Journal of Financial Markets, Volume 33, March 2017, Pages 102-123

做空药企：药物研发期间的卖空行为

作者：Henk Berkman, Marco Eugster (Department of Accounting and Finance, University of Auckland Business School, Auckland, New Zealand )

摘要：药物研发进程的相关公告对制药和医疗领域企业的市场价值具有重大影响。我们研究大量此类事件，发现在接近事件公告前的一段时间，卖空行为与公告结果存在显著的负相关关系。其他的测试表明内幕信息至少是部分这些获利交易行为的可能来源。

关键词：卖空；药物研发；FDA公告；内幕交易；私有信息

Short on drugs: Short selling during the drug development process

Henk Berkman, Marco Eugster (Department of Accounting and Finance, University of Auckland Business School, Auckland, New Zealand )

ABSTRACT

Announcements related to the drug development process can have a profound impact on the market value of firms operating in the pharmaceutical and healthcare industries. We examine a large number of these events and document a strong negative relation between short selling during the days leading up to an event's announcement and the announcement return. Several additional tests indicate that insider information is a likely source for at least part of this profitable trading activity.

Keywords：Short selling; Drug development; FDA announcements; Insider trading; Private information

原文链接：http://www.sciencedirect.com/science/article/pii/S138641811630163X

翻译：黄怡文