Stephen Choi (NYU) and Bob Thompson (Vanderbilt) recently circulated Securities Litigation and its Lawyers: Changes During the First Decade After PSLRA which might hold particular appeal for those interested in "possible new lines of research into the effectiveness of the PSLRA." An edited abstract follows:
"This Article surveys the empirical evidence on the impact of the PSLRA, examining the specific categories of reforms introduced by the Act.
We report that while the market concentration of plaintiff law firms based on settlement amounts did not change appreciably after the enactment of the PSLRA, the tendency of top tier law firms to associate with lower tier firms did increase significantly in the post-PSLRA period. We also report that institutional investors taking on the role of lead plaintiffs in the post-PSLRA period tended to develop repeat relationships with select top tier firms."