Are Short Sellers Informed? An Examination of Unfavorable Analyst Reports
| Autor: | Wu, Yi-Jung, 吳宜蓉 |
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| Rok vydání: | 2015 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 This thesis studies short-selling prior to the release analyst reports with downgrades or unfavorable target prices, in order to find out whether short sellers receive information from analysts. Our results support the hypothesis that short sellers are informed traders. Short sellers appear to obtain the downgrading information before released, so they can short sell in advance. However, we find that short sellers do not necessarily benefit from the information advantages. We think the reason is that each unfavorable analyst report contains the different amount of information. Our results show that if short sellers know in advance when analysts publish extreme unfavorable reports, it gives greater incentive to investors to short sell, and short sellers have great opportunities to benefit from the advantages of information. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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