Insider Trading, Equity Issues, and CEO Turnover in Firms Subject to Securities Class Action
研究发现，被指控证券欺诈的集体诉讼公司的管理者平均没有异常动机隐瞒负面信息，但诉讼有实质依据时CEO更替率更高，表明集体诉讼具有惩戒作用。
This study finds that the managers of firms that have been the target of class action lawsuits alleging securities fraud did not, on average, have an unusual incentive to conceal negative information. Nevertheless, CEO turnover is higher in those cases where the suites have merit, indicating that securities class action lawsuits do have a disciplining effect.