Does the Plaintiff Matter? An Empirical Analysis of Lead Plaintiffs in Securities Class Actions

• Published in: Columbia law review Vol. 106; no. 7; pp. 1587 - 1640
• Main Authors: Cox, James D., Thomas, Randall S., Kiku, Dana
• Format: Journal Article
• Language: English
• Published: Columbia University School of Law 01.11.2006
• Subjects: Attorneys; Class action lawsuits; Cost-benefit analysis; Defendants; Deterrence; Enterprises; Financial reporting; Fraud; Investors; Judicial process; Law firms; Legal counsel; Litigation; Panel One: Private Securities Litigation Reform Act; Plaintiffs; Punishment; Reform; Securities fraud; Securities sales; Stockholders

With the enactment of the Private Securities Litigation Reform Act of 1995 (PSLRA), the U.S. Congress introduced sweeping substantive and procedural reforms for securities class actions. A central provision of the PSLRA is the lead plaintiff provision, which creates a rebuttable presumption that the...