This study provides descriptive evidence on how firms respond to activist short seller reports and how these responses are associated with outcomes for the targeted firms. We show that the frequency of these reports has grown substantially in recent years. Although we find that firms respond only 31% of the time, this rate increases substantially when the report is accompanied by significantly negative abnormal returns and when the report contains new evidence. Not responding is associated with a less negative stock price response at report release and fewer adverse outcomes. Firms that launch internal investigations following the report release have significantly higher subsequent rates of stock exchange delisting and SEC enforcement actions, and lower rates of being acquired. Overall, our results highlight the impact of activist short sellers on target firms and that firm responses are associated with material outcomes.

中文翻译：

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回应激进卖空者：指控，坚定回应和结果

这项研究提供了描述性证据，说明企业如何应对激进的空头报告，以及这些回应如何与目标企业的业绩相关联。我们表明，近年来这些报告的频率已大大增加。尽管我们发现公司仅在31％的时间内做出响应，但是当报告伴随着显着的负异常收益并且报告包含新证据时，该比率将大大提高。不响应与报告发布时股价负面反应较少以及不良后果较少相关。在报告发布后启动内部调查的公司，其随后的证券交易所退市和SEC强制执行行动的比率明显较高，而被收购的比率则较低。全面的，