Shareholder Wealth Effects of the Private Securities Litigation Reform Act of 1995
dc.contributor.author | Johnson, Marilyn F. | en_US |
dc.contributor.author | Kasznik, Ron | en_US |
dc.contributor.author | Nelson, Karen K. | en_US |
dc.date.accessioned | 2006-09-11T19:17:42Z | |
dc.date.available | 2006-09-11T19:17:42Z | |
dc.date.issued | 2000-09 | en_US |
dc.identifier.citation | Johnson, 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.issn | 1380-6653 | en_US |
dc.identifier.issn | 1573-7136 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/47702 | |
dc.description.abstract | This 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.extent | 73628 bytes | |
dc.format.extent | 3115 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Kluwer Academic Publishers; Springer Science+Business Media | en_US |
dc.subject.other | Economics / Management Science | en_US |
dc.subject.other | Accounting/Auditing | en_US |
dc.subject.other | Finance /Banking | en_US |
dc.title | Shareholder Wealth Effects of the Private Securities Litigation Reform Act of 1995 | en_US |
dc.type | Article | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | Business School, University of Michigan, Ann Arbor, MI, 48109 | en_US |
dc.contributor.affiliationother | Graduate School of Business, Stanford University, Stanford, CA, 94305 | en_US |
dc.contributor.affiliationother | Graduate School of Business, Stanford University, Stanford, CA, 94305 | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/47702/1/11142_2004_Article_269852.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1023/A:1009612610389 | en_US |
dc.identifier.source | Review of Accounting Studies | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
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