Bleeding Damage

Bleeding damage is applied through use of War Axes and Battleaxes with the perks Hack and Slash for War Axes and Limbsplitter for Battleaxes. The perk description doesn't state anything about damage amount or duration. The Creation Kit brings light into the dark: Bleeding damage and it's duration is only affected by the respective perk level and the weapon material.

Bleeding Effect Table
Rank 1-3 is applicable for both perks, Hack and Slash 1-3 as well as Limbsplitter 1-3. Duration is in seconds. Note that not all weapon materials are listed here (e.g. Ancient Nord), but that is due to other materials using standard templates.

Trivia
Comparing the overall damage inflicted by bleeding damage on rank 3 of both perks, orcish axes stand out due to their second best bleeding damage, only beaten by dragon and daedric, which share the same values.

Some sources state that bleeding damage does stack as explained in a youtube video, but there is no trace of it in the Creation Kit.