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Is Chapter 11 Too Favorable To Debtors? Evidence From Abroad, Theodore Eisenberg, Stefan Sundgren
Is Chapter 11 Too Favorable To Debtors? Evidence From Abroad, Theodore Eisenberg, Stefan Sundgren
Cornell Law Faculty Publications
Chapter 11 is widely believed to be among the industrialized world's most debtor-oriented reorganization laws. Critics assert that Chapter 11 is too easily available and that it allows debtors too much control by, inter alia, not requiring appointment of a trustee. One criticism of Chapter 11, low returns to unsecured creditors, resonates with an important theme of this Symposium, the Bebchuk-Fried proposal to reduce secured creditor priority in insolvency proceedings. The Chapter 11 criticisms and the Bebchuk-Fried proposal raise the question whether less easy access to Chapter 11, reduced debtor control, diminished secured creditor priority, or other changes could reduce …
The Predictability Of Punitive Damages, Theodore Eisenberg, John Goerdt, Brian Ostrom, David Rottman, Martin T. Wells
The Predictability Of Punitive Damages, Theodore Eisenberg, John Goerdt, Brian Ostrom, David Rottman, Martin T. Wells
Cornell Law Faculty Publications
Using one year of jury trial outcomes from 45 of the nation's most populous counties, this article shows a strong and statistically significant correlation between compensatory and punitive damages. These findings are replicated in 25 years of punitive damages awards from Cook County, Illinois, and California. In addition, we find no evidence that punitive damages awards are more likely when individuals sue businesses than when individuals sue individuals. With respect to award frequency, juries rarely award punitive damages and appear to be especially reluctant to do so in the areas of law that have captured the most attention, products liability …
The Litigious Plaintiff Hypothesis: Case Selection And Resolution, Theodore Eisenberg, Henry S. Farber
The Litigious Plaintiff Hypothesis: Case Selection And Resolution, Theodore Eisenberg, Henry S. Farber
Cornell Law Faculty Publications
The process through which cases are selected for litigation cannot be ignored because it yields a set of lawsuits and plaintiffs that is far from a random selection either of potential claims or of potential claimants. We present a theoretical framework for understanding the operation of this suit-selection process and its relationship to the underlying distribution of potential claims and claimants. The model has implications for the trial rate and the plaintiff win rate at trial. Our empirical analysis, using data on over 200,000 federal civil litigations, yields results that are strongly consistent with the theory.