The DOI matches its Crossref record; 47 of the 47 references it cites were found in a registry or an index.
Short Selling Pressure, Stock Price Behavior, and Management Forecast Precision: Evidence from a Natural Experiment
Abstract
Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers’ voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling pressure and price sensitivity to bad news by reducing the precision of bad news forecasts. This finding on management forecasts appears to be generalizable to other corporate disclosures. In particular, we find that, in response to increased short selling pressure, managers also reduce the readability (or increase the fuzziness) of bad news annual reports. Overall, our results suggest that maintaining the current level of stock prices is an important consideration in managers’ strategic disclosure decisions.
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Cites
Healy, P. M., & Palepu, K. G. (2001) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(01)00018-0 · Cited by 8,097
The economic implications of corporate financial reporting
Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2005.01.002 · Cited by 6,316
New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index
Hadlock, C. J., & Pierce, J. R. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhq009 · Cited by 5,533
RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION
Miller, E. M. (1977) · The Journal of Finance · doi:10.1111/j.1540-6261.1977.tb03317.x · Cited by 3,701
On the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
Annual report readability, current earnings, and earnings persistence
Li, F. (2008) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2008.02.003 · Cited by 2,838
The financial reporting environment: Review of the recent literature
Beyer, A., Cohen, D. A., Lys, T. Z., & Walther, B. R. (2010) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2010.10.003 · Cited by 2,609
Why Firms Voluntarily Disclose Bad News
Skinner, D. J. (1994) · Journal of Accounting Research · doi:10.2307/2491386 · Cited by 2,427
Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test
Patell, J. M. (1976) · Journal of Accounting Research · doi:10.2307/2490543 · Cited by 1,746
Core, J., & Guay, W. (2002) · Journal of Accounting Research · doi:10.1111/1475-679x.00064 · Cited by 1,696
Cited by
Short Selling and Earnings Management: A Controlled Experiment
FANG, V. W., HUANG, A. H., & KARPOFF, J. M. (2016) · The Journal of Finance · doi:10.1111/jofi.12369 · Cited by 485
Beyond earnings quality: evaluating the quality of corporate disclosure practices
Dechow, P. M., Ge, W., Loh, W. T., & McVay, S. (2026) · Review of Accounting Studies · doi:10.1007/s11142-026-09971-2 · Cited by 1
Metadata
- Authors
- LI, Y., & ZHANG, L.
- Venue
- Journal of Accounting Research
- Publisher
- Wiley
- Published
- 2015-01-26
- Volume
- 53
- Issue
- 1
- Pages
- 79-117
- ISSN
- 0021-8456
- 1475-679X
- OpenAlex
- W3125738492
- Cited by
- 258
- References
- 47
- FWCI
- 81.05
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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