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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Main Authors: MASSA, Massimo, QIAN, Wenlan, XU, Weibiao, ZHANG, Hong
格式: text
語言:English
出版: Institutional Knowledge at Singapore Management University 2015
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在線閱讀: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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機構: Singapore Management University
語言: English