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| BATON ROUGE – Agnes Cheng, the Ourso Distinguished Chair of Accounting in the LSU E. J. Ourso College of Business, will have her paper, “Institutional Monitoring through Shareholder Litigation,” published in the Journal of Financial Economics. Completed in the spring of 2009, the paper was co-written by Cheng, Henry He Huang of Prairie View A&M University, Yinghua Li of Purdue University and Gerald Lobo of the University of Houston. “The paper examined all securities lawsuits that were filed from January 1, 1996, to July 20, 2005, and that had been resolved by June 1, 2006,” Cheng said. “A total of 1,811 lawsuits met these selection criteria.” According to Cheng, 1,525 of the lawsuits were led by individual lead plaintiffs, 178 lawsuits were led by at least one public/union pension fund or mutual fund, and 108 lawsuits were led by other categories of institutions. One of the paper’s key findings was that securities class actions with institutional investors as lead plaintiffs are less likely to be dismissed and have larger monetary settlements than class actions with individual lead plaintiffs. While the JFE, which is one of the three leading finance journals in the world of academia, has not yet published the paper, it has been featured in the Harvard Law School Forum and discussed online among the professional communities. Instances of the paper being discussed online can be found on at least four different Web sites: http://www.dandodiary.com/2009/06/articles/corporate-governance/institutional-investors-securities-litigation-and-corporate-monitoring/ http://meaningfuldisclosure.com/blogs/securities/archive/2009/06/02/yes-institutional-investors-can-make-a-difference-in-securities-fraud-litigation.aspx http://www.pomtalk.com/pomtalk/2009/06/monitoring-by-institutional-investors-is-still-critical.html http://www.pointoflaw.com/archives/2009/06/institutional-m.php The Department of Accounting at LSU’s E. J. Ourso College of Business strives for excellence in teaching, research and service to the accounting profession. With a mission of producing graduates at all levels who excel in their pursuits, the department offers undergraduate and graduate programs that prepare students for careers in various fields, including industry, auditing, finance, government and academia. For more information, visit www.bus.lsu.edu/accounting, call 225-578-6202 or e-mail accounting@lsu.edu. -30- |
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