Mapping the American Shareholder Litigation Experience: A Survey of Empirical Studies of the Enforcement of the U.S. Securities Law
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James D. Cox
In this paper, we provide an overview of the most significant empirical research that has been conducted in recent years on the public and private enforcement of the U.S. federal securities laws. The evidence reviewed shows that the PSLRA's provisions have largely achieved their intended purposes. For example, many more private suits are headed by an institutional lead plaintiff, such plaintiffs appear to fulfill the desired role of monitoring the suit's prosecution and their presence is associated with suits yielding better settlements and lower attorneys' fees awards. SEC enforcement efforts, while significant, have tended to focus on weaker targets, suggesting that the big fish get away.
© Copyright 2009 by the European Company and Financial Law Review (ECFR)
Articles in the same Issue
- Welcome Address
- Mapping the American Shareholder Litigation Experience: A Survey of Empirical Studies of the Enforcement of the U.S. Securities Law
- Discussion Report
- Shareholders' Lawsuits against the Management of a Company and its Shareholders under French Law
- Shadows of the Past and Back to the Future: Part 11 of the UK Companies Act 2006 (in)action
- Discussion Report: On the Presentations by Prof. Bernard Grelon, Université Paris IX, and Dr. Arad Reisberg, University College London
- Representative Litigation in Italian Capital Markets: Italian Derivative Suits and (if ever) Securities Class Actions
- Shareholder Suits against the Directors of a Company, against other Shareholders and against the Company itself under Belgian Law
- Shareholder Derivative Suits: A Comparative Analysis and the Implications of the European Shareholders' Rights Directive
- Shareholder Suits: Common Problems, Different Solutions and First Steps towards a Possible Harmonisation by Means of a European Model Code
- Common Challenges Facing Shareholder Suits in Europe and the United States
- Reconciling the European Registered Capital Regime with Modern Corporate Reorganization Law: Experience from the Czech Insolvency Law Reform
- Congress Announcement: 4th ECFR Conference
Articles in the same Issue
- Welcome Address
- Mapping the American Shareholder Litigation Experience: A Survey of Empirical Studies of the Enforcement of the U.S. Securities Law
- Discussion Report
- Shareholders' Lawsuits against the Management of a Company and its Shareholders under French Law
- Shadows of the Past and Back to the Future: Part 11 of the UK Companies Act 2006 (in)action
- Discussion Report: On the Presentations by Prof. Bernard Grelon, Université Paris IX, and Dr. Arad Reisberg, University College London
- Representative Litigation in Italian Capital Markets: Italian Derivative Suits and (if ever) Securities Class Actions
- Shareholder Suits against the Directors of a Company, against other Shareholders and against the Company itself under Belgian Law
- Shareholder Derivative Suits: A Comparative Analysis and the Implications of the European Shareholders' Rights Directive
- Shareholder Suits: Common Problems, Different Solutions and First Steps towards a Possible Harmonisation by Means of a European Model Code
- Common Challenges Facing Shareholder Suits in Europe and the United States
- Reconciling the European Registered Capital Regime with Modern Corporate Reorganization Law: Experience from the Czech Insolvency Law Reform
- Congress Announcement: 4th ECFR Conference
