounting Association]
日期:2021-03-24
卷期号:97 (2): 427-451
被引量:19
标识
DOI:10.2308/tar-2018-0196
摘要
ABSTRACT Using the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms' stock-related holdings. We further find robust evidence when we extend the analyses to short selling deregulations in the Chinese and Hong Kong stock exchanges. Overall, our findings suggest that short sellers play a disciplinary role in opportunistic insider selling. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: D8; D53; G14; G18.
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