A Cause for Alarm? The Long‐term Performance of Shareholder Class Action Defendants

IF 2.5 4区 管理学 Q2 BUSINESS, FINANCE Abacus-A Journal of Accounting Finance and Business Studies Pub Date : 2020-06-01 DOI:10.1111/abac.12189
Angelo Aspris, Luke McAlpin
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Abstract

Using two decades of shareholder class action filings, we provide evidence of significant and consistent long‐run price underperformance in defendant firms. By partitioning our sample according to the merits of an action, we show that firms less likely to have been involved in earnings manipulation, but who may have benefited from corrective management improvements and better signalling, go on to experience significant price reversals within a year of the filing date. Firms identified as high probability manipulators underperform over the long‐term. Our results have important implications for ongoing policy discussions on the merits of shareholder class actions. [ABSTRACT FROM AUTHOR]
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警报的原因?股东集体诉讼被告的长期绩效
利用二十年的股东集体诉讼文件,我们提供了被告公司长期显著且持续的价格表现不佳的证据。通过根据行动的优点划分我们的样本,我们表明,公司不太可能参与盈利操纵,但可能受益于纠正性管理改进和更好的信号,在提交日期后的一年内继续经历显著的价格逆转。被认定为高概率操纵者的公司长期表现不佳。我们的结果对正在进行的关于股东集体诉讼优点的政策讨论具有重要意义。[摘自作者]
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来源期刊
CiteScore
3.30
自引率
4.80%
发文量
25
期刊介绍: Since 1965 Abacus has consistently provided a vehicle for the expression of independent and critical thought on matters of current academic and professional interest in accounting, finance and business. The journal reports current research; critically evaluates current developments in theory and practice; analyses the effects of the regulatory framework of accounting, finance and business; and explores alternatives to, and explanations of, past and current practices.
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