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Author: Arthur F. Mathews
Publisher:
ISBN:
Category : Class actions (Civil procedure)
Languages : en
Pages :
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Author: Arthur F. Mathews
Publisher:
ISBN:
Category : Class actions (Civil procedure)
Languages : en
Pages :
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Author:
Publisher:
ISBN:
Category : Actions and defenses
Languages : en
Pages : 68
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Author: Marilyn F. Johnson
Publisher:
ISBN:
Category : Financial disclosure
Languages : en
Pages : 44
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Author: Marilyn F. Johnson
Publisher:
ISBN:
Category :
Languages : en
Pages : 1
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This study evaluates corporate voluntary disclosure of forward-looking information under the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Based on an analysis of earnings and sales forecasts issued by 523 computer hardware, computer software, and pharmaceutical firms, and controlling for other factors that may affect the disclosure decision, we find a significant increase in both the frequency of firms issuing forecasts and the mean number of forecasts issued following the Act's passage. To provide more direct evidence that our findings are attributable to the Act reducing firms' legal exposure, we develop a proxy for litigation risk and examine whether the increase in disclosure is more pronounced for firms at greatest risk of a lawsuit. As expected, we find that the change in disclosure is increasing in firms' ex ante risk of litigation. Finally, we report that the safe harbor had no adverse impact on the quality of forward-looking information released by management, contrary to claims made by opponents of the Act. In particular, our results indicate that forecast errors, whether directional or non-directional, were not significantly affected by the Act's passage.
Author: Robert Brooks
Publisher:
ISBN:
Category :
Languages : en
Pages : 51
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We examine the effect of the Private Securities Litigation Reform Act of 1995 and the Securities Litigation Uniform Standards Act of 1998 on analyst recommendations. We refer to these acts as the Reform, which addresses the safe harbor provision for forward-looking information. After controlling for other variables, we find higher short-term market reaction following recommendation revisions after the Reform, suggesting that analysts play an increasingly important role. We also find that following upgrades (downgrades), the long-term drifts increase (decrease) in magnitude, and price reversions are less (more) likely.
Author: Marilyn F. Johnson
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This article examines the effect of the Private Securities Litigation Reform Act of 1995 (PSLRA) on stockholder lawsuits. We explore the role of restatements, earnings forecasts, and insider trading in the filing and resolution of lawsuits for a sample of high technology firms. Consistent with our predictions, there is a post-PSLRA shift away from litigation based on forward-looking earnings disclosures. Conversely, there is a significantly greater correlation between litigation and both earnings restatements and abnormal insider selling after the PSLRA. Finally, we find a post-PSLRA increase in the likelihood of settlement for cases involving earnings restatements.
Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 690
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Distributed to some depository libraries in microfiche.
Author: Ashiq Ali
Publisher:
ISBN:
Category :
Languages : en
Pages : 54
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The Private Securities Litigation Reform Act (PSLRA) increases restrictions on private litigation for securities fraud. We 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. (2001) (JKN), conclude that shareholders considered PSLRA beneficial. While we find largely similar daily abnormal returns for event-related days that they examine, we 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 (market price reversal tests, analysis of additional legislative-event-related days, cumulative abnormal returns over the legislative period, and analysis of other events affecting investors' ability to bring securities-related lawsuits), 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.
Author: Robert J. Giuffra
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 346
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Author: Juan L. Duquela Fuentes
Publisher:
ISBN:
Category : Class actions (Civil procedure)
Languages : en
Pages : 210
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