Efficient market hypothesis and fraud on the market theory: A new perspective for class actions

Following recent judgement of the Supreme Court of US (June 2014), several commentators had declared that “Securities class actions are here to stay” (insidecounsel.com – September 2014, 11). This paper provides a critical perspective on this judgement, which “implicates substantive issues at the intersection of economic theory, financial markets, and securities regulation” (128 Harv. L. Rev. 291 2014-2015, 291), and shows that we must be much more careful. This recent judgement is based on the Fraud on the Market Doctrine, which was introduced in 1973 in order to preserve the class action procedure in securities fraud litigation. The characteristic of the Fraud on the Market Doctrine is to have been structured from one of the most popular financial theory: Efficient Market Hypothesis. In this paper, by analysing the implementation of the Efficient Market Hypothesis in Fraud on the Market Theory, we argue that if the Supreme Court had to take position for a second time about the Fraud on the Market Doctrine it is due to the practical difficulties inherited from Efficient Market Hypothesis and that have raised several problems to the US courts, including the Supreme Court. This issue is illustrated by the definition of Efficient Market Hypothesis lawyers used (“most” vs “all”/”fully”). As this paper shows, if “Securities class actions are here to stay”, the opportunity to open such a class action is strongly reduced in the facts

Additional file 1: of The ratio of the seroprevalence to the egg-positive prevalence of Schistosoma japonicum in China: a meta-analysis

PROSPERO (CRD42017067941): A meta-analysis of the ratio of seroprevalence to egg-positive prevalence of Schistosoma japonicum in China. (PDF 117 kb

Additional file 2: of The ratio of the seroprevalence to the egg-positive prevalence of Schistosoma japonicum in China: a meta-analysis

Sensitivity analyses for IHA to Kato-Katz by single-study-omitted. (TIF 447 kb

Additional file 5: of The ratio of the seroprevalence to the egg-positive prevalence of Schistosoma japonicum in China: a meta-analysis

Sensitivity analyses for ELISA to Kato-Katz by single-paper-omitted. (TIF 214 kb

Additional file 3: of The ratio of the seroprevalence to the egg-positive prevalence of Schistosoma japonicum in China: a meta-analysis

Sensitivity analyses for ELISA to Kato-Katz by single-study-omitted. (TIF 356 kb

Additional file 4: of The ratio of the seroprevalence to the egg-positive prevalence of Schistosoma japonicum in China: a meta-analysis

Sensitivity analyses for IHA to Kato-Katz by single-paper-omitted. (TIF 247 kb

Data_Sheet_1_Case report: Whole-exome sequencing identifies a novel DES mutation (p. E434K) in a Chinese family with cardiomyopathy and sudden cardiac death.xls

BackgroundDesmin is an intermediate filament protein that plays a critical role in the stabilization of the sarcomeres and cell contacts in the cardiac intercalated disk. Mutated DES gene can cause hereditary cardiomyopathy with heterogeneous phenotypes, while the underlying molecular mechanisms requires further investigation.MethodsWe described a Chinese family present with cardiomyopathy and sudden cardiac death (SCD). Whole-exome sequencing (WES) and bioinformatics strategies were employed to explore the genetic entity of this family.ResultsAn unknown heterozygote missense variant (c.1300G > A; p. E434K) of DES gene was identified. The mutation cosegregates in this family. The mutation was predicted as pathogenic and was absent in our 200 healthy controls.ConclusionWe identified a novel DES mutation (p. E434K) in a Chinese family with cardiomyopathy and SCD. Our study not only provided a new case for the study of the relationship between DES mutations and hereditary cardiomyopathy but also broadened the spectrum of DES mutations.</p

Image_1_Case report: Whole-exome sequencing identifies a novel DES mutation (p. E434K) in a Chinese family with cardiomyopathy and sudden cardiac death.PDF

BackgroundDesmin is an intermediate filament protein that plays a critical role in the stabilization of the sarcomeres and cell contacts in the cardiac intercalated disk. Mutated DES gene can cause hereditary cardiomyopathy with heterogeneous phenotypes, while the underlying molecular mechanisms requires further investigation.MethodsWe described a Chinese family present with cardiomyopathy and sudden cardiac death (SCD). Whole-exome sequencing (WES) and bioinformatics strategies were employed to explore the genetic entity of this family.ResultsAn unknown heterozygote missense variant (c.1300G > A; p. E434K) of DES gene was identified. The mutation cosegregates in this family. The mutation was predicted as pathogenic and was absent in our 200 healthy controls.ConclusionWe identified a novel DES mutation (p. E434K) in a Chinese family with cardiomyopathy and SCD. Our study not only provided a new case for the study of the relationship between DES mutations and hereditary cardiomyopathy but also broadened the spectrum of DES mutations.</p

Forest plot of infection rates of <i>S</i>. <i>japonicum</i> in sentinel mice.

Red circles indicate infection rate estimated by random effects meta-analysis and whisker bars indicate the 95% CI. Results are shown for all included studies (bottom line, n = 290), and for subgroups according to periods, river reaches, provinces (excluding Zhejiang due to one study only) or seasons (for studies with the time of month specified).</p

Distribution of eligible studies and pooled infection rate (95% CIs) of <i>S</i>. <i>japonicum</i> in sentinel mice.

(A) across China; (B) by province and period. These data are presented numerically in Table 1 and Supporting Information file S2 Table. Map was created using R 3.5.1 and data sources was from http://www.cnblogs.com/skyme/p/5182149.html.</p