Abstract
This review surveys the existing empirical literature on the real effects of short selling on firms, addressing them through three main perspectives: corporate governance, financial decisions, and performance. The results of the (too) few empirical studies under scrutiny converge to a common rationale: a positive impact as a disciplinary mechanism on corporate governance and corporate investment policy and a positive impact on operating and corporate social responsibility (CSR) performance, even if some results are still puzzling. It appears that further investigations are necessary and should test the consequences of short selling on firms from a broader and more systematic perspective, with different theoretical and methodological approaches.
Subject
General Earth and Planetary Sciences,General Environmental Science
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1. The Real Effects of Financial Markets: Do Short Sellers Cause CEOs to Be Fired?
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3. Does short-selling threat discipline managers in mergers and acquisitions decisions?
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