法律翻译｜《法与经济学杂志》第58卷第4期

由于之前的数据缺失，目前尚不清楚董事和高管(D&O)保险在证券欺诈集体诉讼和解中的重要性。利用美国D&O政策的独特数据集，我们发现，相比损害赔偿的预估和案件实质的代表因素，D&O保险覆盖范围是和解金额大小的一个次要决定因素。D&O保险限额只与最薄弱的案件(那些没有会计违规指控或机构牵头原告的案件)的和解有关，在这些案件中，案件案情的代理人发挥的作用最小。我们的研究结果表明，大多数证券欺诈集体诉讼的和解是有利的，以及会计相关的（证券欺诈集体诉讼）案件是（财务报告）欺诈的合理指标。

We exploit the manifold increase in homicides in 2008–11 in Mexico resulting from its war on organized drug traffickers to estimate the effect of drug-related homicides on housing prices. We use an unusually rich data set that provides national coverage of housing prices and homicides and exploits within-municipality variations. We find that the impact of violence on housing prices is borne entirely by the poor sectors of the population. An increase in homicides equivalent to 1 standard deviation leads to a 3 percent decrease in the price of low-income housing.

2008-11 年间，墨西哥因打击有组织贩毒分子而导致凶杀案大幅增加，我们利用这一情况来估算与毒品有关的凶杀案对房价的影响。我们使用了一个异常丰富的数据集，该数据集提供了全国范围内的住房价格和凶杀案数据，并利用了城市内部的差异。我们发现，暴力对房价的影响完全由人口中的贫困阶层承担。凶杀案每增加1个标准差，低收入住房的价格就会下降3%。

在 2002 年，针对麦当劳的诉讼案广受关注，此后，26 个州通过了常识性消费法案（CCAs）--也被称为芝士汉堡法案--极大地限制了快餐公司对造成体重相关的负面影响所承担的责任。我们利用各州采用常识消费法案时间上看似外生的变化，首次证明了常识消费法案的影响。在双向固定效应模型中，我们发现常识性消费法案显著增加了体重偏重的人试图减肥的自我报告[1]（即民意问卷）以及水果和蔬菜的消费量。我们还发现一些证据表明，共同国家评估增加了快餐业的就业率。最后，我们发现，在一个州内，常识性消费法案大大增加了公司所有的麦当劳餐厅的数量，减少了特许经营的麦当劳餐厅的数量。总之，我们的研究结果提供了新颖的证据，以支持侵权改革的一个关键预测--侵权法改革应促使个人更加小心谨慎，并表明针对特定行业的侵权法改革会对市场结果产生重要影响。

Political Connectedness and Court Outcomes: Evidence from Chinese Corporate Lawsuits

Many authoritarian regimes lack an independent judiciary. This article studies the effect of firms’ political connectedness on court outcomes using a unique hand-collected data set of 3,323 commercial lawsuits involving listed companies in China. We find robust evidence that Chinese courts favor state firms and private firms with personal political ties. The positive effect of political connectedness is pronounced in the outcomes of litigation but not arbitration and is less pronounced in regions with better legal institutions. We also find that locally connected firms are favored in their home courts but not when the case is tried outside their home province. There is some evidence that China’s 2007 Property Law reduces the advantage of state firms. Our results cast light on the welfare redistribution role of courts in emerging and transitional economies.

许多独裁政权都缺乏独立的司法机构。本文利用亲手收集的中国上市公司3323起商业诉讼的独特数据集，研究了公司的政治关联对法院判决结果的影响。我们发现了强有力的证据，表明中国法院偏爱国有企业和有个人政治关系的私营企业。政治关联的积极影响在诉讼结果中很明显，但在仲裁结果中不明显，而且在法律制度较完善的地区不那么明显。我们还发现，与当地有政治关联的企业在当地法院受到青睐，但当案件在外地（外省）法院审理时则不然。有证据表明，中国 2007 年颁布的《物权法》减少了国有企业的优势。我们的研究结果揭示了法院在新兴转型经济体中的福利再分配作用。

作者：Elliott Ash and W. Bentley MacLeods

This paper provides a theoretical and empirical analysis of the intrinsic preferences of state appellate court judges. We construct a panel data set using published decisions from all state supreme courts from 1947 to 1994. We estimate the effects of changes in judges’ employment conditions on a number of measures of judicial performance. The results are consistent with the hypothesis that judges are intrinsically motivated to provide high-quality decisions and that at the margin they prefer quality over quantity. When judges face less time pressure—whether from the introduction of an intermediate appellate court, the weakening of electoral demands, or an increased salary—they write more well-researched opinions that are cited more often by other judges. These effects are strongest when judges have more discretion to select their portfolios of cases.

本文对州上诉法院法官的内在偏好进行了理论和实证分析。利用 1947 年至 1994 年所有州最高法院公布的判决，我们构建了一个陪审员数据集。我们估算了法官就业条件的变化对衡量司法绩效的若干指标的影响。结果与以下假设相符：法官有提供高质量判决的内在动机，在边际上他们更倾向于质量而非数量。当法官面临较小的时间压力时--无论该压力降低是因中间上诉法院的引言、选举要求的弱化还是薪酬的增加--他们撰写的意见更有研究价值，更常被其他法官引用。当法官在选择案件时拥有更多的自由裁量权时，这些影响最为明显。

作者：Darren Filson, Saman Olfati, and Fatos Radoniqi

We present evidence that event studies can help antitrust agencies forecast impacts of mergers on innovation. In large pharmaceutical mergers, cumulative abnormal returns on portfolios of rivals predict postmerger changes in the combined firm’s research and development (R&D) intensity. More favorable impacts on rivals are associated with lower intensities, which is consistent with softening competition. Matching merging firms to similar nonmerging firms suggests that we can attribute the changes in R&D intensity to the mergers. We highlight the importance of deducting expenses associated with in-process R&D and provide guidance on how to define rivals, construct portfolios, and use event studies in merger evaluations.

银行管制放松、地方信贷供应和小型企业

作者：Growth Prasad Krishnamurthy

The deregulation of bank branching in the United States reduced the sensitivity of small-business growth to local credit supply. In urban markets, within-state deregulation resulted in a 50 percent decrease in the effect of local deposit growth on employment and payroll growth. This effect is concentrated in establishments with 20–99 employees. These results hold for states that deregulated branching in response to litigation unrelated to economic conditions. These findings suggest that the large multimarket banks enabled by deregulation play an important role in insuring firms against local shocks to credit supply.

美国对银行分行管制的放松降低了小型企业增长对当地信贷供应的敏感度。在城市市场，州内放松管制导致当地存款增长对就业和工资增长的影响降低了 50%，并且这些影响主要集中在拥有 20-99 名员工的企业。以上结果适用于那些为了应对与经济状况无关的诉讼而放松分行管制的州。这些研究结果表明，在保护企业免受当地信贷供应冲击方面，放松管制后的大型多市场银行发挥了重要作用。

作者：Albert H. Choi

从长远来看，企业家可以组织营利性或非营利性公司，向消费者销售产品或服务。由于质量是不可验证和不可观测的，投资仍然可以生产低质量的产品；在均衡状态（指充分竞争状态）下，消费者会对低质量的产品实施关系制裁（指竞争关系下的不利选择）。在关系制裁充分的情况下，两类企业生产的预期质量相同。然而，由于非分配约束减少了投资逃避行为，非营利企业受到的关系制裁更短暂，这使得非营利企业甚至对只关心企业收益的企业家也有吸引力。当投资与质量之间的关系变弱，或当更激烈的市场竞争降低了利润率时，非营利企业就会成为首选。本文还展示了随着非营利企业数量的增加，针对非营利地位的法律执行力度减弱时，这两类企业如何在市场中共存。