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Does the threat of short selling discipline management? Evidence from default risk changes around regulation SHO

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  • Li, Keming
  • Nishikawa, Takeshi
  • Rao, Ramesh P.

Abstract

We document a significant reduction in default risk for the pilot firms relative to non-pilot firms during the Reg SHO period. This effect is more pronounced for firms whose default risk was high prior to the program. We also find that the pilot firms adopt greater accounting conservatism during the program and experience improved bond contracting through reductions in covenant usage in newly issued bonds. Lastly, we find significant improvements in investment efficiency and cash holding value for the pilot firms. Our combined evidence supports the disciplinary role of short selling in the financial markets.

Suggested Citation

  • Li, Keming & Nishikawa, Takeshi & Rao, Ramesh P., 2025. "Does the threat of short selling discipline management? Evidence from default risk changes around regulation SHO," Journal of Financial Markets, Elsevier, vol. 73(C).
    • Handle: RePEc:eee:finmar:v:73:y:2025:i:c:s1386418124000788
    DOI: 10.1016/j.finmar.2024.100960
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    More about this item

    Keywords

    Short sale; Regulation SHO; Accounting conservatism;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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