1、 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 invest
2、igate 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 shorted.We also develop a measure of
3、 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 sho
4、rt-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 sales.Confronting institutional and statistical issues, a new short sales literature ha
5、s 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 ownershi
6、p 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. (19
7、88). 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 measure of the unanticipated level of short interest seems to provide greater explanatory power for futur
8、e returns than do the raw measures of short sales； however, this greater power is displaced when we adopt selected firm size and momentum variables as additional explanatory factors. In advancing our understanding of short selling, we connect two lines of research. First, the literature provides evi
9、dence of negative long-run underperformance for stocks experiencing high short interest. These authors suggest that high short-interest levels often reflect the negative opinions of informed investors. Another group examines factors that influence the amount of short-sales activity. They reach sever
10、al conclusions: the level of institutional ownership can constrain the ability to borrow shares short sellers prefer liquid stock with high ratios of market to fundamental values . We measure expected short interest in a manner that frames the influence of ownership structure and other factors simul
11、taneously. We incorporate new measures that are among the first to consider the effect of inside ownership on short interest. Given that many factors likely influence the level of short selling, it is difficult to interpret the signal provided by the informed investors that frequently engage in this
12、 activity. Towards examining this signal, we also measure whether the unexpected level of short interest provides greater predictive ability for subsequent stock returns than the absolute measures of short sales. We provide several insights into the factors influencing the amount of short-selling ac
13、tivity. First, we document a negative relation between short interest and institutional ownership. On the surface, this finding seems to contradict recent research showing that institutional investors are the dominant participants in the market for lending shares for short selling. However, stocks t
14、hat are unavailable for borrowing tend to have small market capitalizations, and for stocks with large market values, the ability to borrow shares from institutions does not appear to be a significant constraint； this echoes recent findings by Asquith et al. (2005). Our analysis of large Nasdaq stoc
15、ks is consistent with sophisticated short sellers being less active in stocks disproportionately purchased by institutional investors, shown by Wermers (2000) and Pinnuck (2003) to demonstrate superior stock-selection ability. Second, we discover a positive relation between inside ownership and shor
16、t interest. By taking larger positions in firms with higher agency costs from entrenchment, short sellers may act to profit from a depreciative effect on corporate performance of excessive inside ownership. This new finding implies that short sellers may be using inside ownership data in their short
17、-selling decisions, or that the factors upon which short sales choices are made are themselves tied into inside ownership levels. The inside ownership findings are not an artifact of the non-monotonic relationships between ownership concentration levels and firm value as portrayed by Morck et al.(19
18、88). The average inside ownership levels of our sample imply such a relationship, but such is not the case. Third, short-selling activity is lower in stocks with higher bid-ask spreads and other proxies for transaction costs. Short sellers exhibit a preference for firms with multiple market makers；
19、these informed investors may find it more profitable to conduct their activities across several dealers. We affirm that stock liquidity is significantly associated with short selling； the less liquid stocks, with fewer market makers and lower trading volume and larger bid-ask spreads, are typically
20、less heavily shorted. Stocks with higher transaction costs are less likely to be sold short. Fourth, we complete our examinations with an estimation of expected short interest and use the difference between observed short interests and our estimates to represent the level of unanticipated short sell
21、ing. Regression analyses initially suggest that this unexpected short interest has greater predictive power for short-run returns than the unadjusted level of short sales. However, upon further study and with the inclusion of controls for size, value versus growth and momentum, the significance of our proxy for unanticipated short selling is largely diminished, relative to the raw measure of the short-interest ratio itself. Echoing the seminal findings of Figlewski (1981), most firms with higher short-interest ratios underperform those with lower ratios. II.RESULTS
