We examine the effect of managerial litigation risk on corporate investment efficiency. Exploiting the staggered adoption of universal demand (UD) laws in the United States and employing a stacked regression approach, we find that the exogenous reduction in litigation risk induced by UD laws leads to lower investment efficiency. Our results are robust to the use of alternative partitioning variables and variations in sample composition. We also find that the decrease in investment sensitivity and excessive risk-taking are channels through which the reduced litigation rights lead to less efficient investments. Our results support the notion that weakened shareholder litigation rights lead to more severe agency conflicts and thus less efficient investment decisions.
{"title":"Managerial litigation risk and corporate investment efficiency: Evidence from universal demand laws","authors":"Leonard Leye Li, Gary S. Monroe, Jeff Coulton","doi":"10.1111/jels.12340","DOIUrl":"10.1111/jels.12340","url":null,"abstract":"<p>We examine the effect of managerial litigation risk on corporate investment efficiency. Exploiting the staggered adoption of universal demand (UD) laws in the United States and employing a stacked regression approach, we find that the exogenous reduction in litigation risk induced by UD laws leads to lower investment efficiency. Our results are robust to the use of alternative partitioning variables and variations in sample composition. We also find that the decrease in investment sensitivity and excessive risk-taking are channels through which the reduced litigation rights lead to less efficient investments. Our results support the notion that weakened shareholder litigation rights lead to more severe agency conflicts and thus less efficient investment decisions.</p>","PeriodicalId":47187,"journal":{"name":"Journal of Empirical Legal Studies","volume":"20 1","pages":"196-232"},"PeriodicalIF":1.7,"publicationDate":"2023-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jels.12340","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43374517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper is a discussion of whether single-member judicial panels are an effective way of accelerating the delivery of criminal justice. We use a reform which introduced single-member courts in Greece, where delays in court proceedings are common according to the European Justice Scoreboard and the European Court of Human Rights. We use a novel dataset of 1463 drug trafficking cases tried between June 2012 and January 2014. As our measure of efficiency we use the time to issue a decision, and we find that single-member panels are as efficient as three-member ones. We take advantage of a feature of the reform to control for several confounding factors and support a causal interpretation of our findings. We complement our analysis with a survey of 142 judges to guide our interpretation of the results.
{"title":"One judge to rule them all: Single-member courts as an answer to delays in criminal trials","authors":"Konstantinos Kalliris, Theodore Alysandratos","doi":"10.1111/jels.12341","DOIUrl":"https://doi.org/10.1111/jels.12341","url":null,"abstract":"<p>This paper is a discussion of whether single-member judicial panels are an effective way of accelerating the delivery of criminal justice. We use a reform which introduced single-member courts in Greece, where delays in court proceedings are common according to the European Justice Scoreboard and the European Court of Human Rights. We use a novel dataset of 1463 drug trafficking cases tried between June 2012 and January 2014. As our measure of efficiency we use the time to issue a decision, and we find that single-member panels are as efficient as three-member ones. We take advantage of a feature of the reform to control for several confounding factors and support a causal interpretation of our findings. We complement our analysis with a survey of 142 judges to guide our interpretation of the results.</p>","PeriodicalId":47187,"journal":{"name":"Journal of Empirical Legal Studies","volume":"20 1","pages":"233-268"},"PeriodicalIF":1.7,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jels.12341","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50119162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Jessica Findley, Adriana Cimetta, Heidi Legg Burross, Katherine C. Cheng, Matt Charles, Cayley Balser, Ran Li, Christopher Robertson
Admissions tests have increasingly come under attack by those seeking to broaden access and reduce disparities in higher education. Meanwhile, in other sectors there is a movement towards “work-sample” or “proximal” testing. Especially for underrepresented students, the goal is to measure not just the accumulated knowledge and skills that they would bring to a new academic program, but also their ability to grow and learn through the program. The JD-Next is a fully online, noncredit, 7- to 10-week course to train potential JD students in case reading and analysis skills, prior to their first year of law school. This study tests the validity and reliability of the JD-Next exam as a potential admissions tool for juris doctor programs of education. (In a companion article, we report on the efficacy of the course for preparing students for law school.) In 2019, we recruited a national sample of potential JD students, enriched for racial/ethnic diversity, along with a sample of volunteers at one university (N = 62). In 2020, we partnered with 17 law schools around the country to recruit a cohort of their incoming law students (N = 238). At the end of the course, students were incentivized to take and perform well on an exam that we graded with a standardized methodology. We collected first-semester grades as an outcome variable, and compared JD-Next exam properties to legacy exams now used by law schools (the Law School Admissions Test (LSAT), including converted GRE scores). We found that the JD-Next exam was a valid and reliable predictor of law school performance, comparable to legacy exams. For schools ranked outside the Top 50, we found that the legacy exams lacked significant incremental validity in our sample, but the JD-Next exam provided a significant advantage. We also replicated known, substantial racial and ethnic disparities on the legacy exam scores, but estimate smaller, nonsignificant score disparities on the JD-Next exam. Together this research suggests that, as an admissions tool, the JD-Next exam may reduce the risk that capable students will be excluded from legal education and the legal profession.
{"title":"JD-Next: A valid and reliable tool to predict diverse students' success in law school","authors":"Jessica Findley, Adriana Cimetta, Heidi Legg Burross, Katherine C. Cheng, Matt Charles, Cayley Balser, Ran Li, Christopher Robertson","doi":"10.1111/jels.12342","DOIUrl":"https://doi.org/10.1111/jels.12342","url":null,"abstract":"<p>Admissions tests have increasingly come under attack by those seeking to broaden access and reduce disparities in higher education. Meanwhile, in other sectors there is a movement towards “work-sample” or “proximal” testing. Especially for underrepresented students, the goal is to measure not just the accumulated knowledge and skills that they would bring <i>to</i> a new academic program, but also their ability to grow and learn <i>through</i> the program. The JD-Next is a fully online, noncredit, 7- to 10-week course to train potential JD students in case reading and analysis skills, prior to their first year of law school. This study tests the validity and reliability of the JD-Next exam as a potential admissions tool for juris doctor programs of education. (In a companion article, we report on the efficacy of the course for preparing students for law school.) In 2019, we recruited a national sample of potential JD students, enriched for racial/ethnic diversity, along with a sample of volunteers at one university (<i>N</i> = 62). In 2020, we partnered with 17 law schools around the country to recruit a cohort of their incoming law students (<i>N</i> = 238). At the end of the course, students were incentivized to take and perform well on an exam that we graded with a standardized methodology. We collected first-semester grades as an outcome variable, and compared JD-Next exam properties to legacy exams now used by law schools (the Law School Admissions Test (LSAT), including converted GRE scores). We found that the JD-Next exam was a valid and reliable predictor of law school performance, comparable to legacy exams. For schools ranked outside the Top 50, we found that the legacy exams lacked significant incremental validity in our sample, but the JD-Next exam provided a significant advantage. We also replicated known, substantial racial and ethnic disparities on the legacy exam scores, but estimate smaller, nonsignificant score disparities on the JD-Next exam. Together this research suggests that, as an admissions tool, the JD-Next exam may reduce the risk that capable students will be excluded from legal education and the legal profession.</p>","PeriodicalId":47187,"journal":{"name":"Journal of Empirical Legal Studies","volume":"20 1","pages":"134-165"},"PeriodicalIF":1.7,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jels.12342","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50119158","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article presents results from the most comprehensive study to date of the resolution of qualified immunity in the federal courts of appeals and the US Supreme Court. By analyzing more than 4000 appellate decisions issued between 2004 and 2015, this study provides novel insights into how courts of appeals resolve arguments for qualified immunity. Moreover, by conducting an unprecedented analysis of certiorari practice, this study reveals how the US Supreme Court has exercised its discretionary jurisdiction in the area of qualified immunity. The data presented here have significant implications for civil rights enforcement and the uniformity of federal law. They show that qualified immunity, when deployed, often bars relief for plaintiffs. Moreover, they show that courts of appeals reverse decisions to deny qualified immunity far more often than they reverse decisions to grant qualified immunity, and that this asymmetric review is correlated with traditional indicators of judicial ideology, among other variables. Significantly, the data also suggest that the asymmetric review that characterizes appellate decisions is also present in the Supreme Court's certiorari practice.
{"title":"Asymmetric review of qualified immunity appeals","authors":"Alexander A. Reinert","doi":"10.1111/jels.12339","DOIUrl":"10.1111/jels.12339","url":null,"abstract":"<p>This article presents results from the most comprehensive study to date of the resolution of qualified immunity in the federal courts of appeals and the US Supreme Court. By analyzing more than 4000 appellate decisions issued between 2004 and 2015, this study provides novel insights into how courts of appeals resolve arguments for qualified immunity. Moreover, by conducting an unprecedented analysis of certiorari practice, this study reveals how the US Supreme Court has exercised its discretionary jurisdiction in the area of qualified immunity. The data presented here have significant implications for civil rights enforcement and the uniformity of federal law. They show that qualified immunity, when deployed, often bars relief for plaintiffs. Moreover, they show that courts of appeals reverse decisions to deny qualified immunity far more often than they reverse decisions to grant qualified immunity, and that this asymmetric review is correlated with traditional indicators of judicial ideology, among other variables. Significantly, the data also suggest that the asymmetric review that characterizes appellate decisions is also present in the Supreme Court's certiorari practice.</p>","PeriodicalId":47187,"journal":{"name":"Journal of Empirical Legal Studies","volume":"20 1","pages":"4-85"},"PeriodicalIF":1.7,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49479321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
W. Epstein, C. Robertson, D. Yokum, H. Ko, Kevin H. Wilson, Monica Ramos, Katherine Kettering, Margaret Houtz
{"title":"Can moral framing drive insurance enrollment in the\u0000 United States\u0000 ?","authors":"W. Epstein, C. Robertson, D. Yokum, H. Ko, Kevin H. Wilson, Monica Ramos, Katherine Kettering, Margaret Houtz","doi":"10.1111/jels.12334","DOIUrl":"https://doi.org/10.1111/jels.12334","url":null,"abstract":"","PeriodicalId":47187,"journal":{"name":"Journal of Empirical Legal Studies","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42695379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}