Accounting irregularities and failure to deliver

2014 ◽  
Vol 40 (8) ◽  
pp. 770-786 ◽  
Author(s):  
Naomi E. Boyd ◽  
Ann Marie Hibbert ◽  
Ivelina Pavlova
Keyword(s):  
Design Methodology ◽  
Institutional Ownership ◽  
Short Selling ◽  
Accounting Restatements ◽  
Content Type ◽  
Short Sellers ◽  
Naked Short Selling ◽  
The Relationship

Purpose – The purpose of this paper is to examine the relationship between naked short selling and accounting irregularities that cause a firm to issue a restatement. Design/methodology/approach – Using the level of abnormal fails-to-deliver as a proxy for naked short selling, the paper looks for evidence of increased naked short selling in anticipation of, as well as in response to these announcements. Findings – Larger firms and firms with a higher percentage of institutional ownership experience greater levels of fails prior to the announcement day, while smaller firms are more likely to be targets of naked short sellers after the announcement. The paper also finds that more transparent announcements are associated with more abnormal fails. Originality/value – This paper is the first research to study the relation between naked short selling and accounting restatements.

Short selling and the development of anti-shorting laws in the UK

2016 ◽  
Vol 24 (1) ◽  
pp. 9-23 ◽  
Author(s):  
Azhar Mohamad
Keyword(s):  
Financial Market ◽  
Design Methodology ◽  
Short Selling ◽  
The Other ◽  
Review Of The Literature ◽  
Content Type ◽  
Short Sellers ◽  
Main Emphasis ◽  
History Of ◽  
The Uk

Purpose – The aim of this paper is to provide a review of the literature on short selling. In particular, it seeks to describe the history of short selling and anti-shorting laws. With respect to short-selling regulation, the main emphasis will be placed on the UK FSA’s regulatory action. Design/methodology/approach – This paper reviews the history of short selling and the development of anti-shorting laws, particularly with regard to the UK market. It also analyses the distinct literature on short selling. Findings – The paper argues that the development of anti-shorting laws shows that regulators are instituting a policy unfavourable to short sellers. The opposers of short selling may be seen as lacking ideas and having the tendency to ban anything they do not like. Short sellers, on the other hand, may be seen as the elite bodyguards of the financial market whose job is to get rid of overvalued stocks, and ultimately keep the market safe and efficient. For this reason, short sellers deserve our praise and thanks, not our hatred and opprobrium. Originality/value – To the authors’ knowledge, this paper is the first to review the history of short selling and the development of anti-shorting laws, particularly with regard to the UK market.

Firm, institutional and short sellers’ trading behavior around share repurchases

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Reuben Segara ◽  
Jin Young Yang
Keyword(s):  
Institutional Investors ◽  
Regression Models ◽  
Design Methodology ◽  
Short Selling ◽  
Share Repurchases ◽  
Panel Regression ◽  
Trading Behavior ◽  
Firm Level ◽  
Content Type ◽  
Short Sellers

PurposeThis study investigates the valuation motive for increasing share repurchases: the authors analyze the trading dynamics between short sellers, institutional investors and the firm itself around share repurchases.Design/methodology/approachThe authors examine the valuation motive for share repurchases through an analysis of firm, institutional and short sellers’ trading behavior. The firm-level panel regression models using firm-quarter observations in the sample period are estimated.FindingsThe authors find that firms repurchase more intensely against increased short selling and that institutional investors trade in parallel with the repurchasing firm.Originality/valueResults suggest that firms disagree with short sellers’ intrinsic valuation of the firm, which is consistent with findings of recent studies such as Muzere (2019) and Bargeron and Bonaimé (2020).

Do short sellers exacerbate volatility?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Glenn Kit Foong Ho ◽  
Sirimon Treepongkaruna ◽  
Chaiyuth Padungsaksawasdi
Keyword(s):  
Financial Markets ◽  
Stock Prices ◽  
Short Selling ◽  
Market Condition ◽  
Content Type ◽  
Short Sellers ◽  
Negative Effect ◽  
Dynamic Relationships ◽  
The Relationship ◽  
Abnormal Level

PurposeThis paper examines whether short sellers aggravate volatility in the Australian stock market by using five different realized volatility (RV) measures during a more stable period.Design/methodology/approachThe authors develop a measure to capture the abnormal level of short selling for each stock and examine the bivariate and trivariate dynamic relationships between abnormal short selling and five volatility measures: the RV, continuous and jump components of RV, upside and downside volatilities.FindingsOverall, the findings indicate a weak association between abnormal short selling and volatility. Where the relationships are significant, the authors generally find that lagged abnormal short selling is negatively associated with both upside and downside volatilities. In general, short selling does not drive or amplify the decline in stock prices.Originality/valueThis paper contributes to existing literature in various aspects. First, the authors offer evidence on the relationship between abnormal short selling and volatility in a general market condition while existing studies often found mixed results of the effects of short selling on volatility around extreme events. Second, the authors add to the literature on the volume-volatility relation by introducing abnormal short selling. Although abnormal short volume does not supplant the number of trades in the volume-volatility relation, it has some incremental, albeit negative, effect on volatility. Finally, the study provides further evidence for the debate on the desirability of short sellers in financial markets.

Short‐sell moratorium effects on regional bank performance

2013 ◽  
Vol 5 (2) ◽  
pp. 92-110
Author(s):  
Michael Devaney ◽  
William L. Weber
Keyword(s):  
Trading Volume ◽  
Short Selling ◽  
Bank Risk ◽  
Too Big To Fail ◽  
Content Type ◽  
Naked Short Selling ◽  
Regional Bank ◽  
Capm Model ◽  
Short Sell ◽  
Regional Banks

PurposeThe purpose of this paper is to investigate the effects of the 2008 SEC short‐sell moratorium on regional bank risk and return. The paper also examines the decline in “failures to deliver” securities in the wake of SEC short‐sell moratorium.Design/methodology/approachIn total, six regional bank portfolios are derived and the beta coefficients from a CAPM model are estimated using the integrated generalized autoregressive conditional heteroskedasticity (IGARCH) method accounting for the short‐sell moratorium. Data on 110 regional banks in six US regions from January 2002 to December 30, 2011 are used to estimate the model.FindingsThe ban on naked short selling and the SEC short‐sell moratorium significantly increased individual bank risk for a majority of banks in six geographic regions, but also increased return in three of three regions. There was also reduced naked short selling as failures to deliver securities declined sharply after the September 2008 moratorium took effect.Originality/valueRegional banks have generally not achieved the size needed to be deemed “too big to fail” by policy‐makers. Thus, policy changes such as the SEC short‐sell moratorium might be expected to have larger effects on regional banks than on larger banks, which might be shielded from the policy change by having achieved “too big to fail” status. The authors' results are consistent with research that has shown that short‐sell restrictions increase risk by reducing liquidity and trading volume.

Perceptions of time at work

2016 ◽  
Vol 45 (1) ◽  
pp. 29-50 ◽  
Author(s):  
Aristides Isidoro Ferreira ◽  
Joana Diniz Esteves
Keyword(s):  
Gender Differences ◽  
Design Methodology ◽  
Internet Use ◽  
The Internet ◽  
Content Type ◽  
Future Studies ◽  
Work Related ◽  
Phone Calls ◽  
Working Day ◽  
The Relationship

Purpose – Activities such as making personal phone calls, surfing on the internet, booking personal appointments or chatting with colleagues may or may not deviate attentions from work. With this in mind, the purpose of this paper is to examine gender differences and motivations behind personal activities employees do at work, as well as individuals’ perception of the time they spend doing these activities. Design/methodology/approach – Data were obtained from 35 individuals (M age=37.06 years; SD=7.80) from a Portuguese information technology company through an ethnographic method including a five-day non-participant direct observation (n=175 observations) and a questionnaire with open-ended questions. Findings – Results revealed that during a five-working-day period of eight hours per day, individuals spent around 58 minutes doing personal activities. During this time, individuals engaged mainly in socializing through conversation, internet use, smoking and taking coffee breaks. Results revealed that employees did not perceive the time they spent on non-work realted activities accurately, as the values of these perceptions were lower than the actual time. Moreover, through HLM, the findings showed that the time spent on conversation and internet use was moderated by the relationship between gender and the leisure vs home-related motivations associated with each personal activity developed at work. Originality/value – This study contributes to the literature on human resource management because it reveals how employees often perceive the time they spend on non-work related activities performed at work inaccurately. This study highlights the importance of including individual motivations when studying gender differences and personal activities performed at work. The current research discusses implications for practitioners and outlines suggestions for future studies.

Learning from intelligent conversation

IMP Journal ◽  
2016 ◽  
Vol 10 (3) ◽  
pp. 512-539 ◽  
Author(s):  
Luitzen De Boer ◽  
Poul Houman Andersen
Keyword(s):  
System Theory ◽  
Design Methodology ◽  
Historical Analysis ◽  
Research Field ◽  
Literature Study ◽  
Content Type ◽  
Narrative Literature ◽  
The Relationship ◽  
Conceptual Research

Purpose The purpose of the paper is to contribute to further advancing of IMP as a research field by setting up and starting a theoretical conversation between system theory and the IMP. Design/methodology/approach The approach is based on a narrative literature study and conceptual research. Findings The authors find that system theory and cybernetics can be regarded as important sources of inspiration for early IMP research. The authors identify three specific theoretical “puzzles” in system theory that may serve as useful topics for discussion between system theorists and IMP researchers. Originality/value Only a handful of papers have touched upon the relationship between system theory and IMP before. This paper combines a narrative, historical analysis of this relationship with developing specific suggestions for using system theory as a vehicle for further advancement of IMP research.

Dynamic capabilities vs. innovation capability: are they related?

2014 ◽  
Vol 21 (3) ◽  
pp. 368-384 ◽  
Author(s):  
Lidija Breznik ◽  
Robert D. Hisrich
Keyword(s):  
Literature Review ◽  
Design Methodology ◽  
Dynamic Capabilities ◽  
Dynamic Capability ◽  
Future Research ◽  
Innovation Capability ◽  
New Approach ◽  
Content Type ◽  
New Research ◽  
The Relationship

Purpose – The purpose of this paper is to provide insights into the relationship between dynamic capabilities and innovation capabilities. It links dynamic capability with innovation capability and indicates the ways they can be related. Design/methodology/approach – The relationships between dynamic and innovation capability were investigated through a systematic literature review. Findings – The review indicates that common characteristics exist between of the both fields, which demonstrate six relationships. Additionally, findings show some inconsistencies and even contradictions. Originality/value – In this paper, the authors have compared dynamic capabilities, a relatively new approach in the field of strategic management, with innovation capabilities, a widely recognised crucial domain for sustained competitiveness. Since both areas address issues that are essential to today's environment, future research should seek to clarify both concepts, by undertaking some new research and developing comprehensive and unambiguous framework.

Managing different forms of distances in Dutch healthcare organizations

2015 ◽  
Vol 29 (7) ◽  
pp. 1080-1097
Author(s):  
Annemiek Stoopendaal
Keyword(s):  
Design Methodology ◽  
Healthcare Organization ◽  
Ethnographic Study ◽  
Healthcare Organizations ◽  
Content Type ◽  
Daily Work ◽  
Healthcare Executives ◽  
Governance Practices ◽  
The Relationship

Purpose – Dichotomous “gap” thinking about professionals and managers has important limits. The purpose of this paper is to study the specific ontology of “the gap” in which different forms of distances are defined. Design/methodology/approach – In order to deepen the knowledge of the actual day-to-day tasks of Dutch healthcare executives an ethnographic study of the daily work of Dutch healthcare executives and an ontological exploration of the concept “gap” was provided. The study empirically investigates the meaning given to the concept of “distance” in healthcare governance practices. Findings – The study reveals that healthcare executives have to fulfil a dual role of maintaining distance and creating proximity. Coping with different forms of distances seems to be an integral part of their work. They make use of four potential mechanisms to cope with distance in their healthcare organization practices. Originality/value – The relationship between managers and professionals is often defined as a dichotomous gap. The findings in this research suggest a more dynamic picture of the relationship between managers and professionals than is currently present in literature. This study moves “beyond” the gap and investigates processes of distancing in-depth.

scholarly journals “Happy slaves”? The adaptation problem and identity politics in the writings of Amartya Sen

2016 ◽  
Vol 43 (12) ◽  
pp. 1178-1193
Author(s):  
Tony Burns
Keyword(s):  
Identity Politics ◽  
Design Methodology ◽  
Conceptual Analysis ◽  
Practical Implication ◽  
Methodological Approach ◽  
Mary Wollstonecraft ◽  
Amartya Sen ◽  
Content Type ◽  
The Relationship ◽  
Practical Implications

Purpose The purpose of this paper is to examine the relationship between Amartya Sen’s notion of adaptation and his views on identity politics by focussing on the issue of slavery and, more specifically, on the example of the happy or contented slave. Design/methodology/approach The paper is text based. The methodological approach adopted is that of conceptual analysis, as is typical for work of this kind. Findings The paper concludes that the example of the happy or contented slave is indeed a fruitful one for those interested in exploring the relationship between Sen’s views on “the adaptation problem” and his views on identity politics, especially in relation to the subjection of women. Here Sen’s debt to the ideas of Mary Wollstonecraft and John Stuart Mill is particularly important. Research limitations/implications One implication of the argument of the paper is that there is a need to consider more carefully the differences that exist between the views of Wollstonecraft and Mill, so far as the example of the happy or contented slave is concerned. Practical implications One practical implication of the paper is that, hopefully, it establishes the continued relevance of the ideas of thinkers such as Wollstonecraft and Mill today, not least because of the influence that they have had on theoreticians such as Amartya Sen. Social implications The paper addresses issues which are of considerable social and political significance, especially for women in underdeveloped societies today. Originality/value The example of the happy or contented slave has not received much discussion in the literature on Sen, although Sen himself has suggested that the distinction between happiness and contentment is an important one, which does merit further discussion.

Tolstoy in a recipe

2014 ◽  
Vol 44 (4) ◽  
pp. 310-323 ◽  
Author(s):  
Ana Tominc
Keyword(s):  
Design Methodology ◽  
The Other ◽  
Food Culture ◽  
Content Type ◽  
Current Trends ◽  
New Middle Class ◽  
Cooking Shows ◽  
Local Construction ◽  
The Impact ◽  
The Relationship

Purpose – The purpose of this study is to demonstrate the impact of global celebrity chefs and their discourse about food on the genre of cookbooks in Slovenia. Design/methodology/approach – Focusing this discourse study on cookbook topics only, the analysis demonstrates the relationship between the aspirations of local celebrity chefs for the food culture represented globally by global celebrity chefs, such as Oliver, and the necessity for a local construction of specific tastes. While the central genre of TV celebrity chefs remains TV cooking shows, their businesses include a number of side products, such as cookbooks, which can be seen as recontexualisations of TV food discourse. Findings – Hence, despite this study being limited to analysis of cookbooks only, it can be claimed that the findings extend to other genres. The analysis shows that local chefs aspire to follow current trends, such as an emphasis on the local and sustainable production of food as well as enjoyment and pleasure in the form of a postmodern hybrid genre, while, on the other hand, they strive to include topics that will resonate locally, as they aim to represent themselves as the “new middle class”. Originality/value – Such an analysis brings new insights into the relationship between discourse and globalisation as well as discourse and food.

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