The abstract nature of Constitutional principles, such as the social state principle, requires further interpretation to determine their concrete substance. Their realization is primarily the duty of politics and the legislator. Yet the Constitutional Courts can substantially contribute to...

This paper seeks to explain how courts in new and vulnerable democracies acquire legitimacy and thus become credible actors able to facilitate or even foster the consolidation of democracy. It analyses the case of the Constitutional Court of Benin (CCB), demonstrating that governmental...

We estimate the link between the court system and firm value by exploiting a U.S. Supreme Court ruling which changed firms' exposure to different courts. We find that exposure to courts which are highly ranked by the U.S. Chamber of Commerce increases firm value. The effect is driven by...