Reputational penalties and the merits of class-action securities litigation

Journal of Law and Economics

Volumn 49, Issue 2, 2006, Pages 365-395

  Helland, Eric ^a  

^a CLAREMONT MCKENNA COLLEGE   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33845809073     PISSN: 00222186     EISSN: None     Source Type: Journal    
DOI: 10.1086/505371     Document Type: Article

References (23)

1. Alexander, Janet. 1991. "Do the Merits Matter? A Study of Settlement in Securities Class Actions." Stanford Law Review 43:497-598.
2. Beasley, Mark S. 1996. "An Empirical Analysis of the Relation between the Board of Directors Composition and Financial Statement Fraud." Accounting Review 71:443-65.
3. Black, Bernard, Brian R. Cheffins, and Michael Klausner. 2004. "Outside Director Liability." John M. Olin Program in Law and Economics Working Paper No. 250. Stanford University, Stanford, Cal.
4. Bohn, John, and Stephen Choi. 1996. "Fraud in the New Issue Market: Empirical Evidence on Securities Class Actions." University of Pennsylvania Law Review 14:903-82.
5. Booth, James R., and Daniel N. Deli. 1996. "Factors Affecting the Number of Outside Directorships Held by CEOs." Journal of Financial Economics 40:81-104.
6. Brickley, James A., James S. Linck, and Jeffrey L. Coles. 1999. "What Happens to CEOs after They Retire? New Evidence on Career Concerns Horizon Problems, and CEO Incentives." Journal of Financial Economics 52:341-77.
7. Dechow, Patricia M., Richard G. Sloan, and Amy P. Sweeny. 1996. "Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC." Contemporary Accounting Research 13:1-36.
8. Dunbar, Frederick, Vinita M. Juneja, and Denise N. Martin. 1995. "Shareholder Litigation: Deterrent Value, Merit and Litigants' Options." Working paper. Washington University, Olin School of Business, St. Louis.
9. Fama, Eugene F., and Kenneth R. French. 1997. "Industry Costs of Equity." Journal of Financial Economics 43:153-93.
10. Fama, Eugene F., and Michael C. Jensen. 1983. "Separation of Ownership and Control." Journal of Law and Economics 26:301-25.
11. Ferris, Stephen P., Murali Jagannathan, and A. C. Pritchard. 2003. "Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments." Journal of Finance 57:1087-1111.
12. Ferris, Stephen, Robert Lawless, and Anil K. Makhija. 2001. "Derivative Lawsuits as a Corporate Governance Mechanism: Empirical Evidence on Board Changes Surrounding Filings." CORI Working Paper No. 01-03. University of Missouri, Contracting and Organizations Research Institute, Columbia.
13. Gilson, Stuart. 1990. "Bankruptcy, Boards, Banks and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default." Journal of Financial Economics 27:355-87.
14. Gompers, Paul, Joy Ishii, and Andrew Metrick. 2003. "Corporate Governance and Equity Prices." Quarterly Journal of Economics 118:107-55.
15. Hensler, Deborah, Nicholas Pace, Bonita Dombey-Moore, Beth Biddens, Jennifer Gross, and Erik Moller. 2000. Class Action Dilemmas: Pursuing Public Goals for Private Gain. RAND Institute for Civil Justice, Santa Monica, Cal.
16. Kaplan, Steven N., and David Reishus. 1990. "Outside Directorships and Corporate Performance." Journal of Financial Economics 27:389-410.
17. Klein, Benjamin, and Keith B. Leffler. 1981. "The Role of Market Forces in Assuring Contractual Performance." Journal of Political Economy 89: 615-41.
18. Niehaus, Greg, and Greg Roth. 1998. "Insider Trading, Equity Issues and CEO Turnover in Firms Subject to Securities Class Actions." Financial Management (Winter), pp. 52-72.
19. Seligman, Joel. 1994. "The Merits Do Matter: A Comment on Professor Grundfest's 'Disimplying Private Rights of Action under the Federal Securities Laws: The Commission's Authority.'" Harvard Law Review 108: 438-57.
20. Strahan, Philip. 1998. "Securities Class Actions, Corporate Governance and Managerial Agency Problems." Research Paper No. 9816. Federal Reserve Bank of New York, New York.
21. Warner, Jerold B., Ross L. Watts, and Karen N. Wruck. 1988. "Stock Prices and Top Management Changes." Journal of Financial Economics 20: 461-92.
22. Weisbach, Michael. 1988. "Higher Market Valuation of Companies with Small Board of Directors." Journal of Financial Economics 20:431-60.
23. Yermack, David. 2003. "Remuneration, Retention, and Reputation Incentives for Outside Directors." Journal of Finance 59:2281-2308.