Drawing on the political theory of judicial decision making, our paper proposes a new and parsimonious ex ante … litigation risk measure: federal judge ideology. We find that judge ideology complements existing measures of litigation risk … judge ideology on litigation risk is greater for firms with more sophisticated shareholders and with higher expected …

Drawing on the political theory of judicial decision making, our paper proposes a new and parsimonious ex ante … litigation risk measure: federal judge ideology. We find that judge ideology complements existing measures of litigation risk … judge ideology on litigation risk is greater for firms with more sophisticated shareholders and with higher expected …

. Standard theory would want judges to rationally deal with the limitations of the evidence. We posit that this is not only …