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Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. 13-153/IV/62
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
Companies planning a private placement typically gauge the interest of potential buyers before the offering is publicly announced. Regulators are concerned with this practice, called wall-crossing, as it might invite insider trading, especially when the potential investors are hedge funds. We examine privately placed common stock and convertible offerings and find widespread evidence of pre-announcement short selling. We show that pre-announcement short sellers are able to predict announcement day returns. The effects are especially strong when hedge funds are involved and when the number of buyers is high.
Schlagwörter: 
Insider trading
Hedge funds
Private placements
Wall-crossing
Short-selling
JEL: 
G32
Dokumentart: 
Working Paper
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