Insider Sales under the Threat of Short Sellers: New Hypothesis and New Tests
Stock (firearms)
DOI:
10.2308/tar-2018-0196
Publication Date:
2021-03-24T23:08:49Z
AUTHORS (5)
ABSTRACT
ABSTRACT Using the Regulation SHO program as a quasi-experiment, we document that threat of short selling has negative effect on volume opportunistic insider and positive its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, executives who have more their firms' stock-related holdings. We further find robust evidence when extend analyses to deregulations in Chinese Hong Kong stock exchanges. Overall, our findings suggest sellers play disciplinary role selling. Data Availability: available from public sources cited text. JEL Classifications: D8; D53; G14; G18.
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