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The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?
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Journal Article
The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?
2015
Overview
We hypothesize that short selling has a disciplining role vis-à-vis firm managers that forces them to reduce earnings management. Using firm-level short-selling data for thirty-three countries collected over a sample period from 2002 to 2009, we document a significantly negative relationship between the threat of short selling and earnings management. Tests based on instrumental variable and exogenous regulatory experiments offer evidence of a causal link between short selling and earnings management. Our findings suggest that short selling functions as an external governance mechanism to discipline managers.
Publisher
Oxford University Press,Oxford Univ. Press,Oxford Publishing Limited (England)
Subject
