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Full-Text Articles in Law
Competition And Regulation In The Gold Industry: An American Perspective, Jared A. Wilkerson
Competition And Regulation In The Gold Industry: An American Perspective, Jared A. Wilkerson
W&M Law Student Publications
When taken from a domestic viewpoint, the primary gold market appears to be noncompetitive and marred by concentration. However, when seen at the global scale, it is clear that the primary gold market is competitive and diluted. Further, even if the primary market were noncompetitive and concentrated at the global level, that market probably could not readily affect the price of gold. Regardless of competitiveness, gold mines in the United States and elsewhere are subject to environmental and safety regulations that increase the cost of production; Regulations are stringently enforced in the United States as compared to competitor countries, potentially …
Recessions And The Social Safety Net: The Alternative Minimum Tax As A Countercyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick
Recessions And The Social Safety Net: The Alternative Minimum Tax As A Countercyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick
All Faculty Scholarship
As recent events illustrate, state finances are procyclical: during recessions, state revenues crash, worsening the effects of economic downturns. This problem is well known, yet persistent. We argue here that, in light of predictable federalism and political economy dynamics, states will be unable to change this situation on their own. Additionally, we note that many possible federal remedies may result in worse problems, such as by creating moral hazard that would induce states to take on excessively risky policy, both fiscal and otherwise. Thus, we argue that policymakers should consider so-called “automatic” stabilizers, such as are found in the federal …
Coasean Markets, Herbert J. Hovenkamp
Coasean Markets, Herbert J. Hovenkamp
All Faculty Scholarship
Coase’s work emphasized the economic importance of very small markets and made a new, more marginalist form of economic “institutionalism” acceptable within mainstream economics. A Coasean market is an association of persons with competing claims on a legal entitlement that can be traded. The boundaries of both Coasean markets and Coasean firms are determined by measuring not only the costs of bargaining but also the absolute costs of moving resources from one place to another. The boundaries of a Coasean market, just as those of the Coasean business firm, are defined by the line where the marginal cost of reaching …
The Effect Of Economic Integration With China On The Future Of American Corporate Law, Joseph Vining
The Effect Of Economic Integration With China On The Future Of American Corporate Law, Joseph Vining
Law & Economics Working Papers
China's development into a world economic power and its continuing integration with the United States economy raise the question whether China's own history and the socialist context of its domestic corporate law may affect the meaning of business terms in use both internationally and in American domestic corporate law. Of particular interest is the question whether China's entry and impact may blunt the late-twentieth century effort in the United States to change the legal sense of the purpose of an American business corporation.
The Relation Between Firm-Level Corporate Governance And Market Value: A Study Of India, Bala Balasubramanian, Bernard S. Black, Vikramaditya Khanna
The Relation Between Firm-Level Corporate Governance And Market Value: A Study Of India, Bala Balasubramanian, Bernard S. Black, Vikramaditya Khanna
Law & Economics Working Papers
Relatively little is known about the corporate governance practice of firms in emerging markets. We provide a detailed overview of the practices of publicly traded firms in India, and identify areas where governance practices are relatively strong or weak, relative to developed countries. We also examine whether there is a cross-sectional relationship between measures of governance and measures of firm performance and find evidence of a positive relationship for an overall governance index and for an index covering shareholder rights. The association is stronger for more profitable firms and firms with stronger growth opportunities.
The Failure Of Mandated Disclosure, Omri Ben-Shahar, Carl E. Schneider
The Failure Of Mandated Disclosure, Omri Ben-Shahar, Carl E. Schneider
Law & Economics Working Papers
This article explores the spectacular prevalence, and failure, of the single most common technique for protecting personal autonomy in modern society: mandated disclosure. The article has four sections:
(1) A comprehensive summary of the recurring use of mandated disclosures, in many forms and circumstances, in the areas of consumer and borrower protection, patient informed consent, contract formation, and constitutional rights;
(2) A survey of the empirical literature documenting the failure of the mandated disclosure regime in informing people and in improving their decisions;
(3) An account of the multitude of reasons mandated disclosures fail, focusing on the political dynamics underlying …