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• W575649773 abstract "This study provides evidence that short selling influences the disclosure of bad news by firms. Managers have incentives to withhold or delay the release of bad news. As informed traders, short sellers enhance the informativeness of stock prices, especially related to bad news, which leads to lower information asymmetry between firms and outside investors, and thus reduces the benefits and increases the litigation and reputational risks of withholding bad news. We exploit the quasi-natural experimental setting provided by the introduction of SEC regulation SHO (Reg-SHO), which significantly reduced the constraints faced by short sellers for a randomly selected subsample of U.S. firms (pilot firms). Relative to control firms, we observe a significant increase in the likelihood of bad news management forecasts among the pilot firms. Managers also provide these forecasts in a more timely fashion. We also find that managers accelerate the release of quarterly earnings news especially when the news is bad. Further analyses reveal that Reg-SHO lifts the threshold of bad news disclosure by encouraging more timely disclosure of moderate bad news. And the effect of Reg-SHO on bad news disclosure is more significant when litigation risk is higher. A series of robustness tests reinforce our main results." @default.
• W575649773 created "2016-06-24" @default.
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• W575649773 date "2015-01-01" @default.
• W575649773 modified "2023-09-23" @default.
• W575649773 title "Short Selling and Firmss Disclosure of Bad News: Evidence from Regulation SHO" @default.
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• W575649773 doi "https://doi.org/10.2139/ssrn.2594717" @default.
• W575649773 hasPublicationYear "2015" @default.
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