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Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

China Journal of Accounting Research 2019年第4期12卷 379-394页

作者： Kaijuan Gao Muran Ding Hunan University China Shanghai University of Finance and Economics China

Short selling may accelerate stock price adjustment to negative news.However,the literature provides mixed evidence for this prediction.Using short-sale refinancing and a staggered difference-in-differences(DID)model,this paper explores the effect of short selling on stock price adjustment.Our results show that(1)short-sale refinancing improves the speed of stock price adjustment to negative news.This result holds after we control for endogeneity.(2)The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts,indicating that firms with more opaque information are more likely to be targeted by short sellers.In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors,short selling is more likely to increase the speed of stock price adjustment,indicating that ownership structure may influence negative news mining.(3)As short-sale refinancing exacerbates the absorption of bad news by stock prices,it increases crash risk.This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.

关键词： Evidence from a quasi-natural experiment in China Short-sale refinancing and price adjustment speed to bad news

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The Belt and Road Initiative and Financing Constraint for Chinese Enterprises

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China Economist 2019年第6期14卷 109-124页

作者：徐思何晓怡钟凯 School of Economics and Management South China Normal University(SCNU)GuangzhouChina International Business School University of International Business and Economics(UIBE)BeijingChina

In the context of China’s proactive implementation of the Belt and Road Initiative(BRI),unraveling the BRI’s effect on corporate behavior is of vital importance to China’s policymaking on overseas investment.With the BRI’s enactment as a quasi-natural experiment,this paper employs the difference in differences(DID)method to investigate the BRI’s effect on the financing constraint for Chinese enterprises.Our study finds that the BRI’s implementation has significantly reduced financing constraints for BRI enterprises,and the effect is more significant for emerging advantageous industries and export-oriented node cities.

关键词： the Belt and Road Initiative(BRI) financing constraint government support financing cost quasi-natural experiment

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