Securities class actions and operating performance

2017 ◽  
Vol 43 (1) ◽  
pp. 44-58 ◽  
Author(s):  
Matthew McCarten ◽  
Ivan Diaz-Rainey
Keyword(s):  
Design Methodology ◽  
Turning Point ◽  
Operating Performance ◽  
Class Action ◽  
Matched Sample ◽  
Content Type ◽  
Class Actions ◽  
Corrective Actions ◽  
One Year ◽  
The Impact

Purpose The purpose of this paper is to examine how the filing of a securities class action, and associated corrective actions taken by management, impact the operating performance of sued firms. Design/methodology/approach A matched sample is formed three years prior to the filing of a class action, as opposed to the traditional one year used in the literature. Match adjusted performance is analyzed from three years prior to the filing to five years after. Further the authors analyze the impact corrective actions have on operating performance. Findings The results show that operating underperformance happens considerably earlier than had hitherto been believed. Further, there is no evidence that the filing adversely affects performance, rather securities class actions appear to act as a turning point. The findings also indicate that firms that increase leverage post filing, experience subsequent increases in their operating performance. Originality/value The results show that rather than leading to a deterioration in performance, as is currently understood, the filing of a securities class actions results in improved operating performance. This improvement is, in part, associated with more optimal use of leverage by management. Overall, class actions appear to be an effective disciplinary mechanism.

Review of securities class action filings in 2015

2016 ◽  
Vol 17 (3) ◽  
pp. 1-27
Author(s):  
Alexander Aganin
Keyword(s):  
Design Methodology ◽  
Stock Exchange ◽  
Class Action ◽  
Current View ◽  
Content Type ◽  
Industry Sector ◽  
Class Actions ◽  
Trends Over Time ◽  
Loss Index

Purpose To provide an analysis of securities class action filings in 2015 along with related trends over time and a comprehensive current view of the securities class action landscape. Design/methodology/approach Details 2015 securities class actions and related trends in terms of the number and size of filings; market capitalization losses; the litigation exposure of IPOs; the classification of complaints; litigation likelihood for US exchange-listed companies; resolutions (settlements, dismissals or trial verdict outcomes); timing of dismissals and settlements; filing lags; filings against foreign issuers; number of mega filings; recent rulings related to class certification; and concentration of class action activity by industry sector, stock exchange and court circuit. Findings The number of filings in 2015 was the largest since 2008. The Disclosure Dollar Loss Index® (DDL Index®), the Maximum Dollar Loss Index® (MDL Index®) and the number of mega filings rose sharply in 2015 after declines in 2014. The Consumer Non-Cyclical sector had the most filings in 2015 while filings against companies in the Financial sector were below historical averages. Dismissal rates appear to be trending down. The median filing lag has never been shorter than in 2015. Filings against foreign issuers remain at high levels. Filings against S&P 500 companies remained below the historical average. Originality/value Detailed analysis by legal and industry experts.

Supreme Court reaffirms “fraud-on-the-market” presumption in securities fraud class actions

2014 ◽  
Vol 15 (4) ◽  
pp. 37-40
Author(s):  
Veronica Rendon ◽  
John Freedman ◽  
Adam Reinhardt
Keyword(s):  
Supreme Court ◽  
Case History ◽  
Design Methodology ◽  
Class Action ◽  
Securities Fraud ◽  
Content Type ◽  
Class Actions ◽  
Practical Guidance ◽  
Securities Laws

Purpose – To explain the Supreme Court’s recent decision in Halliburton Co. v. Erica P. John Fund, Inc. and its implications for private class action litigation under the federal securities laws. Design/methodology/approach – Explains the background on the Halliburton decision, including the prior case history and key precedents, analyzes the key reasoning and holdings of the decision, and discusses the implications of the decision and how it will impact private class actions brought under the securities laws. Findings – While there was considerable pontification in the bar that the Halliburton case might provide a vehicle to curtail many class actions brought under the securities laws, the Halliburton decision left prior law and practice largely intact, but provides defendants in such cases a tool to challenge viability of lawsuits in certain circumstances. Originality/value – Practical guidance from experienced securities litigators.

The impact of work hours discrepancy on employee absence

2015 ◽  
Vol 36 (5) ◽  
pp. 668-693 ◽  
Author(s):  
Jing Wang ◽  
Frank Reid
Keyword(s):  
Design Methodology ◽  
Work Hours ◽  
Matched Sample ◽  
Content Type ◽  
Hours Of Work ◽  
Nationally Representative ◽  
The Impact

Purpose – The purpose of this paper is to examine the impact of the discrepancy between actual and desired weekly hours of work on employee absence. Design/methodology/approach – The authors used a nationally representative, employer-employee matched sample of over 39,000 employees and applied zero-inflated Poisson regressions. Findings – Work hours discrepancy has a significant impact on employee absence. This impact is different among employees who want to work more hours and those who want to work fewer hours. Originality/value – This study provides new insights into the determinants of employee absence and the implications of constraining employees in their choice of weekly hours of work.

Narratives of experts by experience: the impact of delivering training in partnership on the subject of personality disorder

2015 ◽  
Vol 10 (4) ◽  
pp. 234-244 ◽  
Author(s):  
Samantha Cooke ◽  
Anna Daiches ◽  
Emma Hickey
Keyword(s):  
Personality Disorder ◽  
Narrative Analysis ◽  
Design Methodology ◽  
Turning Point ◽  
Content Type ◽  
Training Package ◽  
Production Research ◽  
The Subject ◽  
The Impact ◽  
Qualitative Literature

Purpose – As part of an attitudinal shift surrounding personality disorder stigma, a training package termed the Knowledge and Understanding Framework (KUF) is delivered in collaboration between experts by experience (EBE) and professionals. The purpose of this paper is to explore the narratives of EBE delivering KUF; in particular the impact of this role and its varying contexts. Design/methodology/approach – Eight women took part in the study and a narrative analysis explored their stories. Findings – The analysis suggested five temporal chapters: first, life before becoming involved: “Like being in a milk bottle screaming”; second, a turning point: “It wasn’t actually me that was disordered it was the life that I’d had”; third, taking up the trainer role: “It all just […] took off”; fourth, the emergence of a professional identity: “I am no longer a service user”; and fifth, impact on self, impact on others. Originality/value – The use of qualitative literature is sparse within co-production research. The study therefore adds value in exploring in-depth experiences of the phenomena.

scholarly journals Perils of public sector enterprises in India: is privatization of central public sector enterprises a sustainable strategy?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Abhijit Phukon ◽  
Divya Verma Gakhar
Keyword(s):  
Public Sector ◽  
Design Methodology ◽  
Operating Performance ◽  
Operational Performance ◽  
Content Type ◽  
Significance Level ◽  
Explanatory Variables ◽  
Independent Variables ◽  
Specific Factors ◽  
The Impact

Purpose This paper aims to attempt to empirically investigate the impact of privatization on the performance of central public sector enterprises in India. Further attempt is made to explore whether privatization is a necessary or sufficient condition for improvement of performance of central public sector enterprises. Design/methodology/approach The scope of the study is limited to financial and operating performance analysis of 206 central public sector enterprises in India. Multiple regression analysis has been used to determine the magnitude and direction of relationship between dependent and independent variables and identify variables other than privatization which affects performance. Findings The study found that financial and operational performance of firms has improved significantly due to privatization. Further, firm-specific factors and other parallel reforms adopted by enterprises have significantly influenced their performance. The established regression model is highly significant with F-ratio of 31.825 at 99% significance level. The degree of explanation of the model is robust with adjusted R2 at 0.956 implying that only 4.40% of explanation in the dependent variable cannot be explained by designated independent/explanatory variables. Originality/value The study would be useful to public policymakers to reach to a policy view on whether further disinvestment/privatization of central public sector enterprises need to be continued, and if so, then to what extent and direction.

Securities class action filings: 2017 year in review

2018 ◽  
Vol 19 (4) ◽  
pp. 26-60 ◽  
Author(s):  
John Gould ◽  
Joseph Grundfest ◽  
Alexander Aganin
Keyword(s):  
Mergers And Acquisitions ◽  
Design Methodology ◽  
Stock Exchange ◽  
Class Action ◽  
Current View ◽  
Content Type ◽  
Industry Sector ◽  
Class Actions ◽  
Cent Increase ◽  
Trends Over Time

Purpose This paper aims to provide an analysis of securities class action filings in 2017 along with related trends over time and a comprehensive current view of the securities class action landscape. Design/methodology/approach The paper details 2017 securities class actions and related trends by measures including the number and size of filings; market capitalization losses; litigation likelihood for US versus non-US exchange-listed companies; status and outcomes of filings (settled, dismissed, continuing); core versus merger and acquisition filings; individual versus institutional investors as lead plaintiffs; and concentration of class action activity by industry sector, stock exchange and court circuit. Findings The number of federal securities class action lawsuits filed in 2017 reached a record high for the second straight year. The jump was spurred by a sharp increase in lawsuits targeting mergers and acquisitions. The 412 securities class action filings in 2017 represented a more than 50 per cent increase from the previous record of 271 filings in 2016. Originality/value This paper details analysis by legal and industry experts.

The effects of materialism on consumer evaluation of sustainable synthetic (lab-grown) products

2020 ◽  
Vol 37 (5) ◽  
pp. 579-590
Author(s):  
Jessica Keech ◽  
Maureen Morrin ◽  
Jeffrey Steven Podoshen
Keyword(s):  
Design Methodology ◽  
Socially Responsible ◽  
Content Type ◽  
Consumer Evaluation ◽  
Positioning Strategy ◽  
Consumer Markets ◽  
The Future ◽  
Promotion Strategies ◽  
Alternative Sources ◽  
The Impact

Purpose The increasing desire of consumers for socially responsible luxury products combined with fluctuating supplies in consumer markets are leading various industries to seek alternative sources to be able to meet the needs of its customers. One possible solution that may meet the demands of the future is lab-grown products. Because these products confer multiple benefits, this study aims to investigate the most effective ways to appeal to consumers by aligning the benefits of the products with their values as marketers seek to find effective promotion for these items. Design/methodology/approach We examine the effectiveness of an ethical positioning strategy for two types of luxury lab-grown (synthetic) products among high versus low materialism consumers in three experiments. Findings Findings suggest that a positioning strategy stressing product ethicality is more effective for low materialism consumers, whereas the strategy is less effective, and may even backfire, for high materialism consumers. The impact on social status consumers perceive from a lab-grown product explains why this effect occurs among low materialism consumers. Therefore, marketers should take caution and use specific appeals for different segments based on values such as consumers’ materialism levels. Originality/value If lab-grown products represent the wave of the future, it is important to understand how consumers will respond to this emerging technology and how promotion strategies may enhance their evaluation.

Embedding employability within higher education for the profession of policing

2019 ◽  
Vol 9 (3) ◽  
pp. 319-328
Author(s):  
Ian Pepper ◽  
Ruth McGrath
Keyword(s):  
Higher Education ◽  
Design Methodology ◽  
Research Study ◽  
Longitudinal Research ◽  
Evidence Base ◽  
Content Type ◽  
Educational Provision ◽  
Professional Body ◽  
The Impact ◽  
Practical Implications

Purpose The purpose of this paper is to evaluate the impact of an employability module, the College of Policing Certificate in Knowledge of Policing (CKP), on students’ career aspirations, their confidence and wish to join the police along with the appropriateness of the module. This will inform the implementation of employability as part of the College of Policing-managed Police Education Qualifications Framework (PEQF). Design/methodology/approach A three-year longitudinal research study used mixed methods across four points in time to evaluate the impact on students studying the employability module. Findings The research suggests that the employability-focussed CKP was useful as an introduction to policing, it developed interest in the police and enhanced the confidence of learners applying to join. Lessons learnt from the CKP should be considered during the implementation of the PEQF. Research limitations/implications The ability to generalise findings across different groups is limited as other influences may impact on a learner’s confidence and employability. However, the implications for the PEQF curriculum are worthy of consideration. Practical implications As the police service moves towards standardised higher educational provision and evolution of policing as a profession, lessons can be learnt from the CKP with regards to the future employability of graduates. Originality/value Enhancing the employability evidence base, focussing on policing, the research identified aspects which may impact on graduates completing a degree mapped to the PEQF. The research is therefore of value to higher education and the professional body for policing.

Investigation on the shaft voltage generation of large synchronous turboalternators

2020 ◽  
Vol 39 (5) ◽  
pp. 1145-1156
Author(s):  
Kevin Darques ◽  
Abdelmounaïm Tounzi ◽  
Yvonnick Le-menach ◽  
Karim Beddek
Keyword(s):  
Finite Element ◽  
Design Methodology ◽  
Short Circuit ◽  
Element Model ◽  
Stator Winding ◽  
Content Type ◽  
Voltage Generation ◽  
The Impact ◽  
Investigation Process ◽  
Circulating Currents

Purpose This paper aims to go deeper on the analysis of the shaft voltage of large turbogenerators. The main interest of this study is the investigation process developed. Design/methodology/approach The analysis of the shaft voltage because of several defects is based on a two-dimensional (2D) finite element modeling. This 2D finite element model is used to determine the shaft voltage because of eccentricities or rotor short-circuit. Findings Dynamic eccentricities and rotor short circuit do not have an inherent impact on the shaft voltage. Circulating currents in the stator winding because of defects impact the shaft voltage. Originality/value The original value of this paper is the investigation process developed. This study proposes to quantify the impact of a smooth stator and then to explore the contribution of the real stator winding on the shaft voltage.

Gated communities in Ankara: are they a tool of social segregation?

2017 ◽  
Vol 10 (5) ◽  
pp. 687-702
Author(s):  
Leyla Alkan-Gökler
Keyword(s):  
Socioeconomic Status ◽  
Design Methodology ◽  
Gated Communities ◽  
Content Type ◽  
Positive View ◽  
Social Segregation ◽  
Show Evidence ◽  
Local Residents ◽  
Almost All ◽  
The Impact

Purpose Gated communities, surrounded by walls or fences, have emerged as a new trend in almost all cities in Turkey, and are homogenous in terms of the socioeconomic status of their occupants. Within these communities, several facilities and services are provided that are available only to the residents, with restrictions on access from the outside, and this has led to criticisms of social segregation. This study aims to analyze the impact of these communities on social segregation in Ankara, through two different surveys aimed at investigating the attitudes of the residents of local neighborhoods and gated communities toward each other. Design/methodology/approach This paper analyzes how the process of gating has affected social segregation in Ankara through two separate surveys: with the residents of gated communities and with the residents of local neighborhoods around these gated communities. Findings The study revealed that the residents of gated communities tended to have a positive view of the residents of local neighborhoods. In contrast, the responses of the local residents show evidence of feelings of social segregation, based on the presence of the high walls, fences and guards that are in place to keep them out of the community. Originality/value This study shows that, although segregation from the rest of the society is not the main reason for gating, the emergence of gated communities in Ankara leads inevitably to a socially and economically segregated city in which local residents feel excluded from these gated areas.

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