Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 28, 2021 erstellt
Description:
This paper develops text-based measures of case strength and similarity using Statements of Claims filed in securities arbitration concerning investments in Puerto Rico municipal bonds to predict arbitration outcomes. We find that stronger customer claims and claims more similar to previous claims are more likely to settle than result in an award. These claims are also associated with higher total customer payout, including both settlements and awards. Our findings offer unique insights into the role of settlements as an alternative method of dispute resolution, and the selection bias associated with claims which result in an award