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Insurance Commons

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Law and Economics

University of Pennsylvania Law School

Insurance Law

Articles 1 - 7 of 7

Full-Text Articles in Insurance

Embracing Risk, Sharing Responsibility, Tom Baker Jan 2008

Embracing Risk, Sharing Responsibility, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.


Predicting Corporate Governance Risk: Evidence From The Directors' & Officers' Liability Insurance Market, Tom Baker, Sean J. Griffith Jan 2007

Predicting Corporate Governance Risk: Evidence From The Directors' & Officers' Liability Insurance Market, Tom Baker, Sean J. Griffith

Faculty Scholarship at Penn Law

No abstract provided.


The Missing Monitor In Corporate Governance: The Directors' And Officers' Liability Insurer, Tom Baker, Sean J. Griffith Jan 2007

The Missing Monitor In Corporate Governance: The Directors' And Officers' Liability Insurer, Tom Baker, Sean J. Griffith

Faculty Scholarship at Penn Law

This article reports the results of empirical research on the monitoring role of directors’ and officers’ liability insurance (D&O insurance) companies in American corporate governance. Economic theory provides three reasons to expect D&O insurers to serve as corporate governance monitors: first, monitoring provides insurers with a way to manage moral hazard; second, monitoring provides benefits to shareholders who might not otherwise need the risk distribution that D&O insurance provides; and third, the “bonding” provided by risk distribution gives insurers a comparative advantage in monitoring. Nevertheless, we find that D&O insurers neither monitor corporate governance during the life of the insurance contract nor manage litigation defense costs once claims arise. Our findings raise significant questions about the value of D&O insurance for shareholders as well as the deterrent effect of corporate and securities ...


Teaching Real Torts: Using Barry Werth's Damages In The Law School Classroom, Tom Baker Jul 2002

Teaching Real Torts: Using Barry Werth's Damages In The Law School Classroom, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.


Reconsidering Insurance For Punitive Damages, Tom Baker Jan 1998

Reconsidering Insurance For Punitive Damages, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.


Conflicts And Defense Lawyers: From Triangles To Tetrahedrons, Tom Baker Jan 1997

Conflicts And Defense Lawyers: From Triangles To Tetrahedrons, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.


On The Genealogy Of Moral Hazard, Tom Baker Jan 1996

On The Genealogy Of Moral Hazard, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.