| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14358 |
| DP14358 Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits | |
| Elisabeth Kempf; Oliver G. Spalt | |
| 发表日期 | 2020-01-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper provides novel evidence suggesting that securities class action lawsuits, a central pillar of the U.S. litigation and corporate governance system, can constitute an obstacle to valuable corporate innovation. We first establish that valuable innovation output makes firms particularly vulnerable to costly low-quality class action litigation. Exploiting judge turnover in federal courts, we then show that changes in class action litigation risk affect the value and number of patents filed, suggesting firms take into account that risk in their innovation decisions. A new perspective we provide is that innovation success, not only innovation failure, can increase firms' securities class action litigation risk. |
| 主题 | Financial Economics |
| 关键词 | Corporate governance Law and economics Innovation Patents Shareholder litigation Class action lawsuit |
| URL | https://cepr.org/publications/dp14358-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543251 |
| 推荐引用方式 GB/T 7714 | Elisabeth Kempf,Oliver G. Spalt. DP14358 Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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