How Does Judges’ Personal Exposure to Financial Fraud Affect White‐Collar Sentencing?
研究联邦法官因持股而直接遭受金融欺诈后，是否影响其对白领案件的判决，发现除最严重欺诈外，法官个人受害经历几乎不影响其专业量刑行为。
ABSTRACT We study whether federal judges’ personal exposure to financial fraud affects their professional behavior, in the form of sentencing outcomes in white‐collar cases. Following the methodology outlined in our registered report, we construct a novel measure of financial fraud exposure based on judges’ direct shareholdings in firms that commit financial fraud. Using this measure, we exploit the random assignment of cases to judges to examine whether judges exposed to fraud in one firm are (1) less likely to rule in favor of defendants in white‐collar cases involving other firms and (2) less likely to grant favorable pretrial motions to defendants. We find minimal evidence in support of either (1) or (2), concluding that for all but the most serious frauds, judges are unlikely to let their personal victimhood experience affect their professional sentencing behavior with respect to related cases. Our study broadens our understanding of the spillover effects of financial fraud enforcement and contributes to the literature on how judges’ personal experiences can shape judicial decision‐making.