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To provide an analysis of securities class action filings in 2015 along with related trends over time and a comprehensive current view of the securities class action landscape.

Details 2015 securities class actions and related trends in terms of the number and size of filings; market capitalization losses; the litigation exposure of IPOs; the classification of complaints; litigation likelihood for US exchange-listed companies; resolutions (settlements, dismissals or trial verdict outcomes); timing of dismissals and settlements; filing lags; filings against foreign issuers; number of mega filings; recent rulings related to class certification; and concentration of class action activity by industry sector, stock exchange and court circuit.

The number of filings in 2015 was the largest since 2008. The Disclosure Dollar Loss Index® (DDL Index®), the Maximum Dollar Loss Index® (MDL Index®) and the number of mega filings rose sharply in 2015 after declines in 2014. The Consumer Non-Cyclical sector had the most filings in 2015 while filings against companies in the Financial sector were below historical averages. Dismissal rates appear to be trending down. The median filing lag has never been shorter than in 2015. Filings against foreign issuers remain at high levels. Filings against S&P 500 companies remained below the historical average.

Detailed analysis by legal and industry experts.

This paper aims to provide an analysis of securities class action filings in 2017 along with related trends over time and a comprehensive current view of the securities class action landscape.

The paper details 2017 securities class actions and related trends by measures including the number and size of filings; market capitalization losses; litigation likelihood for US versus non-US exchange-listed companies; status and outcomes of filings (settled, dismissed, continuing); core versus merger and acquisition filings; individual versus institutional investors as lead plaintiffs; and concentration of class action activity by industry sector, stock exchange and court circuit.

The number of federal securities class action lawsuits filed in 2017 reached a record high for the second straight year. The jump was spurred by a sharp increase in lawsuits targeting mergers and acquisitions. The 412 securities class action filings in 2017 represented a more than 50 per cent increase from the previous record of 271 filings in 2016.

This paper details analysis by legal and industry experts.

The purpose of this research is to first examine whether the amount of impairment losses recognized by Thai listed firms is associated with the economic indicators suggested in the relevant accounting standard. Second, the study investigates whether efficiency versus opportunism dominates accounting for impairment by Thai listed firms.

The multiple regression model is used to test whether impairment indicators and reporting incentives associate with impairment losses for a sample of 1,418 non‐financial listed Thai companies during 1999‐2004.

Impairment losses are associated with all three levels (macro, industry, and firm‐specific performance measures) of impairment indicators described in Thai Accounting Standard (TAS) No. 36 (which is in accordance with the IAS No. 36). The results also reveal that management opportunistically recognizes impairment losses to smooth earnings when earnings increase. Inconsistent with Francis et al. and Riedl, the association between impairment losses and economic factors is relatively greater than that between impairment losses and reporting incentives behaviors.

This is the first study that provides empirical evidence for the indicators of assets' impairment prescribed in TAS/IAS No. 36. The results support the pre‐condition indicators for measurement of impairment losses under TAS/IAS No. 36 in the emerging Thai capital market. Further, efficiency is documented to dominate opportunism as the principal of Thai firms' accounting policy with respect to asset impairment.

When FECS spins out of human intervention and regulatory control, then it can easily harm and constrain the markets as it happened on Black Friday of October 1929, resulting in the Great Depression, and the September–October 2008 Financial Crisis, when some 17 mega global investment banks ran out of control and lost close to trillion US dollars in market capitalization. This chapter defines, analyzes, classifies, and morally assesses occupational and corporate fraud, corruption and money-laundering, and their other evil forms. When we allow our choices to be driven by passion, choosing thereby to ignore or fail to investigate outcomes, the results are too often flawed and unintended, as the cases of Lehman Brothers, AIG, Freddie Mac, and Fannie May that collapsed around September–October 2008 would attest. While we should condemn abuses within the FECS, one can also seek to understand the origins and originating systems of fraud, corruption, and various forms of deceptions and chicanery, and search for remedial strategies for eradicating these ills of FECS. Several contemporary market cases of fraud, corruption, and bribery will be identified to illustrate the contents of this chapter.

This paper evaluates how corruption scandals effects corporate reputational risk in main representatives Latin America listed companies. Efficient market hypothesis (EMH) on Standard and Poor’s index is also tried on.

First it is run a standard event study to evaluate the negative impact of such corruption episodes in terms of abnormal returns (ARs) and cumulative negative abnormal returns (CARs). Secondly, we use the operational loss derived from the corruption scandal divided by the stock's market capitalization (Loss Ratio) to estimate the reputational abnormal returns (RepARs) and its cumulative measure (RepCAR).

It is found that corporate reputation (CR) does not affect the stock market performance of the companies involved in the corruptions events, at least, in the very short term. The results show positives RepCARs due to still unknown losses of relative size of corruption after the announcement of the scandal, when the market shows greater sensitiveness.

The behavior of the market on corruption scandals on the Latin American can let explore other options to limit bribery, and the study of this with a perspective of EMH is the significance of this paper.

Corruption become major problems in recent years in Latin American and its implications on the stakeholders.

Observing in the existing literature, there is no many studies based on the corruption scandals and market price using event methodology.

Este trabajo evalúa cómo los escándalos de corrupción afectan el riesgo reputacional corporativa en las principales empresas representativas de América Latina que cotizan en bolsa y su efecto en la hipótesis del mercado eficiente (EMH) en el índice Standard & Poors.

Primero realizamos un estudio de eventos estándar para evaluar el impacto negativo de tales episodios de corrupción en términos de retornos anormales (AR) y retornos anormales negativos acumulativos (CAR). En segundo lugar, utilizamos la pérdida operativa derivada del escándalo de corrupción dividida por la capitalización bursátil (índice de pérdidas) para estimar los rendimientos anormales de reputación (RepAR) y su medida acumulativa (RepCAR).

Los resultados muestran que la reputación corporativa (CR) no afecta el desempeño bursátil de las empresas involucradas en los hechos de corrupción, al menos, en el corto plazo. Los resultados muestran RepCARs positivos debido a pérdidas aún desconocidas de efecto relativo de corrupción luego del anuncio del escándalo por parte de los stakeholders.

El comportamiento del mercado ante los escándalos de corrupción en América Latina nos debe permitir explorar otras opciones para penalizar sobornos, y el estudio de eventos con una perspectiva de EMH es parte de este trabajo.

La corrupción se ha convertido en uno de los principales problemas en los últimos años en América Latina y esto afecta a los stakeholders.

Observando en la literatura existente, no se encuentra estudios basados ​​en los escandalos de corrupción y precio de mercado utilizando metodología de eventos.

The authors estimate systemic risk in the Korean economy using the econometric measures of commonality and connectedness applied to stock returns. To assess potential systemic risk concerns arising from the high concentration of the economy in large business groups and a few export-oriented sectors, the authors perform three levels of estimation using individual stocks, business groups, and industry returns. The results show that the measures perform well over the study’s sample period by indicating heightened levels of commonality and interconnectedness during crisis periods. In out-of-sample tests, the measures can predict future losses in the stock market during the crises. The authors also provide the recent readings of their measures at the market, chaebol, and industry levels. Although the measures indicate systemic risk is not a major concern in Korea, as they tend to be at the lowest level since 1998, there is an increasing trend in commonality and connectedness since 2017. Samsung and SK exhibit increasing degrees of commonality and connectedness, perhaps because of their heavy dependence on a few major member firms. Commonality in the finance industry has not subsided since the financial crisis, suggesting that systemic risk is still a concern in the banking sector.

The purpose of this study is to review and evaluate the salient features of stock market manipulation in Malaysia. The research questions used are: Who was involved? How it happened? What were the consequences?

This study has been conducted using content and thematic analysis. This study includes multiple sources of information to help establish the stylized facts and it uses cases that have been prosecuted in Malaysia for 2005-2015.

This study presents arguments and empirical data supporting the view that the stock market manipulation was conducted by those in a privileged position and with access to information. Ethical failure, involving greed, self-interest, dishonesty and a preoccupation with a quick profit, could explain why stock market manipulation happened. Manipulation harms legitimate investors, as share prices and earnings of companies are affected.

A better understanding about the prevalence, characteristics and consequences of the market manipulation problems will be useful for stakeholders, investors and policymakers in the financial industry for promoting and maintaining a fair, efficient and transparent stock market.

The originality of this paper lies in examining and presenting interpretations based on contemporary phenomenon within the real-life context of Malaysia. There is little study or literature that focuses on Malaysia, especially in examining stock market manipulation by integrating finance and management perspectives to form a comprehensive understanding of the issue.

The paper models the financial interconnectedness and systemic risk of shadow banks using Granger-causal network-based measures and takes the Indian shadow bank crisis of 2018–2019 as a systemic event.

The paper employs pairwise linear Granger-causality tests adjusted for heteroskedasticity and return autocorrelation on a rolling window of weekly returns data of 52 financial institutions from 2016 to 2019 to construct network-based measures and calculate network centrality. The Granger-causal network-based measure ranking of financial institutions in the pre-crisis period (explanatory variable) is rank-regressed with the ranking of financial institutions based on maximum percentage loss suffered by them during the crises period (dependent variable).

The empirical result demonstrated that the shadow bank complex network during the crisis is denser, more interconnected and more correlated than the tranquil period. The closeness, eigenvector, and PageRank centrality established the systemic risk transmitter and receiver roles of institutions. The financial institutions that are more central and hold prestigious positions due to their incoming links suffered maximum loss. The shadow bank network also showed small-world phenomena similar to social networks. Granger-causal network-based measures have out-of-sample predictive properties and can predict the systemic risk of financial institutions.

The study considers only the publicly listed financial institutions. Also, the proposed measures are susceptible to the size of the rolling window, frequency of return and significance level of Granger-causality tests.

Supervisors and financial regulators can use the proposed measures to monitor the development of systemic risk and swiftly identify and isolate contagious financial institutions in the event of a crisis. Also, it is helpful to policymakers and researchers of an emerging economy where bilateral exposures' data between financial institutions are often not present in the public domain, plus there is a gap or delay in financial reporting.

The paper is one of the first to study systemic risk of shadow banks using a financial network comprising of commercial banks and mutual funds. It is also the first one to study systemic risk of Indian shadow banks.

This paper aims to investigate the impact of the General Data Protection Regulation (GDPR) infringement fine announcements on the market value of mostly European publicly listed companies with a view to reinforcing the importance of data privacy compliance, thereby informing cyber security investment strategies for organisations.

Previous studies have shown (varying degrees of) evidence of a negative impact of data breach announcements on the share price of publicly listed companies. Following on from this research, further studies have been carried out in assessing the economic impact of the introduction of legislation in this area to encourage firms to invest in cyber security and protect the privacy of data subjects. Existing research has been predominantly US centric.

Using event study techniques, a data set of 25 GDPR fine announcement events was analysed, and statistically significant cumulative abnormal returns of around 1% on average up to three days after the event were identified. In almost all cases, this negative economic impact on market value far outweighed the monetary value of the fine itself, and relatively minor fines could result in major market valuation losses for companies, even those having large market capitalisations.

This research would be of benefit to business management, practitioners of cyber security, investors and shareholders as well as researchers in cyber security or related fields (pointers to future research are given). Data protection authorities may also find this work of interest.

The purpose of this paper is to explore the stock market impact of supply chain disruptions for public companies in Japan. The impact in the USA and Japan are also compared.

Using event study on a data set comprising of disruptions announced by Japanese and US companies during year 2000-2013, the authors measure the stock price reaction to supply chain disruptions.

The study finds that the Japanese companies, in an 11-day window around disruption announcement, witness an average abnormal return of −0.61 percent, which is statistically significant. In comparison to the USA, this stock decline is qualitatively smaller, yet statistically indifferent. The abnormal return is found significant in the two days before disruption announcement. However, a follow-up study with a refined data set (where the event date is the earlier of the announcement or disruption date) does not find any significant abnormal return prior to the event date. This difference from US market suggests the possibility of insider trading. Factors such as book-to-market ratio, industry type, and market capitalization did not affect the stock decline.

The research is limited to a data set from Japan and the USA. Further generalization of findings may need studies focused on other countries.

The results are of interest for supply chain managers. The results should also help global investors in making investment decisions.

Most supply chain disruptions management research is focused on companies in western countries. The paper is the first to test the impact of supply chain disruptions in Japan.