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Articles 1 - 5 of 5
Full-Text Articles in Law
A Normative Analysis Of New Financially Engineered Derivatives, Peter H. Huang
A Normative Analysis Of New Financially Engineered Derivatives, Peter H. Huang
Publications
This Article analyzes whether the introduction of new derivative assets makes a society better or worse off. Because trading such non-redundant derivatives produces new distributions of income across time and over possible future contingencies, individuals can utilize such financial instruments to hedge risks not possible before the introduction of these assets. Thus, it may seem that new derivatives unambiguously benefit society. In fact, introducing sufficiently many new derivatives completes asset markets. Asset markets are complete if trading on them can attain every possible payoff pattern of wealth across time and over possible future contingencies. The first fundamental theorem of welfare …
The Conundrum Of Executive Compensation, Mark J. Loewenstein
The Conundrum Of Executive Compensation, Mark J. Loewenstein
Publications
Much of the scholarship on executive compensation that appears in law reviews assumes that large U.S. corporations overpay their chief executive officers ("CEOs"). This assumption is understandable, as many of these compensation packages are indeed stunning. The question of whether CEOs are overpaid, however, is complicated. Some scholars in other disciplines, principally in economics and management science, have studied the issue but, as this Article demonstrates, this literature does not confirm the assumption. Indeed, some studies suggest that CEO pay is competitive. Moreover, efforts to reduce the level of executive compensation may have the unintended consequence of achieving the opposite …
Delaware As Demon: Twenty-Five Years After Professor Cary's Polemic, Mark J. Loewenstein
Delaware As Demon: Twenty-Five Years After Professor Cary's Polemic, Mark J. Loewenstein
Publications
No abstract provided.
Reasons Within Passions: Emotions And Intentions In Property Rights Bargaining, Peter H. Huang
Reasons Within Passions: Emotions And Intentions In Property Rights Bargaining, Peter H. Huang
Publications
This article discusses the role of emotions (or feelings or affects) in property rights bargaining. Real world people choose bargaining strategies based upon not only rational calculations, but also their gut feelings. This article considers the impact of anger and shame on bargaining over property rights and the Coase theorem. Such emotions may depend on beliefs (expectations or assessments) about whether particular strategic decisions should or will occur. Such beliefs can be viewed as attributions over the intentions of others.
Still Preying On Strategic Reputation Models Of Predation, Peter H. Huang
Still Preying On Strategic Reputation Models Of Predation, Peter H. Huang
Publications
No abstract provided.