The Costs of Conflict Resolution and Financial Distress: Evidence from the Texaco-Pennzoil Litigation
分析德士古与彭佐尔关于格蒂石油收购的诉讼，发现诉讼期间两家公司股东总财富损失超30亿美元，和解后约三分之二损失得以恢复，损失远超诉讼直接成本。
This article demonstrates that the dispute between Texaco and Pennzoil over the Getty Oil \ntakeover reduced the combined wealth of the claimants on the two companies by over \n$3 billion. During the course of the litigation, Pennzoil's shareholders gained only one-sixth \nas much as Texaco's shareholders lost. When the litigation was settled, about two-thirds of \nthe loss in wealth was regained. These fluctuations in value exceed most estimates of the \ndirect costs of carrying on the litigation, and may reflect the disruption in the operations of \nTexaco caused by the dispute.