一、主题：Does Short Selling Discipline Manager’s Tone
王腾慧，北京大学光华管理学院金融系在读博士研究生，主要研究领域为实证公司金融、家庭金融与行为、金融市场与金融机构。目前，她和合作者的研究论文已被Management Science接收，另有论文发表于《金融学季刊》。她的学术论文入选了多个重要的国内外学术会议，包括FMA European、AsianFA、CFRIC。
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.