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Short Selling Pressure, Stock Price Behavior, and Management Forecast Precision: Evidence from a Natural Experiment

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Cited by:

  1. Jie He & Kam C. Chan, 2023. "Does short sales deregulation affect qualitative information disclosure?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S1), pages 1351-1380, April.
  2. Yonghong Jia & Xinghua Gao & Scott Julian, 2020. "Do firms use corporate social responsibility to insure against stock price risk? Evidence from a natural experiment," Strategic Management Journal, Wiley Blackwell, vol. 41(2), pages 290-307, February.
  3. Chen, Huimin (Amy) & Wu, Qiang, 2021. "Short selling threat and real activity manipulation: Evidence from a natural experiment," Advances in accounting, Elsevier, vol. 52(C).
  4. Lei Chen & Zhi Jin & Xue Yang, 2023. "Short selling and the independence of business‐related analysts: Evidence from an emerging market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(3), pages 3297-3323, September.
  5. Chen, Yunsen & Xie, Yuan & You, Hong & Zhang, Yanan, 2018. "Does crackdown on corruption reduce stock price crash risk? Evidence from China," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 125-141.
  6. Nathan Zhenghang Zhu & Kun Tracy Wang & Mark Wilson, 2022. "The Effect of Conditional Management Earnings Forecast Mandates on Voluntary Disclosure and Analyst Forecast Properties," Abacus, Accounting Foundation, University of Sydney, vol. 58(3), pages 479-522, September.
  7. Ian D. Gow & David F. Larcker & Peter C. Reiss, 2016. "Causal Inference in Accounting Research," Journal of Accounting Research, Wiley Blackwell, vol. 54(2), pages 477-523, May.
  8. Po‐Hsin Ho & Chih‐Yung Lin & Tse‐Chun Lin, 2022. "Equity Short Selling and the Bank Loan Market," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(2-3), pages 349-379, March.
  9. Thomas Bourveau & Yun Lou & Rencheng Wang, 2018. "Shareholder Litigation and Corporate Disclosure: Evidence from Derivative Lawsuits," Journal of Accounting Research, Wiley Blackwell, vol. 56(3), pages 797-842, June.
  10. Jing Lu & Guohua Cao & Chuan Lin & Stavros Sindakis & Saloome Showkat, 2024. "Examining the Governance Effect of Institutional Investors on Stock Price Crash Risk," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 9053-9081, June.
  11. Wang, Brian Yutao & Xu, Ruiyao & Zhang, Jing, 2022. "Outbreak risk, managerial distraction, and corporate information disclosure: Evidence from the COVID-19 pandemic," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  12. He, Meng & Bai, Xuelian & Zhang, Junrui, 2024. "Does short selling reduce classification shifting?—— Exploration of market-oriented governance mechanism," International Review of Financial Analysis, Elsevier, vol. 93(C).
  13. Tan, Jianhua & Chen, Tao & Zhang, Peng & Chan, Kam C., 2021. "Environmental rule enforcement and cash holdings: Evidence from a natural experiment," Economic Modelling, Elsevier, vol. 103(C).
  14. Chen, Tianhao & Chiu, Peng-Chia & Wang, Yiqian, 2024. "Media sentiment and management earnings forecasts: Evidence from China," Finance Research Letters, Elsevier, vol. 60(C).
  15. Xia Chen & Qiang Cheng & Ting Luo & Heng Yue, 2020. "Short Sellers and Long‐Run Management Forecasts," Contemporary Accounting Research, John Wiley & Sons, vol. 37(2), pages 802-828, June.
  16. Audrey Hsu & Kevin Koh & Sophia Liu & Yen H. Tong, 2019. "Corporate Social Responsibility and Corporate Disclosures: An Investigation of Investors’ and Analysts’ Perceptions," Journal of Business Ethics, Springer, vol. 158(2), pages 507-534, August.
  17. Wu, Xiting & Jiang, Haiyan & Lin, Hui & You, Jiaxing, 2023. "Why Muddy the Water? Short selling and the disclosure of proprietary information," The British Accounting Review, Elsevier, vol. 55(4).
  18. Francis, Bill B. & Samuel, Gilna & Wu, Qiang, 2023. "The impact of short selling on dividend smoothing," Journal of Financial Stability, Elsevier, vol. 65(C).
  19. Dutordoir, Marie & Strong, Norman C. & Sun, Ping, 2022. "Does short-selling potential influence merger and acquisition payment choice?," Journal of Financial Economics, Elsevier, vol. 144(3), pages 761-779.
  20. Danial Hemmings & Lynn Hodgkinson & Gwion Williams, 2020. "It's OK to pay well, if you write well: The effects of remuneration disclosure readability," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(5-6), pages 547-586, May.
  21. Hope, Ole-Kristian & Hu, Danqi & Zhao, Wuyang, 2017. "Third-party consequences of short-selling threats: The case of auditor behavior," Journal of Accounting and Economics, Elsevier, vol. 63(2), pages 479-498.
  22. Ling Tuo & Yu (Tony) Zhang & Zhenfeng Liu & Ruixue Du, 2019. "Business Education of CEO-CFO and Annual Report Readability," Review of Economics & Finance, Better Advances Press, Canada, vol. 17, pages 16-34, August.
  23. Vivian W. Fang & Allen H. Huang & Jonathan M. Karpoff, 2016. "Short Selling and Earnings Management: A Controlled Experiment," Journal of Finance, American Finance Association, vol. 71(3), pages 1251-1294, June.
  24. Brockman, Paul & Luo, Juan & Xu, Limin, 2020. "The impact of short-selling pressure on corporate employee relations," Journal of Corporate Finance, Elsevier, vol. 64(C).
  25. Yongqiang Chu & David Hirshleifer & Liang Ma, 2020. "The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies," Journal of Finance, American Finance Association, vol. 75(5), pages 2631-2672, October.
  26. Dong, Yunhe & Luo, Haoyi & Xu, Zijin & Yang, Xing, 2024. "Investing while lending: Do index funds improve managerial information disclosure?," International Review of Financial Analysis, Elsevier, vol. 94(C).
  27. Yinju Nie & Ming Jia, 2021. "The power of crowds: can minority shareholder activism promote management earnings forecast accuracy," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(5), pages 6333-6385, December.
  28. Zhang, Xuehui & Tan, Jianhua & Chan, Kam C., 2021. "Environmental law enforcement as external monitoring: Evidence from the impact of an environmental inspection program on firm-level stock price crash risk," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 21-31.
  29. Bessler, Wolfgang & Vendrasco, Marco, 2021. "The 2020 European short-selling ban and the effects on market quality," Finance Research Letters, Elsevier, vol. 42(C).
  30. Chronopoulos, Panagiotis I. & Siougle, Georgia, 2018. "Examination of the information content of management range forecasts," Research in International Business and Finance, Elsevier, vol. 46(C), pages 201-210.
  31. Yun Ke & Kin Lo & Jinfei Sheng & Jenny Li Zhang, 2023. "Do investors affect financial analysts’ behavior? Evidence from short sellers," Financial Management, Financial Management Association International, vol. 52(1), pages 199-224, March.
  32. Jiang, Jinglin & Nanda, Vikram & Xiao, Steven Chong, 2021. "Stock-market disruptions and corporate disclosure policies," Journal of Corporate Finance, Elsevier, vol. 66(C).
  33. Young, Alex, 2016. "Capital market frictions and conservative reporting: Evidence from short selling constraints," Finance Research Letters, Elsevier, vol. 17(C), pages 227-234.
  34. Gong, Rong, 2020. "Short selling threat and corporate financing decisions," Journal of Banking & Finance, Elsevier, vol. 118(C).
  35. Soliman, Marwa & Ben-Amar, Walid, 2022. "Corporate social responsibility orientation and textual features of financial disclosures," International Review of Financial Analysis, Elsevier, vol. 84(C).
  36. Christian Leuz, 2018. "Evidence-based policymaking: promise, challenges and opportunities for accounting and financial markets research," Accounting and Business Research, Taylor & Francis Journals, vol. 48(5), pages 582-608, July.
  37. Kaijuan Gao & Manya Wang & Renyun Zhang, 2023. "Institutional investors' corporate site visits and firm management earnings forecasts," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4479-4504, December.
  38. Kexing Ding & Bikki Jaggi, 2022. "CEO career concerns and the precision of management earnings forecasts," Review of Quantitative Finance and Accounting, Springer, vol. 58(1), pages 69-100, January.
  39. Ni, Xiaoran & Wang, Ye & Yin, David, 2021. "Does Modern Information Technology Attenuate Managerial Information Hoarding? Evidence from the EDGAR Implementation," Journal of Corporate Finance, Elsevier, vol. 71(C).
  40. Andrea Pawliczek & A. Nicole Skinner & Laura A. Wellman, 2021. "A new take on voice: the influence of BlackRock’s ‘Dear CEO’ letters," Review of Accounting Studies, Springer, vol. 26(3), pages 1088-1136, September.
  41. Stephie Tsai, Hsin-Ju & Wu, Yuliang & Xu, Bin, 2021. "Does capital market drive corporate investment efficiency? Evidence from equity lending supply," Journal of Corporate Finance, Elsevier, vol. 69(C).
  42. Hae Mi Choi, 2020. "Short‐sale constraints and informational efficiency to private information: A natural experiment," The Financial Review, Eastern Finance Association, vol. 55(4), pages 625-643, November.
  43. Franzoni, Francesco & Di Maggio, Marco & Massa, Massimo & Tubaldi, Roberto, 2019. "Strategic Trading as a Response to Short Sellers," CEPR Discussion Papers 13812, C.E.P.R. Discussion Papers.
  44. Li, Hao & Li, Zhisheng & Lin, Bingxuan & Xu, Xiaowei, 2019. "The effect of short sale constraints on analyst forecast quality: Evidence from a natural experiment in China," Economic Modelling, Elsevier, vol. 81(C), pages 338-347.
  45. Meng, Qingbin & Huang, Haozheng & Li, Xinyu & Wang, Song, 2023. "Short-selling and corporate default risk: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 398-417.
  46. Luo, Jinbo & Ni, Xiaoran & Tian, Gary Gang, 2020. "Short selling and corporate tax avoidance: Insights from a financial constraint view," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
  47. Bessler, Wolfgang & Vendrasco, Marco, 2022. "Short-selling restrictions and financial stability in Europe: Evidence from the Covid-19 crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
  48. Yinghua Li & Yupeng Lin & Liandong Zhang, 2018. "Trade Secrets Law and Corporate Disclosure: Causal Evidence on the Proprietary Cost Hypothesis," Journal of Accounting Research, Wiley Blackwell, vol. 56(1), pages 265-308, March.
  49. Johan Maharjan & Seung Won Lee, 2022. "Short‐selling pressure and year‐over‐year MD&A modifications," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3513-3562, September.
  50. Tianyu Cai & Lixiong Guo & Yongxian Tan, 2024. "Short seller monitoring and real earnings management," The Financial Review, Eastern Finance Association, vol. 59(1), pages 203-225, February.
  51. Chen, Jing & Liu, Xinghe & Ou, Fenghao & Lu, Meiting & Wang, Peipei, 2023. "Green lending and stock price crash risk: Evidence from the green credit reform in China," Journal of International Money and Finance, Elsevier, vol. 130(C).
  52. Choi, Hae Mi, 2018. "Short selling and the rounding of analysts’ forecasts," Finance Research Letters, Elsevier, vol. 25(C), pages 47-54.
  53. Xiaoxu Ling & Siyuan Yan & Louis T. W. Cheng, 2022. "Investor relations under short‐selling pressure: Evidence from strategic signaling by company site visits," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1145-1174, July.
  54. Dane M. Christensen & Arthur Morris & Beverly R. Walther & Laura A. Wellman, 2023. "Political information flow and management guidance," Review of Accounting Studies, Springer, vol. 28(3), pages 1466-1499, September.
  55. Jiang, Jiaoliang, 2022. "Short selling and corporate diversification in emerging markets: Insights from controlling shareholder tunneling," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
  56. Wei Chen & Paul Hribar & Sam Melessa, 2023. "Standard Error Biases When Using Generated Regressors in Accounting Research," Journal of Accounting Research, Wiley Blackwell, vol. 61(2), pages 531-569, May.
  57. Michael Tang & Li Zhang, 2018. "Range has it: decoding the information content of forecast ranges," Review of Accounting Studies, Springer, vol. 23(2), pages 589-621, June.
  58. Bui, Dien Giau & Lin, Chih-Yung & Chris, Vaike, 2019. "Short sellers and the failures of financial intermediaries," Economics Letters, Elsevier, vol. 183(C), pages 1-1.
  59. Jiang, Haiyan & Jia, Jing, 2021. "Short selling and future cash flow predictability of capital investment: Evidence from Australia," Journal of Contemporary Accounting and Economics, Elsevier, vol. 17(1).
  60. Nilabhra Bhattacharya & Theodore E. Christensen & Qunfeng Liao & Bo Ouyang, 2022. "Can short sellers constrain aggressive non-GAAP reporting?," Review of Accounting Studies, Springer, vol. 27(2), pages 391-440, June.
  61. Humphery-Jenner, Mark & Liu, Yun & Nanda, Vikram & Silveri, Sabatino & Sun, Minxing, 2024. "Of fogs and bogs: Does litigation risk make financial reports less readable?," Journal of Banking & Finance, Elsevier, vol. 163(C).
  62. Deng, Xiaohu & Gao, Lei & Kim, Jeong-Bon, 2020. "Short-sale constraints and stock price crash risk: Causal evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 60(C).
  63. Minxing Sun & Weike Xu, 2024. "Short selling and readability in financial disclosures: A controlled experiment," The Financial Review, Eastern Finance Association, vol. 59(2), pages 265-292, May.
  64. Wang, Yuchen & Wang, Xiaoming, 2023. "Economic policy uncertainty and information intermediary: The case of short seller," Economic Modelling, Elsevier, vol. 120(C).
  65. Wang, Wanqi & Qu, Zhaoguang, 2024. "Capital market opening and commercial bank risk: Evidence from “Shanghai–Hong Kong Stock Connect”," Finance Research Letters, Elsevier, vol. 59(C).
  66. Armstrong, Christopher & Kepler, John D. & Samuels, Delphine & Taylor, Daniel, 2022. "Causality redux: The evolution of empirical methods in accounting research and the growth of quasi-experiments," Journal of Accounting and Economics, Elsevier, vol. 74(2).
  67. Ning Hu & Siqi Lu & Tao Ma & Jianfang Ye, 2020. "Short‐selling and cost of equity: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 3681-3707, December.
  68. Schoenfeld, Jordan, 2017. "The effect of voluntary disclosure on stock liquidity: New evidence from index funds," Journal of Accounting and Economics, Elsevier, vol. 63(1), pages 51-74.
  69. Jieqi Guan & Brian M. Lam & Ching Chi Lam & Ming Liu, 2022. "CEO overconfidence and the level of short-selling activity," Review of Quantitative Finance and Accounting, Springer, vol. 58(2), pages 685-708, February.
  70. Wan, Zhao & Tian, Haowen, 2022. "The effect of the COVID-19 pandemic on information disclosure: Evidence from China," Economics Letters, Elsevier, vol. 217(C).
  71. Deng, Xiaohu & Jiang, Christine & Young, Danqing, 2021. "Short selling constraints and politically motivated negative information suppression," Journal of Corporate Finance, Elsevier, vol. 68(C).
  72. Yang, Jiefei & Xue, Yi & Liu, Yitong, 2023. "Short selling, managerial alignment and corporate misconduct," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
  73. Fahd Alduais & Nashat Ali Almasria & Abeer Samara & Ali Masadeh, 2022. "Conciseness, Financial Disclosure, and Market Reaction: A Textual Analysis of Annual Reports in Listed Chinese Companies," IJFS, MDPI, vol. 10(4), pages 1-22, November.
  74. Srivastava, Pranjal & Jacob, Joshy, 2022. "Arbitrage constraints and behaviour of volatility components: Evidence from a natural experiment," IIMA Working Papers WP 2022-10-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
  75. Rolf Uwe Fülbier & Thorsten Sellhorn, 2023. "Understanding and improving the language of business: How accounting and corporate reporting research can better serve business and society," Journal of Business Economics, Springer, vol. 93(6), pages 1089-1124, August.
  76. Inder K. Khurana & Yinghua Li & Wei Wang, 2018. "The Effects of Hedge Fund Interventions on Strategic Firm Behavior," Management Science, INFORMS, vol. 64(9), pages 4094-4117, September.
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