Competition of the informed: Does the presence of short sellers affect insider selling?

Competition of the informed: Does the presence of short sellers affect insider selling?

We study how the presence of short sellers affects the incentives of the insiders to trade on negative information. We show it induces insiders to sell more (shares from their existing stakes) and trade faster to preempt the potential competition from short sellers. An experiment and instrumental va...

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Bibliographic Details
Main Authors: MASSA, Massimo, QIAN, Wenlan, XU, Weibiao, ZHANG, Hong
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2015
Subjects:
Short selling
Insider trading
Informed trader
Market efficiency
Finance
Finance and Financial Management
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/7050
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8049/viewcontent/1_s2.0_S0304405X15001439_main.pdf
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Institution: Singapore Management University
Language: English

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https://ink.library.smu.edu.sg/lkcsb_research/7050
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8049/viewcontent/1_s2.0_S0304405X15001439_main.pdf

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