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Articles 1 - 30 of 42
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U.S. Monetary Policy: Qe3, Warren Coats
U.S. Monetary Policy: Qe3, Warren Coats
Warren Coats
The Federal Reserve’s latest round of quantitative easing (QE3) is not likely to help the U.S. economy’s recovery, which is already underway, but increases the risks of new asset bubbles and inflation.
A Call For Action: An Analysis Of The Impending Regulatory Crisis In The Municipal Securities Market, Philip Grommet
A Call For Action: An Analysis Of The Impending Regulatory Crisis In The Municipal Securities Market, Philip Grommet
Philip Grommet
This Article warns of an impending regulatory crisis in the municipal securities market. The municipal securities market is an integral tool that allows state and local governments to implement important public interest projects by appealing to retail investors seeking tax-exempt income. Its regulation has garnered little attention – aside from the market’s characterization as “sleepy.” However, the market has grown exponentially and today’s market is increasingly populated with complex financial instruments. Quite simply, its regulation has not kept pace with developments in the market. Municipal securities issuers are not subject to the general registration requirements of the Securities Act of …
Providing A Foundation For Wealth For Wealth Creation And Development In Africa: The Role Of The Rule Of Law, John Mukum Mbaku
Providing A Foundation For Wealth For Wealth Creation And Development In Africa: The Role Of The Rule Of Law, John Mukum Mbaku
JOHN MUKUM MBAKU
PROVIDING A FOUNDATION FOR WEALTH CREATION AND DEVELOPMENT IN AFRICA: THE ROLE OF THE RULE OF LAW JOHN MUKUM MBAKU ABSTRACT This paper examines the struggle in Africa to alleviate and eventually eradicate poverty. It is argued that the most effective way for African countries to deal with poverty is to create wealth. Unfortunately, these countries have not been able to create the wealth that they need to confront poverty. This is due primarily to the fact that since independence, these countries have not been able to undertake democratic institutional reforms to create and adopt institutional arrangements that guarantee and …
Requiting The Interest On The Float Of Wages, Employment Taxes And Other Employee Funds Collected And Withheld At The Source: The Internal Revenue Code Of 1986 Illuminated, Betty Barber
Betty Barber
REQUITING INTEREST ON THE FLOAT OF WAGES, EMPLOYMENT TAXES AND OTHER EMPLOYEE FUNDS COLLECTED AND WITHHELD AT THE SOURCE: THE INTERNAL REVENUE CODE OF 1986 ILLUMINATED Abstract The collection and withholding of employment taxes has achieved the status of a business model that capitalizes the opportunity value of the withheld funds. Rightful disposition of the interest accruing on employment taxes has eluded reasoned public discussion, which is surprising given the magnitude of this resource and its full potential. The Internal Revenue Code of 1986 designates the United States as beneficiary of withheld income taxes, Social Security and Medicare. The author …
Statistical Methods For Social Network Analysis With Applications In Economics, Carlo Drago
Statistical Methods For Social Network Analysis With Applications In Economics, Carlo Drago
Carlo Drago
No abstract provided.
The Good Faith Approach To Foreclosure Mediation: An Assessment Of Washington's Foreclosure Mediation Program, Scott P. Kennedy
The Good Faith Approach To Foreclosure Mediation: An Assessment Of Washington's Foreclosure Mediation Program, Scott P. Kennedy
Scott P. Kennedy
Since 2007, concerns over high home foreclosure rates have played a dominant role in U.S. economic news and policy, and several states have responded with bold statutory and regulatory innovations. In July of 2011, Washington State implemented one such innovation: the Foreclosure Fairness Act (FFA). It grants defaulting homeowners the right to initiate a mediation in which lenders must consider the alternatives to foreclosure in good faith. This article assesses the Washington model's potential to mitigate the forces frustrating foreclosure prevention. Despite the increasing viability of foreclosure's alternatives, national foreclosure rates remain high. Poor lender-borrower dialogue, a system of perverse …
U.S.Foreign Trade Zones, Tax-Free Trade Zones Of The World, And Their Impact On The U.S. Economy, Susan W. Tiefenbrun
U.S.Foreign Trade Zones, Tax-Free Trade Zones Of The World, And Their Impact On The U.S. Economy, Susan W. Tiefenbrun
Susan W Tiefenbrun
ABSTRACT
U.S. Foreign Trade Zones, Tax-Free Trade Zones of the World, and Their Impact on the United States Economy , by Susan Tiefenbrun
Free trade zones (FTZs) date back to the time of the Phoenicians; they developed in the l970s and proliferated from 1980 until today. FTZs are duty-free areas where goods may be warehoused, processed, sold, serviced, distributed, showcased, packaged, labeled, sorted, assembled, and/or manufactured as finished goods prior to re-exporting them as duty-exempt finished products. More than one 135 countries operate tax-free trade zones. There are more than 3,500 of these zones and subzones all over the world, …
Epic Fail: An Institutional Analysis Of Financial Distress, Jonathan C. Lipson
Epic Fail: An Institutional Analysis Of Financial Distress, Jonathan C. Lipson
Jonathan C. Lipson
This paper presents an institutional analysis of financial distress. “Institutional analysis” compares the effectiveness of large-scale processes, such as markets, courts, and governments, at solving social problems. Although financial distress is one of our most acute problems, there has been virtually no effort to analyze it from an institutional perspective. This paper begins to fill that gap.
Institutional analysis shows that, contrary to conventional wisdom, financial distress is not a problem that courts, such as bankruptcy courts, usually solve by themselves. Instead, it is increasingly a problem that political organs (whether elected or regulatory) both create and purport to resolve. …
Private Lawmaking And The Architecture Of Confidentiality In Nonprofit Boardrooms, Norman I. Silber
Private Lawmaking And The Architecture Of Confidentiality In Nonprofit Boardrooms, Norman I. Silber
Norman I. Silber
Abstract
Placement of the boundary line between transparent and confidential deliberation inside a boardroom affects the quality, efficiency, and fairness of corporate decision making. Policies which do not insist upon confidentiality can improve the perceived legitimacy of decisions and of those who make them; confidentiality can improve the ability to implement decisions effectively. The degree of transparency facilitated by these policies affects the volume and quality of available information. In the nonprofit boardroom, the boundaries that are set by governance rules also reflect and give shape to institutional structures and cultural norms.
This article explores justifications for changing from a …
M&A Fiduciary Duties: Delaware’S Murky Jurisprudence, Daniel J. Morrissey
M&A Fiduciary Duties: Delaware’S Murky Jurisprudence, Daniel J. Morrissey
Dan Morrissey
The article deals with the fiduciary duties of corporate officials in mergers and acquisitions, particularly as they have been defined by the Delaware Courts. It focuses on judicial decisions over the last several decades and includes a discussion of some of the most recent significant ones.
The article also describes how those duties may vary depending on the type of corporate event that is occurring and contains commentary on the nature of those obligations. Where corrupt activity is present or there is no showing that these transactions are in the public interest, they should not be permitted to go forward. …
Challenging Traditional Thought: No Default Fiduciary Duties In Delaware Limited Liability Companies After Auriga, Peter I. Tsoflias, Ann E. Conaway
Challenging Traditional Thought: No Default Fiduciary Duties In Delaware Limited Liability Companies After Auriga, Peter I. Tsoflias, Ann E. Conaway
Peter I. Tsoflias
We agree with Chief Justice Myron T. Steele in his article, Freedom of Contract and Default Contractual Duties in Delaware Limited Partnerships and Limited Liability Companies, that the proper default rule for Delaware limited liability companies (“LLCs”) formed under the Delaware Limited Liability Company Act (“DLLCA” or “Act”) is the contractual duty of good faith and fair dealing. In this article we invite each reader to set aside bias, pre-conceived legal opinions, and rote legal training and to listen. Hearing each legal argument and searching for – not assuming – the most appropriate answer to the question of default duties …
Long Run Relationship Between Poverty And Macro-Economic Variables In Pakistan, Muhammad Naeem Akhtar
Long Run Relationship Between Poverty And Macro-Economic Variables In Pakistan, Muhammad Naeem Akhtar
Muhammad Naeem Akhtar
This research study examines the long run relationship between poverty and economic indicators in Pakistan. Data from 1972 to 2010 is used to analyze the relationship between various economic variables and poverty. The economic indicators include; consumer price index, literacy rate and population growth. Head count rate is used to measure poverty. The statistical techniques used include unit root Augmented Dickey Fuller test (for checking the stationary data) & Johansen’s co-integration test for long run relationship. The study found co-integration between all the economic factors and poverty, which means that economic performance indicators are pertinent predictors of poverty. This can …
Are Short Sellers Really The Enemy Of Efficient Securities Markets Or Are They Just Public Patsies?, Abel C. Ramirez Jr.
Are Short Sellers Really The Enemy Of Efficient Securities Markets Or Are They Just Public Patsies?, Abel C. Ramirez Jr.
Abel C Ramirez Jr.
When the 2008 global financial crisis caused the stock market to drastically decline, short selling generated intense political and economic scrutiny that negatively characterized the practice as a predatory scheme. When the 2008 global financial crisis caused the stock market to drastically decline, short selling generated intense political and economic scrutiny that negatively characterized the practice as a predatory scheme. As a legitimate investment strategy, short selling is a method by which investors can capitalize on over-valued stocks that decline – this is NOT the same as “contributing” to the stock’s decline, which short selling’s detractors might believe.
All The Incentives Are Here, David Thomas
All The Incentives Are Here, David Thomas
David Chandler Thomas, PhD
A book review of the Bethany McLean and Joe Nocera 2010 book, All the Devils Are Here.
A Distortion-Analysis Protocol For Economic-Efficiency Analysis: A Third-Best-Economically-Efficient Response To The General Theory Of Second Best, Richard S. Markovits
A Distortion-Analysis Protocol For Economic-Efficiency Analysis: A Third-Best-Economically-Efficient Response To The General Theory Of Second Best, Richard S. Markovits
Richard S. Markovits
No abstract provided.
The Ferc's Vintage And Original Purpose Doctrine For Transmission Pricing, Larry Blank
The Ferc's Vintage And Original Purpose Doctrine For Transmission Pricing, Larry Blank
Larry Blank
The Federal Energy Regulatory Commission has sanctioned a new “doctrine” for ratemaking by approving PJM-RTO’s modified zonal transmission rates. Here, an interconnected transmission network owner recovers all the costs of its existing transmission facilities from customers physically located within its own zone – even though those from other zones within the RTO benefit from using these facilities – while the costs of new facilities are allocated to beneficiaries across all zones within RTO. The FERC’s decision was partly based on the faulty premise that existing-transmission-facility costs are sunk; the resulting subsidized transmission rates are discriminatory thwarting future RTO development and …
The Role Of The Law In The Availability Of Public Transit And Affordable Housing In Atlanta’S West End, Elliott Lipinsky
The Role Of The Law In The Availability Of Public Transit And Affordable Housing In Atlanta’S West End, Elliott Lipinsky
ELLIOTT LIPINSKY
Single family home prices in West End will remain below $250,000 on average due to the generous grants and investment incentives provided by the City of Atlanta and the State of Georgia. Atlanta wants to create affordable, well-designed urban housing. This housing will provide anyone in Atlanta an affordable place to live. The West End is the perfect example of the City’s attempts to create such an environment. Furthermore, the Sky Lofts of West End offer brand new affordable housing in the West End through developer grants, tax abatements, and down payment loans. These government-created incentives have provided affordable housing …
A Comparative Study Of Trends In Globalization Using Different Synthetic Indicators, Sudhanshu K. Mishra
A Comparative Study Of Trends In Globalization Using Different Synthetic Indicators, Sudhanshu K. Mishra
Sudhanshu K Mishra
Using the KOF data at the annual level, we construct ten different composite indices for comparing the extent of globalization of 131 countries for eleven years, 1999-2009. We compare the different indices of globalization among themselves and also with the Dreher-KOF index of globalization and find that among the different indices the Dreher-Chebyshev index is the most representative one. Among the countries, we concentrate on the trends in globalization of India and her neighboring countries, Bangladesh, China, and Pakistan.
A Paradox Of Little Pre-Purchase Search For Durables: The Trade-Off Between Prices, Product Lifecycle, And Savings On Purchases, Sergey V. Malakhov
A Paradox Of Little Pre-Purchase Search For Durables: The Trade-Off Between Prices, Product Lifecycle, And Savings On Purchases, Sergey V. Malakhov
Sergey Malakhov
The paper describes the microeconomic trade-off between prices, savings on purchases, and the time horizon of the consumption-leisure choice during the search for different products. When marginal costs of the search are equal to its marginal benefit, the time of search is proportional to products’ lifecycles and it is inversely proportional to willingness to pay.
A Comparison Of Anti-Manipulation Rules In U.S. And Eu Electricity And Natural Gas Markets: A Proposal For A Common Standard, Shaun D. Ledgerwood, Dan Harris
A Comparison Of Anti-Manipulation Rules In U.S. And Eu Electricity And Natural Gas Markets: A Proposal For A Common Standard, Shaun D. Ledgerwood, Dan Harris
Shaun D. Ledgerwood
In this paper, we describe the development and current status of anti-manipulation rules as they apply to wholesale electricity and natural gas markets in the United States and the European Union, including the institutions that are responsible for overseeing these rules. We then compare and contrast these jurisdictions to discuss similarities, differences, and potential gaps in coverage within and across their internal markets. We note that while the behavior prohibited by the U.S. and EU statutes is remarkably similar, there is in fact no common standard for defining market manipulation. The absence of a common EU/U.S. framework for examining manipulative …
The Overlap Of Tax And Financial Aspects Of Real Estate Ventures, Bradley T. Borden
The Overlap Of Tax And Financial Aspects Of Real Estate Ventures, Bradley T. Borden
Bradley T. Borden
This article examines the effect partnership tax law has on financial aspects of real estate ventures. It introduces the relevance of the aggregate and entity views of tax partnerships (i.e., LLCs, LPs, and other partnerships) and demonstrates how those views can greatly affect financial projections for each of the members of a real estate venture. It also demonstrates how financial calculations can vary significantly depending upon how closely analysts track a tax partnership’s allocation method. Finally, the article serves as a primer for tax practitioners who are unfamiliar with the financial tools that are so prevalent in real estate analysis, …
Prolegómenos Sobre Análisis Económico Del Derecho Y Política Criminal, Javier Fernando Quiñones
Prolegómenos Sobre Análisis Económico Del Derecho Y Política Criminal, Javier Fernando Quiñones
Javier Fernando Quiñones
Una breve reflexión sobre análisis económico del derecho y sistema de justicia penal.
Delayed Justice: A Case Study Of Texaco Arnd The Republic Of Ecuador’S Operations, Harms, And Possible Redress In The Ecuadorian Amazon, Suraj Patel
Suraj Patel
Multinational corporations engaging in natural resource extraction are often enticed by nascent foreign regulatory regimes and private dispute settlement mechanisms intended to induce investment. The result of a complicit government and poor operational practices can be environmental devastation and widespread human rights violations for which there is little redress. This paper analyzes the challenges inherent in using private dispute resolution mechanisms to hold corporations accountable for regulatory violations through the lens of Texaco’s 30-year operations in the Ecuadorian Amazon and the Aguinda v Chevron litigations in New York and subsequently Ecuador. The case represents the one of the most significant …
The Virtue Of Home Ownership And The Vice Of Poorly Secured Lending: The Great Financial Crisis Of 2008 As An Unintended Consequence Of Warm-Hearted And Bone-Headed Ideas, Mark S. Klock
Mark S Klock
This article utilizes a simple economic model of asymmetric information to model a pooling equilibrium in the housing market. There are two types of households in the model—disciplined and undisciplined. Disciplined households are able to distinguish themselves by saving a significant portion of their income for a down payment on a home leading to a stable equilibrium. A change in government policy which requires a rate of home ownership greater than the proportion of disciplined households causes the equilibrium to collapse. I argue that changes in U.S. housing policy driven by federal legislation had exactly this effect on the housing …
Neither Magic Bullet Nor Lost Cause: Land Titling And The Wealth Of Nations, Scott Shackelford
Neither Magic Bullet Nor Lost Cause: Land Titling And The Wealth Of Nations, Scott Shackelford
Scott Shackelford
This Article offers a critique of land titling movements. Formalizing property rights is a popular idea. Endorsements range from Ronald Coase, Milton Friedman, Francis Fukayama, and Jeanne Kirkpatrick, to David Owen, and Margaret Thatcher. This Article seeks to determine whether such widespread praise is justified based on an analysis of the available empirical literature on the subject. I argue that instead of property rights formalization being a panacea cure for alleviating poverty in the developing world, it is but one part of a more holistic process of legal reform that is required before economic development might be catalyzed and property …
Executive Compensation And Income Inequality, Dan Morrissey
Executive Compensation And Income Inequality, Dan Morrissey
Dan Morrissey
Abstract of Morrissey Article The Articles explores the connection between exorbitant executive compensation and the growing income inequality in our country. It discusses the tradition legal attempts to rein in corporate remuneration as well as the more recent “Say-on-Pay” right given shareholders in the Dodd-Frank Wall Street Reform Act of 2010. The Article concludes that negative stockholder votes there can be evidence that directors have breached their fiduciary duties by granting overly generous pay hikes to their top officials.
The More Favorable Regime For Confirming International Arbitral Awards Made In The U.S.: A Choice Within The ‘Overlapping Coverage’ Of Faa Chapters One And Two, Suyash Paliwal
Suyash Paliwal
According to U.S. courts, Chapters One and Two of the Federal Arbitration Act provide “overlapping coverage” over arbitral awards that were made in the U.S. and also fall under the New York Convention. The meaning of “overlapping coverage” under U.S. arbitral law remains unclear, but affects the defeated party’s ability to challenge the conversion of these awards to court judgments and, consequently, the parties’ decision to seat an arbitration in the U.S. According to every Circuit that has addressed the question, when a U.S.-rendered award is domestic, it is subject to summary, challenge-free confirmation under Chapter One if it is …
Regulatory Effectiveness In Onshore & Offshore Financial Centers, Andrew P. Morriss, Clifford C. Henson
Regulatory Effectiveness In Onshore & Offshore Financial Centers, Andrew P. Morriss, Clifford C. Henson
Andrew P Morriss
Onshore jurisdictions, such as the United States, United Kingdom, France and Germany, are critical of offshore financial centers (OFCs), such as Bermuda, the Cayman Islands, and the Channel Islands. Arguments against OFCs include claims that their regulatory oversight is lax, allowing fraud and criminal activity. In this article, we present cross-jurisdictional data, showing that OFCs are not lax. We also provide qualitative analyses of regulatory effectiveness, demonstrating that input-based measures of regulation are inappropriate metrics for comparing jurisdictions. Based on both quantitative input measures and a qualitative assessment, we reject the onshore critique of OFCs as bastions of laxity
La Demostración Jurídica Y Económica: Similitudes Interdisciplinarias Entre Hipótesis, Causas, Efectos Y Normas. La Norma Económica., José Manuel Martin Coronado
La Demostración Jurídica Y Económica: Similitudes Interdisciplinarias Entre Hipótesis, Causas, Efectos Y Normas. La Norma Económica., José Manuel Martin Coronado
José-Manuel Martin Coronado
Hace unos días leí una entrada de blog de un joven abogado de una conocida universidad y (aparentemente) funcionario público, la cual trataba de una aparente metodología para la resolución de casos. Dado el especial interés del autor por el tema metodológico, bastante ausente entre los profesionales del derecho, creí conveniente felicitar su iniciativa. No obstante, también había un elemento de crítica, el relativo a la metodología bastante antigua y poco práctica en términos modernos (actualización, adaptabilidad, amparo informático, etc.). 1.2. Al parecer la crítica fue interpretada como algo más fuerte que la felicitación, aun cuando reitero, el citado autor …
Executive Compensation And Income Inequality, Dan Morrissey
Executive Compensation And Income Inequality, Dan Morrissey
Dan Morrissey
The Articles explores the connection between exorbitant executive compensation and the growing income inequality in our country. It discusses the tradition legal attempts to rein in corporate remuneration as well as the more recent “Say-on-Pay” right given shareholders in the Dodd-Frank Wall Street Reform Act of 2010. The Article concludes that negative stockholder votes there can be evidence that directors have breached their fiduciary duties by granting overly generous pay hikes to their top officials.