GRASIELA GONCALVES CERBINO

PhD Graduate

PhD program:: XXXV


supervisor: Prof. Gianluca Scarchillo

Thesis title: QUANTIFYING SECURITIES MARKET LOSSES CAUSED BY INFORMATION FAILURES. Contemporary profiles of comparative, European and international law.

This study analyses the parameters for quantifying the losses suffered by investors who purchased shares of public companies during information failures. The thesis argues that the damage caused to investors by information failures depends primarily on the market's perception, and therefore it is inappropriate to adopt any criteria to measure such damage other than the price impact given by the market itself. The uniqueness and non-replicability of capital markets means that only the market itself can determine share prices and, consequently, concrete and authentic market analysis is the only viable method of quantifying market losses.

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