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Articles 31 - 60 of 146
Full-Text Articles in Law
Cryptoassets And Their Regulation Under Uk And Eu Law In The Post-Brexit Uk, Sarah Jane Hughes, Sara Kobal
Cryptoassets And Their Regulation Under Uk And Eu Law In The Post-Brexit Uk, Sarah Jane Hughes, Sara Kobal
Articles by Maurer Faculty
Cryptoassets are used increasingly as stores of value, means of making payments in domestic and cross-border transactions(including person-to-person (“P2P”) payments), and as enterprise solutions for speedier execution of trades in financial instruments or other commerce. Their emergence from the work of Satoshi Nakamoto to real-world applications has prompted attention from legislatures, regulators including law enforcement agencies, service providers and adopters.
The UK, as well as other nations, has used its legislative and regulatory authority to attract crypto-businesses and other financial-services innovators to its shores. Because some nations seek to entice financial innovations and others remain sceptical, tensions will arise between …
The Deregulation Deception, Cary Coglianese, Natasha Sarin, Stuart Shapiro
The Deregulation Deception, Cary Coglianese, Natasha Sarin, Stuart Shapiro
All Faculty Scholarship
President Donald Trump and members of his Administration repeatedly asserted that they had delivered substantial deregulation that fueled positive trends in the U.S. economy prior to the COVID pandemic. Drawing on an original analysis of data on federal regulation from across the Trump Administration’s four years, we show that the Trump Administration actually accomplished much less by way of deregulation than it repeatedly claimed—and much less than many commentators and scholars have believed. In addition, and also contrary to the Administration’s claims, overall economic trends in the pre-pandemic Trump years tended simply to follow economic trends that began years earlier. …
Reducing Prejudice Through Law: Evidence From Experimental Psychology, Roseanna Sommers, Sara Burke
Reducing Prejudice Through Law: Evidence From Experimental Psychology, Roseanna Sommers, Sara Burke
Law & Economics Working Papers
Can antidiscrimination law effect changes in public attitudes toward minority groups? Could learning, for instance, that employment discrimination against people with clinical depression is illegal cause members of the public to be more accepting toward people with mental health conditions? In this Article, we report the results of a series of experiments that test the effect of inducing the belief that discrimination against a given group is legal (vs. illegal) on interpersonal attitudes toward members of that group. We find that learning that discrimination is unlawful does not simply lead people to believe that an employer is more likely to …
From Productivity To Firm Growth, James Bessen, Erich Denk
From Productivity To Firm Growth, James Bessen, Erich Denk
Faculty Scholarship
It is widely held that more productive firms grow faster, thus reallocating resources and raising aggregate productivity. Yet little empirical research identifies the features of the mechanisms affecting this process. This paper develops and tests a general model encompassing several mechanisms used to overcome informational frictions to growth. We find that firm size, productivity dispersion, and large firm investments in intangibles are all significantly related to changes in firm growth in response to productivity. These factors can account for much of the decline in the response to productivity since 2000 (Decker et al. 2020). Also, industry concentration is directly related …
Transaction Cost Economics, Labor Law, And The Gig Economy, Seth C. Oranburg, Liya Palagashvili
Transaction Cost Economics, Labor Law, And The Gig Economy, Seth C. Oranburg, Liya Palagashvili
Law Faculty Publications
The rapid growth of technology not only is creating innovative goods and services, but it is also altering the workplace and the traditional understanding of relationships between employee and employer. This can be seen today with the rise of the gig economy and alternative work arrangements. Our paper seeks to explain how technology has reduced the transaction costs of contracting in the market. In particular, we identify the innovations that have led to reductions in triangulation, transfer, trust, and measurement costs. These costs are relevant for creating greater exchanges between consumers and labor suppliers and, hence, more work for contractors …
Contract Design When Relationship-Specific Investment Produces Asymmetric Information, Albert H. Choi, George Triantis
Contract Design When Relationship-Specific Investment Produces Asymmetric Information, Albert H. Choi, George Triantis
Articles
Under conventional contract theory, contracts may be efficient by protecting relationship specific investment from holdup in subsequent (re)negotiation over terms of trade. This paper demonstrates a different problem when specific investment also provides significant private information to the investing party. This is fairly common: for example, a manufacturer invests to learn about its buyer's idiosyncratic needs or a collaborator invests to learn about a joint venture. We show how such private information can lead to subsequent bargaining failure and suboptimal ex ante relationship-specific investment. We also show that this inefficiency is worse if the parties enter into a binding and …
The Problem With Assumptions: Revisiting The Dark Figure Of Sexual Recidivism, Tamara Rice Lave, Jj Prescott, Grady Bridges
The Problem With Assumptions: Revisiting The Dark Figure Of Sexual Recidivism, Tamara Rice Lave, Jj Prescott, Grady Bridges
Law & Economics Working Papers
What is the actual rate of sexual recidivism given the well-known fact that many crimes go unreported? This is a difficult and important problem, and in The Dark Figure of Sexual Recidivism, Nicholas Scurich and Richard S. John (2019) attempt to make progress on it by “estimate[ing] actual recidivism rates given observed rates of reoffending” (p.172). In this article, we show that the math in their probabilistic model is flawed, but more important, we demonstrate that their conclusions follow ineluctably from their empirical assumptions and the unrepresentative empirical research they cite to benchmark their calculations. Scurich and John contend that …
Computational Complexity And Tort Deterrence, Joshua C. Teitelbaum
Computational Complexity And Tort Deterrence, Joshua C. Teitelbaum
Georgetown Law Faculty Publications and Other Works
Standard formulations of the economic model of tort deterrence constitute the injurer as the unboundedly rational bad man. Unbounded rationality implies that the injurer can always compute the solution to his care-taking problem. This in turn implies that optimal liability rules can provide robust deterrence, for they can always induce the injurer to take socially optimal care. In this paper I examine the computational complexity of the injurer's care-taking problem. I show that the injurer's problem is computationally tractable when the precaution set is unidimensional or convex, but that it is computationally intractable when the precaution set is multidimensional and …
Fiqh On Finance: A Scientometric Analysis Using Bibliometrix, Aam Slamet Rusydiana, Aisyah As-Salafiyah, Yulizar Djamaluddin Sanrego, Lina Marlina
Fiqh On Finance: A Scientometric Analysis Using Bibliometrix, Aam Slamet Rusydiana, Aisyah As-Salafiyah, Yulizar Djamaluddin Sanrego, Lina Marlina
Library Philosophy and Practice (e-journal)
This study aims to determine the development and trend map of fiqh on finance published by Scopus-indexed journals in the theme of Islamic economics and finance. The data analyzed were 547 publications of document publications. The export data is then processed and analyzed using the R Bibliometrix application program to find out the bibliometric map of the fiqh on finance research development. The results showed that the number of publications on fiqh’s theme on finance experienced a significant increase. The results show that the most popular journal is the International Journal of Islamic and Middle Eastern Finance …
The Impact Of Covid-19 On The Halal Economy: A Bibliometric Approach, Nisful Laila, Aam Slamet Rusydiana, Aisyah Assalafiyah
The Impact Of Covid-19 On The Halal Economy: A Bibliometric Approach, Nisful Laila, Aam Slamet Rusydiana, Aisyah Assalafiyah
Library Philosophy and Practice (e-journal)
This study aims to determine the map of the development of research on the halal economy's theme during the COVID-19 pandemic published by digital object identifier-equipped journals. The study was conducted in November 2020. The data analyzed were more than 200 published papers. The object of the study is a published journal in 2020. The data is then processed and analyzed using the VOSviewer application program to determine halal economic research development's bibliometric mapping. The results showed halal finance, halal banking, halal philanthropy, and halal food were the most popular topics used. The research development map of this theme is …
Taking Stock Of Chapter 11, David A. Skeel Jr.
Taking Stock Of Chapter 11, David A. Skeel Jr.
All Faculty Scholarship
In this Essay, written for a symposium honoring Sam Gerdano, I offer an assessment of current Chapter 11 theory and practice. The most distinctive feature of current Chapter 11 practice is the extent to which the parties now enter into intercreditor agreements, restructuring support agreements and other actual contracts governing their rights and responsibilities. One question raised by the dramatic shift in bankruptcy practice is whether the leading normative theory of bankruptcy, the Creditors’ Bargain Theory, is now obsolete, as some scholars have suggested. The Creditors’ Bargain Theory explains bankruptcy as a solution to coordination problems that might lead to …
Guide On Incentives For Responsible Investment In Agriculture And Food Systems, Anna Bulman, Kaitlin Y. Cordes, Ladan Mehranvar, Ella Merrill, Yannick Fiedler
Guide On Incentives For Responsible Investment In Agriculture And Food Systems, Anna Bulman, Kaitlin Y. Cordes, Ladan Mehranvar, Ella Merrill, Yannick Fiedler
Columbia Center on Sustainable Investment Staff Publications
To support implementation of the Principles for Responsible Investment in Agriculture and Food Systems (CFS RAI), CCSI has developed resources for governments and other stakeholders in partnership with the Food and Agriculture Organisation of the United Nations (FAO).
This work includes an online course on creating an enabling environment for responsible investment in agriculture and food systems. The course is freely available, accessible online and available for download. Part I highlights the features and key players of an enabling environment that promotes responsible investment in agriculture and food security. Part II addresses multi-stakeholder engagement in the design of legal and …
Covid-19 And Land-Based Investment: Changing Landscapes, Tehtena Mebratu-Tsegaye, Nathaniah Jacobs, Clarisse Marsac
Covid-19 And Land-Based Investment: Changing Landscapes, Tehtena Mebratu-Tsegaye, Nathaniah Jacobs, Clarisse Marsac
Columbia Center on Sustainable Investment Staff Publications
CCSI, IIED, and Namati are partnering on a new initiative to support governments, civil society, local communities, and private sector actors in improving the governance and practices of land-based investments.
Recognizing that more and better private sector investment is widely seen as critical to advancing economic development and achieving the SDGs in low- and middle-income countries, this initiative responds to concerns that land-based investments have resulted in land dispossession, environmental degradation, and conflict.
The Advancing Land-based Investment Governance (ALIGN) project involves:
- Sustained, in-depth work in up to three countries, including Sierra Leone, to support policy development and implementation, legal …
Cash Back: A Yellowhead Institute Red Paper, Shiri Pasternak, Naiomi Metallic, Yumi Numata, Anita Sekharan, Jasmyn Galley, Samuel Wong
Cash Back: A Yellowhead Institute Red Paper, Shiri Pasternak, Naiomi Metallic, Yumi Numata, Anita Sekharan, Jasmyn Galley, Samuel Wong
Reports & Public Policy Documents
Picking up from Land Back, the first Red Paper by Yellowhead about the project of land reclamation, Cash Back looks at how the dispossession of Indigenous lands created a dependency on the state due to the loss of economic livelihood. Cash Back is about restitution from the perspective of stolen wealth.
From Canada’s perspective, the value of Indigenous lands rests on what can be extracted and commodified. The economy has been built on the transformation of Indigenous lands and waterways into corporate profit and national power. In place of their riches in territory, Canada set up for First Nations a …
Potential Competition And Antitrust Analysis: Monopoly Profits Exceed Duopoly Profits, Steven C. Salop
Potential Competition And Antitrust Analysis: Monopoly Profits Exceed Duopoly Profits, Steven C. Salop
Georgetown Law Faculty Publications and Other Works
This short note prepared for an OECD meeting in June 2021 examines several antitrust issues involving analysis of potential competition. While the analysis is not new, it is still useful to collect them together in a unified fashion to show how they are related. In this regard, all the analysis and conclusions flow from the overarching (and obvious) points that exclusionary conduct and agreements that maintain monopoly power very often harm consumers, and that monopoly profits typically exceed the combined duopoly profits earned by the dominant firm and the entrant, if there is successful entry. While this is not inevitably …
The “Value” Of A Public Benefit Corporation, Jill E. Fisch, Steven Davidoff Solomon
The “Value” Of A Public Benefit Corporation, Jill E. Fisch, Steven Davidoff Solomon
All Faculty Scholarship
We examine the “value” a PBC form provides for publicly-traded corporations. We analyze the structure of the PBC form and find that other than requiring a designated social purpose it does not differ significantly in siting control and direction with shareholders. We also examine the purpose statements in the charters of the most economically significant PBCs. We find that, independent of structural limitations on accountability, these purpose statements are, in most cases, too vague and aspirational to be legally significant, or even to serve as a reliable checks on PBC behavior. We theorize, and provide evidence, that without a legal …
Tax Benefits, Higher Education And Race: A Gift Tax Proposal For Direct Tuition Payments, Bridget J. Crawford, Wendy C. Gerzog
Tax Benefits, Higher Education And Race: A Gift Tax Proposal For Direct Tuition Payments, Bridget J. Crawford, Wendy C. Gerzog
Elisabeth Haub School of Law Faculty Publications
This Article combines three topics--taxes, higher education, and race--to evaluate the tax system's role in exacerbating racial inequalities. Part II frames the discussion with a brief overview of the economics of higher education: how much it costs, how much debt the average student incurs to afford it, and how that debt burden varies by race. Part III describes the major income and wealth transfer tax benefits for higher education, including I.R.C. § 2503(e)'s exclusion of direct tuition payments from gift tax. Part IV demonstrates how this gift tax exclusion disproportionately benefits white families already more likely to avail themselves …
It's All About Pasta: Protectionism, Liberalization, And The Challenge For Quality And Sustainability Of Made In Italy, Fernanda Giorgia Nicola Dr., Gino Scaccia
It's All About Pasta: Protectionism, Liberalization, And The Challenge For Quality And Sustainability Of Made In Italy, Fernanda Giorgia Nicola Dr., Gino Scaccia
Articles in Law Reviews & Other Academic Journals
This article traces the evolution of the regulation of Italian pasta from the beginning of the twentieth century until today. We show how during Fascism the production of wheat became a national battle, and pasta turned out to be the traditional product promoted by Mussolini's propaganda. During the 1960s, new regulations of Italian pasta made exclusively with durum wheat contributed to strengthening the Italian industry during the nation's economic boom. Spaghetti became a global symbol of the Dolce Vita, linking Italian pasta to a fashionable and aesthetically desirable way of life. The Italian Parliament adopted a law that obligated the …
Firm Differences: Skill Sorting And Software, James Bessen, Chen Meng, Erich Denk
Firm Differences: Skill Sorting And Software, James Bessen, Chen Meng, Erich Denk
Faculty Scholarship
Recent research shows that much recent rise in wage inequality comes from growing differences between firms, especially sorting of skilled workers to high-paying firms. This paper explores the role of proprietary software in these changes. Using job ad data, we find that proprietary software is strongly associated with firm wage fixed effects and also with firm skills. Software accounts for half or more of skill sorting across firms. Moreover, both skill sorting and firm wage effects are greater for larger firms. The huge growth in proprietary software helps explain the growth in skill sorting that increases wage inequality.
Commodity Futures Returns And Policy Uncertainty, Deepa Bannigidadmath, Paresh Kumar Narayan
Commodity Futures Returns And Policy Uncertainty, Deepa Bannigidadmath, Paresh Kumar Narayan
Research outputs 2014 to 2021
© 2020 Elsevier Inc. This paper investigates whether economic policy uncertainty is predictable using three sets of commodity futures market variables, namely the equal-weighted average of futures excess returns, the excess returns on a portfolio of going long in backwardated commodities, and the excess returns on a portfolio of going short in contango commodities as predictors. We find significant evidence of both in-sample and out-of-sample predictability. Combination forecasts also reveal strong evidence of predictability. Our findings remain unchanged following several robustness tests.
Stanley Surrey, The 1981 Us Model, And The Single Tax Principle, Reuven S. Avi-Yonah, Gianluca Mazzoni
Stanley Surrey, The 1981 Us Model, And The Single Tax Principle, Reuven S. Avi-Yonah, Gianluca Mazzoni
Law & Economics Working Papers
2021 marks the 40th anniversary of the 1981 U.S. Model Tax Treaty as well as the 5th anniversary of the 2016 US Model Tax Treaty. The first author has repeatedly argued that the 1981 Model gave life to the single tax principle (“STP”). The 2016 Model updates effectively implemented the principle that cross-border income should be taxed once – that is not more and but also not less than once. For example, the 2016 Model does not reduce withholding taxes on payments of highly mobile income that are made to related persons that enjoy low or no taxation with respect …
Reducing The Wealth Gap Through Fintech 'Advances' In Consumer Banking And Lending, Nathalie Martin, Pamela Foohey
Reducing The Wealth Gap Through Fintech 'Advances' In Consumer Banking And Lending, Nathalie Martin, Pamela Foohey
Faculty Scholarship
Research shows that Black, Latinx, and other minorities pay more for credit and banking services, and that wealth accumulation differs starkly between their households and white households. The link between debt inequality and the wealth gap, however, remains less thoroughly explored, particularly in light of new credit products and debt-like banking services, such as early wage access and other fintech innovations. These innovations both hold the promise of reducing racial and ethnic disparities in lending and bring concerns that they may be exploited in ways that perpetuate inequality. They also come at a time when policy makers are considering how …
Rebellion, Rascals, And Revenue: Pleasingly Gaudy And Preposterous, Reuven S. Avi-Yonah
Rebellion, Rascals, And Revenue: Pleasingly Gaudy And Preposterous, Reuven S. Avi-Yonah
Law & Economics Working Papers
Michael Keen and Joel Slemrod’s REBELLION, RASCALS AND REVENUE: TAX FOLLIES AND WISDOM THROUGH THE AGES (Princeton University Press, 2021) is a wonderful book, which should be read by any student of taxation. To most tax policy makers and academics, tax history may seem a bit arcane, because they believe that the study of taxation and especially public finance economics is a story of progress and that we know better how to design good tax systems than our ancestors. To this attitude, Keen and Slemrod offer a decisive rejoinder: We do not necessarily understand taxation better than our predecessors, and …
Tax Treaties, The Constitution, And The Noncompulsory Payment Rule, Reuven S. Avi-Yonah
Tax Treaties, The Constitution, And The Noncompulsory Payment Rule, Reuven S. Avi-Yonah
Law & Economics Working Papers
US Tax treaties have been regarded as self-executing since the first treaty (with France) was ratified in 1932. Rebecca Kysar has argued this raises a doubt on whether the treaties are constitutional, because tax treaties (like other treaties) are negotiated by the executive branch and ratified by the Senate with no involvement by the House, and all tax-raising measures must originate in the House under the Origination Clause (U.S. Const. Art I, section 7, clause 7). Her preferred solution is to make tax treaties non-self executing, but that would reverse the universal practice since 1932, and is therefore unlikely. Moreover, …
The Economics Of Class Action Waivers, Albert H. Choi, Kathryn E. Spier
The Economics Of Class Action Waivers, Albert H. Choi, Kathryn E. Spier
Law & Economics Working Papers
Many firms require consumers, employees, and suppliers to sign class action waivers as a condition of doing business with the firm, and the US Supreme Court has endorsed companies' ability to block class actions through mandatory individual arbitration clauses. Are class action waivers serving the interests of society or are they facilitating socially harmful business practices?
This paper synthesizes and extends the existing law and economics literature by analyzing the firms' incentive to impose class action waivers. While in many settings the firms’ incentive to block class actions may be aligned with maximizing social welfare, in many other settings it …
Slippery Fish: Enforcing Regulation When Agents Learn And Adapt, Andres Gonzalez Lira, Ahmed Mushfiq Mobarak
Slippery Fish: Enforcing Regulation When Agents Learn And Adapt, Andres Gonzalez Lira, Ahmed Mushfiq Mobarak
Discussion Papers
Attempts to curb undesired behavior through regulation gets complicated when agents can adapt to circumvent enforcement. We test a model of enforcement with learning and adaptation, by auditing vendors selling illegal fish in Chile in a randomized controlled trial, and tracking them daily using mystery shoppers. Conducting audits on a predictable schedule and (counter-intuitively) at high frequency is less effective, as agents learn to take advantage of loopholes. A consumer information campaign proves to be almost as cost-effective and curbing illegal sales, and obviates the need for complex monitoring and policing. The Chilean government subsequently chooses to scale up this …
Problematic Interactions Between Ai And Health Privacy, W. Nicholson Price Ii
Problematic Interactions Between Ai And Health Privacy, W. Nicholson Price Ii
Law & Economics Working Papers
The interaction of artificial intelligence (“AI”) and health privacy is a two-way street. Both directions are problematic. This Article makes two main points. First, the advent of artificial intelligence weakens the legal protections for health privacy by rendering deidentification less reliable and by inferring health information from unprotected data sources. Second, the legal rules that protect health privacy nonetheless detrimentally impact the development of AI used in the health system by introducing multiple sources of bias: collection and sharing of data by a small set of entities, the process of data collection while following privacy rules, and the use of …
Reforming Michigan Vehicle Direct Sales Laws, Daniel A. Crane
Reforming Michigan Vehicle Direct Sales Laws, Daniel A. Crane
Law & Economics Working Papers
Michigan stands at a crossroads with respect to the way that electrical vehicles (“EVs”) are sold and serviced. For many decades, Michigan—like many other states—mandated that cars could be sold and serviced only through independent, franchised dealers and prohibited car manufacturers from selling or servicing directly. Historically, those laws were put in place to protect dealers from the superior bargaining power, and sometimes unfair practices, of the Big Three car companies—General Motors (“GM”), Ford, and Chrysler. With the advent of EV technology, it became clear that these decades-old restrictions on direct sales and servicing needed to be reconsidered. Tesla, the …
Adapting Taxation For The Digital Economy In Singapore, Vincent Ooi
Adapting Taxation For The Digital Economy In Singapore, Vincent Ooi
Research Collection Yong Pung How School Of Law
The advent of the digital economy has had profound implications for taxation. Tax systems have been forced to adapt as they become increasingly unsuited for the realities of modern commerce. While Singapore has largely followed international developments, particularly in the area of international taxation, it has often made numerous innovative policy decisions in line with its national interests. The various policy decisions which Singapore has made on taxing the digital economy span both international and domestic tax. In the area of domestic tax, the examples have been further divided by subject matter, like e-commerce, digital tokens, automation, and electronic instruments. …
The Economics Of Class Action Waivers, Albert H. Choi, Kathryn E. Spier
The Economics Of Class Action Waivers, Albert H. Choi, Kathryn E. Spier
Articles
Many firms require consumers, employees, and suppliers to sign class action waivers as a condition of doing business with the firm, and the U.S. Supreme Court has endorsed companies’ ability to block class actions through mandatory individual arbitration clauses. Are class action waivers serving the interests of society or are they facilitating socially harmful business practices? This paper synthesizes and extends the existing law and economics literature by analyzing the firms’ incentive to impose class action waivers. While in many settings the firms’ incentive to block class actions may be aligned with maximizing social welfare, in many other settings it …