Business Law, Public Responsibility, and Ethics Commons^™

Bitcoins, Block Chains, And Mining Pools, Singapore Management University

Perspectives@SMU

Bitcoins can help facilitate online commerce, but investors – and speculators – should understand how the cryptocurrency works

Exploring Economists & Society: Constructing Expert Identity, Joseph Fitzgerald, Brendan O'Rourke

Conference papers

The recent economic crisis has created a heightened interest in economics and greater demand for economics experts. The media has played an important role in meeting this demand as mediated expertise is relied upon to understand the complex relationships within society (Albaek, Christiansen and Togeby 2003; Beck 1992; Boyce 2006; Giddens 1990). Such interactions of experts with media are a key element of the knowledge flows within society (Sturdy et al. 2009) and so have attracted research attention (Ekstrom and Lundell 2011; Hutchby 2006; Montgomery 2008). This paper contributes to this literature by focusing on the under-researched area of the …

New York Stock Exchange, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of the origins and early development of the New York Stock Exchange.

Capital In The Twenty-First Century: A Tale Without Morality, Bruce D. Baker

SPU Works

Thomas Piketty has given economists a lot to argue about, but their arguments miss the point of the book’s success. “Capital in the Twenty-First Century” is not a bestseller based on its economic merits. It’s a bestseller because it speaks to a deep moral anxiety. Confidence in capitalism has been shaken. The crisis of 2008 exposed weaknesses in the financialization of our economy. Piketty makes a valiant contribution to economic theory and history, but his empiricism succumbs ultimately to the same flaw John Paul II diagnosed in Marxism—it leads to an incoherent statement of moral order.

Framing A Purpose For Corporate Law, William W. Bratton

All Faculty Scholarship

This article seeks to frame a short statement of purpose for corporate law on which all reasonable observers can agree. The statement, in order to succeed at its intended purpose, must satisfy two strict conditions: first, it must have enough content to be meaningful; second, it must be completely uncontroversial, both descriptively and normatively. The exercise, thus described, involves avoiding the issues that occupy center stage in discussions about corporate law while at the same time highlighting the discussants’ generally held presuppositions. Three closely interconnected issues arise. First, whether the statement of the purpose of corporate law should speak in …

Wickard For The Internet? Network Neutrality After Verizon V. Fcc, Christopher S. Yoo

All Faculty Scholarship

The D.C. Circuit’s January 2014 decision in Verizon v. FCC represented a major milestone in the debate over network neutrality that has dominated communications policy for the past decade. This article analyzes the implications of the D.C. Circuit’s ruling, beginning with a critique of the court’s ruling that section 706 of the Telecommunications Act of 1996 gave the Federal Communications Commission (FCC) the authority to mandate some form of network neutrality. Examination of the statute’s text, application of canons of construction such as ejusdem generis and noscitur a sociis, and a perusal of the statute’s legislative history all raise questions …

Behaviorism In Finance And Securities Law, David A. Skeel Jr.

All Faculty Scholarship

In this Essay, I take stock (as something of an outsider) of the behavioral economics movement, focusing in particular on its interaction with traditional cost-benefit analysis and its implications for agency structure. The usual strategy for such a project—a strategy that has been used by others with behavioral economics—is to marshal the existing evidence and critically assess its significance. My approach in this Essay is somewhat different. Although I describe behavioral economics and summarize the strongest criticisms of its use, the heart of the Essay is inductive, and focuses on a particular context: financial and securities regulation, as recently revamped …

Corporate Governance And Social Welfare In The Common Law World, David A. Skeel Jr.

All Faculty Scholarship

The newest addition to the spate of recent theories of comparative corporate governance is Corporate Governance in the Common-Law World: The Political Foundations of Shareholder Power, an important new book by Christopher Bruner. Focusing on the U.S., the U.K., Canada and Australia, Bruner argues that the robustness of the country’s social welfare system is the key determinant of the extent to which its corporate governance is shareholder-centered. This explains why corporate governance is so shareholder-oriented in the United Kingdom, which has universal healthcare and generous unemployment benefits, while shareholders’ powers are more attenuated in the United States, with its …

Performance Track’S Postmortem: Lessons From The Rise And Fall Of Epa’S “Flagship” Voluntary Program, Cary Coglianese, Jennifer Nash

All Faculty Scholarship

For nearly a decade, the United States Environmental Protection Agency (“EPA”) considered its National Environmental Performance Track to be its “flagship” voluntary program — even a model for transforming the conventional system of environmental regulation. Since Performance Track’s founding during the Clinton Administration, EPA officials repeatedly claimed that the program’s rewards attracted hundreds of the nation’s “top” environmental performers and induced these businesses to make significant environmental gains beyond legal requirements. Although EPA eventually disbanded Performance Track early in the Obama Administration, the program has been subsequently emulated by a variety of state and federal regulatory authorities. To discern lessons …

Reinventing Copyright And Patent, Abraham Bell, Gideon Parchomovsky

All Faculty Scholarship

Intellectual property systems all over the world are modeled on the one-size-fits-all principle. However important or unimportant, inventions and original works of authorship receive the same scope of protection, for the same period, backed by the same variety of legal remedies. Metaphorically speaking, all intellectual property is equal under the law. This equality comes at a heavy price. The equality principle gives all creators access to the same remedies, even when those remedies create perverse incentives. Moreover, society overpays for innovation by inflicting on society more monopoly losses than are strictly necessary to incentivize production.

In this Article, we propose …

The Impossible, Highly Desired Islamic Bank, Haider Ala Hamoudi

Articles

The purpose of this Article is to explore, and explain the stubborn persistence of, a central paradox that is endemic to the retail Islamic bank as it operates in the United States. The paradox is that retail Islamic banking in the United States is impossible, and yet it remains highly desired. It is impossible because the principles that are supposed to underlie the practice of Islamic finance deal with the trading of assets and the equitable sharing of risks, profits and losses among bank, depositor and portfolio investment. It is true that much of this can be, and is, circumvented …