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Costs, benefits, and consequences of...

Willis, Michael J.

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Costs, benefits, and consequences of shareholder class action litigation: Evidence from Canada.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Costs, benefits, and consequences of shareholder class action litigation: Evidence from Canada./
Author:	Willis, Michael J.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2012,
Description:	148 p.
Notes:	Source: Dissertations Abstracts International, Volume: 74-08, Section: A.
Contained By:	Dissertations Abstracts International74-08A.
Subject:	Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3551571
ISBN:	9781267894304

Costs, benefits, and consequences of shareholder class action litigation: Evidence from Canada.
Willis, Michael J.

Costs, benefits, and consequences of shareholder class action litigation: Evidence from Canada. - Ann Arbor : ProQuest Dissertations & Theses, 2012 - 148 p.

Source: Dissertations Abstracts International, Volume: 74-08, Section: A.

Thesis (Ph.D.)--University of Pennsylvania, 2012.

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.

ISBN: 9781267894304Subjects--Topical Terms:

557516
Accounting.

Costs, benefits, and consequences of shareholder class action litigation: Evidence from Canada.
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502 $a Thesis (Ph.D.)--University of Pennsylvania, 2012.
520 $a 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.
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