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The impact of litigation risk on IPO underpricing in the wake of recent securities litigation reforms.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	The impact of litigation risk on IPO underpricing in the wake of recent securities litigation reforms.
作者:	Walker, Thomas John.
面頁冊數:	241 p.
附註:	Chair: Harry J. Turtle.
附註:	Source: Dissertation Abstracts International, Volume: 63-04, Section: A, page: 1433.
Contained By:	Dissertation Abstracts International63-04A.
標題:	Business Administration, General.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3051948
ISBN:	0493661530

The impact of litigation risk on IPO underpricing in the wake of recent securities litigation reforms.
Walker, Thomas John.

The impact of litigation risk on IPO underpricing in the wake of recent securities litigation reforms. [electronic resource] - 241 p.

Chair: Harry J. Turtle.

Thesis (Ph.D.)--Washington State University, 2002.

This study presents new evidence on the lawsuit avoidance hypothesis, one of the key theories used to explain the underpricing of initial public offerings (IPOs). Tiniç (1988) suggests the underpricing of IPOs may be used as insurance by both issuers and underwriters to reduce the likelihood and possibly negative outcome of lawsuits filed by “disgruntled” investors after significant declines in stock prices in secondary market trading. Our sample consists of 1,516 IPOs, filed in the U.S. between January 1995 and October 2000. We match this data set with a unique litigation data set that consists of 982 lawsuit filings against publicly traded firms from January 1996 to April 2001 and 1,296 settlements that were publicly announced between September 1993 and September 2000.

ISBN: 0493661530Subjects--Topical Terms:

212520
Business Administration, General.

The impact of litigation risk on IPO underpricing in the wake of recent securities litigation reforms.
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502 $a Thesis (Ph.D.)--Washington State University, 2002.
520 # $a This study presents new evidence on the lawsuit avoidance hypothesis, one of the key theories used to explain the underpricing of initial public offerings (IPOs). Tiniç (1988) suggests the underpricing of IPOs may be used as insurance by both issuers and underwriters to reduce the likelihood and possibly negative outcome of lawsuits filed by “disgruntled” investors after significant declines in stock prices in secondary market trading. Our sample consists of 1,516 IPOs, filed in the U.S. between January 1995 and October 2000. We match this data set with a unique litigation data set that consists of 982 lawsuit filings against publicly traded firms from January 1996 to April 2001 and 1,296 settlements that were publicly announced between September 1993 and September 2000.
520 # $a We further examine the impact of two recent securities litigation reforms, the 1995 Private Securities Litigation Reform Act and the 1998 Securities Litigation Uniform Standards Act, on litigation activity. We find a significant shift in litigation activity from federal to state court after the 1995 Reform Act and a significant decline in state litigation activity after the 1998 Reform Act. In addition, we find a significant increase in the participation of institutional investors in securities class actions after the 1998 Uniform Standards Act.
520 # $a We test whether higher degrees of underpricing protect firms and their underwriters from IPO-related lawsuits in subsequent years. Our results suggest this is not the case. Rather, after adjusting for size, industry, “hot market” periods, market performance and observable litigation risk against other firms in the market we find that firms that exhibit higher levels of underpricing are more frequently the targets of shareholder lawsuits than less underpriced firms.
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