Prospects of economic development have come to be linked to the transparency, predictability and independence of legal enforcement mechanisms under the common law tradition. This paper examines whether the voting behavior of Supreme Court justices in 423 rulings in 49 cases related to securities legislation since 1936 demonstrates the required independence. We test whether the voting behavior shows systematic variation in a range of measures of the personal ideological stance of the justices, a range of measures of prevailing economic conditions, and a range of measures of prevailing political conditions. We find that the voting behavior does vary significantly with respect to all three, both statistically and substantively.
Are Justices of the US Supreme Court Islands Unto Themselves? Examining external influences on US Supreme Court rulings in securities cases
VENTORUZZO, MARCO
2015
Abstract
Prospects of economic development have come to be linked to the transparency, predictability and independence of legal enforcement mechanisms under the common law tradition. This paper examines whether the voting behavior of Supreme Court justices in 423 rulings in 49 cases related to securities legislation since 1936 demonstrates the required independence. We test whether the voting behavior shows systematic variation in a range of measures of the personal ideological stance of the justices, a range of measures of prevailing economic conditions, and a range of measures of prevailing political conditions. We find that the voting behavior does vary significantly with respect to all three, both statistically and substantively.
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