一、主題：Does Short Selling Discipline Manager’s Tone 

二、主講人：王騰慧 

王騰慧，北京大學光華管理學院金融系在讀博士研究生，主要研究領域為實證公司金融、家庭金融與行為、金融市場與金融機構。目前，她和合作者的研究論文已被Management Science接收，另有論文發表于《金融學季刊》。她的學術論文入選了多個重要的國内外學術會議，包括FMA European、AsianFA、CFRIC。 

三、時間：2021年12月22日，星期三12：30-13：30 

四、地點：沙河校區3号樓127 

五、主持人：彭俞超副教授，bevictor伟德官网學術交流部主任

六、講座内容

We investigate the causal effect of short selling on managers’ tone in firms’ earnings conference calls. Utilizing Regulation SHO, a regulation governing short-selling activities in the U.S. equity markets, we find that pilot firms with relaxed short-selling constraints use more negative tone. This effect is more pronounced for firms that are easier to short, have a manager with an incentive to manipulate the tone, and engage in less earnings management. Moreover, the negative relationship between tone and future earnings no longer holds for pilot firms after Reg SHO, suggesting that the tone in pilot stocks’ conference call better reflects their future earnings after the regulation. Overall, our findings suggest that short sellers play a role in external governance regarding tone management.