Please use this identifier to cite or link to this item: https://doi.org/10.1111/j.1540-6261.2011.01714.x
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dc.titleFamily-controlled firms and informed trading: Evidence from short sales
dc.contributor.authorAnderson, R.C.
dc.contributor.authorReeb, D.M.
dc.contributor.authorZhao, W.
dc.date.accessioned2013-10-09T08:06:37Z
dc.date.available2013-10-09T08:06:37Z
dc.date.issued2012
dc.identifier.citationAnderson, R.C., Reeb, D.M., Zhao, W. (2012). Family-controlled firms and informed trading: Evidence from short sales. Journal of Finance 67 (1) : 351-386. ScholarBank@NUS Repository. https://doi.org/10.1111/j.1540-6261.2011.01714.x
dc.identifier.issn00221082
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/44445
dc.description.abstractWe investigate the relation between organization structure and the information content of short sales, focusing on founder- and heir-controlled firms. Our analysis indicates that family-controlled firms experience substantially higher abnormal short sales prior to negative earnings shocks than nonfamily firms. Supplementary testing indicates that family control characteristics intensify informed short selling. Further analysis suggests that daily short-sale interest in family firms contains useful information in forecasting stock returns; however, we find no discernable effect for nonfamily firms. This analysis provides compelling evidence that informed trading via short sales occurs more readily in family firms than in nonfamily firms. © 2012 the American Finance Association.
dc.description.urihttp://libproxy1.nus.edu.sg/login?url=http://dx.doi.org/10.1111/j.1540-6261.2011.01714.x
dc.sourceScopus
dc.typeArticle
dc.contributor.departmentFINANCE
dc.description.doi10.1111/j.1540-6261.2011.01714.x
dc.description.sourcetitleJournal of Finance
dc.description.volume67
dc.description.issue1
dc.description.page351-386
dc.identifier.isiut000299157500010
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