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Shareholder Litigation and Changes in Disclosure Behavior


Jonathan L. Rogers


University of Chicago - Booth School of Business

Andrew Van Buskirk


Ohio State University (OSU) - Department of Accounting & Management Information Systems

April 1, 2008

AAA 2007 Financial Accounting & Reporting Section (FARS) Meeting Paper
Journal of Accounting & Economics (JAE), Vol. 47, No. 1-2, 2009

Abstract:     
We examine changes in the disclosure behavior of firms involved in 827 disclosure-related class-action securities litigation cases filed between 1996 and 2005. We find no evidence that the firms in our sample respond to the litigation event by increasing or improving their disclosures to investors. Rather, we find consistent evidence that firms reduce the level of information provided post-litigation. Our results suggest that the litigation process encourages firms to decrease the provision of disclosures for which they may later be held accountable, despite the increased protections afforded by the Private Securities Litigation Reform Act of 1995.

Number of Pages in PDF File: 58

Keywords: Disclosure, Litigation, Management Forecasts, Earnings Surprises, Litigation Risk, Conference Calls, Forecast Properties

JEL Classification: M41, M45, G14, K22

Accepted Paper Series


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Date posted: September 15, 2006 ; Last revised: September 14, 2011

Suggested Citation

Rogers, Jonathan L. and Van Buskirk, Andrew, Shareholder Litigation and Changes in Disclosure Behavior (April 1, 2008). AAA 2007 Financial Accounting & Reporting Section (FARS) Meeting Paper; Journal of Accounting & Economics (JAE), Vol. 47, No. 1-2, 2009. Available at SSRN: http://ssrn.com/abstract=930654

Contact Information

Jonathan L. Rogers (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S Woodlawn
Chicago, IL 60637-1561
United States
773-834-0161 (Phone)
Andrew Van Buskirk
Ohio State University (OSU) - Department of Accounting & Management Information Systems ( email )
2100 Neil Avenue
Columbus, OH 43210
United States
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