BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//wp-events-plugin.com//7.3.3//EN
TZID:Pacific/Auckland
X-WR-TIMEZONE:Pacific/Auckland
BEGIN:VEVENT
UID:6130@gleanreport.com
DTSTART;TZID=Pacific/Auckland:20210217T123000
DTEND;TZID=Pacific/Auckland:20210217T133000
DTSTAMP:20210210T081811Z
URL:https://www.gleanreport.com/events/hai-lin-and-chang-yu/
SUMMARY:Disciplinary effect of short selling: evidence from mergers and acq
 uisitions. A seminar by Hai Lin and Chang Yu *IN-PERSON and ONLINE*
DESCRIPTION:Abstract: This paper investigates the disciplinary effect of sh
 ort selling on firm behavior. Using Regulation SHO’s pilot program as a 
 natural experiment of removing short-selling constraints\, we study how su
 ch a change affects a firm’s mergers and acquisition (M&A) activities. W
 e find that during the pilot program\, firms in the pilot group for which 
 the short sales constraints are removed\, significantly reduce their engag
 ements in value-destroying M&As. The disciplinary effect happens for firms
  with a higher level of agency problem and with a higher CEO incentive pay
 . The disciplinary effect works through a channel in that the short seller
 s of firms in the pilot group significantly increase their activities arou
 nd the value-destroying M&A announcements to impose the pressure. Finally\
 , we show the overall M&A deal quality for firms in the pilot group improv
 es during the pilot program due to their significantly fewer engagements i
 n value-destroying M&As.\n\n\nAbout the presenters\n\nHai Lin is a Profess
 or in Finance and the Head of the School of Economics and Finance\, Victor
 ia University of Wellington. He received his Ph.D. from Xiamen University 
 in China. Before moving to VUW\, he had worked at Xiamen University and th
 e University of Otago. He also visited Cornell University\, Singapore Mana
 gement of University\, and State University of New York at Buffalo.\n\nCha
 ng is a PhD student at Victoria University of Wellington. His supervisor i
 s Hai Lin. Chang’s thesis is on corporate finance.\n\nAlso available to 
 attend via Zoom. The Zoom link is https://vuw.zoom.us/j/99612174755.
CATEGORIES:Wellington
LOCATION: RH 104\, Rutherford House\, VUW\, 23 Lambton Quay\, Wellington\, 
 New Zealand
GEO:-41.2788499;174.77915689999998
X-APPLE-STRUCTURED-LOCATION;VALUE=URI;X-ADDRESS=23 Lambton Quay\, Wellingto
 n\, New Zealand;X-APPLE-RADIUS=100;X-TITLE=RH 104\, Rutherford House\, VUW
 :geo:-41.2788499,174.77915689999998
END:VEVENT
BEGIN:VTIMEZONE
TZID:Pacific/Auckland
X-LIC-LOCATION:Pacific/Auckland
BEGIN:DAYLIGHT
DTSTART:20200927T030000
TZOFFSETFROM:+1200
TZOFFSETTO:+1300
TZNAME:NZDT
END:DAYLIGHT
END:VTIMEZONE
END:VCALENDAR