Frequently Asked Questions

Why is the database free?

Key objectives in setting up the Bankruptcy Research Database (BRD) were to maximize use and data quality.  Free data are used more often.  Use improves data quality because it generates feedback.  If I accidentally omit a case or enter a date incorrectly, users let me know and I fix the problems.

Where do the data come from?

Most of the data in the BRD come ultimately from the court files (by way of PACER) or from Securities Exchange Commission filings.  Some come from newspaper accounts, newsletters, company websites, and telephone interviews.

How are the data collected?

My research assistants mine the data from a variety of sources.  They work from "protocols" that tell them precisely what to collect.  They give me original-source printouts that prove each item of data.  I personally enter each to the BRD.  I update the WebBRD from the BRD.

In addition, I "swap" data with other researchers who are willing to follow BRD protocols in collecting data.  The other researchers may update fields that I cannot afford to update, or provide me with new fields that I can add to the BRD.  The same quality-control practices that apply to research assistant collection also apply to collection by other researchers.

Who pays for the data collection?

Most of the data sources used in the BRD are free to academic researchers.  They include LEXIS, Westlaw, and EDGAR on-line.  Nine bankruptcy courts have granted me critical exemptions from PACER fees.  The largest expense is for research assistants.  Some of my research assistant expense is paid from grant money, but most of the expense is borne by the UCLA Law School.  I pay a substantial amount of the expense of maintaining the database from my own pocket.

Why do I maintain the database?

The database itself is an experiment in systems research.  My theory is that improving the flow of information in any social system has a marked, positive effect on the operation of the system.  If my theory is correct, wide availability of the BRD will change the manner in which the bankruptcy courts and professionals process the cases of large, public companies -- and the change will be an improvement.  See generally, Lynn M. LoPucki, The Systems Approach to Law, 82 Cornell Law Review 479 (1997).  Also, I love to collect and explore good data.

Who has access to data from the BRD?

I make BRD data freely available to academic researchers, journalists, and the bankruptcy courts.  Academic researchers are generally expected to (1) spot check some of the data and let me know if they discover any errors and/or (2) contribute data in return.  Contributed data are data the researchers had to collect for their own study anyway.

How frequently is WebBRD data updated?

I update the data whenever I can get to it.  Research assistants work throughout the year, but summer is the time when most of the work gets done.  In each recent year, we brought the WebBRD current during the summer.  When our multi-million dollar grant comes through, we will update daily.  (But don't hold your breath.)

Check how current the data are.