English, Article, Journal or magazine article edition: Securities Fraud Class Actions and Corporate Governance: New Evidence on the Role of Merit Christopher F. Baum; James G. Bohn; Atreya Chakraborty

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Bookmark: http://trove.nla.gov.au/version/73739
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Securities Fraud Class Actions and Corporate Governance: New Evidence on the Role of Merit
Author
  • Christopher F. Baum
  • James G. Bohn
  • Atreya Chakraborty
Physical Description
  • preprint
Notes
  • We examine the relationship between outcomes of securities fraud class action lawsuits and board turnover rates. Our results indicate that the outcome of a class action is a good indicator of the underlying, unobservable merit of the action. Consistent with the merit hypothesis, board turnover rates are higher in the period following the filing of a lawsuit that is ultimately settled than one that is dismissed. Turnover propensities are more sensitive to outcome for CEOs and for individuals named as defendants in the lawsuits. Turnover rates of both inside and outside directors are higher when external equity ownership is more concentrated.
  • Securities fraud class actions, board turnover, corporate governance
  • RePEc:boc:bocoec:664
Language
  • English
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