作者：Huang, Sterling; Roychowdhury, Sugata; Sletten, Ewa; Xu, Yanping
作者单位：New York University; NYU Shanghai; Northwestern University; University System of Ohio; Ohio State University; Sun Yat Sen University
摘要：We study the impact of social connections between judges and executives on the outcomes of Securities Class Action Litigation (SCAL). Judges who are socially connected to a firm's executives are significantly more likely to dismiss lawsuits against the firm. There is also evidence of faster resolution and lower payout amounts in connected cases. The favorable outcomes cannot be explained by the lower severity of connected cases, or by court, judge, or firm characteristics. Our results are more...
