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The Uptick Rule Of Short Sale Regulation: Can It Alleviate Downward Price Pressure From Negative Earnings Shocks?, Lin (Lynn) Bai
The Uptick Rule Of Short Sale Regulation: Can It Alleviate Downward Price Pressure From Negative Earnings Shocks?, Lin (Lynn) Bai
Faculty Articles and Other Publications
This paper empirically examines the effect of the uptick rule (including the bid test applicable to NASDAQ stocks) of short sale regulations on stock prices and short selling activities immediately after negative earnings surprises that occurred during the period of May to November 2005. It compares price paths and short selling activities of stocks restricted by the uptick rule with stocks that were exempted from the rule as a result of the SEC's Pilot Program. The study has not found any evidence that prices of stocks subject to the rule declined at a slower speed than prices of exempted stocks …
There Are Plaintiffs And...There Are Plaintiffs: An Empirical Analysis Of Securities Class Action Settlements, James D. Cox, Randall S. Thomas, Lin (Lynn) Bai
There Are Plaintiffs And...There Are Plaintiffs: An Empirical Analysis Of Securities Class Action Settlements, James D. Cox, Randall S. Thomas, Lin (Lynn) Bai
Faculty Articles and Other Publications
In this paper, we examine the impact of the PSLRA and more particularly the impact the type of lead plaintiff on the size of settlements in securities fraud class actions. We provide insight into whether the type of plaintiff that heads the class action impacts the overall outcome of the case. Furthermore, we explore possible indicia that may explain why some suits settle for extremely small sums - small relative to the "provable losses" suffered by the class, small relative to the asset size of the defendant-company, and small relative to other settlements in our sample. This evidence bears heavily …