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Articles 1 - 30 of 36
Full-Text Articles in Law
Letters Of Credit, Voidable Preferences, And The Independence Principle, William H. Widen, David Gray Carlson
Letters Of Credit, Voidable Preferences, And The Independence Principle, William H. Widen, David Gray Carlson
Articles
No abstract provided.
The Earmarking Defense To Voidable Preference Liability: A Reconceptualization, William H. Widen, David Gray Carlson
The Earmarking Defense To Voidable Preference Liability: A Reconceptualization, William H. Widen, David Gray Carlson
Articles
No abstract provided.
19th Annual Conference On Legal Issues For Financial Institutions, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, M. Thurman Senn, Michael Whiteman, Garry Throckmorton, James H. Newberry, Benjamin Cowgill Jr., R. Gregg Hovious, Victor B. Maddox, S. Tracy Jefferson, J. Mark Grundy, Erin N. O'Daniel, Lea Pauley Goff, Walter R. Byrne, Debra K. Stamper, John T. Mcgarvey, J. Rick Jones
19th Annual Conference On Legal Issues For Financial Institutions, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, M. Thurman Senn, Michael Whiteman, Garry Throckmorton, James H. Newberry, Benjamin Cowgill Jr., R. Gregg Hovious, Victor B. Maddox, S. Tracy Jefferson, J. Mark Grundy, Erin N. O'Daniel, Lea Pauley Goff, Walter R. Byrne, Debra K. Stamper, John T. Mcgarvey, J. Rick Jones
Continuing Legal Education Materials
Materials from the 19th Annual Conference on Legal Issues For Financial Institutions held by UK/CLE in May 1999.
Cross-Border Bank Branching Under The Nafta: Public Choice And The Law Of Corporate Groups, Eric J. Gouvin
Cross-Border Bank Branching Under The Nafta: Public Choice And The Law Of Corporate Groups, Eric J. Gouvin
Faculty Scholarship
This Article examines a question left unresolved after the negotiation of the North American Free Trade Agreement (NAFTA): whether the banks of the member countries should be permitted to engage in the business of banking in the other member countries simply by branching across national borders. Under present law, the United States permits branching subject to extensive restrictions, while Canada and Mexico permit access to their banking markets only by acquisition or establishment of institutions chartered in their countries. While the NAFTA does not provide for unfettered branching across national borders, article 1403(3) of the NAFTA left the issue of …
Of Hungry Wolves And Horizontal Conflicts: Rethinking The Justifications For Bank Holding Company Liability, Eric J. Gouvin
Of Hungry Wolves And Horizontal Conflicts: Rethinking The Justifications For Bank Holding Company Liability, Eric J. Gouvin
Faculty Scholarship
To what extent should bank holding companies bear the costs of bank failure? Current banking law provides a number of ways to impose liability on bank holding companies for bank failure. Those devices, however, have developed haphazardly and sometimes rest on inconsistent theoretical foundations. This Article critiques the regulatory justifications that have been offered for holding company liability and offers an alternative justification for imposing liability on holding companies based on the idea that directors of bank subsidiaries suffer from an especially difficult form of horizontal conflict--the situation where the board of directors owes several different duties and chooses to …
Convergence And Competition: The Case Of Bank Regulation In Britain And The United States, Heidi Mandanis Schooner, Michael Taylor
Convergence And Competition: The Case Of Bank Regulation In Britain And The United States, Heidi Mandanis Schooner, Michael Taylor
Scholarly Articles
Our article considers whether the existence of a global banking market has resulted in the convergence of bank supervisory policy among different nationally-based regulatory regimes. In particular, we consider whether regulatory authorities in the United States and Great Britain, as providers of regulatory services, compete on the basis of the "net regulatory benefit" (NRB) that they provide to their respective regulatees, i.e., banks. After a detailed examination of the history of bank regulation in the US and UK, we observe that there is no clear trend towards convergence by competition. We find that, while regulatory competition may play an important …
Failure And Forgiveness: A Review, James J. White
Failure And Forgiveness: A Review, James J. White
Reviews
In Failure and Forgiveness, Professor Karen Gross has written two books about bankruptcy. The first book, found in the first nine chapters, describes the bankruptcy law, the bankruptcy system, its operation, and the policies that support that law and system. This first book is written for a lay audience, and it is an admirable exposition of the law and policy. The second book, chapters ten to fifteen, contains several proposals for change in the bankruptcy law and states arguments to justify those proposals. The second book shows Professor Gross to be a kindly socialist, deeply suspicious of free markets and …
Derivatives And Risk Framework, Ravichandra Vasant Kini
Derivatives And Risk Framework, Ravichandra Vasant Kini
LLM Theses and Essays
The purpose of this thesis is to explore the dynamics of the fast-growing international financial markets and to study in particular the risks associated with the different kinds of financial instruments. The Barrings Bank Crisis, Proctor and Gamble, Gibson Greetings cases against Bankers Trust, and the Orange County Bankruptcy has prompted regulatory authorities to focus on the risks involved in the derivatives markets. In this paper, the first chapter explains the basic working of the different kinds of derivative instruments especially concentrating on Swaps, Futures, and Options. The second chapter goes on to explain, the risks involved in the uses …
Poison And Dead Hand Pills, Markets For Corporate Control, And Implications For An Emerging Market Like China, Shueiqing Zhou
Poison And Dead Hand Pills, Markets For Corporate Control, And Implications For An Emerging Market Like China, Shueiqing Zhou
LLM Theses and Essays
In the past twenty years, the Chinese government has been adopting open door and economic reform policies. Because of historical, economic, legal, and cultural traditions, a modern corporation system is far from being established in China. There are lots of things that need to do to establish a perfect corporate system. This thesis reviews diverse interpretations of the function of poison pills in light of recent judicial decisions and underlying empirical evidence. It also reviews recent judicial decisions regarding the new version of poison and dead hand pill. The author discusses the recent trend of by-law restrictions in an attempt …
Why The Law Hates Speculators: Regulation And Private Ordering In The Market For Otc Derivatives, Lynn A. Stout
Why The Law Hates Speculators: Regulation And Private Ordering In The Market For Otc Derivatives, Lynn A. Stout
Cornell Law Faculty Publications
A wide variety of statutory and common law doctrines in American law evidence hostility towards speculation. Conventional economic theory, however, generally views speculation as an efficient form of trading that shifts risk to those who can bear it most easily and improves the accuracy of market prices. This Article reconciles the apparent conflict between legal tradition and economic theory by explaining why some forms of speculative trading may be inefficient. It presents a heterogeneous expectations model of speculative trading that offers important insights into antispeculation laws in general, and the ongoing debate concerning over-the-counter (OTC) derivatives in particular.
Although trading …
Commodities Rulings Appealable To Circuit (New York Law Journal), Daniel Wise
Commodities Rulings Appealable To Circuit (New York Law Journal), Daniel Wise
News Articles
No abstract provided.
Flight And Fugitive Issues In Bankruptcy Fraud Cases, Angela J. Davis
Flight And Fugitive Issues In Bankruptcy Fraud Cases, Angela J. Davis
Articles in Law Reviews & Other Academic Journals
No abstract provided.
Securitization: The Conflict Between Personal And Market Law (Contract And Property), Tamar Frankel
Securitization: The Conflict Between Personal And Market Law (Contract And Property), Tamar Frankel
Faculty Scholarship
The road to securitization - transforming debt and loans into securities - is littered with obstacles. These obstacles seem unrelated. Yet, upon reflection, many legal and business problems arising in the securitization process can be traced to one source: the inherent conflict between contract law governing personal relations among creditors and debtors, and property law governing the same relations converted into "commodities" issued or traded in the market among investors. Identical terms can be characterized as contract loans in personal context, and as personal property (securities or bonds) in market context.
Trends In The Regulation Of Investment Companies And Investment Advisers, Tamar Frankel
Trends In The Regulation Of Investment Companies And Investment Advisers, Tamar Frankel
Faculty Scholarship
Statutes, rules and enforcement actions are tea leaves we can read to predict future trends of mutual fund regulation. While statutes and rules are specific, the trends they signify are far more speculative. This Essay engages in such speculation to envision the long-term implications of the recent new N- 1A disclosure form, I the plain English Rule,2 and the profile. 3 More generally, the Essay speculates on future trends in Securities and Exchange Commission ("Commission") enforcement, and predicts a continued and stronger use of informal enforcement by the Commission.
"The Environmental Impacts Of International Finance Corporation Lending And Proposals For Reform: A Case Study Of Conservation And Oil Development In The Guatemalan Petén", Ian A. Bowles, Amy B. Rosenfeld, Cyril F. Kormos, Conrad C.S. Reining, James D. Nations, Thomas T. Ankersen
"The Environmental Impacts Of International Finance Corporation Lending And Proposals For Reform: A Case Study Of Conservation And Oil Development In The Guatemalan Petén", Ian A. Bowles, Amy B. Rosenfeld, Cyril F. Kormos, Conrad C.S. Reining, James D. Nations, Thomas T. Ankersen
UF Law Faculty Publications
This Article presents a case study of lending by the International Finance Corporation (IFC), the private-sector lending arm of the World Bank Group, in the oil and gas sector in Guatemala. The case study emphasizes the need for additional environmental reform at IFC. With two separate loans in 1994 and 1996, IFC supported the activities of a small international oil company that was operating within a national park in the northern Guatemalan Petdn, an area of rich tropical forests and globally important wetlands. The company's operations had been "grandfathered"in to the park upon its creation in 1990. Funding from IFC …
Precedent-Setting Ngo Campaign Saves The World Bank's Inspection Panel, Daniel D. Bradlow
Precedent-Setting Ngo Campaign Saves The World Bank's Inspection Panel, Daniel D. Bradlow
Articles in Law Reviews & Other Academic Journals
This article, after describing the stakes in the ongoing debate about the operating procedures of the World Bank's Inspection Panel (Panel), explains the causes of this controversy. Thereafter it discusses the evolution of the proposal of the Working Group of the Bank's Board of Directors to correct the problems in the Panel's operating procedures. It suggests that, if the Board has the political will to adopt it, the final proposal of the Working Group has the potential to create a Panel procedure that is effective, independent, and impartial. The reason for this possibility is that the Bank, in an innovative …
The Recent Asian Financial Crises: Possible Lessons And Implications For South Africa, Joseph J. Norton
The Recent Asian Financial Crises: Possible Lessons And Implications For South Africa, Joseph J. Norton
Faculty Journal Articles and Book Chapters
No abstract provided.
The Contribution Of The Fund Profile To Investor Education, James A. Fanto
The Contribution Of The Fund Profile To Investor Education, James A. Fanto
Faculty Scholarship
No abstract provided.
Commentary On Financial Privacy, Lynn M. Lopucki
Commentary On Financial Privacy, Lynn M. Lopucki
UF Law Faculty Publications
My three criticisms are this: First, Peter frames the problem as privacy versus government surveillance, thus ignoring the best solution to the problem, which is to make more information public. Second, Peter exaggerates the human need for privacy by presenting the need as immutable and essentially coextensive with embarrassment. People do not need nearly the privacy they think they do. Third, if Peter’s broad view of privacy holds, then you can forget about the information age.
The Scope Of Private Securities Litigation: In Search Of Liability Standards For Secondary Defendants, Jill E. Fisch
The Scope Of Private Securities Litigation: In Search Of Liability Standards For Secondary Defendants, Jill E. Fisch
All Faculty Scholarship
Recent federal court decisions have struggled to apply the Supreme Court's decision in Central Bank v. First Interstate to determine when outside professionals should be held liable as primary violators under section IO(b) of the Securities Exchange Act. In keeping with the Court's current interpretive methodology, Central Bank and its progeny employ a textualist approach. In this Article, Professor Fisch argues that literal textualism is an inappropriate approach for interpreting the federal securities laws generally and misguided in light of legislative developments post-dating the Central Bank decision. Instead, Professor Fisch advocates an approach that weighs Congress 's recent endorsement of …
Assignments Of International Interests In Mobile Equipment And Related Receivables Under The Unidroit Convention: When Should The Tail Wag The Dog?, Charles W. Mooney Jr.
Assignments Of International Interests In Mobile Equipment And Related Receivables Under The Unidroit Convention: When Should The Tail Wag The Dog?, Charles W. Mooney Jr.
All Faculty Scholarship
No abstract provided.
The Market Revolution In Bank And Insurance Firm Governance: Its Logic And Limits, David A. Skeel Jr.
The Market Revolution In Bank And Insurance Firm Governance: Its Logic And Limits, David A. Skeel Jr.
All Faculty Scholarship
No abstract provided.
The Genius Of The 1898 Bankruptcy Act, David A. Skeel Jr.
The Genius Of The 1898 Bankruptcy Act, David A. Skeel Jr.
All Faculty Scholarship
No abstract provided.
How Successful Was The Revision Of Ucc Article 9?: Reflections Of The Reporters, Steven L. Harris, Charles W. Mooney Jr.
How Successful Was The Revision Of Ucc Article 9?: Reflections Of The Reporters, Steven L. Harris, Charles W. Mooney Jr.
All Faculty Scholarship
No abstract provided.
Does Venture Capital Require An Active Stock Market?, Ronald J. Gilson, Bernard S. Black
Does Venture Capital Require An Active Stock Market?, Ronald J. Gilson, Bernard S. Black
Faculty Scholarship
The United States has both an active venture capital industry and well-developed stock markets. Japan and Germany have neither. We argue here that this is no accident – that venture capital can flourish especially – and perhaps only – if the venture capitalist can exit from a successful portfolio company through an initial public offering (IPO), which requires an active stock market. Understanding the link between the stock market and the venture capital market requires understanding the contractual arrangements between entrepreneurs and venture capital providers especially the importance of exit by venture capitalists and the opportunity, present only if IPO …
Secured Credit And Software Financing, Ronald J. Mann
Secured Credit And Software Financing, Ronald J. Mann
Faculty Scholarship
Software is a relatively new type of business asset, but already has taken on a central role in all sectors of the economy; when any asset brings such a crucial value to businesses, the desire for lending based on that asset cannot be far behind. Unfortunately, the existing academic literature contains no sustained examination of software-related lending.
Because the software industry is in its infancy, the existing empirical evidence is inadequate to support any understanding of it. Accordingly, I undertook a series of twenty-nine informal interviews with industry participants, including lenders in both the Massachusetts Route 128 corridor and Silicon …
Verification Institutions In Financing Transactions, Ronald J. Mann
Verification Institutions In Financing Transactions, Ronald J. Mann
Faculty Scholarship
One of the most common problems in commercial transactions is the resolution of information asymmetries, situations in which one party to the transaction knows more about a relevant fact than the other party. The natural response of the disadvantaged party is to attempt to investigate the transaction for itself – to investigate the matter with "due diligence" – but often such an investigation will be expensive and, however diligently undertaken, leave the truth of the matter uncertain. A law-centered approach to the problem would call for the development of warranties and covenants that the party with superior information would give …
Japan's Experience With Deposit Insurance And Failing Banks: Implications For Financial Regulatory Design?, Curtis J. Milhaupt
Japan's Experience With Deposit Insurance And Failing Banks: Implications For Financial Regulatory Design?, Curtis J. Milhaupt
Faculty Scholarship
This Article examines three decades of Japanese experience with deposit insurance andfailing banks, and analyzes the implications of that experience for bank safety net reform in other countries. To date, the literature and policy debate on deposit insurance have been heavily colored by U.S. banking history and have focused almost exclusively on explicit deposit protection schemes. Analysis of Japan's safety net experience suggests that (a) deposit insurance, for all its flaws, is superior to the real-world alternative-implicit government protection of depositors and discretionary regulatory intervention in bank distress, (b) a well-designed explicit deposit insurance system that includes a credible bank …
Making Something Out Of Nothing: The Law Of Takings And Phillips V. Washington Legal Foundation, Michael A. Heller, James E. Krier
Making Something Out Of Nothing: The Law Of Takings And Phillips V. Washington Legal Foundation, Michael A. Heller, James E. Krier
Faculty Scholarship
Phillips v. Washington Legal Foundation held that interest on principal amounts deposited into IOLTA accounts is the property of the various clients who handed over the money but expressed no view as to whether the Texas IOLTA program worked a taking, or, if it did, whether any compensation was due. The debates among the justices about the meaning of private property, argued in terms of contextual and conceptual severance, are unlikely to prove fruitful. We elaborate a better approach in terms of the underlying purposes of just compensation. We conclude that efficiency and justice are best served by uncoupling matters …
The Limits Of Discipline: Ownership And Hard Budget Constraints In The Transition Economies, Roman Frydman, Cheryl W. Gray, Marek P. Hessel, Andrzej Rapaczynski
The Limits Of Discipline: Ownership And Hard Budget Constraints In The Transition Economies, Roman Frydman, Cheryl W. Gray, Marek P. Hessel, Andrzej Rapaczynski
Faculty Scholarship
This paper, based on a large sample of mid-sized manufacturing firms in the Czech Republic, Hungary and Poland, argues that the imposition of financial discipline is not sufficient to remedy ownership and governance-related deficiencies of corporate performance. The study offers three main conclusions. First, we find that state enterprises represent a higher credit risk both because of their inferior economic performance and because of their lesser willingness or propensity to meet their payment obligations. Second, the brunt of the state firms' lower creditworthiness is borne by their state creditors, as state enterprises deflect the higher risk away from private creditors. …