How Shareholder Accusations of Managerial Misconduct Affect Sell-side Analysts

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How Shareholder Accusations of Managerial Misconduct Affect Sell-side Analysts

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dc.contributor.advisor Matsumoto, Dawn en_US
dc.contributor.author Jennings, Jared Nelson en_US
dc.date.accessioned 2012-09-13T17:26:31Z
dc.date.issued 2012-09-13
dc.date.submitted 2012 en_US
dc.identifier.other Jennings_washington_0250E_10682.pdf en_US
dc.identifier.uri http://hdl.handle.net/1773/20626
dc.description Thesis (Ph.D.)--University of Washington, 2012 en_US
dc.description.abstract In this paper, I examine how the firm's information environment changes after an accusation of managerial misconduct associated with management disclosure. Filing a security class action lawsuit under SEC Rule 10(b)-5 is the primary mechanism that shareholders have to formally accuse management of intentionally misrepresenting or withholding firm disclosure. After the filing of the lawsuit, investors and other market participants likely question management's credibility and the quality of its disclosure. Investors likely demand additional information from other market participants to evaluate and/or substitute for management disclosure after the lawsuit is filed. I argue that sell-side equity analysts have the expertise and incentives to produce a portion of the additional information demanded by investors after the filing of the lawsuit. Using 565 security class action lawsuits obtained from Cornerstone Research and Stanford Law School, I find evidence consistent with sell-side analysts providing more services, using more private information during the forecasting process, and having more informative reports after the filing of a security class action lawsuit. en_US
dc.format.mimetype application/pdf en_US
dc.language.iso en_US en_US
dc.subject Accounting; Analysts; Lawsuits en_US
dc.subject.other Accounting en_US
dc.subject.other Business administration en_US
dc.title How Shareholder Accusations of Managerial Misconduct Affect Sell-side Analysts en_US
dc.type Thesis en_US
dc.embargo.terms Delay release for 2 years -- then make Open Access en_US
dc.embargo.lift 2014-09-03T17:26:31Z


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