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Informed short selling: Do institutional investors anticipate ESG risks?

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成果类型:
期刊论文
作者:
Lu, Wenjun;Luo, Hanlin;He, Yiqi;He, Shouchao;Gao, Ge
通讯作者:
He, SC;Gao, G
作者机构:
[Lu, Wenjun] Nanning Univ, Sch Business, Nanning, Peoples R China.
[Luo, Hanlin; He, Shouchao] Wenzhou Univ Technol, Sch Econ & Management, Wenzhou, Peoples R China.
[He, Yiqi] Hunan Agr Univ, Sch Business, Changsha, Peoples R China.
[Gao, Ge] Jilin Univ, Sch Business & Management, Changchun, Peoples R China.
通讯机构:
[Gao, G ] J
[He, SC ] W
Wenzhou Univ Technol, Sch Econ & Management, Wenzhou, Peoples R China.
Jilin Univ, Sch Business & Management, Changchun, Peoples R China.
语种:
英文
关键词:
Short position;ESG incidents;Information advantage;Institutional investors;European markets
期刊:
Finance Research Letters
ISSN:
1544-6123
年:
2025
卷:
86
页码:
108499
基金类别:
CRediT authorship contribution statement Wenjun Lu: Writing – original draft, Supervision, Resources, Project administration, Methodology, Investigation, Data curation, Conceptualization. Hanlin Luo: Writing – original draft, Visualization, Validation, Supervision, Project administration, Methodology, acquisition, Data curation, Conceptualization. Yiqi He: Writing – original draft, Validation, Investigation, acquisition, Formal analysis, Conceptualization. Shouchao He: Writing – original draft, Visualization, This work was supported by the Guangdong Provincial Planning Research Projects of Philosophy and Social Sciences (No.: GD23XSH34 ), Zhuhai Municipal Planning Research Projects of Philosophy and Social Sciences (No.: 2024YB019 ), Zhejiang Provincial Department of Education (No.: Y2024573321 ), and GXDSI-CI&DETAJEC .
机构署名:
本校为其他机构
院系归属:
商学院
摘要:
Can institutional investors anticipate ESG-related risks before public disclosure? Using short position data under EU236 regulation and RepRisk’s ESG incident database, this study examines informational advantages among 586 European listed companies. Employing panel probit models and event studies, we find institutional investors exhibit significant anticipatory behavior prior to ESG incidents. Short-selling probability increases substantially when ESG events are expected within seven trading days. Short positions rise systematically in the fi...

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