کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959512 929307 2012 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Doing battle with short sellers: The conflicted role of blockholders in bear raids
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Doing battle with short sellers: The conflicted role of blockholders in bear raids
چکیده انگلیسی
If short sellers can destroy firm value by manipulating prices down, an informed blockholder has a powerful natural incentive to protect the value of his stake by trading against them. However, he also has a potentially conflicting incentive to use his information to generate trading profits. We show that a speculator can exploit this conflict and force the blockholder to buy a disproportionately large amount to prevent value destruction. This is costly for the blockholder because the trades must sometimes be executed at inflated prices. Given reasonable constraints on short sellers, a sufficiently large blockholder will have the incentive to absorb these losses and prevent a bear raid. However, conditions exist under which outside intervention may be warranted.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 106, Issue 2, November 2012, Pages 229-246
نویسندگان
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