The Application And Limitation Of Event Studies In Securities Market False Representation

At present,China is accelerating the reform of the financial supply side,in which the securities market plays a crucial role.Transparent,timely and complete information disclosure is the key to building a high-level securities market.False statement is a chronic disease of information disclosure in the securities market.The liability dispute of false statement is one of the most common and frequent types of civil claim cases.In judicial practice,whether false statements are "significant",whether securities false statements "transaction causality" is established,and how to calculate investor losses have always been hot and difficult issues in judicial trials and theoretical research.Event study has the comparative advantages of accurate calculation method,convenient dispute resolution,avoiding moral hazard in information disclosure and protecting investors' rights and interests.Through the application of event study method in specific cases,this paper makes mathematical analysis on the difficulties in securities false statement liability dispute cases,and discusses the more refined and scientific solutions.At the same time,the application of event study should also consider the actual situation of Chinese securities market,the increase of litigation cost caused by it,and whether it conforms to the legal value judgment and other restrictions.