Digital Commons Network^™

Venture Capital Contract Design: An Empirical Analysis Of The Connection Between Bargaining Power And Venture Financing Contract Terms, Spencer Williams

Fordham Journal of Corporate & Financial Law

This Article presents an empirical analysis of the connection between bargaining power and contract design using an original dataset of over 5,500 equity and debt venture financings from 2004–2015. Using the total supply of venture capital in the U.S. as a measure of relative bargaining power between entrepreneurs and investors, this Article finds that venture capital supply has a statistically significant relationship with price and non-price terms in both equity and debt financings. These results contradict one of three theoretical accounts of bargaining power and support the other two.

Toward Civil Rights Enforcement In The Environmental Justice Context - Step One: Acknowledging The Problem, Marianne Engelman Lado

Fordham Environmental Law Review

No abstract provided.

Watershed Based Policy Tools For Reducing Nutrient Flows To Surface Waters: Addressing Nutrient Enrichment And Harmful Algal Blooms In The United States, John A. Hoornbeek, Joshua Filla, Soumya Yalamanchili

Fordham Environmental Law Review

No abstract provided.

A Tale Of Two Trade Powers: Balancing Investor-State Dispute Settlement And Environmental Risk Between The European Union And United States In A Changing Political Climate, Sarah Ben-Moussa

Fordham Environmental Law Review

No abstract provided.

Masthead, Fordham Environmental Law Review

Fordham Environmental Law Review

No abstract provided.

Why Michigan V. Epa Requires That The Meaning Of The Cost/Rationality Nexus Be Clarified, Daniele Bertolini, Carolina Arlota

Fordham Environmental Law Review

This article examines the recent decision in Michigan v. EPA, in which the U.S. Supreme Court held that the EPA acted unreasonably in not considering costs at the listing phase of the regulation of power plants’ emissions under a specific provision of the Clear Air Act (CAA). In Michigan, the Court interpreted the applicable statutory provision based on the principles of rational administrative decision-making, thereby establishing a connection between cost consideration by administrative agencies and the principles of reasonable exercise of administrative discretion. We contend that Michigan failed to properly appreciate the logical and axiological connection between cost …

Presidential Executive Orders Duel Over Floodplain Definition As S.E. Florida Prepares For Sea Level Rise, Brion Blackwelder

Fordham Environmental Law Review

No abstract provided.

A Just Transition: Why Transitioning Workers Into A New Clean Energy Economy Should Be At The Center Of Climate Change Policies, J. Mijin Cha

Fordham Environmental Law Review

With a hostile federal administration, states must take up the fight against climate change. Shortly after the United States withdrew from the Paris Climate Accord, governors from several states announced efforts to meet the targets. This article argues that state level climate actions must consider the economic consequences of climate policy. A shift away from fossil fuels is a fundamentally necessary step in the fight against climate change. However, the economic impact of this shift will be felt most acutely by fossil fuel workers and communities, many of which are already facing economic hardships. Attention and resources must be focused …

Blueprint For Survival: A New Paradigm For International Environmental Emergencies, Claire Wright

Fordham Environmental Law Review

No abstract provided.

Eminent Domain And Oil Pipelines: A Slippery Path For Federal Regulation, Natalie M. Jensen

Fordham Environmental Law Review

No abstract provided.

Foreword: Continuity In The Presidency: Gaps And Solutions, Matthew Diller

Fordham Law Review

This symposium issue featuring a report and articles on the Twenty-Fifth Amendment and the presidential succession system is perfectly timed. Its release comes in the final month of the year that marked the fiftieth anniversary of the Twenty-Fifth Amendment’s ratification and at a moment of unprecedented public discussion of the Amendment. Yet, in Fordham Law School’s unique history with the Twenty-Fifth Amendment, auspicious timing is not unusual.

Fifty Years After The Twenty-Fifth Amendment: Recommendations For Improving The Presidential Succession System, Second Fordham University School Of Law Clinic On Presidential Succession

Fordham Law Review

This Report begins with an overview of the presidential succession system, particularly the Twenty-Fifth Amendment provisions. The remaining Parts describe the Clinic’s recommendations. The first Part of the Clinic recommendations discusses executive branch contingency planning and outlines two steps the White House can take to prepare for presidential inabilities. First, the Clinic recommends that the President determine in advance situations where the Vice President should act as President under the Twenty-Fifth Amendment’s voluntary transfer provision at Section 3. Such a “prospective declaration of inability” would allow for transfers of power during emergencies when the Cabinet is not easily reachable to …

"A Dr. Strangelove Situation": Nuclear Anxiety, Presidential Fallibility, And The Twenty-Fifth Amendment, Rebecca C. Lubot

Fordham Law Review

This Article is a revisionist history of the ratification of the Twenty-Fifth Amendment, which establishes procedures for remedying a vice presidential vacancy and for addressing presidential inability. During the Cold War, questions of presidential succession and the transfer of power in the case of inability were on the public’s mind and, in 1963, these questions became more urgent in the shadow of the Cuban Missile Crisis. Traditional legal histories of the Amendment argue that President John F. Kennedy’s assassination was both the proximate and prime factor in the development of the Amendment, but they do not account for the pervasive …

Back To The Drawing Board: Revisiting The Supreme Court's Stance On Partisan Gerrymandering, Robert Colton

Fordham Law Review

In the United States, state legislatures have drawn voting districts to achieve desired election results for hundreds of years. Dating back to the James Madison presidency, various legislatures and iterations of the U.S. Supreme Court have wrestled with the legal and constitutional issues that stem from the practice known as “gerrymandering.” While courts and legislatures have, at times, been successful in eliminating some of the more sinister uses of the tactic, such as racially motivated district-line drawing, gerrymandering inspired by partisan motives remains. Continual improvements in technology coupled with an increasingly divided political culture mean that partisan gerrymandering is at …

A Voice For One, Or A Voice For The People: Balancing Prosecutorial Speech Protections With Community Trust, Immanuel Kim

Fordham Law Review

Prosecutors, as representatives of the public in the criminal justice system, are the sole advocates for “the People” in a criminal case. Thus, prosecutors are expected to maintain a particular level of integrity that would ensure a fair and just representation of the People. Despite this expectation, the wide discretionary authority prosecutors hold makes it virtually impossible to regulate their conduct. Furthermore, the First Amendment of the U.S. Constitution protects many expressions of viewpoints, and such protections extend—albeit to a limited degree—to prosecutors, thereby giving them even more discretion in how they decide to handle their own cases. Nonetheless, the …

A Vote For Clarity: Establishing A Federal Test For Intervention In Election-Related Disputes, Ben Klein

Fordham Law Review

Increasingly, state and federal courts are asked to resolve election-related disputes, as candidates are more likely than ever before to challenge some aspect of the administration of an election in court. Election-related litigation puts judges in the unfavorable position of kingmaker, forcing the court, not the people, to determine the winner of an election. When the court intervenes in an election dispute, the public may perceive the court’s intervention as a political act that decreases the legitimacy of the winning candidate and the election system as a whole. Moreover, research reveals that judicial decision-making at both the state and federal …

Challenging Statutory Accommodations For Religiously Affiliated Daycares: An Application Of The Third-Party Harm Doctrine, Bronwyn Roantree

Fordham Law Review

Daycare facilities are subject to a host of regulations that govern matters from basic health and safety requirements, to caregiver training, to maximum caregiver-to-child ratios. In sixteen states, however, legislation exempts religiously affiliated daycares from many of these regulations, with six states extending particularly broad exemptions. Supporters of the exemptions have justified them on constitutional grounds, arguing that state oversight of religiously affiliated daycares violates the Free Exercise Clause of the First Amendment. Recent reporting has revealed that though children have been seriously injured or have died while in the care of religiously affiliated daycares exempted from regulations, challenges to …

Letting The Electrics Slide: A Constitutional Challenge To State Dealer-Franchise Laws Prohibiting Direct-To-Consumer Car Sales, Thomas Sperber

Fordham Law Review

Tesla Motors has a business model for its U.S. sales unlike that of all other car manufacturers: Tesla sells cars directly to consumers rather than through a system of independently owned dealers. Most car manufacturers choose not to sell cars this way because most states have dealer laws that ban direct-to-consumer sales. To use this business model, Tesla has had to win narrow exceptions to these dealer franchise laws. It has mostly succeeded with this method and can now sell cars, albeit from a limited number of company stores, in all but six states. Tesla is now suing the state …

Dedication To Senator Birch E. Bayh, John D. Feerick

Fordham Law Review

Former U.S. Senator Birch Bayh of Indiana has been honored many times for his outstanding career in public service. Fordham University School of Law and the Fordham Law Review have been beneficiaries of his selfless service of others.

The Seventeenth Annual Albert A. Destefano Lecture On Corporate, Securities & Financial Law At The Fordham Corporate Law Center, Caroline M. Gentile, The Honorable Karen L. Valihura

Fordham Journal of Corporate & Financial Law

No abstract provided.

Proxy Access And Optimal Standardization In Corporate Governance: An Empirical Analysis, Reilly S. Steel

Fordham Journal of Corporate & Financial Law

According to the conventional wisdom, “one size does not fit all” in corporate governance. Firms are heterogeneous with respect to their governance needs, implying that the optimal corporate governance structure must also vary from firm to firm. This one-size-does-not-fit-all axiom has featured prominently in arguments against numerous corporate law regulatory initiatives, including the SEC’s failed Rule 14a-11—an attempt to impose mandatory, uniform “proxy access” on all public companies—which the D.C. Circuit struck down for inadequate cost–benefit analysis.

This Article presents an alternative theory as to the role of standardization in corporate governance—in which investors prefer standardized terms—and empirical …

A Novel Approach To Defining "Whistleblower" In Dodd-Frank, Ian A. Engoron

Fordham Journal of Corporate & Financial Law

Following the Financial Crisis of 2008, trust in the financial industry was at an all-time low as the American taxpayer was forced to bailout the very same institutions responsible for their suffering. In response, Congress passed Dodd-Frank in 2010 to ensure another crisis like 2008 never happen again. Section 78u-6 of the Act provides incentives and protections for whistleblowers who report violations of securities laws. In recent years there has been a divide among circuit courts over the question of whether employees who report violations internally to their bosses—and not directly to the SEC—are protected by the Act. Currently, the …

What To Do If Simultaneous Presidential And Vice Presidential Inability Struck Today, Roy E. Brownell Ii

Fordham Law Review

Dual incapacity is one of three major inability scenarios involving the Vice President that threatens the continuity of the executive branch. The current state of the law in this area, unfortunately, leaves only imperfect options for policymakers. This Article proposes that, in the event of a dual inability, the Speaker, the President pro tempore of the Senate, and the Cabinet should meet and then jointly declare that the Speaker is Acting President until either the President or Vice President regains capacity. At the same time, the Speaker—as the new Acting President—the President pro tempore, and the Cabinet should request that …

The Bipartisan Bayh Amendment: Republican Contributions To The Twenty-Fifth Amendment, Joel K. Goldstein

Fordham Law Review

It is appropriate that Senator Birch Bayh has been widely recognized as the author and person most responsible for the Twenty-Fifth Amendment. His work was indispensable, and he was helped by other Democrats and nonpartisan actors including the American Bar Association and John D. Feerick, among others. Yet the Amendment was also the product of bipartisan cooperation. Important provisions were based on work done during the administration of President Dwight D. Eisenhower, and Eisenhower and his Attorney General, Herbert Brownell, played important roles in supporting Bayh’s proposal as did other Republicans in and out of Congress. Republicans like Representative Richard …

American Equal Protection And Global Convergence, Holning Lau, Hillary Li

Fordham Law Review

Commentators have noted that equal protection doctrine is in a state of transformation. The nature of that transformation, however, is poorly understood. This Article offers a clearer view of the change underway. This Article is the first to reveal and synthesize three major trajectories along which the U.S. Supreme Court has begun to move. First, the Court has begun to blur the line that it previously drew between facial discrimination and disparate impact. Second, the Court has begun to collapse its previously established tiered standards for reviewing discrimination. These two trajectories combine to produce a third trajectory of change: by …

Free Speech And The Confluence Of National Security And Internet Exceptionalism, Alan K. Chen

Fordham Law Review

In this Article, I argue that, notwithstanding these contemporary developments, the Court got it mostly right in Brandenburg. Or, I want to at least suggest that it is premature to reconstruct the Brandenburg test to address perceived changes in our global environment. For the most part, Brandenburg has succeeded in mediating the balance between protecting political or ideological advocacy and enabling the government to regulate actual incitement, even in the contemporary era. Moreover, I argue that society should be especially wary of calls to narrow Brandenburg’s speech-protective standard because such changes might be significantly influenced by the confluence of two …

Entertaining Satan: Why We Tolerate Terrorist Incitement, Andrew Koppelman

Fordham Law Review

Words are dangerous. That is why governments sometimes want to suppress speech. The law of free speech reflects a settled decision that, at the time that law was adopted, the dangers were worth tolerating. But people keep dreaming up nasty new things to do with speech. Recently, the Islamic State of Iraq and Syria (ISIS) and other terrorist organizations have employed a small army of Iagos on the internet to recruit new instruments of destruction. Some of what they have posted is protected speech under present First Amendment law. In response, scholars have suggested that there should be some new …

Reevaluating The Computer Fraud And Abuse Act: Amending The Statute To Explicitly Address The Cloud, Amanda B. Gottlieb

Fordham Law Review

Under the current interpretations of authorization, instances where an individual harmlessly accesses the cloud data of another user could be classified as hacking and a violation of this federal statute. As such, this Note demonstrates that all of the current interpretations of the CFAA are too broad because they could result in this nonsensical outcome. This Note accordingly proposes an amendment to the CFAA specifically addressing user access to data on the cloud. Such an amendment would eliminate the unusual result of innocuous cloud-computing users being deemed hackers under federal law.

Wild Westworld: Section 230 Of The Cda And Social Networks’ Use Of Machine-Learning Algorithms, Catherine Tremble

Fordham Law Review

This Note argues that Facebook’s services—specifically the personalization of content through machine-learning algorithms—constitute the “development” of content and as such do not qualify for § 230 immunity. This Note analyzes the evolution of § 230 jurisprudence to help inform the development of a revised framework. This framework is guided by congressional and public policy goals and creates brighter lines for technological immunity. It tailors immunity to account for user data mined by ISPs and the pervasive effect that the use of that data has on users—two issues that courts have yet to confront. This Note concludes that under the revised …

Terrorist Incitement On The Internet, Alexander Tsesis

Fordham Law Review

I organized this symposium to advance understanding of how terrorist communications drive and influence social, political, religious, civil, literary, and artistic conduct. Viewing terrorist speech through wide prisms of law, culture, and contemporary media can provide lawmakers, adjudicators, and administrators a better understanding of how to contain and prevent the exploitation of modern communication technologies to influence, recruit, and exploit others to perpetrate ideologically driven acts of violence. Undertaking such a multipronged study requires not only looking at the personal and sociological appeals that extreme ideology exerts but also considering how to create political, administrative, educational, and economic conditions to …