| Status | 已發表Published |
| Reading preferences of short sellers: Evidence from annual reports | |
Kot, H. W. ; Liu, M.
| |
| 2019-07-22 | |
| Abstract | Using textual analysis, we investigate whether the short sellers read and learn from annual reports by focus on the daily abnormal shorting volume and the abnormal stock returns from 2009 to 2017. We find that textual variables do predict the abnormal shorting volume. However, positive relationship between abnormal shorting volume and abnormal stock returns suggests that short sellers are unable to outperform the market by incorporate the textual information into their shorting activities. We further find role of accounting quality for short sellers used from annual report, by focusing on auditors’ opinion, big 4 auditors, and accrual. |
| Keyword | short selling annual reports textual analysis stock returns accounting quality |
| Language | 英語English |
| The Source to Article | PB_Publication |
| PUB ID | 45467 |
| Document Type | Report |
| Collection | University of Macau |
| Corresponding Author | Kot, H. W. |
| Recommended Citation GB/T 7714 | Kot, H. W.,Liu, M.. Reading preferences of short sellers: Evidence from annual reports, 2019. |
| Files in This Item: | There are no files associated with this item. | |||||
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