We present evidence that Washington State judges respond to political pressure by sentencing serious crimes more severely. Sentences are around 10% longer at the end of a judge's political cycle than at the beginning; judges' discretionary departures above the sentencing guidelines range...

The use of collective action clauses (CACs) in public bonds has received significant attention in academic and policy circles in recent years. While the existing literature suggests that market participants in sovereign and corporate bond markets often opt to include CACs when allowed under the...

Corporate law and governance scholarship has traditionally focused on understanding the agency costs that result from unresolved conflicts of interest between shareholders and management. This agency problem becomes trivial when corporate ownership is concentrated, as is the case in many...

Economic theory suggests that corporate law should enable parties to contract freely in order to promote their best interests, thereby leading to socially optimal arrangements. Nevertheless, the law governing the terms of bonds issued by U.S. corporations contains numerous mandatory rules,...

The securities regulation landscape has changed dramatically in recent years. Federal laws have increasingly preempted the regulatory power of states, while at the same time expanding the universe of securities offerings that are not subject to registration at the federal level. These political...

We find field evidence consistent with experimental studies that document the contexts and characteristics making individuals more susceptible to priming. Just before U.S. Presidential elections, judges on the U.S. Courts of Appeals double the rate at which they dissent and vote along partisan...

Racial disparities pervade America’s socio-economic fabric: minorities lag in educational attainment, employment, income and wealth. Minorities are also underrepresented in the entrepreneurial space. For example, although minorities account for thirty-eight percent of the population, they own...