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Advanced Economic Seminars 265: Do short sales affect a firm’s financial constraints?

Publisher:   Time:2019-10-28 09:32:40

Topic:Do short sales affect a firm’s financial constraints?

Lecturer: Xinyu LI, Renmin University of China

Time: 2:00-3:30 p.m. October 31st, 2019 (Thursday

Venue: B219, Zhixin Building

Abstract: The topic of this seminar focuses on the effect of short sales on a firm’s financial constraints in Chinese capital market based on three conceptual frameworks, the negative information effect, the undervaluation effect, and the deterrent effect. Our findings suggest that short sales generally worsen a firm’s financial constraints by uncovering its incremental negative information to the market and increase its external financing cost, which support the underlying logic of the negative information effect.


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