Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/90533
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dc.contributorSchool of Accounting and Financeen_US
dc.creatorWang, Ken_US
dc.creatorWang, Ren_US
dc.creatorWei, JKCen_US
dc.creatorZhang, Ben_US
dc.creatorZhou, Yen_US
dc.date.accessioned2021-07-20T09:42:46Z-
dc.date.available2021-07-20T09:42:46Z-
dc.identifier.issn0001-4826en_US
dc.identifier.urihttp://hdl.handle.net/10397/90533-
dc.language.isoenen_US
dc.publisherAmerican Accounting Associationen_US
dc.rightsThis is the accepted version of the publication Wang, K., Wang, R., Wei, K. J., Zhang, B., & Zhou, Y. (2022). Insider sales under the threat of short sellers: New hypothesis and new tests. The Accounting Review, 97(2), 427-451. The final published version of record is available at https://dx.doi.org/10.2308/TAR-2018-0196en_US
dc.titleInsider sales under the threat of short sellers : new hypothesis and new testsen_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage427en_US
dc.identifier.epage451en_US
dc.identifier.volume97en_US
dc.identifier.issue2en_US
dc.identifier.doi10.2308/TAR-2018-0196en_US
dcterms.abstractUsing the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms' stock-related holdings. We further find robust evidence when we extend the analyses to short selling deregulations in the Chinese and Hong Kong stock exchanges. Overall, our findings suggest that short sellers play a disciplinary role in opportunistic insider selling.en_US
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationThe Accounting Review, 2022, v. 97, no. 2, p.427-451en_US
dcterms.isPartOfAccounting reviewen_US
dcterms.issued2022-
dc.identifier.eissn1558-7967en_US
dc.description.validate202107 bcwhen_US
dc.description.oaAccepted Manuscripten_US
dc.identifier.FolderNumbera0801-n02-
dc.description.fundingSourceOthersen_US
dc.description.fundingTextNNSFC: 71572042, 71972049, 71602037en_US
dc.description.pubStatusPublisheden_US
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