报告：Political Connections and Judicial Bias: Evidence from Chinese Corporate Litigations

报告人：Chenying Zhang (Wharton School, University of Pennsylvania)

时间：2012年2月17日（周五）9:00-10:10am

地点：成人直播新楼217教室

摘要：Using hand-collected data from 3,323 court rulings on Chinese listed firms during 1998-2010, we investigate how political connections affect litigation outcomes. Connected firms have a win rate that is 8.6% higher than unconnected firms have. The higher win rate is most significant in cases with straightforward facts, in provinces where the local legal institutions are weak, and in cases tried in politically-connected firms' home provinces. The empirical evidence is consistent with the hypothesis that the difference in the win rates is caused by judicial bias, but not caused by information asymmetry about case merits. We show that trial outcomes have real wealth impacts on firms' shareholder values. Winning firms earn 5-day cumulative abnormal returns around the verdict announcements that are 50 basis points higher than losing firms earn.

欢迎感兴趣的老师和同学参加！