Short selling and labor investment efficiency: evidence from the Chinese stock market

被引：27
|
作者：
Ding, Hui [1 ]
Ni, Xiaoran [2 ,3 ]
Xu, Hongmei [4 ]
机构：
[1] Nanjing Univ Finance & Econ, Sch Finance, Nanjing, Peoples R China
[2] Xiamen Univ, Sch Econ, Dept Finance, Xiamen, Fujian, Peoples R China
[3] Xiamen Univ, Wang Yanan Inst Studies Econ WISE, Xiamen, Fujian, Peoples R China
[4] South China Normal Univ, Int Business Coll, Dept Finance, Guangzhou, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2021年 / 61卷
基金：
中国国家自然科学基金;
关键词：
Short selling; Labor investment efficiency; Quasi-exogenous shock; Overinvestment; Stakeholder; SHORT SELLERS; SHORT-SALES; CONSERVATISM; CONSTRAINTS; INVESTORS;
D O I：
10.1111/acfi.12671
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Exploring the staggered short sale deregulation on the Chinese stock market as quasi-exogenous shocks, we find that the introduction of short selling is associated with higher deviations of labor investment from the level justified by economic fundamentals, i.e., lower labor investment efficiency. The main effect is more pronounced for firms that are more opaque, younger, and worse governed. Further evidence indicates that short sale deregulation mainly induces firms to overinvest in labor. Our overall findings suggest that faced with downward price pressures, firms may overinvest in labor to convey favorable information to stakeholders, resulting in less efficient labor investments.
引用
收藏
页码：2451 / 2476
页数：26
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