Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/179038 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
IWH Discussion Papers No. 1/2016
Versionsangabe: 
First Draft: November 5, 2015 - This Draft: May 25, 2018
Verlag: 
Leibniz-Institut für Wirtschaftsforschung Halle (IWH), Halle (Saale)
Zusammenfassung: 
We estimate the impact of U.S. state court characteristics on firm value by exploiting a U.S. Supreme Court ruling that exogenously changed firms‘ exposure to different courts. We find that increased exposure to more business-friendly courts is associated with positive announcement returns. We find no such association for objective court quality. We confirm that this U.S. Supreme Court ruling impacted firm value through the legal environment channel. We show that this ruling reduced the ability of affected firms to remove cases from certain state courts, and we show that announcement returns are stronger for firms that have high litigation exposure.
Schlagwörter: 
courts
litigation
governance
JEL: 
G32
G34
G38
K40
Dokumentart: 
Working Paper

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