This study used event study methodology to examine the impact Hindenburg Research short-seller reports on targeted firms. The results show negative abnormal returns in firms when those reports reveal bad news about malpractices and misconduct. Our results show a higher negative stock market reaction to the Hindenburg reports when target firms are small, have higher leverage, higher Tobin's Q, and corporate malpractice involves financial fraud. Our findings evidence that adverse information disclosed in the Hindenburg report led to a “torpedo effect”, resulted in sharp, immediate, and persistent share price drops.

中文翻译：

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公司舞弊和不当行为对股市的影响：来自做空者兴登堡的证据


本研究使用事件研究方法来检验兴登堡研究公司做空者报告对目标公司的影响。结果显示，当这些报告揭示有关舞弊和不当行为的坏消息时，公司的异常回报为负数。我们的结果显示，当目标公司规模较小、杠杆率较高、托宾 Q 值较高且公司不当行为涉及金融欺诈时，股市对兴登堡报告的负面反应更高。我们的研究结果表明，兴登堡报告中披露的不利信息导致了“鱼雷效应”，导致股价急剧、即时和持续下跌。