Document Type

Working Paper

Date of This Version



event study, patent infringement, judicial leakage, insider trading, trial court, appellate court

JEL Classification

J01, J50, J64, J65


To check for the impartiality of the United States judicial system, we investigate whether judicial decisions are leaked prior to their public release. Utilizing an event study methodology, we test for leaked information by analyzing the effect of patent infringement verdicts on the stock prices of the firms involved before and after the public release of the verdict. We find evidence that at least some of the decisions are leaked prior to their public release.

Working Paper Number




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