译者｜ 余安琪 浙江大学法学本科
审稿｜ 李梓源 英国布里斯托大学 LL.M.
          骆佩贤 英国布里斯托大学 LL.M.
编辑｜ 卢晓洋 香港大学研究生
          王冰子 烟台大学本科
责编｜ 扎恩哈尔·阿黑哈提 新疆农业大学本科‍‍‍‍‍‍‍‍‍‍‍
The Journal of Law and Economics Volume 58, Number 4| 2015
《法与经济学杂志》第58卷第4期
01
/ Abstract /
The Role of Directors' and Officers' Insurance in Securities Fraud Class Action Settlements
董事和高级管理人员保险
在证券欺诈集体诉讼和解中的作用
作者：Dain C. Donelson, Justin J. Hopkins, and Christopher G. Yust
Because of previous data unavailability, it is unclear how important directors’ and officers’ (D&O) insurance is in securities fraud class action settlements. Using a unique data set of US D&O policies, we find that D&O insurance coverage is a less significant determinant of settlement amounts than estimated damages and proxies for the merits of cases. Limits on D&O insurance are related to settlements in only the weakest cases (those without allegations of accounting violations or institutional lead plaintiffs) where proxies for cases’ merits play a minimal role. Our findings suggest that most securities fraud class action settlements are meritorious and that accounting-related cases are a reasonable proxy for fraud.
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。
02
/ Abstract /
On the Distributive Costs of
Drug-Related Homicides
论毒品杀人的分配成本
作者：Nicolas Ajzenman, Sebastian Galiani,
and Enrique Seira
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%。
03
/ Abstract /
Do Cheeseburger Bills Work? 
Effects of Tort Reform for Fast Food
芝士汉堡法案有用吗？
侵权法改革对快餐业的影响
作者：Christopher S. Carpenter
and D. Sebastian Tello-Trillo
After highly publicized lawsuits against McDonald’s in 2002, 26 states adopted commonsense consumption acts (CCAs)—also known as cheeseburger bills—that greatly limit fast-food companies’ liability for weight-related harms. We provide the first evidence of the effects of CCAs using plausibly exogenous variation in the timing of CCA adoption across states. In two-way fixed-effects models, we find that CCAs significantly increased self-reports of attempts to lose weight and consumption of fruits and vegetables among heavy individuals. We also find some evidence that CCAs increased employment in the fast-food industry. Finally, we find that CCAs significantly increased the number of company-owned McDonald’s restaurants and decreased the number of franchisee-owned McDonald’s restaurants in a state. Overall, our results provide novel evidence supporting a key prediction of tort reform—that it should induce individuals to take more care—and show that industry-specific tort reforms can have meaningful effects on market outcomes.
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。
[1] 译者注：自我报告是一种调查、问卷或民意测验，受访者在不受研究人员干扰的情况下，自己阅读问题并选择答案。
（图片来源于网络）
04
/ Abstract /
Political Connectedness and Court Outcomes: Evidence from Chinese Corporate Lawsuits
政治关联与法庭结果：中国企业诉讼的证据
作者：Xie Haitian Lu, Hongbo Pan,
and Chenying Zhang
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。
05
/ Abstract /
Intrinsic Motivation in Public Service: Theory and Evidence
from State Supreme Courts
公共服务中的内在激励：
州最高法院的理论与证据
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。
（图片来源于网络）
06
/ Abstract /
Evaluating Mergers in the Presence
of Dynamic Competition 
Using Impacts on Rivals
利用对竞争对手的影响
评估动态竞争中的兼并
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.
Darren Filson, Saman Olfati, and Fatos Radoniqi
我们提出的证据表明，事件研究法[2]（一种评估事件对公司价值影响的统计方法）可以帮助反垄断机构预测兼并对创新的影响。在大型医药企业兼并中，竞争对手组合的累积性异常回报可以预测兼并后合并企业研发（R&D）强度的变化。对竞争对手更有利的影响与较低的研发强度有关，这与竞争趋于缓和是一致的。将合并企业与类似的非合并企业进行比对，显示我们可以将研发强度的变化归因于合并。我们强调了扣除研发过程中相关费用的重要性，并就如何定义竞争对手、构建投资组合以及在兼并评估中使用事件研究法提供了指导。
[2] 译者注：An Event study is a statistical method to assess the impact of an event on the value of a firm. For example, the announcement of a merger between two business entities can be analyzed to see whether investors believe the merger will create or destroy value. The basic idea is to find the abnormal return attributable to the event being studied by adjusting for the return that stems from the price fluctuation of the market as a whole.
07
/ Abstract /
Banking Deregulation, 
Local Credit Supply, 
and Small-Business
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。
08
/ Abstract /
Nonprofit Status and 
Relational Sanctions: 
Commitment to Quality through Repeat Interactions and Organizational Choice
非营利地位与关系制裁： 
通过重复性的互动和组织性的选择
实现质量承诺
作者：Albert H. Choi
An entrepreneur can organize either a for-profit or a nonprofit firm to sell products or services to consumers in the long run. Because quality is nonverifiable and unobservable, investment can still produce low quality; in equilibrium, consumers impose relational sanctions when low quality is delivered. With sufficient relational sanctions, both types of firms produce the same expected quality. However, because the nondistribution constraint reduces the temptation to shirk from investment, the nonprofit firm is subject to shorter relational sanctions, which can make nonprofit status attractive even for the entrepreneur who cares only about the return obtained from the firm. Nonprofit status is preferred as the relationship between investment and quality gets weaker or as stronger market competition reduces the profit margin. The paper also shows how both types of firms can coexist in a market when the legal enforcement against nonprofit status weakens as the number of nonprofit firms increases.
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。
原文链接：
https://www.journals.uchicago.edu/toc/jle/2015/58/4
（斜体为意译）
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