It is generally agreed that boards are endogenously determined institutions that serve both an oversight and advisory role in a firm. While oversight role of boards has been extensively studied relatively few studies have examined the advisory role of corporate boards. In this study we examine...

Few issues are more contentious for local communities than industrial pollution. When local industries pollute, lawmakers and regulators must balance two primary concerns: economic prosperity and the environment. The role of political pressure is well-documented in environmental policy. What is...

We investigate the impact of the race and income of the jury pool on trial awards. We find that the average tort award increases as black and Hispanic county population rates increase and especially as black and Hispanic county poverty rates increase. An increase in the black countypoverty rate...

Single-firm event studies play an important role in both scholarship and litigation despite the general invalidity of standard inference. We use a broad cross-section of 2000-2007 CRSP data and find that the standard approach performs poorly in terms of both Type I and Type II error rates. We...

Legal cases are generally won or lost on the basis of statistical discrimination measures, but it is workers' perceptions of discriminatory behavior that are important for understanding many labor-supply decisions. Workers who believe that they have been discriminated against are more likely to...

Legal cases are generally won or lost on the basis of statistical discrimination measures, but it is workers' perceptions of discriminatory behavior that are important for understanding many labor-supply decisions. Workers who believe that they have been discriminated against are more likely to...

How much should judges be paid? We first survey the considerable history of the debate and identify the implicit causal claims made about the effect of judicial pay. We find that claims about the effect of pay on the composition and quality of the judiciary have remained remarkably similar over...

In the United States insurance is regulated both by state insurance commissions and class action litigation. The interaction of these two systems has not been extensively studied. We examine four different facets of the regulation litigation tradeoff. The first is to examine whether a...

The existing literature does not agree on the optimal jury size. We demonstrate that the probability of type I and type II errors is not sensitive to the number of jurors under the following three conditions: jurors received independent signals about a defendant's guilt during the evidence stage...