This paper explores the impact of ownership concentration on the deterrent effect of the Special Securities Representa-tive Litigation System.We find a significant increase in the demand for directors'and officers'liability insurance for firms with a low degree of ownership concentration after the implementation of the new class action lawsuit system.We also find a signifi-cant improvement in shareholders'scrutiny of these firms after the event.The findings highlight the deterrent effect of the Spe-cial Securities Representative Litigation System.It also reflects its dependence on the size of the plaintiff group and provides em-pirical evidence and ideas for the subsequent optimization of the class action system.
The special securities representative litigation systemOwnership concentrationShareholder litigation riskDirectors'and Officers'Liability Insurance
万方数据
维普
