This piece argues that both the efficient market requirement and event study methodology—once the core of the fraud-on-the-market theory—have evolved in securities fraud class actions. It provides the first comprehensive analysis of fraud-on-the-market cases over the past fifty years and divides this evolution into five chronological stages.
","abstract_html":"<p>This piece argues that both the efficient market requirement and event study methodology—once the core of the fraud-on-the-market theory—have evolved in securities fraud class actions. It provides the first comprehensive analysis of fraud-on-the-market cases over the past fifty years and divides this evolution into five chronological stages.</p>","abstract_has_math":false,"creators":["Dong, Weikun"],"institution":null,"degree_name":"Doctor of Juridical Science (SJD)","degree_level":"Dissertation","degree_discipline":null,"degree_department":null,"school":null,"contributors":["Andrew Tuch, Supervising Professor Scott Baker, Examining Professor Jared Jennings, Examining Professor"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2025,"date_issued":"2025-07-01T07:00:00Z","date_published":"2025-07-01T07:00:00Z","updated_at":"2026-07-24T06:12:08Z","subjects":["Securities fraud, class action","Law","Legal Studies","Securities Law"],"languages":["English"],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"https://openscholarship.wustl.edu/law_etds/105","outbound_label":"Repository record","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Andrew Tuch, Supervising Professor Scott Baker, Examining Professor Jared Jennings, Examining Professor"]},{"key":"dc:creator","label":"Author","values":["Dong, Weikun"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.available","label":"Dc Date Available","values":["2025-12-01T08:00:00Z"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Doctor of Juridical Science (SJD)"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Securities fraud, class action","Law","Legal Studies","Securities Law"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["English"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://openscholarship.wustl.edu/law_etds/105"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["This piece argues that both the efficient market requirement and event study methodology—once the core of the fraud-on-the-market theory—have evolved in securities fraud class actions. It provides the first comprehensive analysis of fraud-on-the-market cases over the past fifty years and divides this evolution into five chronological stages.
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