光华讲坛

主题：Just Friends? Managers’ Connections to Judges

主讲人：徐艳萍 （暨南大学）

主持人：陈磊

时间：2022年10月11日（周二）09:00—10:30

腾讯会议：816-442-619

主办：澳门bet356体育在线官网  科研处

主讲人简介：徐艳萍，暨南大学会计系副教授，博士毕业于清华大学经管学院。研究方向为审计、公司治理。在Review of Accounting Studies, Journal of Business Finance and Accounting, Auditing: A Journal of Practice and Theory等发表文章。

摘要：We study the impact of social connections between judges and executives on the outcomes of Securities Class Action Litigation (SCAL). Judges who are socially connected to a firm’s executives are significantly more likely to dismiss lawsuits against the firm. There is also evidence of faster resolution and lower payout amounts in connected cases. The favorable outcomes cannot be explained by the lower severity of connected cases, or by court, judge, or firm characteristics. Our results are robust to using new judge appointments as a source of exogenous variation in “connectedness” and are more pronounced for cases involving less visible firms and when connections between judges and executives are likely more direct. Our evidence indicates that social connections influence judge impartiality and meaningfully alter Security Class Action Litigation outcomes.