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SEC Enforcement Litigation

Cox, James D. and Randall S. Thomas. 2003. SEC Enforcement Heuristics: An Empirical Inquiry. Duke Law Journal
    53:737-79.

Mahoney, Colleen P., Charles F. Walker & Erich T. Schwartz. Fall 2006. SEC Penalties: Assessing the Financial Risk in
   an SEC Enforcement Action. Skadden, Arps Insights: 47-53.

McLucas, William R., J. Lynn Taylor & Susan A. Mathews. Spring 1994. A Practitioner’s Guide to the SEC’s Investigative
    and Enforcement Process. Temple Law Review 53.

Other Litigation

Alexander, J. C. 1991. Do the Merits Matter? A Study of Settlements in Securities Class Actions. Stanford Law Review 43:     497-598.

Billings, M. 2008. Disclosure Timeliness, Insider Trading Opportunities and Litigation Consequences. Working Paper, New
    York University. (Available at SSRN: http://ssrn.com/abstract=1011759.)

Billings, M. and M. Lewis. 2008. Opportunism and the Related Consequences in the IPO Setting. Working paper, New
    York University and University of Utah. (Available at SSRN: http://ssrn.com/abstract=1120315.)

Bohn, J. and S. Choi., 1996. Fraud in the New-Issues Market: Empirical Evidence on Securities Class Actions, 144 U. Pa.
    L. Rev. 903.

Choi, S.J. 2007. Do the Merits Matter Less after the Private Securities Litigation Reform Act? Journal of Law, Economics,
    & Organization 23: 598-626.

DuCharme, L., P. Malatesta, and S. Sefcik., 2004. Earnings Management, Stock Issues, and Shareholder Lawsuits.
    Journal of Financial Economics 71: 27–50.

Field, L., M. Lowry, and S. Shu. 2005. Does Disclosure Deter or Trigger Litigation? Journal of Accounting and Economics
    39: 487-507.

Francis, J., D. Philbrick, and K. Schipper., 1994. Shareholder Litigation and Corporate Disclosures. Journal of Accounting
    Research 32: 137-164.

Grundfest, J. 1994. Disimplying Private Rights of Action Under the Federal Securities Laws: The Commission’s Authority.
    Harvard Law Review 107: 963-1024.

Grundfest, J. 1995. Why Disimply? Harvard Law Review 108: 727-747.

Johnson, M.F., R. Kasznik, and K. Nelson. 2000. Shareholder Wealth Effects of the Private Securities Litigation Reform
    Act of 1995. Review of Accounting Studies 5 (3): 217-233.

Johnson, M., K. Nelson, and A.C. Pritchard., 2007. Do the Merits Matter More? The Impact of the Private Securities
    Litigation Reform Act. Journal of Law, Economics and Organization 23: 627-652.

Karpoff, J.M., Lee, D.S. & Martin, G.S. May 1, 2007. Legal Penalties for Financial Misrepresentation. Working Paper.
    (Available at http://ssrn.com/abstract=933333)

Karpoff, Jonathan M., D. Scott Lee & Gerald S. Martin. December 31, 2006. The Cost to Firms of Cooking the Books.
    Journal of Financial Quantitative Analysis, forthcoming. (Available at http://ssrn.com/abstract=652121)

Kasznik, R., and B. Lev., 1995. To Warn or Not to Warn: Management Disclosures in the Face of an Earnings Surprise.
    The Accounting Review 70: 113-134.

Kothari, S.P., S. Shu and P. Wysocki. 2008. Do Managers Withhold Bad News? MIT Sloan Research Paper No. 4556-05.
    (Available at SSRN: http://ssrn.com/abstract=803865.)

Lowry. M., and S. Shu., 2002. Litigation Risk and IPO Underpricing. Journal of Financial Economics 65, 309-355.

Niehaus, G. and G. Roth., 1999. Insider Trading, Equity Issues, and CEO turnover in Firms Subject to Securities Class
    Action. Financial Management, 52-72.

Painter, R., M. Farrell, and S. Adkins. 2002. Private Securities Litigation Reform Act: A Post-Enron Analysis. The
    Federalist Society for Law and Public Policy Studies.

Peng, L. and A. Roell. 2006. Executive Pay, Earnings Manipulation, and Shareholder Litigation. Working paper, Princeton
    University. (Available at SSRN: http://ssrn.com/abstract=488148.)

Rogers, J. and A. Van Buskirk. 2008. Shareholder Litigation and Changes in Disclosure Behavior. Journal of Accounting
    and Economics, forthcoming.

Seligman, J. 1994. The Merits Do Matter: A comment on Professor Grundfest’s ‘Disimplying private rights of action under
    the federal securities laws: the commission’s authority’. Harvard Law Review 108: 438-537.

Skinner, D. 1994. Why Firms Voluntarily Disclose Bad News. Journal of Accounting Research 32 (1): 38-60.

Skinner, D. 1997. Earnings Disclosure and Stockholder Lawsuits. Journal of Accounting and Economics 23, 249-282.

Strahan, Philip E., 1998. Securities Class Actions, Corporate Governance and Managerial Agency Problems. Working
    paper, Federal Reserve Bank of New York. (Available at SSRN: http://ssrn.com/abstract=104356.)

Insider Trading

Jarrell, Gregg A. and Annette B. Poulson. Autumn 1989. Stock Trading before the Announcement of Trader Offers: Insider
    Trading or Market Anticipation? Journal of Law, Economics & Organization 5, No. 2: 225-48. (Available at
    http://links.jstor.org/sici?sici=8756-6222%28198923%295%3A2%3C225%3ASTBTAO%3E2.0.CO%3B2-Y)

Meulbroek, Lisa K. December 1992. An Empirical Analysis of Insider Trading. The Journal of Finance 47, No. 5: 1661-99.
    (Available at http://links.jstor.org)


We thank Mary Billings, Assistant Professor of Accounting at NYU Stern, for contributing many of these
    recommendations.