公司诉讼、治理和律师事务所的作用

IF 6.3 2区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting Research Pub Date : 2025-09-30 DOI:10.1111/1475-679x.70021

FRANK ALLEN FERRELL, ALBERTO MANCONI, EKATERINA NERETINA, WILLIAM POWLEY, LUC RENNEBOOG

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引用次数: 0

摘要

我们研究公司诉讼中的原告律师事务所，重点关注主导和解结果的“明星”律师事务所。恒星与较大的聚落有关；然而，这种影响在很大程度上是由被告的诉讼保险范围预测的，这表明明星与事前预期收益较大的诉讼的分类匹配。此外，对于给定的结算规模，明星收取更高的费用。另外的测试表明，相对于不那么老练的原告，可见性和信息不对称有助于维持明星的市场份额。这些发现促进了我们对公司诉讼以及原告律师事务所与其客户之间代理关系的理解。

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Corporate Litigation, Governance, and the Role of Law Firms

We study plaintiff law firms in corporate litigation, focusing on “star” firms that dominate settlement outcomes. Stars are associated with larger settlements; however, much of this effect is predicted by the defendant's litigation insurance coverage, suggesting assortative matching of stars with lawsuits that have ex ante larger expected payoffs. Moreover, stars charge higher fees for a given settlement size. Additional tests suggest that visibility and information asymmetry vis‐à‐vis less sophisticated plaintiffs help sustain the stars’ market share. These findings advance our understanding of corporate litigation and the agency relationship between plaintiff law firms and their clients.

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来源期刊

Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

7.80

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting Research is a general-interest accounting journal. It publishes original research in all areas of accounting and related fields that utilizes tools from basic disciplines such as economics, statistics, psychology, and sociology. This research typically uses analytical, empirical archival, experimental, and field study methods and addresses economic questions, external and internal, in accounting, auditing, disclosure, financial reporting, taxation, and information as well as related fields such as corporate finance, investments, capital markets, law, contracting, and information economics.