A Cause for Alarm? The Long‐term Performance of Shareholder Class Action Defendants.
Using two decades of shareholder class action filings, we provide evidence of significant and consistent long‐run price underperformance in defendant firms. By partitioning our sample according to the merits of an action, we show that firms less likely to have been involved in earnings manipulation,...
| Publicado en: | Abacus Vol. 56; no. 2; pp. 213 - 230 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Jun2020
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=144313531&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 144313531 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00013072 AUB jtl: Abacus issn: 00013072 maglogo: Y pubinfo: dt: Jun2020 vid: 56 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 144313531 10.1111/abac.12189 ppf: 213 ppct: 17 formats: fmt: – @attributes: type: T – @attributes: type: C – @attributes: type: P size: 233KB tig: atl: A Cause for Alarm? The Long‐term Performance of Shareholder Class Action Defendants. aug: au: Aspris, Angelo McAlpin, Luke affil: University of Sydney Business School,, Australia University of New South Wales,, Australia su: Class actions Stockholders Defendants Alarms Earnings management sug: subj: Class actions Stockholders Defendants Alarms Earnings management keyword: Litigation Shareholder class actions ab: Using two decades of shareholder class action filings, we provide evidence of significant and consistent long‐run price underperformance in defendant firms. By partitioning our sample according to the merits of an action, we show that firms less likely to have been involved in earnings manipulation, but who may have benefited from corrective management improvements and better signalling, go on to experience significant price reversals within a year of the filing date. Firms identified as high probability manipulators underperform over the long‐term. Our results have important implications for ongoing policy discussions on the merits of shareholder class actions. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: Copyright of Abacus is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. item: Abacus holder: Wiley-Blackwell dt: @attributes: year: 2020 holdings: @attributes: islocal: N |
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