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Class Action Extraction?

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  • Haymond, Jeffrey
  • West, James E

Abstract

Class action lawsuits as a vehicle of rent extraction is developed as an extension of political/legislative rent extraction theory. An event study is performed on thirty firms in which a securities class action lawsuit is filed and subsequently resolved by retraction, settlement, or legal verdict. The data set is found to be consistent with rent having been extracted as a result of the class action lawsuit. Copyright 2003 by Kluwer Academic Publishers

Suggested Citation

  • Haymond, Jeffrey & West, James E, 2003. "Class Action Extraction?," Public Choice, Springer, vol. 116(1-2), pages 91-108, July.
    • Handle: RePEc:kap:pubcho:v:116:y:2003:i:1-2:p:91-108
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    Cited by:

    1. Donatella Porrini & Giovanni B. Ramello, 2011. "Class action and financial markets: insights from law and economics," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 3(2), pages 140-160, May.
    2. Sophie Harnay & Alain Marciano, 2011. "Seeking rents through class actions and legislative lobbying: a comparison," European Journal of Law and Economics, Springer, vol. 32(2), pages 293-304, October.

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