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Internal and external discipline following securities class actions

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  • Humphery-Jenner, Mark L.

Abstract

Companies are sometimes accused of misleading the market. The SEC can punish this with enforcement actions. Alternatively, shareholders can seek redress through a shareholder class action (SCA). Thus, using a sample of 416 securities class actions, this paper shows that SCAs are a catalyst to promote disciplinary takeovers, CEO turnover and pay-cuts, and harm CEOs’ future job-prospects.

Suggested Citation

  • Humphery-Jenner, Mark L., 2012. "Internal and external discipline following securities class actions," Journal of Financial Intermediation, Elsevier, vol. 21(1), pages 151-179.
    • Handle: RePEc:eee:jfinin:v:21:y:2012:i:1:p:151-179
    DOI: 10.1016/j.jfi.2011.09.001
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