Heisler, Jeffrey, and Karin Hjalmers. "The Impact of Bias and Harassment Lawsuits on Equity Returns." Working paper, 1998.

This event study reviews the impact of 75 bias and harassment lawsuit filings on the stock prices of 45 firms, as well as the impact of 29 settlements on 25 firms. The authors find a steadily increasing negative reaction to the filing of such lawsuits, and a steadily decreasing negative reaction to settlements. However, the authors report that "[i]n both cases the reactions were statistically insignificant."