Short on drugs: Short selling during the drug development process

被引：4

作者：

Berkman, Henk ^{[1
]}

Eugster, Marco ^{[1
]}

机构：

[1] Univ Auckland, Business Sch, Dept Accounting & Finance, Auckland, New Zealand

来源：

JOURNAL OF FINANCIAL MARKETS | 2017年 / 33卷

关键词：

Short selling; Drug development; FDA announcements; Insider trading; Private information; SHORT-SELLERS; EARNINGS ANNOUNCEMENTS; PRIVATE INFORMATION; EQUITY OFFERINGS; INSIDER SALES; HEDGE FUNDS; FIRMS; MARKET; NEWS;

D O I：

10.1016/j.finmar.2017.02.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Announcements related to the drug development process can have a profound impact on the market value of firms operating in the pharmaceutical and healthcare industries. We examine a large number of these events and document a strong negative relation between short selling during the days leading up to an event's announcement and the announcement return. Several additional tests indicate that insider information is a likely source for at least part of this profitable trading activity. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：102 / 123

页数：22

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