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Disclosure Tone and Shareholder Litigation

Rogers, Jonathan L. ; Van Buskirk, Andrew ; Zechman, Sarah L. C.

The Accounting review, 2011-11, Vol.86 (6), p.2155-2183 [Periódico revisado por pares]

Sarasota: American Accounting Association

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Título:
Disclosure Tone and Shareholder Litigation
Autor: Rogers, Jonathan L. ; Van Buskirk, Andrew ; Zechman, Sarah L. C.
Assuntos: Class action lawsuits ; Communication ; Corporate finance ; Dictionaries ; Disclosure ; Earnings ; Earnings announcements ; Earnings forecasting ; Financial management ; Financial reporting ; Insider trading ; Lawsuits ; Litigation ; Optimism ; Plaintiffs ; Risk ; Sales growth ; Shareholder derivative suits ; Shareholders ; Stockholders ; Studies ; U.S.A ; Western Europe
É parte de: The Accounting review, 2011-11, Vol.86 (6), p.2155-2183
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
Descrição: We examine the relation between disclosure tone and shareholder litigation to determine whether managers' use of optimistic language increases litigation risk. Using both general-purpose and context-specific text dictionaries to quantify tone, we find that plaintiffs target more optimistic statements in their lawsuits and that sued firms' earnings announcements are unusually optimistic relative to other firms experiencing similar economic circumstances. These findings are consistent with optimistic language increasing litigation risk. In addition, we find incrementally greater litigation risk when managers are both unusually optimistic and engage in abnormal selling. This finding suggests that firms can mitigate litigation risk by ensuring that optimistic statements are not contradicted by insider selling. Finally, we find that insider selling is associated with litigation risk only when contemporaneous disclosures are unusually optimistic.
Editor: Sarasota: American Accounting Association
Idioma: Inglês

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Disclosure Tone and Shareholder Litigation

Rogers, Jonathan L. ; Van Buskirk, Andrew ; Zechman, Sarah L. C.

Sarasota: American Accounting Association

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