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Understanding short selling activity in the hospitality industry
Kot,Hung Wan1; Chen,Ming Hsiang2; Cheung,Adrian (Wai Kong)3; Huang,Haiyu4
2019-09-01
Source PublicationInternational Journal of Hospitality Management
ISSN02784319
Volume82Pages:136-148
AbstractThe objective of the study is to examine short selling activity in the hospitality industry. Using short interest from 1996 to 2015 in airline, gambling, hotel and restaurant firms, we analyze their demand and supply factors for short selling. Results from multivariate regression reveal five interesting findings. First, short sellers short their hospitality stocks because of overvaluation, arbitrage and hedging from stock options and convertible bonds. Second, short sellers follow momentum strategies and short more stocks if there is a large divergence in investors’ opinions. Third, for the supply side, the level of institutional ownership has a positive effect on short selling, but its concentration has a negative effect. Fourth, the test results of the sub-periods and individual industries show that the supply side is quite similar but there is a large variation in demand-side variables. Finally, heavily shorted hospitality stocks have poor future one-year performance.
KeywordDemand Future stock returns Hospitality industry Short selling Supply
DOI10.1016/j.ijhm.2019.03.029
URLView the original
Language英语
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Document TypeJournal article
CollectionDEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorHuang,Haiyu
Affiliation1.Faculty of Business Administration,University of Macau,Avenida da Universidade,,Taipa,China
2.School of Hospitality Business Management,Carson College of Business,Washington State University,,Pullman,99164-4742,United States
3.Flinders Business,College of Business,Governance and Law,Flinders University,,Australia
4.School of Management,Xiamen University,,Xiamen,361005,China
First Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Kot,Hung Wan,Chen,Ming Hsiang,Cheung,Adrian ,et al. Understanding short selling activity in the hospitality industry[J]. International Journal of Hospitality Management,2019,82:136-148.
APA Kot,Hung Wan,Chen,Ming Hsiang,Cheung,Adrian ,&Huang,Haiyu.(2019).Understanding short selling activity in the hospitality industry.International Journal of Hospitality Management,82,136-148.
MLA Kot,Hung Wan,et al."Understanding short selling activity in the hospitality industry".International Journal of Hospitality Management 82(2019):136-148.
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