RAND Institute for Civil Justice Publications
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Economic Effects of Product Liability and Other Litigation Involving the Safety and Effectiveness of Pharmaceuticals — 2013
Liability effects on the economic performance of the pharmaceutical industry play a prominent role in the debate about the economic effects of product liability in the United States. The author analyzes incentive effects on company decisions, implications for economic outcomes such as drug safety and effectiveness, and suggests how public policy changes could mitigate liability-based sources of inefficient decisions of pharmaceutical companies.
These proceedings summarize the key themes and issues raised during a symposium on September 24, 2012, hosted by the RAND Center for Corporate Ethics and Governance. Discussion focused on the ways in which hedge funds might contribute to systemic risk and the extent to which recent financial reforms address these potential risks. Participants included thought leaders from industry, government, and academia.
On Average, Physicians Spend Nearly 11 Percent of Their 40-Year Careers with an Open, Unresolved Malpractice Claim — 2013
The average physician spends nearly 11 percent of an assumed forty-year career with an unresolved, open malpractice claim. The long time it takes for a case is resolved is distressing for both doctor and patient.
Anti-Corruption Regulations in Emerging and Expeditionary Markets: New Markets, New Challenges — 2012
This document describes the key themes and recommendations arising from a roundtable symposium RAND convened in January 2012 to explore the difficulties facing companies in complying with anti-corruption mandates and the challenges of corruption in foreign markets. The event drew on the experience of executives at major public companies and participants with backgrounds in foreign policy, diplomatic service, law, and the nonprofit sector.
This briefing identifies policy questions related to compensating service members and their survivors for fatality risk. After comparing patterns in the characteristics of combat fatalities with those of fatalities occurring in other contexts, it discusses the Department of Defense's current compensation programs. Policymakers may benefit from both empirical studies and comparisons with compensation programs that exist in other contexts.
Corporate Culture and Ethical Leadership Under the Federal Sentencing Guidelines: What Should Boards, Management, and Policymakers Do Now? — 2012
On May 16, 2012, RAND brought together a group of public company directors and executives, chief ethics and compliance officers, and stakeholders from the government, academic, and nonprofit sectors for a series of conversations about organizational culture, as well as to explore the business and policy ramifications of efforts to build better ethical cultures in corporations.
The Cost of Producing Electronic Documents in Civil Lawsuits: Can They Be Sharply Reduced Without Sacrificing Quality? — 2012
According to a RAND study, document review makes up 73 percent of discovery costs. Predictive coding is the most promising option for cutting costs without compromising the quality of the process.
RAND research finds that hedge funds did not play a pivotal role in the financial crisis of 2007–2008 but assesses how such funds could contribute to systemic risk in the future.
An Early Assessment of the Civil Justice System After the Financial Crisis: Something Wicked This Way Comes? — 2012
The financial collapse of 2008 has had a lasting, disruptive effect on many aspects of the U.S. economy, including the civil justice system. A preliminary assessment of the impact of the financial crisis on various facets of the civil justice system identified a set of priority areas that warrant further empirical research and additional data collection.
Data from the Current Population Survey are used to conduct a detailed analysis of the determinants of entrepreneurship at the individual level to find what effect the ''Great Recession'' have on business formation.
This report explores the extent to which hedge funds create or contribute to systemic risk, the role they played in the financial crisis, and whether and how the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 addresses the potential systemic risks posed by hedge funds.
How Much Should Judges Be Paid? An Empirical Study on the Effect of Judicial Pay on the State Bench — 2012
Judicial salaries have a small but significant effect on the likelihood of exit and thus the length of judicial tenure, and a small effect on the background of judges that join the appellate bench.
The Impact of Health Care Reform on Workers’ Compensation Medical Care: Evidence from Massachusetts — 2012
Health care reform can potentially affect the volume and cost of medical care received through workers' compensation (WC), but so far there has been little empirical evidence of this effect. This study used Massachusetts's health care reform experience to empirically estimate how reform impacts WC hospital care.
This monograph provides a richly detailed account of the resources required by a diverse set of very large companies operating in different industries to comply with what they described as typical electronic-discovery requests and suggests ways to reduce those costs, as well as address concerns about duties to preserve data in anticipation of litigation.
This research brief provides an overview of a collection of essays, a collaborative project by the UCLA-RAND Center for Law and Public Policy, examining the trade-offs between transparency and confidentiality in the civil justice system.
Asbestos bankruptcy trusts play an important role in compensating asbestos injuries. This monograph examines how state tort laws address compensation paid by trusts and the evidence submitted in trust claim forms, how court proceedings take this evidence and compensation into account, and how the establishment of the trusts potentially affects compensation.
People with asbestos injuries are increasingly receiving compensation from trusts set up by bankrupt asbestos defendants. This brief documents how courts handling these cases consider trust payments when determining compensation.
Evidence suggests that arbitration clauses, though common in consumer contracts, are uncommon in commercial contracts, but research on why this may be so is scant. This report presents the findings of a survey and follow-up interviews of corporate counsel that sought to determine their thinking on domestic business-to-business arbitration and its use as an alternative to litigation.
For Whom the Whistle Blows: Advancing Corporate Compliance and Integrity Efforts in the Era of Dodd-Frank — 2011
Following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities and Exchange Commission issued for comment a set of controversial rules on whistleblower awards and protections. On May 11, 2011, RAND convened a symposium to discuss the implications of the proposed rules, the role of internal compliance and reporting processes, and steps to strengthen these processes in the era of Dodd-Frank.
The likelihood of malpractice suits and the size of indemnity payments vary across specialties, but by age 65, 75% of physicians in low-risk specialties had faced a malpractice claim, as compared with 99% of physicians in high-risk specialties.
Large variations exist across medical specialties in the frequency of malpractice claims and the amount paid on them. Most physicians face at least one claim during their careers, but most claims do not result in a payment.
This analysis and its findings are a step toward informing the policy debate about the effects of the new Medicare requirement under which insurers and self-insured companies must report settlements, awards, and judgments involving a Medicare beneficiary to the Centers for Medicare and Medicaid Services. The researchers focused on compliance costs, recovery amounts under the Medicare Secondary Payer Act, and the phaseout of a $5,000 threshold.
Asbestos Bankruptcy Trusts: An Overview of Trust Structure and Activity with Detailed Reports on the Largest Trusts — 2010
This report describes the creation, organization, and operation of asbestos personal-injury trusts and compiles publicly available information on the assets, outlays, and governing boards of the 26 largest trusts. The authors find that the publicly available information provides a rich source of information on trust activity but that more detailed information is needed to determine their impact on important compensation outcomes.
In light of what occurred after Katrina and the other 2004-2005 hurricanes, the authors propose goals for an effective Gulf Coast residential insurance market and highlight policy reforms that warrant consideration for achieving those goals.
Directors as Guardians of Compliance and Ethics Within the Corporate Citadel: What the Policy Community Should Know — 2010
RAND convened a symposium on the perspective and role of corporate boards of directors in overseeing their firms' ethics and compliance matters. These conference proceedings summarize the event and the discussions, which focused on oversight challenges that directors face, board responsibility for corporate culture, and steps that business leaders and policymakers might take to better encourage and empower directors in their oversight role.