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Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China
Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China
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摘要：
Short selling may accelerate stock price adjustment to negative news.However,the literature provides mixed evidence for this prediction.Using short-sale refinancing and a staggered difference-in-differences(DID)model,this paper explores the effect of short selling on stock price adjustment.Our results show that(1)short-sale refinancing improves the speed of stock price adjustment to negative news.This result holds after we control for endogeneity.(2)The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts,indicating that firms with more opaque information are more likely to be targeted by short sellers.In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors,short selling is more likely to increase the speed of stock price adjustment,indicating that ownership structure may influence negative news mining.(3)As short-sale refinancing exacerbates the absorption of bad news by stock prices,it increases crash risk.This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.
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| 篇名 | Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China | ||
| 来源期刊 | 中国会计学刊:英文版 | 学科 | 经济 |
| 关键词 | EVIDENCE from a quasi-natural experiment in China Short-sale REFINANCING and PRICE adjustment speed to bad news | ||
| 年，卷（期） | 2019,（4） | 所属期刊栏目 | |
| 研究方向 | 页码范围 | 379-394 | |
| 页数 | 16页 | 分类号 | F832.51 |
| 字数 | 语种 | ||
| DOI | |||
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EVIDENCE
from
a
quasi-natural
experiment
in
China
Short-sale
REFINANCING
and
PRICE
adjustment
speed
to
bad
news
研究起点
研究来源
研究分支
研究去脉
引文网络交叉学科
相关学者/机构
期刊影响力
中国会计学刊：英文版
主办单位：
香港城市大学
中山大学
出版周期：
季刊
ISSN：
1755-3091
CN：
开本：
出版地：
邮发代号：
创刊时间：
语种：
出版文献量（篇）
268
总下载数（次）
5
总被引数（次）
0
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