斯坦福商学院：第三方诉讼融资的保密面纱：披露要求的平衡后果（英文版）

Third-party litigation finance is an increasingly popular practice in commercial litigation. Despite calls for mandated disclosure, litigation funders are mostly anonymous to defendants, judges and juries. We first present an equilibrium model of litigation, with endogenous settlement and trial, where plaintiff financing is private information. Defendants use the plaintiff’s response to settlement offers to update their priors on a plaintiff’s level of financing. We then contrast this equilib