Corporate insiders engage in shadow trading when they use private information pertaining to their own firm to trade in the shares of economically connected companies. We develop a model to analyze the consequences of shadow trading on corporate investment choices and derive four main findings....

New York “closing statement” data provide unique insight into settlement and selection. The distributions of settlements and adjudicated damages are remarkably similar, and the average settlement is very close to the average judgment. One interpretation is that selection effects may be small...

Priest and Klein’s 1984 article, “The Selection of Disputes for Litigation,” famously hypothesized a “tendency toward 50 percent plaintiff victories” among litigated cases. Despite the article’s enduring influence, its results have never been formally proved, and doubts remain about...

In their 1984 article, “The Selection of Disputes for Litigation,” Priest and Klein famously hypothesized a “tendency toward 50 percent plaintiff victories” among litigated cases. Nevertheless, many scholars doubt the validity of their conclusions, because the model they relied upon does...

Priest and Klein (1984) argued that, because of selection effects, the percentage of litigated cases won by plaintiffs will not vary with the legal standard. Many researchers thereafter concluded that one could not make valid inferences about the character of the law from the percentage of cases...

We construct a database of federal appellate cases involving religious liberties decided between 2006 and 2015, expanding and improving an existing database covering up to 2005, and use it to investigate the role of religion in judicial decisionmaking. We find that Jewish judges are...