Insider Trading, Equity Issues and CEO Turnover in Firms Subject to Securities Class Actions
AbstractThis study finds that the managers of firms that have been the target of class action lawsuits alleging securities fraud did not, on average, have an unusual incentive to conceal negative information. Nevertheless, CEO turnover is higher in those cases where the suites have merit, indicating that securities class action lawsuits do have a disciplining effect.
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Bibliographic InfoArticle provided by Financial Management Association in its journal Financial Management.
Volume (Year): 28 (1999)
Issue (Month): 4 (Winter)
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- Ching, Ken M.L. & Firth, Michael & Rui, Oliver M., 2006. "The information content of insider trading around seasoned equity offerings," Pacific-Basin Finance Journal, Elsevier, vol. 14(1), pages 91-117, January.
- Del Brio, Esther B. & Miguel, Alberto & Perote, Javier, 2002. "An investigation of insider trading profits in the Spanish stock market," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(1), pages 73-94.
- Rogers, Jonathan L. & Van Buskirk, Andrew, 2009. "Shareholder litigation and changes in disclosure behavior," Journal of Accounting and Economics, Elsevier, vol. 47(1-2), pages 136-156, March.
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