Digital Commons Network^™

An Invisible Union For An Invisible Labor Market: College Football And The Union Substitution Effect, Michael H. Leroy

Michael H LeRoy

Should college football players have collective bargaining rights? The NCAA’s contractual relationship with student athletes provides grants-in-aid while strictly limiting their earnings. This model is premised on the belief that players are amateurs. But this view is contradicted by the heavy commercialization of NCAA football, including a rich championship playoff. Schools reap billions of dollars from TV and licensing agreements, a championship, numerous bowls, and ticket sales, but football players rarely receive enough aid to pay their full cost of attending school. The fact that TV deals minimize competition between the NCAA and NFL, so that each purveyor of football …

Policy Decisions And Research In Economics And Industrial Relations: An Exchange Of Views: Comment, Ronald G. Ehrenberg, Daniel S. Hamermesh, George E. Johnson

Ronald G. Ehrenberg

[Excerpt] John Dunlop has presented what are certainly some of the most provocative remarks to appear in a scholarly journal in the labor field in many years. We find much to agree with in his remarks; however, we also find many areas where we feel he condemns research because of his overly optimistic expectations about its ability to contribute to the policy process, and other areas where he appears to be unaware that research in labor economics has already contributed fairly directly to policy decisions.

Involving Undergraduates In Research To Encourage Them To Undertake Ph.D. Study In Economics, Ronald G. Ehrenberg

Ronald G. Ehrenberg

[Excerpt] Recent evidence suggests that the growing use of part-time and full-time non-tenure-track faculty nationwide adversely influences American college students’ graduation rates (Ehrenberg and Liang Zhang, 2005). I have become concerned that the increased usage of non-tenure track faculty members also likely adversely influences the propensity of undergraduate students to go on for Ph.D.s in economics for two reasons. First, many students enter college with the expressed intent of becoming doctors or lawyers, getting an MBA, or going on for advanced degrees in the sciences or humanities. However, with the exception perhaps of the small number of high-school students who …

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

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

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 …

Major Violations For The Ncaa: How The Ncaa Can Apply The Dodd-Frank Act To Reform Its Own Corporate Goverance Scheme, Jason Rudderman

Jason Rudderman

This paper applies the Dodd-Frank Act, and specifically its corporate governance laws, to the National Collegiate Athletic Associate (NCAA). The NCAA has experienced rapid, largely uncontrolled growth over the past decade that has led to an influx of corporate governance and regulatory problems within its member institutions. As with financial institutions, the influx of money itself is not the inherent problem. Money in college athletics is good. When large schools succeed, they help support smaller schools in their conference through revenue sharing plans. It is the lack of control and governance mechanisms regulating the influx of money that poses the …

Human Capital Formation And Economic Development In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Mahboob Ul Hassan, Muhammad Shahid

Muhammad Irfan Chani

This study investigates the casual relationship between economic development and formation of human capital in Pakistan. Based on endogenous growth theory, this study empirically tests the standard growth model consisting of gross domestic product (GDP) per capita as a dependent variable and human capital formation, investment in physical capital and labor force as independent variables. Autoregressive distributive lag (ARDL) bound testing approach to cointegration is used to check the long-run equilibrium relationship between the variables included in the model. For checking the causal relationship between economic development and human capital formation, pair-wise Granger causality test is used for time series …

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.

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

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

Richard S. Markovits

No abstract provided.

Review Of Robert Frank's Darwin Economy, Ted C. Bergstrom

Ted C Bergstrom

This is a short book review of Frank's ``Darwin Economy''.

Some Socio Economic Determinants Of Fertility In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Muhammad Shahid, Mahboob Ul Hassan

Muhammad Irfan Chani

This study aims to investigate the role that various socioeconomic factors like female education, urbanization and female labour force participation play in determining fertility of women in Pakistan. ARDL bound test approach to cointegration is used to analyze the long-run relationship of the variables by using the data for the period from 1980 to 2009. The empirical results show that there exists a long-run as well as short-run relationship between fertility and urbanization, female labour force participation and female education in Pakistan. The analysis indicates there is a negative relationship between all 3 determinants with fertility. Female education and urbanization …

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

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

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.

Must Economics Always Determine Academic Destiny? Achievement Across Time In Two Academically Equivalent But Socioeconomically Diverse Same City Catholic Schools, Roseanne L. Williby, John W. Hill

John W. Hill

The study analyzed the pretest-posttest results of high stakes test scores, absence frequencies, and high school eligibility cut scores of students who completed fourth-grade through eighth-grades in two academically equivalent but socioeconomically diverse same city Catholic schools. Study outcomes were compared for a naturally formed group of students (n = 28) who had completed fourth-grade through eighth-grades in an urban Catholic school representing fewer family socioeconomic advantages and 40% eligibility for free and reduced price lunch program participation and tuition assistance and a randomly selected group of students (n = 28) completing fourth-grade through eighth-grades in a suburban Catholic school …

Economics Of Pc Recycling, Jacqueline A. Isaacs, Surendra M. Gupta, Boon E. Jane

Jacqueline Isaacs

As the use of personal computers (PCs) increases, their short life cycle and the fact that they contain many hazardous materials means that their retirement and disposal represents a significant environmental concern. Many communities are mandating the recycling of these PCs, to recover parts and materials, and to minimize the amount of waste landfilled or incinerated. An industry to recycle these PCs is evolving to take advantage of this stream of materials. At present, PC recycling is not profitable. This paper investigates the factors that most influence the net cost to recycle PCs so that PC manufacturers, recyclers and legislators …

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.

Incorporating Emergy Synthesis Into Environmental Law: An Integration Of Ecology, Economics, And Law, Mary Jane Angelo, Mark T. Brown

Mary Jane Angelo

Emergy synthesis, flrst developed by Dr. Howard T. Odum in the 1970s, and further expanded and refined by other scholars over the past thirty years, has the potential to transform environmental decisionmaking by providing a methodology that can integrate ecology, economics, and law. Virtually all areas of environmental law are concerned in some way with both the ecological and the economic impacts of environmental decision making. Unfortunately, existing environmental law statutes tend to incorporate ecological and economic considerations in a simplistic, piecemeal, and awkward fashion. Emergy synthesis incorporates both ecological and economic considerations through a sophisticated scientiic methodology. Emergy synthesis …

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

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, …

Rlt: A Preliminary Examination Of Religious Legal Theory As A Movement, Samuel J. Levine

Samuel J. Levine

No abstract provided.

Emerging Economies After The Global Financial Crisis: The Case Of Brazil, Enrique Carrasco, Sean Williams

Enrique R Carrasco

Abstract Emerging economies have rebounded relatively quickly from the 2008 global financial crisis and, despite various challenges they face resulting from the European sovereign debt crisis, they face bright economic futures. While many observers have focused on China and India, Brazil is an emerging economy that has enjoyed increasing visibility. This article examines Brazil’s evolution into an emerging economy, or, given the market-based nature of the term, an emerging market economy (EME). After outlining the broadly accepted definition of an EME, we examine Brazil’s path towards becoming an EME, from the “pre-emergent” Brazil to its current status as an EME. …

Walking The Tightrope: Balancing Conservation, Local Growth, And The Uncertainty Of Rural Development, Michael A. Powell

Michael A Powell

Economic development is a complex issue, and placing it in a rural context complicates it further, primarily due to issues with local governance and the difficulty in defining the term “rural.” The result is that economic development policies often ignore development in rural areas, and development in those areas becomes uncoordinated and unproductive. One exception is the Growth Management Act (GMA) enacted by the State of Washington, which established a rural development regime that decentralized planning but retained regional and statewide oversight. This paper uses a lawsuit filed against one of the GMA’s regional boards as a case study to …

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.

Janus Capital Group V. First Derivative Traders: A Call To Rewind Securities Law Jurisprudence To Protect Investors – A Practitioner’S Guide And Policy Perspective, Max Schatzow

Max Schatzow

As of 1989, the federal courts were inundated with more Rule 10b-5 litigation than all of the other provision of the federal securities law combined. The Securities Enforcement Commission’s (“SEC”) Rule 10b-5 (“Rule 10b-5,” “the rule,” or “10b-5”) makes it unlawful for certain persons to make material misrepresentations. On June 12, 2011, The Supreme Court in Janus Capital held that those certain persons were those who have the “ultimate authority” over a statement. The Supreme Court in Janus left many litigators and regulators in the securities field grasping for answers. A progeny of cases have been tried under Rule 10b-5 …

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 …