作者：Drake, Michael S.; Myers, James N.; Myers, Linda A.; Stuart, Michael D.
作者单位：Brigham Young University; University of Arkansas System; University of Arkansas Fayetteville; Vanderbilt University
摘要：We examine whether short interest improves the informativeness of stock prices with respect to future earnings. We find that short selling strengthens the relation between current returns and future earnings, especially in settings where short sellers are likely to possess an information advantage, such as when a firm's information environment is weak or when analysts are highly optimistic about future earnings growth. Collectively, our results illustrate the important role that short sellers ...
作者：Bertomeu, Jeremy; Magee, Robert P.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Northwestern University
摘要：This paper examines the process that drives the formation and evolution of disclosure regulations. In equilibrium, changes in the regulation depend on the status quo, standard-setters' political accountability and underlying objectives, and the cost and benefits of disclosure to reporting entities. Excessive political accountability need not implement the regulation preferred by diversified investors. Political pressures slow standard-setting and, if the standard-setter prefers high levels of ...
