Tech Stock Valuation

fixing (−1.98%, t = −1.34), and questions regarding research results (−5.92%,

t = −1.50). Among these, lawsuit announcements concerning alleged price fixing

tend to be most common. However, it is worth noting that when lawsuit filing

announcements are sorted by violation category, none of the nonparametric test

results show statistically significant median wealth effects. This suggests that the

generally negative wealth effects tied to lawsuit filing announcements tend to be

both smaller and less consistent than similar impacts of informal investigation

and formal investigation announcements.

And finally, with respect to settlement announcements, Table 10.5 ...