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- W3217371311 abstract "We construct a comprehensive database of short-sell research reports and investigate to what extent investors pay attention to these reports. We find that, on average, target firms earn abnormal returns of -4% on the publication day, while the subsequent price revisions equal -20% and take up to 6 months to materialize. Analysts also react by lowering their price targets. By applying textual analysis, we show that a large percentage of the text relates to the revelation of accounting fraud. We document that firms mentioned in the reports end up significantly reducing their real investment and stock issuances. On average, each report is associated with a reduction of corporate investment equal to $118 million, and stock issuances equal to $179 million. Our findings suggest that short-seller research has significant consequences, both financially and in real terms." @default.
- W3217371311 created "2021-12-06" @default.
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- W3217371311 date "2021-01-01" @default.
- W3217371311 modified "2023-09-25" @default.
- W3217371311 title "Textual Analysis of Short-seller Research Reports, Stock Prices, and Real Investment" @default.
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- W3217371311 doi "https://doi.org/10.2139/ssrn.3965873" @default.
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