Do investors affect financial analysts’ behavior? Evidence from short sellers
利用放松卖空限制的自然实验，研究发现卖空便利性提高能降低分析师预测偏差、提升准确性，原因在于卖空者的监督压力和价格效率提升。
Abstract We examine how short sellers affect financial analysts’ forecast behavior using a natural experiment that relaxes short‐sale constraints. We find that increased ease of short selling improves analyst earnings forecast quality by reducing forecast bias and increasing forecast accuracy. The improvements can be explained by both the disciplining pressure from short sellers and increased price efficiency from incorporating information in a timely manner. Although it is well documented that financial analysts can affect investors, our paper provides novel evidence on how sophisticated investors, short sellers, can affect analysts.