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
收藏
页码：102 / 123
页数：22
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