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Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers’ voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling

Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers’ voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling pressure and price sensitivity to bad news by reducing the precision of bad news forecasts.

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Date Created
2015-03-01
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    Identifier
    • Digital object identifier: 10.1111/1475-679X.12068
    • Identifier Type
      International standard serial number
      Identifier Value
      0021-8456
    • Identifier Type
      International standard serial number
      Identifier Value
      1475-679X
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    Li, Yinghua, & Zhang, Liandong (2015). Short Selling Pressure, Stock Price Behavior, and Management Forecast Precision: Evidence from a Natural Experiment. JOURNAL OF ACCOUNTING RESEARCH, 53(1), 79-117. http://dx.doi.org/10.1111/1475-679X.12068

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