search query: @indexterm LITIGATION / total: 152
reference: 27 / 152
| Author: | Ali, A. Kallapur, S. |
| Title: | Securities Price Consequences of the Private Securities Litigation Reform Act of 1995 and Related Events |
| Journal: | Accounting Review
2001 : JUL, VOL. 76:3, p. 431-460 |
| Index terms: | SHAREHOLDERS SECURITIES LITIGATION |
| Language: | eng |
| Abstract: | The authors examine stock price reactions on legislative- event-related days of firms in four high-litigation-risk industries. Two other studies on this issue, Spiess and Tkac (1997) (ST) and Johnson et al. (2000) (JKN), conclude that shareholders considered PSLRA beneficial. While the authors find largely similar daily abnormal returns for event-related days that they examine, the authors present evidence that the timing of multiple confounding events makes the interpretation of these daily returns ambiguous. Results from additional analyses beyond those conducted by ST and JKN are largely inconsistent with their interpretation, suggesting instead that shareholders in the four high-litigation-risk industries react negatively on average to PSLRA's restrictions on their ability to bring securities-related lawsuits. |
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