Let's say I have a job offer from a public company where a significant part of my compensation is in stock. I like the company and the position but I'm concerned that their stock is overvalued. Now, I'm not a financial analyst, it just feels like there's a fairly good chance it's too highly priced to me.
Can I short their stock before joining, as a hedge against my compensation declining? I do not have any inside information. It would be illegal once I join the company to short it, or at least against their terms of employment, but what about before accepting the offer?
And further, is this a good idea? It seems kind of lame to pass on a job I like just because the stock is overpriced, but perhaps that is the smarter thing to do.