Publication
Stock market effects of corporate malpractices and misconduct: evidence from the short-seller Hindenburg
| dc.contributor.author | Albuquerque, Bruno | |
| dc.contributor.author | Martins, António Miguel Valente | |
| dc.contributor.author | Moutinho, Nuno | |
| dc.date.accessioned | 2024-12-20T10:12:17Z | |
| dc.date.available | 2024-12-20T10:12:17Z | |
| dc.date.issued | 2025 | |
| dc.description.abstract | This study used event study methodology to examine the impact Hindenburg Research shortseller reports on targeted firms. The results show negative abnormal returns in firms when those reports reveal bad news about malpractices and misconduct. Our results show a higher negative stock market reaction to the Hindenburg reports when target firms are small, have higher leverage, higher Tobin’s Q, and corporate malpractice involves financial fraud. Our findings evidence that adverse information disclosed in the Hindenburg report led to a “torpedo effect”, resulted in sharp, immediate, and persistent share price drops. | pt_PT |
| dc.description.sponsorship | This paper is financed by Portuguese national funds through FCT – Fundação para a Ciência e a Tecnologia, I.P., projects numbers UIDB/00685/2020 (António Martins) and FCT/MCTES (PIDDAC): UNIAG, UIDB/04752/2020 and UIDP/04752/2020 (Nuno Moutinho). | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Albuquerque, Bruno; Martins, António Miguel; Moutinho, Nuno (2025). Stock market effects of corporate malpractices and misconduct: Evidence from the short-seller Hindenburg. Finance Research Letters. ISSN 1544-6123. 72, p. 1-9 | pt_PT |
| dc.identifier.doi | 10.1016/j.frl.2024.106495 | pt_PT |
| dc.identifier.issn | 1544-6123 | |
| dc.identifier.uri | http://hdl.handle.net/10198/30745 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.publisher | Elsevier | pt_PT |
| dc.relation | Center of Applied Economic Studies of the Atlantic | |
| dc.relation | Applied Management Research Unit | |
| dc.relation | Applied Management Research Unit | |
| dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | pt_PT |
| dc.subject | Short-selling | pt_PT |
| dc.subject | Malpractices and misconduct | pt_PT |
| dc.subject | Financial market analysis | pt_PT |
| dc.subject | Event study | pt_PT |
| dc.subject | Abnormal returns | pt_PT |
| dc.title | Stock market effects of corporate malpractices and misconduct: evidence from the short-seller Hindenburg | pt_PT |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| oaire.awardTitle | Center of Applied Economic Studies of the Atlantic | |
| oaire.awardTitle | Applied Management Research Unit | |
| oaire.awardTitle | Applied Management Research Unit | |
| oaire.awardURI | info:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F00685%2F2020/PT | |
| oaire.awardURI | info:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F04752%2F2020/PT | |
| oaire.awardURI | info:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDP%2F04752%2F2020/PT | |
| oaire.citation.endPage | 9 | pt_PT |
| oaire.citation.startPage | 1 | pt_PT |
| oaire.citation.title | Finance Research Letters | pt_PT |
| oaire.citation.volume | 72 | pt_PT |
| oaire.fundingStream | 6817 - DCRRNI ID | |
| oaire.fundingStream | 6817 - DCRRNI ID | |
| oaire.fundingStream | 6817 - DCRRNI ID | |
| person.familyName | Moutinho | |
| person.givenName | Nuno | |
| person.identifier.ciencia-id | CA1B-4924-2BBA | |
| person.identifier.orcid | 0000-0002-9242-8324 | |
| person.identifier.scopus-author-id | 57742333300 | |
| project.funder.identifier | http://doi.org/10.13039/501100001871 | |
| project.funder.identifier | http://doi.org/10.13039/501100001871 | |
| project.funder.identifier | http://doi.org/10.13039/501100001871 | |
| project.funder.name | Fundação para a Ciência e a Tecnologia | |
| project.funder.name | Fundação para a Ciência e a Tecnologia | |
| project.funder.name | Fundação para a Ciência e a Tecnologia | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | article | pt_PT |
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