文档介绍：毕业论文外文翻译
外文题目:OWNERSHIP STRUCTURE, EXPECTATIONS, AND SHORT SALES ON THE NASDAQ
出处:JOURNAL OF ECONOMICSAND FINANCE
作者:J. Edward Graham and J. Christopher Hughen
原文:
Abstract
We estimate expected short interest for Nasdaq stocks. Extending prior work, our research is among the first to investigate the impact of ownership structure on short-selling activity. We find that short interest is negatively related to institutional ownership and positively related to inside ownership; stocks with greater liquidity and smaller relative spreads are more heavily also develop a measure of the unanticipated level of short selling; relative to the reported amount of short interest, this unexpected level of short selling seems at first to better represent the opinions of informed investors engaging in costly short-selling activities. However, the power of the unanticipated level of short-selling factor is displaced when we make allowances for traditional market, firm size, and momentum variables.
I. INTRODUCTION
Thomas (2006) affirms the struggle of financial researchers as they consider short institutional and statistical issues, a new short sales literature has evolved in the past few years; we seek to temper the struggle with a set of related examinations that extend this research. First, we examine the impact of ownership structure on the level of short interest and find it significantly related to short-selling activity. Second, we extend our ownership measures and discover that while short selling is negatively related to institutional ownership, it is positively
related to inside ownership; this latter relationship is not an artifact of the non-monotonic relationship between ownership concentration and firm value documented by Morck et al. (1988). Third, we find that short sellers are more active in stocks with greater liquidity and smaller relative
bid-ask spreads. Finally, we measure expected short interest and demonstrate that our