Using two decades of shareholder class action filings, we provide evidence of significant and consistent long‐run price underperformance in defendant firms. By partitioning our sample according to the merits of an action, we show that firms less likely to have been involved in earnings manipulation, but who may have benefited from corrective management improvements and better signalling, go on to experience significant price reversals within a year of the filing date. Firms identified as high probability manipulators underperform over the long‐term. Our results have important implications for ongoing policy discussions on the merits of shareholder class actions. [ABSTRACT FROM AUTHOR]

中文翻译：

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报警的原因？股东集体诉讼被告的长期表现

使用二十年的股东集体诉讼文件，我们提供了被告公司显着且一致的长期价格表现不佳的证据。通过根据行动的优点划分我们的样本，我们表明公司不太可能参与盈利操纵，但可能受益于纠正性管理改进和更好的信号，在一年内继续经历显着的价格逆转申请日期。被确定为高概率操纵者的公司长期表现不佳。我们的结果对正在进行的关于股东集体诉讼优劣的政策讨论具有重要意义。[作者摘要]