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58 U. Chi. L. Rev. 1 (1991)
The Plaintiffs' Attorney's Role in Class Action and Derivative Litigation: Economic Analysis and Recommendations for Reform

handle is hein.journals/uclr58 and id is 7 raw text is: University of Chicago Law Review VOLUME 58 NUMBER 1 WINTER 1991 0 1991 by The University of Chicago The Plaintiffs' Attorney's Role in Class Action and Derivative Litigation: Economic Analysis and Recommendations for Reform Jonathan R. Maceyt and Geoffrey P. Millertt Table of Contents Introduction ....................................... 3 I. The Role of the Entrepreneurial Attorney ......... 7 A. The Economic Rationale for Class Action and Shareholder's Derivative Litigation ........... 8 B. The Role of the Entrepreneurial Attorney in Class Action and Shareholder's Derivative Suits 12 1. The economic theory of agency and its ap- plidation to standard litigation ........... 12 a) M onitoring ......................... 13 b) Bonding ........................... 15 c) Incentives .......................... 17 d) Residual loss ...................... 19 2. Application of agency cost theory to class and derivative cases ..................... 19 t Professor of Law, The University of Chicago. The John M. Olin Foundation provided financial support for Professor Macey's work on this project. ft Kirkland & Ellis Professor of Law, The University of Chicago. The Sarah Scaife Foundation provided financial support for Professor Miller's work on this project. The authors would like to thank Albert W. Alschuler, Douglas G. Baird, John C. Coffee, Jr., Richard A. Epstein, Michael W. McConnell, Thomas R. Meites, Daniel N. Shaviro, par- ticipants at a University of Chicago Law School Work-in-Progress Workshop and a New York University Faculty Workshop for helpful comments, and Amanda Newton and Erika Samuels for valuable research assistance. The I

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