Business Commons^™

Investment, Deficits, And The Transition From Feudalism To Capitalism: An Exploratory Heterodox Analysis And Conjecture, Thomas E. Lambert

Faculty Scholarship

Investment in capital, new technology, and agricultural techniques has not been considered endeavors worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. The capital investment undertaken typically would have been in livestock, homes, or public investment in canals, bridges, and roads, although investment in the latter would have been …

On The Economics Of The Jockey Club’S 140 Mare Limit Proposal, Robert L. Losey Ph.D.

Faculty Scholarship

Though the genetics and economic aspects of the Jockey Club proposal are intertwined, as much as possible this paper focuses on the economic implications of a limit on the number of mares a stallion can breed. Jim Gagliano, president of the Jockey Club, was quoted in a September 6, 2019, Thoroughbred Daily News article saying, “We cannot predict the economic effects of a limitation because of the complexity of the interactions among participants in the breeding and selling markets.” As explained in the following, significant economic consequences are predictable with considerable accuracy. Most especially in the short and intermediate …

Incremental Changes In Inbreeding When Comparing Stallion Pedigrees From The Years 2000 And 2020, Robert L. Losey Ph.D., Thomas E. Lambert 1959-

Faculty Scholarship

This paper has been written in response to the Jockey Club’s proposal to limit the number of mares bred by any individual Thoroughbred stallion. The paper has three goals:

1) To provide a statistical analysis of the degree to which inbreeding in Thoroughbreds has increased over the last twenty years.

2) To review recent literature by equine geneticists who research and/or discuss inbreeding trends and genetic diversity and the advantages and drawbacks of inbreeding.

3) To discuss how the specifics of the original Jockey Club mare limit proposal could be altered to better serve the industry.

The results of our …

Pricing Stallion Seasons For An Individual Stallion: The Existence Of Top Tier Pricing And Market Power, Robert L. Losey Ph.D., Thomas E. Lambert 1959-

Faculty Scholarship

This paper is an academic treatment of the pricing of stallion seasons (a “season” confers the right to breed a mare to a stallion) The commercial stallion seasons market can be represented schematically as a triangle that normally has a single-digit number of stallions offering high-priced seasons in the narrow apex, a moderate number of stallions composing the middle section, and over 150 in the $5,000-$10,000 range. We argue that it is logical for profit-maximizing stallion managers, most especially those in the apex of the stallion seasons triangle, to charge different prices for different groups of buyers of the same …

Complex Compliance Investigations, Veronica Root Martinez

Faculty Scholarship

Whether it is a financial institution like Wells Fargo, an automotive company like General Motors, a transportation company like Uber, or a religious organization like the Catholic Church, failing to properly prevent, detect, investigate, and remediate misconduct within an organization’s ranks can have devastating results. The importance of the compliance function is accepted within corporations, but the reality is that all types of organizations—private or public—must ensure their members com­ply with legal and regulatory mandates, industry standards, and internal norms and expectations. They must police thousands of members’ compli­ance with hundreds of laws. And when compliance failures occur at these …

More Meaningful Ethics, Veronica Root Martinez

Faculty Scholarship

Firms have exponentially increased their investment in the creation and implementation of ethics and compliance programs over the past fifteen years. The convergence of more robust corporate enforcement actions and more sophisticated industry standards and practices surrounding compliance efforts has created a booming compliance industry with commonly accepted standards and responsibilities. Within these efforts is a formal acknowledgment by the government, industry leaders, and academics that ethics has a role to play in helping to prevent misconduct within firms and that compliance without concern for ethics is insufficient. The reality, however, is that within firms’ efforts to implement effective ethics …

Designing Business Forms To Pursue Social Goals, Ofer Eldar

Faculty Scholarship

The long-standing debate about the purpose and role of business firms has recently regained momentum. Business firms face growing pressure to pursue social goals and benefit corporation statutes proliferate across many U.S. states. This trend is largely based on the idea that firms increase long-term shareholder value when they contribute (or appear to contribute) to society. Contrary to this trend, this Article argues that the pressing issue is whether policies to create social impact actually generate value for third-party beneficiaries—rather than for shareholders. Because it is difficult to measure social impact with precision, the design of legal forms for firms …

Foreign Corruption As Market Manipulation, Gina-Gail S. Fletcher

Faculty Scholarship

No abstract provided.

The Trump Administration’S Social Security Rules Will Harm Innovation In The Assistive Technology Industry And People With Disabilities, Christopher Buccafusco, Mariel Talmage

Faculty Scholarship

No abstract provided.

Tepoel Lecture: Bond Trustees And The Rising Challenge Of Activist Investors, Steven L. Schwarcz

Faculty Scholarship

No abstract provided.