Journal ArticleDOI
Fraud on the market: A relational investment approach
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TLDR
In this article, the authors compare the effects of three liability regimes on corporate governance and, in particular, on the relational investment structure of a publicly held firm and show that each liability regime provides a different set of incentives to investors and facilitates the operation of a different feedback mechanism.About:
This article is published in International Review of Law and Economics.The article was published on 2001-03-01. It has received 7 citations till now. The article focuses on the topics: Strict liability & Principal (commercial law).read more
Citations
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The Effect of Misstatements on Decisions of Financial Statement Users: An Experimental Investigation of Auditor Materiality Thresholds
TL;DR: In this article, the authors focus solely on the issue of magnitude and examine whether financial misstatements that are at or below commonly applied materiality thresholds result in market prices that differ from those resulting from correctly stated information.
Journal ArticleDOI
An introduction to the law and economics of class action litigation
TL;DR: The consolidation of similar claims for compensation into a single large class of plaintiffs is referred to as “class action litigation, which can have both social costs and social benefits.
Dissertation
The Legal Implications of Off Balance Sheet Financing: A Comparative Analysis of UK and US Positions
TL;DR: In this article, the authors confirm that the intellectual content of the work is the result of their own efforts and of no other person, save for any express acknowledgements, references and/or bibliographies cited in the work.
Journal ArticleDOI
No conflict, no interest: on the economics of conflicts of interest faced by analysts
TL;DR: In this paper, the authors consider the impact the presence of noise traders in financial markets may have on the welfare implications of this sort of policy stance and suggest that noise traders may be ineffective in mitigating the harm of analyst's conflicts of interest.
Journal ArticleDOI
Consumers, efficiency and e‐travel
TL;DR: The on‐line travel market is examined and theories related to market mechanisms are used to help assess the impact of the Internet on the travel industry and where the benefits have been for consumers and where problems still exist.
References
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Journal ArticleDOI
Hail Britannia?: Institutional Investor Behavior Under Limited Regulation
Bernard S. Black,John C. Coffee +1 more
Journal ArticleDOI
Good Finance, Bad Economics: An Analysis of the Fraud on the Market Theory
TL;DR: The efficient capital markets hypothesis (ECMH) is a cornerstone of modern finance theory and has been used as a decisive tool for resolving legal disputes involving securities fraud and matters of corporate disclosure as mentioned in this paper.
Journal ArticleDOI
Lessons from Financial Economics: Materiality, Reliance, and Extending the Reach of Basic v. Levinson
TL;DR: In the case of Basic v. Levinson, the authors, the authors argued that informed buyers and sellers drive the price of the security to a level reflecting all publicly available information, and plaintiffs may be presumed to rely on the ''integrity of the market price'' in making their trading decisions.
Journal ArticleDOI
The Fraud-on-the-Market Theory Revisited
TL;DR: The authors argued that the precise contours of the corporate disclosure obligation should be defined by the contractual fiduciary duties of care and loyalty managers and officers owe their shareholders, and argued that firms should have the option of selecting an internal rule of corporate disclosure permitting them to make false statements in order to protect the value of corporate investments against ruination from premature disclosures.