Thesis (doctoral)--Université de Toulouse.

Thesis (Ph. D.)--RAND Graduate School, 1997. / "RGSD-134." Includes bibliographical references.

Thesis (doctoral)--Universiteit van Amsterdam, 1919. / Includes bibliographical references.

Thesis (Ph. D.)--RAND Graduate School, 1997. / "RGSD-134." Includes bibliographical references.

Diss. Univ. Münster, 2003.

Thesis (doctoral)--Université de Toulouse.

The purpose of this study is to examine financial reporting restatements for the presence of collateral damage in the market’s reaction. Collateral damage is an assessment of investors’ perception of management credibility and a company’s internal controls. Past research indicates the market reaction displays irrational tendencies following a restatement of earnings. In the legal world, the presence of irrational behavior in the capital markets protects corporations from the efficient market hypothesis in damages estimates. I find a high level of market reaction to be unexplained by cash flow disclosures within the restatement. Though my results do not recognize all the sources of collateral damage at a highly significant level, the data does suggest some inefficient market behavior. When the proportion of the total restatement amount/ market capitalization is held constant, small firms are far more negatively impacted than large firms. In addition, companies are punished in the capital markets for providing additional information to the investors regarding disclosure. My conclusion is that the U.S. federal courts should not continue to rely exclusively on the efficient market hypothesis in determining damages amounts because of the prevalence in collateral damage following corrective disclosures.

No description available.

No description available.

A responsabilidade civil foi a área do Direito que mais sofreu mudanças a partir do século XX, sobretudo em decorrência da revolução industrial que intensifica a produção e o consumo, culminando no reconhecimento de novos danos. Neste contexto, torna-se necessário repensar as funções da responsabilidade civil sendo que, além do escopo compensatório a indenização deve atender a uma finalidade punitiva ou pedagógica, à semelhança dos punitive damages nos Tribunais norte-americanos. A pesquisa tem o objetivo de analisar as críticas formuladas à introdução do instituto em nosso ordenamento, bem como delimitar os critérios para a sua aplicação. / The civil liability is the field of law that has incurred in the most intensive changes since the 20th century, due to, mainly, the development of new technologies that have increased the production and the consume, resulting in the recognition of new sort of damages. In this context, it is paramount to revisit the purposes of the civil liability system, because the indemnification must attend the purposes of punishment and deterrence. This research aims to analyze the critics to the introduction of the punitive damages in Brazilian civil law and to fix the criteria to its application.