Edward R. Morrison
Professor of Law
Areas of Teaching and Research
- Bankruptcy law
- Law and economics
- Corporate reorganization
- University of Chicago, Ph.D. (Economics), 2003
- University of Chicago Law School, J.D., 2000
- University of Chicago, M.A., 1997
- University of Utah, B.S., 1994
Edward R. Morrison rejoined the Columbia Law School faculty in July 2014 as an expert in bankruptcy law and law and economics, including the causes and consequences of insolvency, both consumer and corporate. Over the course of a distinguished career, Morrison’s scholarship has addressed corporate reorganization, consumer bankruptcy, entrepreneurship and small business finance, financial derivatives, the regulation of systemic market risk, and foreclosure and mortgage modification.
His research has been recognized by the bankruptcy bench and bar and has received support from the National Science Foundation and Pew Charitable Trusts, among other foundations. His current work studies patterns in inter-creditor agreements, the extent to which unexpected health expenditures cause defaults and consumer bankruptcy filings, the effects of bankruptcy law on entrepreneurship, and the costs and benefits of the bankruptcy code’s special rules for financial contracts such as repos.
In 2012, Morrison received the John Wesley Steen Law Review Writing Prize from the American Bankruptcy Institute (ABI), along with Douglas Baird of the University of Chicago, for an article on the Dodd-Frank Act published in the ABI Law Review.
In addition to his work as a scholar, Morrison serves as a director of the American Law & Economics Association, is a conferee of the National Bankruptcy Conference, and has been appointed by Chief Justice John G. Roberts, Jr. to serve as a member of the Advisory Committee on Bankruptcy Rules. He is currently an editor of the Journal of Legal Studies and was previously an associate editor of the American Law & Economics Review.
Morrison was a member of the Columbia Law School faculty from 2003 to 2012, serving as the Harvey R. Miller Professor of Law and Economics from 2009 to 2012 and as co-director of the Richard Paul Richman Center for Business, Law, and Public Policy. He most recently served as the Paul H. and Theo Leffmann Professor of Commercial Law at the University of Chicago Law School.
Before working in academia, Morrison clerked for Judge Antonin Scalia of the Supreme Court of the United States and for Judge Richard A. Posner of the 7th Circuit Court of Appeals. Selected PublicationsBooks
- Economics of Bankruptcy. Edward R. Morrison, ed. Edward Elgar Press, 2012
- "The Economics of Bankruptcy: An Introduction to the Literature," in Economics of Bankruptcy, Edward R. Morrison, ed. Edward Elgar Press, 2012
- "Timbers of Inwood Forest, the Economics of Rent, and the Irrelevance of Supreme Court Precedent." in Bankruptcy Stories, Robert K. Rasmussen, ed. Foundation Press, 2007
- "Derivatives and Systemic Risk: What Role Can the Bankruptcy Code Play?" in Systemic Financial Crises, Douglas D. Evanoff and George G. Kaufman, eds. World Scientific Press, 2005
- “Mortgage Modification and Strategic Default: Evidence from a Legal Settlement with Countrywide,” (with Christopher J. Mayer, Tomasz Piskorski, Arpit Gupta) in American Economic Review, forthcoming
- "Dodd-Frank for Bankruptcy Lawyers." 19 American Bankers Institute Law Review 287 (2011)
- "Discussion Remarks, Legal Aftershocks of the Global Financial Crisis, Panel 3: Bankruptcy and Restructuring of Financial Institutions." 6 NYU Journal of Law and Business 241 (2010)
- "Bargaining around Bankruptcy: Small Business Distress and State Law." 38 Journal of Legal Studies 255 (2009)
- "Creditor Control and Conflict in Chapter 11." 2 Journal of Legal Analysis 511 (2009)
- "Is the Bankruptcy Code an Adequate Mechanism for Resolving the Distress of Systemically Important Institutions?" 82 Temple Law Review 449 (2009)
- "A New Proposal for Loan Modifications." 26 Yale Journal of Regulations 417 (2009)
- "Bankruptcy’s Rarity: Small Business Workouts in the United States." 5 European Company and Financial Law Review 172 (2008)
- "Bankruptcy Decision Making: An Empirical Study of Continuation Bias in Small Business Bankruptcies." 50 Journal of Law and Economics 381 (2007)
- "Adversary Proceedings in Bankruptcy: A Sideshow." 79 American Bankers Institute Law Review 951 (2005)
- "Derivatives and the Bankruptcy Code: Why the Special Treatment?" 22 Yale Journal of Regulations 91 (2005)
- "Financial Contracts and the New Bankruptcy Code: Insulating Markets from Bankrupt Debtors and Bankruptcy Judges." 13 American Bankers Institute Law Review 641 (2005)
- "Serial Entrepreneurs and Small Business Bankruptcies." 105 Columbia Law Review 2310 (2005)
- "Bankruptcy Decision Making." 17 Journal of Law, Economics and Organization 356 (2001)
- "Judicial Review of Discount Rates Used in Regulatory Cost-Benefit Analysis." 65 University of Chicago Law Review 1333 (1998)
- "Impact of the Salt Lake City Airport on the Utah Economy." 53 Utah Economic and Business Review 1 (1993)
- "Off-Balance Sheet Risks: What Are They and Why is Their Disclosure Important?" 11 Journal of Accounting Education 313 (1993)