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| Tekijä: | Christophe, S.E. Ferri, M.G. Hsieh, J. |
| Otsikko: | Informed trading before analyst downgrades: Evidence from short sellers |
| Lehti: | Journal of Financial Economics
2010 : JAN, VOL. 95:1, p. 85-106 |
| Asiasana: | stock markets trading brokerage short selling stock exchanges USA |
| Kieli: | eng |
| Tiivistelmä: | Using a sample of 670 downgrades (hereafter as: d-g/s.) of Nasdaq stocks from 2000 to 2001, this paper examines short-selling (here as: s-sng.) prior to the release of analyst d-g/s. There are found abnormal levels of s-sng. in the three days before d-g/s. are publicly announced. It is also shown that this pre-announcement abnormal s-sng. is markedly related to the subsequent share price reaction to the d-g/s., and especially so for d-g/s. prompting the most substantial price declines. |
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