Earnings disclosures and stockholder lawsuits
Douglas J. Skinner, University of Michigan. Graduate School of Business Administration. Division of Research
University of Michigan, 1996 - Business & Economics - 44 pages
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annual sales average median benchmark disclosures benchmark sample cash and short-term class action period class period length company's favor conditional expectations costs of stockholder deflated by cash dependent variable disclose adverse earnings disclosing bad disclosure timeliness Disclosures and Stockholder disclosures occur disclosures of bad disclosures that lead disclosures that occur dollar amount earlier disclosures earnings announcement date earnings information earnings-related fiscal quarter indicator variable lawsuit class action lawsuit disclosures lawsuit filings lawsuit is settled lawsuit sample lawsuit settlements lead to litigation lead to stockholder null hypothesis number of trading otherwise similar disclosures panel Philbrick and Schipper plaintiffs precedes the lawsuit previous research quarterly earnings announcement regression sample of earnings Schipper 1994a SEC Rule 10b-5 Securities Class Action settled deflated settlement amounts short-term investments balance statistically significant stock price decline stock price reaction stockholder damages stockholder lawsuits stockholder litigation trading days two-tailed tests Type of Earnings voluntary disclosures voluntary earnings disclosures