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dc.contributor.authorJohnson, Marilyn F.en_US
dc.contributor.authorKasznik, Ronen_US
dc.contributor.authorNelson, Karen K.en_US
dc.date.accessioned2006-09-11T19:17:42Z
dc.date.available2006-09-11T19:17:42Z
dc.date.issued2000-09en_US
dc.identifier.citationJohnson, Marilyn F.; Kasznik, Ron; Nelson, Karen K.; (2000). "Shareholder Wealth Effects of the Private Securities Litigation Reform Act of 1995." Review of Accounting Studies 5(3): 217-233. <http://hdl.handle.net/2027.42/47702>en_US
dc.identifier.issn1380-6653en_US
dc.identifier.issn1573-7136en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/47702
dc.description.abstractThis paper investigates the reaction ofstock prices to enactment of the Private Securities LitigationReform Act of 1995 (PSLRA). Based on a sample of 489 high-technologyfirms, we find that the PSLRA was wealth-increasing, on average,and that the market reaction is more positive for firms at greatestrisk of being sued in a securities class action. However, wealso show that the PSLRA was less beneficial for firms likelyto be the subject of a meritorious lawsuit. Collectively, ourevidence implies that shareholders generally benefit from restrictionson private securities litigation, although these benefits aremitigated when other mechanisms for curbing fraudulent activityare inadequate.en_US
dc.format.extent73628 bytes
dc.format.extent3115 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.language.isoen_US
dc.publisherKluwer Academic Publishers; Springer Science+Business Mediaen_US
dc.subject.otherEconomics / Management Scienceen_US
dc.subject.otherAccounting/Auditingen_US
dc.subject.otherFinance /Bankingen_US
dc.titleShareholder Wealth Effects of the Private Securities Litigation Reform Act of 1995en_US
dc.typeArticleen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.contributor.affiliationumBusiness School, University of Michigan, Ann Arbor, MI, 48109en_US
dc.contributor.affiliationotherGraduate School of Business, Stanford University, Stanford, CA, 94305en_US
dc.contributor.affiliationotherGraduate School of Business, Stanford University, Stanford, CA, 94305en_US
dc.contributor.affiliationumcampusAnn Arboren_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/47702/1/11142_2004_Article_269852.pdfen_US
dc.identifier.doihttp://dx.doi.org/10.1023/A:1009612610389en_US
dc.identifier.sourceReview of Accounting Studiesen_US
dc.owningcollnameInterdisciplinary and Peer-Reviewed


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