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- W2770618511 abstract "Using information on class action lawsuits in the period 1996-2016 covering 1,249 cases and 888 individual firms, I analyze the determinants of allegations and economic outcomes. Firms are more likely to be indicted if they are smaller, have a high level of investment, and have a bad stock market performance. Markets react negatively to lawsuits: firms may lose up to $1.3 billion or 23% of their market value around the start of the litigation procedure. This effect is more pronounced for firms that end up paying a settlement. I find no reversal in returns in the period after the filing, at significant court events or throughout the entire court procedure. Cross-sectional results indicate that firms with more resources to spend on litigation experience a smaller market reaction. Indicted firms significantly readjust their operations and their investor base changes as well. Finally, I find that a trading strategy based on fraud allegations yields a significant four-factor alpha of 3.7% per year." @default.
- W2770618511 created "2017-12-04" @default.
- W2770618511 creator A5088590780 @default.
- W2770618511 date "2017-01-01" @default.
- W2770618511 modified "2023-09-23" @default.
- W2770618511 title "Tangible and Intangible Fraud Outcomes" @default.
- W2770618511 doi "https://doi.org/10.2139/ssrn.3038692" @default.
- W2770618511 hasPublicationYear "2017" @default.
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