Using China’s introduction of U.S. style securities class actions (SCA), we examine consequences for shareholder wealth, aggrieved investor compensation, and fraud deterrence. In contrast to previous U.S. evidence, Chinese stock prices respond positively to the SCA rules released on July 31,...

Using a new daily index of social unrest, we provide systematic evidence on the negative impact of social unrest on stock market performance. An average social unrest episode in an typical country causes a 1.4 percentage point drop in cumulative abnormal returns over a two-week event window....