Short-Selling Prior to Earnings Announcements

By Stephen E. Christophe, Michael G. Ferri, James Angel. 2004

536 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/a8294d152c39dbcd17abd88628c9839aead12bdf

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Citations in the corpus

How are shorts informed (2012, background): “Similarly, Christophe, Ferri, and Angel (2004) find evidence of informed short selling in the five days before earnings announcements.”
Short Selling Around Seasoned Equity Offerings (2010, unknown): “between short sales and the issue discount [Corwin (2003), Kim and Shin (2004), and Autore (2007)].”
The effect of earnings surprises on information asymmetry (2009, unknown): “The firm is one important source of private information; for example, the private discovery of information regarding investment opportunities, outcomes of R&D projects, the state of negotiations with unions, recent sales data, and upcoming earnings announcements (Christophe et al. (2004)) leads to p”
Which Shorts Are Informed (2008, unknown): “For example, Christophe et al. (2004) find that negative earnings surprises are preceded by abnormal short selling.”
Short Sellers and Financial Misconduct (2010, background): “Christophe, Ferri, and Angel (2004), Christophe, Ferri, and Hsieh (2009), and Liu, Ma, and Zhang (2008) find that short selling increases before negative earnings announcements, analyst downgrades, and mortgage loss-related write-downs.”
Short-Sale Strategies and Return Predictability (2009, background): “Christophe, Ferri, and Angel (2004) focus their analysis on customer short sales that are subject to Nasdaq's short-sale rules and are reported to Nasdaq's Automated Confirmation Transaction Service (ACT).”
How are Shorts Informed? Short Sellers, News, and Information Processing (2012, unknown): “…indicator has thus been used to separate trading by market makers from trading by non-market makers (see, e.g., Evans, Geczy, Musto, and Reed, 2009; Christophe, Ferri, and Angel, 2004; Boehmer, Jones, and Zhang, 2008; Chakrabarty and Shkilko, 2011).6 However, when Regulation SHO was implemented, a…”
Short interest and stock price crash risk (2015, unknown): “6 See also Dechow et al. (2001), Christophe et al. (2004, 2010), Engelberg et al. (2012).”
Local institutional investors, information asymmetries, and equity returns (2010, background): “Furthermore, Coval and Moskowitz (2001) find that local mutual fund managers consistently earn positive abnormal returns from their local investments compared to their nonlocal investments, suggesting that they have significant informational advantages.”
Do Short Sellers Front-Run Insider Sales? (2013, unknown): “…three to twelve trading days after earnings announcements, such that insider trades in this period are predictable once earnings are announced; (2) Christophe et al. (2004) show that short sales increase prior to negative earnings announcement, so it is important to 12 ensure that the increasing…”