The Impact of Short-Selling Pressure on Corporate Employee Relations

P. Brockman, Juan Luo, Limin Xu
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引用次数: 22

Abstract

Abstract We show that randomly-selected Regulation SHO pilot firms respond to an increased threat of short selling by significantly improving their employee relations. Pilot firms enhance employee security to reduce the likelihood of employee-related negative publicity. The reduction of workplace concerns is most evident among pilot firms with higher degree of earnings manipulation, short interest potential, likelihood of labor disputes and employee whistle-blowing. Pilot firms experience better stock performance during the post Reg-SHO period after easing workplace concerns. Overall, our study provides novel evidence that the removal of short-selling constraints has a real effect on labor relations.
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卖空压力对企业员工关系的影响
研究表明,随机选择的SHO监管试点公司通过显著改善员工关系来应对卖空威胁的增加。试点企业加强员工安全,减少员工负面宣传的可能性。工作场所担忧的减少在盈利操纵程度较高的试点公司中最为明显,潜在的空头利益,劳资纠纷的可能性和员工举报。试点公司在缓解了工作场所的担忧后,在Reg-SHO后的时期,股票表现会更好。总的来说,我们的研究提供了新的证据,证明取消卖空限制对劳资关系有实际影响。
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