Franklin

Costs, benefits, and consequences of shareholder class action litigation: Evidence from Canada [electronic resource].

Author/Creator:
Willis, Michael J.
Format/Description:
Book
148 p.
Contained In:
Dissertation Abstracts International 74-06A(E).

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Details

Subjects:
Economics.
Law.
Accounting.
Local subjects:
Business Administration, Accounting. (search)
Law. (search)
Economics, General. (search)
Penn dissertations -- Management. (search)
Management -- Penn dissertations. (search)
System Details:
Mode of access: World Wide Web.
Summary:
Shareholder class action lawsuits brought under Rule 10b-5 have been a feature of the United States regulatory system since the 1940s. In recent years, a number of other countries have adopted similar provisions. Whether the presence of this type of litigation is net beneficial, however, is not clear. I examine market reactions to key legislative events in the enactment of a Canadian statute permitting 10b-5-style litigation. I find that investors expect value-increasing changes in firm behavior, but decreases in value due to expected litigation costs that outweigh the positive effects. I find that high litigation risk firms make less precise earnings forecasts in good news periods, and more precise forecasts in bad news periods. I also find some evidence of a decrease in liquidity for high litigation risk firms, but no change in analyst forecast errors or disclosure tone.
Notes:
Thesis (Ph.D. in Management) -- University of Pennsylvania, 2012.
Source: Dissertation Abstracts International, Volume: 74-06(E), Section: A.
Adviser: Catherine Schrand.
Local notes:
School code: 0175.
Contributor:
Balakrishnan, Karthik, committee member
Armstrong, Christopher committee member
Bushee, Brian committee member
Schrand, Catherine, advisor
University of Pennsylvania. Accounting.
ISBN:
9781267894304
Access Restriction:
Restricted for use by site license.