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Negative Externalities And Subprime Auto Financing: Time To Let The Hanging Paragraph Go(2), Chunlin Leonhard
Negative Externalities And Subprime Auto Financing: Time To Let The Hanging Paragraph Go(2), Chunlin Leonhard
Chunlin Leonhard
Economists generally agree that when private transactions generate negative externalities (i.e. unintended harmful byproduct), government intervention is potentially necessary. Negative externalities are considered socially inefficient because they destroy market supply and demand equilibrium. The existence of negative externalities is therefore one of those rare occasions when government intervention in private transactions is justified. It follows that when the government does choose to intervene, its goal should be to remedy, not to encourage, negative externalities. This article identifies one bankruptcy rule, commonly known as the Hanging Paragraph in the Bankruptcy Code, 11 U.S.C. § 1325(a)(9), that violates the basic principle of …
Optimal Allocation Of Law-‐Making Power Over Bankruptcy Law In "Federal" And "Quasi-‐Federal" Legal Systems: Is There A Case For Harmonizing Or Unifying Bankruptcy Law In The E.U.?, Federico M. Mucciarelli
Optimal Allocation Of Law-‐Making Power Over Bankruptcy Law In "Federal" And "Quasi-‐Federal" Legal Systems: Is There A Case For Harmonizing Or Unifying Bankruptcy Law In The E.U.?, Federico M. Mucciarelli
Federico M. Mucciarelli
In “federal” or “quasi-federal” legal systems, the competence over bankruptcies can be allocated either to the “federal' level” or to the “member states”. In this regard, the E.U. and the U.S. follow two different paths: while in the U.S. bankruptcy law is federalized, in the E.U. it is governed by member states. E.U. law has only unified choice-of-law and choice-of-forum criteria through a Regulation enacted in 2000, according to which, the main insolvency proceeding is governed by the jurisdiction of debtor’s “Centre of Main Interests” (“COMI”). This mechanism was meant to grant legal certainty and to avoid forum shopping, but …
Randomness And Complexity In Social Explanation: Evidence From Finance And Bankruptcy Law, Bernard Trujillo
Randomness And Complexity In Social Explanation: Evidence From Finance And Bankruptcy Law, Bernard Trujillo
Bernard Trujillo
No abstract provided.
Patterns In A Complex System: An Empirical Study Of Valuation In Business Bankruptcy Cases, Bernard Trujillo
Patterns In A Complex System: An Empirical Study Of Valuation In Business Bankruptcy Cases, Bernard Trujillo
Bernard Trujillo
This Article applies complex systems research methods to explore the characteristics of the bankruptcy legal system. It presents the results of an empirical study of twenty years of bankruptcy court valuation doctrine in business cramdown cases. The data provide solid descriptions of how courts exercise their discretion in valuing firms and assets. This Article has two objectives: First, using scientific methodology, it explains the content of bankruptcy valuation doctrine. Second, the Article uses doctrine as a variable to explore the system dynamics that govern the processes of change over time. Significant findings include: ( 1 ) Courts tend to split …