Female Directors in Play Keep Short-Sellers Away

References

• Abbott, L. J., Parker, S., & Presley, T. J. (2012). Female board presence and the likelihood of financial restatement. Accounting Horizons, 26(4), 607–629. https://doi.org/10.2308/acch-50249
   Web of Science ®Google Scholar
• Adams, R. B. (2016). Women on boards: The superheroes of tomorrow? The Leadership Quarterly, 27(3), 371–386. https://doi.org/10.1016/j.leaqua.2015.11.001
   Web of Science ®Google Scholar
• Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance☆. Journal of Financial Economics, 94(2), 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007
   Web of Science ®Google Scholar
• Agrawal, A., Chadha, S., & Chen, M. A. (2006). Who is afraid of Reg FD? The behavior and performance of sell-side analysts following the SEC’s Fair Disclosure rules*. The Journal of Business, 79(6), 2811–2834. https://doi.org/10.1086/508000
   Google Scholar
• Ahern, K. R., & Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation *. The Quarterly Journal of Economics, 127(1), 137–197. https://doi.org/10.1093/qje/qjr049
   Web of Science ®Google Scholar
• Anderson, R. C., Reeb, D. M., & Zhao, W. (2012). Family-Controlled firms and informed trading: Evidence from short Sales. The Journal of Finance, 67(1), 351–385. https://doi.org/10.1111/j.1540-6261.2011.01714.x
   Web of Science ®Google Scholar
• Asquith, P., Pathak, P. A., & Ritter, J. R. (2005). Short interest, institutional ownership, and stock returns. Journal of Financial Economics, 78(2), 243–276. https://doi.org/10.1016/j.jfineco.2005.01.001
   Web of Science ®Google Scholar
• Balakrishnan, K., Blouin, J. L., & Guay, W. R. (2019). Tax aggressiveness and corporate transparency. The Accounting Review, 94(1), 45–69. https://doi.org/10.2308/accr-52130
   Web of Science ®Google Scholar
• Beasley, M. (1996). An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review, 71(4), 443–465.
   Web of Science ®Google Scholar
• Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What matters in corporate governance? Review of Financial Studies, 22(2), 783–827. https://doi.org/10.1093/rfs/hhn099
   Web of Science ®Google Scholar
• Bhojraj, S., Sengupta, P., & Zhang, S. (2017). Takeover defenses: Entrenchment and efficiency. Journal of Accounting and Economics, 63(1), 142–160. https://doi.org/10.1016/j.jacceco.2016.12.001
   Web of Science ®Google Scholar
• Blau, B. M., & Wade, C. (2012). Informed or speculative: Short selling analyst recommendations. Journal of Banking & Finance, 36(1), 14–25. https://doi.org/10.1016/j.jbankfin.2011.06.001
   Web of Science ®Google Scholar
• Boehmer, E., & Wu, J. (2013). Short selling and the price discovery process. Review of Financial Studies, 26(2), 287–322. https://doi.org/10.1093/rfs/hhs097
   Web of Science ®Google Scholar
• Bøhren, O., & Strøm, R. O. (2010). Governance and politics: Regulating independence and diversity in the board room. Journal of Business Finance & Accounting, 37(9–10), 1281–1308. https://doi.org/10.1111/j.1468-5957.2010.02222.x
   Web of Science ®Google Scholar
• Brennan, N. M., & Solomon, J. (2008). Corporate governance, accountability and mechanisms of accountability: An overview. Accounting, Auditing & Accountability Journal, 885–906. https://doi.org/10.1108/09513570810907401
   Google Scholar
• Brent, A., Morse, D., & Stice, E. K. (1990). Short interest: Explanations and tests. The Journal of Financial and Quantitative Analysis, 25(2), 273–289. https://doi.org/10.2307/2330829
   Web of Science ®Google Scholar
• Brunnermeier, M. K., & Pedersen, L. H. (2005). Predatory trading. The Journal of Finance, 60(4), 1825–1863. https://doi.org/10.1111/j.1540-6261.2005.00781.x
   Web of Science ®Google Scholar
• Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32(1-3), 237–333. https://doi.org/10.1016/S0165-4101(01)00027-1
   Web of Science ®Google Scholar
• Carter, D., D’Souza, F., Simkins, B., & Simpson, W. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: An International Review, 18(5), 396–414. https://doi.org/10.1111/j.1467-8683.2010.00809.x
   Web of Science ®Google Scholar
• Chang, E. C., Lin, T. C., & Ma, X. (2019). Does short-selling threat discipline managers in mergers and acquisitions decisions? Journal of Accounting and Economics, 68(1), 101223. https://doi.org/10.1016/j.jacceco.2018.12.002
   Web of Science ®Google Scholar
• Chang, X., & Zhang, H. F. (2015). Managerial entrenchment and firm value: A dynamic perspective. Journal of Financial and Quantitative Analysis, 50, 1083–1103. https://doi.org/10.1017/S0022109015000423
   Web of Science ®Google Scholar
• Chen, C., & Jaggi, B. (2000). Association between independent non-executive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and Public Policy, 19(4-5), 285–310. https://doi.org/10.1016/S0278-4254(00)00015-6
   Google Scholar
• Chen, G., Crossland, C., & Huang, S. (2016). Female board representation and corporate acquisition intensity. Strategic Management Journal, 37(2), 303–313. https://doi.org/10.1002/smj.2323
   Web of Science ®Google Scholar
• Chen, J., Leung, W. S., & Goergen, M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86–105. https://doi.org/10.1016/j.jcorpfin.2017.01.001
   Web of Science ®Google Scholar
• Chen, X., Cheng, Q., Luo, T., & Yue, H. (2019). Short sellers and long-run management forecasts. Contemporary Accounting Research, 37(2), 802–828. https://doi.org/10.1111/1911-3846.12554
   Web of Science ®Google Scholar
• Chizema, A., Kamuriwo, D. S., & Shinozawa, Y. (2015). Women on corporate boards around the world: Triggers and barriers. The Leadership Quarterly, 26(6), 1051–1065. https://doi.org/10.1016/j.leaqua.2015.07.005
   Web of Science ®Google Scholar
• Christophe, S. E., Ferri, M. G., & Angel, J. J. (2004). Short-Selling prior to earnings announcements. The Journal of Finance, 59(4), 1845–1876. https://doi.org/10.1111/j.1540-6261.2004.00681.x
   Web of Science ®Google Scholar
• Cohen, J. R., Pant, L. W., & Sharp, D. J. (1998). The effect of gender and academic discipline diversity on the ethical evaluations, ethical intentions and ethical orientation of potential public accounting recruits. Accounting Horizons, 12(3), 250–257.
   Google Scholar
• Collins, D., & Huang, H. (2011). Management entrenchment and the cost of equity capital. Journal of Business Research, 64(4), 356–362. https://doi.org/10.1016/j.jbusres.2010.02.013
   Web of Science ®Google Scholar
• Cumming, D., Leung, T. Y., & Rui, O. (2015). Gender diversity and securities fraud. Academy of Management Journal, 58(5), 1572–1593. https://doi.org/10.5465/amj.2013.0750
   Web of Science ®Google Scholar
• Dechow, P. M., Hutton, A. P., Meulbroek, L., & Sloan, R. G. (2001). Short-sellers, fundamental analysis, and stock returns. Journal of Financial Economics, 61(1), 77–106. https://doi.org/10.1016/S0304-405X(01)00056-3
   Web of Science ®Google Scholar
• Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. The Accounting Review, 193–225.
   Web of Science ®Google Scholar
• Desai, H., Ramesh, K., Thiagarajan, S. R., & Balachandran, B. V. (2002). An investigation of the informational role of short interest in the nasdaq market. The Journal of Finance, 57(5), 2263–2287. https://doi.org/10.1111/0022-1082.00495
   Web of Science ®Google Scholar
• Di Meo, F., Lara, J. M. G., & Surroca, J. A. (2017). Managerial entrenchment and earnings management. Journal of Accounting and Public Policy, 36(5), 399–414. https://doi.org/10.1016/j.jaccpubpol.2017.07.003
   Web of Science ®Google Scholar
• Diamond, D. W., & Verrecchia, R. E. (1987). Constraints on short-selling and asset price adjustment to private information. Journal of Financial Economics, 18(2), 277–311. https://doi.org/10.1016/0304-405X(87)90042-0
   Web of Science ®Google Scholar
• Dittmar, A., & Duchin, R. (2015). Looking in the rearview mirror: The effect of managers’ professional experience on corporate financial policy. The Review of Financial Studies, 29(3), 565–602. https://doi.org/10.1093/rfs/hhv051
   Web of Science ®Google Scholar
• Drake, M. S., Rees, L., & Swanson, E. P. (2011). Should investors follow the prophets or the bears? Evidence on the use of public information by analysts and short sellers. The Accounting Review, 86(1), 101–130. https://doi.org/10.2308/accr.00000006
   Web of Science ®Google Scholar
• Erhardt, N. L., Werbel, J. D., & Shrader, C. D. (2003). Board of director diversity and firm financial performance. Corporate Governance, 11(2), 102–111. https://doi.org/10.1111/1467-8683.00011
   Web of Science ®Google Scholar
• Faccio, M., Marchica, M.-T., & Mura, R. (2016). Ceo gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008
   Web of Science ®Google Scholar
• Figlewski, S. (1981). The informational effects of restrictions on short sales: Some empirical evidence. The Journal of Financial and Quantitative Analysis, 16(4), 463–476. https://doi.org/10.2307/2330366
   Web of Science ®Google Scholar
• Francis, B., Hasan, I., Park, J. C., & Wu, Q. (2015). Gender differences in financial reporting decision making: Evidence from accounting conservatism. Contemporary Accounting Research, 32(3), 1285–1318. https://doi.org/10.1111/1911-3846.12098
   Web of Science ®Google Scholar
• Francis, B., Hasan, I., & Wu, Q. (2013). The impact of CFO gender on bank loan contracting. Journal of Accounting, Auditing & Finance, 28(1), 53–78. https://doi.org/10.1177/0148558X12452399
   Google Scholar
• Francis, J., Nanda, D., & Wang, X. (2006). Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks. Journal of Accounting and Economics, 41(3), 271–292. https://doi.org/10.1016/j.jacceco.2006.03.002
   Web of Science ®Google Scholar
• García Lara, J. M., García Osma, B., & Penalva, F. (2014). Information consequences of accounting conservatism. European Accounting Review, 23(2), 173–198. https://doi.org/10.1080/09638180.2014.882263
   Web of Science ®Google Scholar
• Goldstein, I., Ozdenoren, E., & Yuan, K. (2013). Trading frenzies and their impact on real investment. Journal of Financial Economics, 109(2), 566–582. https://doi.org/10.1016/j.jfineco.2013.03.011
   Web of Science ®Google Scholar
• Grundy, B. D., Lim, B., & Verwijmeren, P. (2012). Do option markets undo restrictions on short sales? Evidence from the 2008 short-sale ban. Journal of Financial Economics, 106(2), 331–348. https://doi.org/10.1016/j.jfineco.2012.05.013
   Web of Science ®Google Scholar
• Gul, F. A., Hutchinson, M., & Lai, K. M. (2013). Gender-diverse boards and properties of analyst earnings forecasts. Accounting Horizons, 27(3), 511–538. https://doi.org/10.2308/acch-50486
   Web of Science ®Google Scholar
• Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334–343. https://doi.org/10.5465/amr.2007.24345254
   Web of Science ®Google Scholar
• Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. The Academy of Management Review, 9(2), 193–206. https://doi.org/10.2307/258434
   Web of Science ®Google Scholar
• Han, H., Tang, J. J., & Tang, Q. (2020). Goodwill impairment, securities analysts, and information transparency. European Accounting Review, 1–33. https://doi.org/10.1080/09638180.2020.1791725
   Web of Science ®Google Scholar
• Healy, P. M., Hutton, A. P., & Palepu, K. G. (1999). Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research, 16(3), 485–520. https://doi.org/10.1111/j.1911-3846.1999.tb00592.x
   Google Scholar
• Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405–440. https://doi.org/10.1016/S0165-4101(01)00018-0
   Web of Science ®Google Scholar
• Heflin, F., Subramanyam, K. R., & Zhang, Y. (2003). Regulation FD and the financial information environment: Early evidence. The Accounting Review, 78(1), 1–37. https://doi.org/10.2308/accr.2003.78.1.1
   Web of Science ®Google Scholar
• Henry, T. R., Kisgen, D. J., & Wu, J. J. (2015). Equity short selling and bond rating downgrades. Journal of Financial Intermediation, 24(1), 89–111. https://doi.org/10.1016/j.jfi.2014.02.005
   Web of Science ®Google Scholar
• Henry, T. R., & Koski, J. L. (2010). Short selling around seasoned equity offerings. Review of Financial Studies, 23(12), 4389–4418. https://doi.org/10.1093/rfs/hhq076
   Web of Science ®Google Scholar
• Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822–839. https://doi.org/10.1016/j.jfineco.2012.12.005
   Web of Science ®Google Scholar
• Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk☆. Journal of Financial Economics, 94(1), 67–86. https://doi.org/10.1016/j.jfineco.2008.10.003
   Web of Science ®Google Scholar
• Ibrahim, N., Angelidis, J., & Tomic, I. M. (2009). Managers’ attitudes toward codes of ethics: Are there gender differences? Journal of Business Ethics, 90(3), 343–353. https://doi.org/10.1007/s10551-010-0428-y
   Google Scholar
• Irani, A. J., & Karamanou, I. (2003). Regulation fair disclosure, analyst following, and analyst forecast dispersion. Accounting Horizons, 17(1), 15–29. https://doi.org/10.2308/acch.2003.17.1.15
   Google Scholar
• Isidro, H., & Sorbal, M. (2015). The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance. Journal of Business Ethics, 132(1), 1–19. https://doi.org/10.1007/s10551-014-2302-9
   Web of Science ®Google Scholar
• Jain, A., Jain, C., & Robin, A. (2019). Does accounting conservatism deter short sellers? Review of Quantitative Finance and Accounting, 1–26. https://doi.org/10.1007/s11156-019-00819-2
   Web of Science ®Google Scholar
• Jiang, H., & Chen, J. (2019). Short selling and financial reporting quality: Evidence from Chinese AH shares. Journal of Contemporary Accounting & Economics, 15(1), 118–130. https://doi.org/10.1016/j.jcae.2019.01.001
   Google Scholar
• Jiang, H., Habib, A., & Hasan, M. M. (2020). Short selling: A review of the literature and implications for future research. European Accounting Review, 31(1), 1–31. https://doi.org/10.1080/09638180.2020.1788406
   Web of Science ®Google Scholar
• Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228. https://doi.org/10.2307/2491047
   Web of Science ®Google Scholar
• Kallunki, J. P. (1996). Stock returns and earnings announcements in Finland. European Accounting Review, 5(2), 199–216. https://doi.org/10.1080/09638189600000013
   Google Scholar
• Kang, E., Ding, D. K., & Charoenwong, C. (2010). Investor reaction to women directors. Journal of Business Research, 63(8), 888–894. https://doi.org/10.1016/j.jbusres.2009.06.008
   Web of Science ®Google Scholar
• Kanter, R. M. (1977). Men and women of the corporation. Basic Books.
   Google Scholar
• Kecske’s, A., Mansi, S. A., & Zhang, A. (2013). Are short sellers informed? Evidence from the bond market. The Accounting Review, 88(2), 611–639. https://doi.org/10.2308/accr-50313
   Web of Science ®Google Scholar
• Khanna, N., & Mathews, R. D. (2012). Doing battle with short sellers: The conflicted role of blockholders in bear raids. Journal of Financial Economics, 106(2), 229–246. https://doi.org/10.1016/j.jfineco.2012.06.006
   Web of Science ®Google Scholar
• Khlif, H., & Achek, I. (2017). Gender in accounting research: A review. Managerial Auditing Journal, 32(6), 627–655. https://doi.org/10.1108/MAJ-02-2016-1319
   Web of Science ®Google Scholar
• Kirsch, A. (2017). The gender composition of corporate boards: A review and research agenda. The Leadership Quarterly, 346–364. https://doi.org/10.1016/j.leaqua.2017.06.001
   Web of Science ®Google Scholar
• Kogut, B., Colomer, J., & Belinky, M. (2014). Structural equality at the top of the corporation: Mandated quotas for women directors. Strategic Management Journal, 35(6), 891–902. https://doi.org/10.1002/smj.2123
   Web of Science ®Google Scholar
• Lamont, O. A. (2012). Go down fighting: Short sellers vs. firms. The Review of Asset Pricing Studie, 2(1), 1–30. https://doi.org/10.1093/rapstu/ras003
   Google Scholar
• Lara, J. M. G., Osma, B. G., Mora, A., & Scapin, M. (2017). The monitoring role of female directors over accounting quality. Journal of Corporate Finance, 45, 651–668. https://doi.org/10.1016/j.jcorpfin.2017.05.016
   Web of Science ®Google Scholar
• Larkin, M. B., Bernardi, R. A., & Bosco, S. M. (2013). Does female representation on boards of directors associate with increased transparency and ethical behavior? Accounting and the Public Interest, 13(1), 132–150. https://doi.org/10.2308/apin-10374
   Google Scholar
• Li, Y., Saunders, A., & Shao, P. (2015). Did regulation fair disclosure affect credit markets? Journal of Banking & Finance, 54, 46–59. https://doi.org/10.1016/j.jbankfin.2015.01.001
   Web of Science ®Google Scholar
• Linck, J. S., Netter, J. M., & Yang, T. (2008). The determinants of board structure☆. Journal of Financial Economics, 87(2), 308–328. https://doi.org/10.1016/j.jfineco.2007.03.004
   Web of Science ®Google Scholar
• Maffett, M. G., Owens, E., & Srinivasan, A. (2017). The effect of equity-market frictions on default-risk assessment: Evidence from short-sale constraints around the world. Available at SSRN 2296992.
   Google Scholar
• Meng, Q., Li, X., Chan, K. C., & Gao, S. (2020). Does short selling affect a firm’s financial constraints? Journal of Corporate Finance, 60, 101531. https://doi.org/10.1016/j.jcorpfin.2019.101531
   Web of Science ®Google Scholar
• Nagel, S. (2005). Short sales, institutional investors and the cross-section of stock returns. Journal of Financial Economics, 78(2), 277–309. https://doi.org/10.1016/j.jfineco.2004.08.008
   Web of Science ®Google Scholar
• Peni, E., & Vähämaa, S. (2010). Female executives and earnings management. Managerial Finance, 36(7), 629–645. https://doi.org/10.1108/03074351011050343
   Web of Science ®Google Scholar
• Rahman, A., Talukdar, B., & Bhuyan, R. (2021). Board independence and short selling. Finance Research Letters, 39, 101616. https://doi.org/10.1016/j.frl.2020.101616
   Web of Science ®Google Scholar
• Rahman, A., Talukdar, B., & Parhizgari, A. (2019). An analysis of short positions with fundamentals to predict returns. Available at SSRN 3470512.
   Google Scholar
• Richardson, G., Taylor, G., & Lanis, R. (2016). Women on the board of directors and corporate tax aggressiveness in Australia. Accounting Research Journal, 29(3), 313–331. https://doi.org/10.1108/ARJ-09-2014-0079
   Web of Science ®Google Scholar
• Sah, N. (2021). Cash is queen: Female CEOs’ propensity to hoard cash. Journal of Behavioral and Experimental Finance, 29. https://doi.org/10.1016/j.jbef.2020.100412
   Web of Science ®Google Scholar
• Sah, N. B., Adhikari, H. P., Krolikowski, M. W., Malm, J., & Nguyen, T. T. (2022). CEO gender and risk aversion: Further evidence using the composition of firm’s cash. Journal of Behavioral and Experimental Finance, 33, 100595. https://doi.org/10.1016/j.jbef.2021.100595
   Web of Science ®Google Scholar
• Schwartz-Ziv, M. (2017). Gender and board activeness: The role of a critical mass. Journal of Financial and Quantitative Analysis, 52(2), 751–780. https://doi.org/10.1017/S0022109017000059
   Web of Science ®Google Scholar
• Seneca, J. J. (1967). Short interest: Bearish or bullish? Journal of Finance, 22(1), 67–70. https://doi.org/10.2307/2977301
   Web of Science ®Google Scholar
• Shleifer, A., & Vishny, R. W. (1997). The limits of arbitrage. The Journal of Finance, 52(1), 35–55. https://doi.org/10.1111/j.1540-6261.1997.tb03807.x
   Web of Science ®Google Scholar
• Sila, V., Gonzalez, A., & Hagendorff, J. (2016). Women on board: Does boardroom gender diversity affect firm risk? Journal of Corporate Finance, 36, 26–53. https://doi.org/10.1016/j.jcorpfin.2015.10.003
   Web of Science ®Google Scholar
• Srinidhi, B., Gul, F. A., & Tsui, J. (2011). Female directors and earnings quality*. Contemporary Accounting Research, 28(5), 1610–1644. https://doi.org/10.1111/j.1911-3846.2011.01071.x
   Web of Science ®Google Scholar
• Subrahmanyam, A., & Titman, S. (2001). Feedback from stock prices to cash flows. The Journal of Finance, 56(6), 2389–2413. https://doi.org/10.1111/0022-1082.00409
   Web of Science ®Google Scholar
• Torchia, M., Calabrò, A., & Huse, M. (2011). Women directors on corporate boards: From tokenism to critical mass. Journal of Business Ethics, 102(2), 299–317. https://doi.org/10.1007/s10551-011-0815-z
   Web of Science ®Google Scholar
• Upadhyay, A., & Zeng, H. (2014). Gender and ethnic diversity on boards and corporate information environment. Journal of Business Research, 67(11), 2456–2463. https://doi.org/10.1016/j.jbusres.2014.03.005
   Web of Science ®Google Scholar
• Wang, I. Y. (2007). Private earnings guidance and its implications for disclosure regulation. The Accounting Review, 82(5), 1299–1332. https://doi.org/10.2308/accr.2007.82.5.1299
   Web of Science ®Google Scholar
• Zhang, D. (2019). Top management team characteristics and financial reporting quality. The Accounting Review, 94(5), 349–375. https://doi.org/10.2308/accr-52360
   Web of Science ®Google Scholar