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Articles 1 - 20 of 20
Full-Text Articles in Law
Reliance Remedies At The International Center For The Settlement Of Investment Disputes, David Collins
Reliance Remedies At The International Center For The Settlement Of Investment Disputes, David Collins
Northwestern Journal of International Law & Business
This article will examine the types of situations and expenses which ICSID tribunals have compensated by awarding damages for actual losses suffered and will attempt to illustrate how this choice is generally economically efficient. It will begin by outlining standards of damage remedies that are commonly employed in international law and will conclude with some criticisms of the reliance measure in the investment context. As this article is forum-focused, it will not examine reliance-based remedies in international investment law under other regimes, such as United Nations Commission on International Trade Law (UNCITRAL) arbitrations or under the Iran-U.S. Claims Tribunal, in …
Bankruptcy Law Dilemma: Appraisal Of Corporate Value And Its Distribution In Corporate Reorganization Proceedings, Jongho Kim
Northwestern Journal of International Law & Business
This article will analyze issues arising in reorganization proceedings with which the bankruptcy court has not yet grappled. If the questions arising in the remainder of this article can be clearly answered, then to a certain extent numerous arguments about Chapter 11 can be settled. This article will also analyze both Korean and U.S. bankruptcy law and will maintain a comparative approach with a critical perspective. Though Korean bankruptcy law indirectly adopted11 that of the United States in 1962, the actual application and interpretation of Korean bankruptcy law is quite different and I will accurately compare and contrast the two …
Ruined In A Conventional Way: Responses To Credit Ratings' Role In Credit Crises, David J. Matthews
Ruined In A Conventional Way: Responses To Credit Ratings' Role In Credit Crises, David J. Matthews
Northwestern Journal of International Law & Business
In 2007, abuses in the U.S. mortgage industry precipitated a financial crisis that led regulators in the United States and in the European Union to reexamine credit rating agencies. Asset-backed securities bearing agency ratings helped spread the effects of the crisis to diverse institutional investors, including European banks. This article traces debt securities and ratings from the rise of the mortgage securitization industry to the European and U.S. responses following the 2007 meltdown and concludes that ratings-focused regulatory changes are only a first step in avoiding similar financial crises. The market incentives, risk misperception, and risk spreading that attend complex …
Antitrust And Free Movement Risks Of Expanding U.S. Professional Sports Leagues Into Europe, Marc Edelman, Brian Doyle
Antitrust And Free Movement Risks Of Expanding U.S. Professional Sports Leagues Into Europe, Marc Edelman, Brian Doyle
Northwestern Journal of International Law & Business
This article discusses the legal risks that would emerge if the NBA and NFL decide to expand into Europe. Part I of this article explains the differences in operating structure between U.S. and European professional sports leagues. Part II discusses the differences in competition law between the United States and European Community. Part III explains why the legal status of age and education (age/education requirements) is more favorable to professional sports leagues under U.S. law than under EC law. Part IV explains why the legal status of league drafts and reserve systems also might be more favorable to professional sports …
International Private Equity Valuation And Disclosure, Douglas Cumming, Andrej Gill, Uwe Walz
International Private Equity Valuation And Disclosure, Douglas Cumming, Andrej Gill, Uwe Walz
Northwestern Journal of International Law & Business
Private equity (PE) firms are financial intermediaries standing between the portfolio firms and their investors. They are typically organized as closed-end funds aiming to overcome informational asymmetries and to exploit specialization gains in selecting and overseeing portfolio firms.' However, their existence as financial intermediaries creates new informational asymmetries (with respect to the investors in the PE funds). Fund managers raise follow-on funds before exiting their investments, and may have incentives to overvalue their as-yet-unsold investments when making disclosures to institutional investors. Despite strong incentives to overvalue, PE funds do not face mandatory disclosure rules in any country with a significant …
Foreign Direct Investment In The United States: Achieving A Balance Between National Economy Benefits And National Security Interests, Joanna Rubin Travalini
Foreign Direct Investment In The United States: Achieving A Balance Between National Economy Benefits And National Security Interests, Joanna Rubin Travalini
Northwestern Journal of International Law & Business
This Note addresses the transformation of foreign direct investment in the United States in light of heightened national security standards since the September 11, 2001 attacks and highlights the treatment of three cross- border deals that made U.S. government officials question the thoroughness of foreign investment review policies. Despite the enactment of stricter guidelines in the review of foreign investment transactions, Congress must reexamine the extent of its influence in the process to ensure the retention of open and consistent foreign investment policies in the United States while preserving the best interests of those within its borders.
The Nafta Trucking Provisions And The Teamsters: Why They Need Each Other, Erica Richman
The Nafta Trucking Provisions And The Teamsters: Why They Need Each Other, Erica Richman
Northwestern Journal of International Law & Business
Part I of this comment lays out the basic structure of the Bush pilot program and outlines the general arguments anchoring the Teamsters' opposition. Part II discusses the history of NAFTA and the specific NAFTA trucking program, and charts the controversy surrounding the implementation of these provisions. Part III examines the current status of the NAFTA trucking debate and the Bush pilot program, and looks at the various legislative attacks on completing NAFTA implementation. Part IV offers an overview of the trucking industry's organized labor landscape in both the United States and in Mexico. Part V explores why the Teamsters …
Not All Carried Interests Are Created Equa, Adam H. Rosenzweig
Not All Carried Interests Are Created Equa, Adam H. Rosenzweig
Northwestern Journal of International Law & Business
Recently, a significant debate over the taxation of so-called "carried interest "in private equity funds has received much attention from scholars, the government, commentators, and the media. This debate has focused on whether private equity fund managers who earn a percentage of the returns generated by the fund should be entitled to preferential "capital gain" treatment on such returns. The primary concern in this debate revolves around whether managers are effectively being compensated for services normally taxed at higher rates while receiving the benefit of preferential rates reserved for capital gains. Proponents of reform point to the services being performed …
The European Commission Project Regarding Competition In Professional Services, Laurel S. Terry
The European Commission Project Regarding Competition In Professional Services, Laurel S. Terry
Northwestern Journal of International Law & Business
One goal of this article is to help EU Member States' policy-makers and citizens understand the broad-brush nature of the EU Initiative and remember that it was a call for further investigation by EU Member States. This article provides a detailed case study of the EU Initiative so that as many individuals as possible in the European Union can understand the issues at stake and participate in rigorous discussions about the justifications for, and costs and benefits of, particular lawyer regulation rules in particular countries. Although one goal of this article is to empower European stakeholders and policy-makers, it is …
Are Women-Only Trade Unions Necessary In South Korea: A Study Of Women Workers' Struggles In Korea's Labor Market Comment , Gina Kong
Northwestern Journal of International Law & Business
Recently, in response to discriminatory laws, a gendered labor market, and male-dominated unions, Korean women workers organized women- only trade unions. This comment argues that the strategy of Korean women workers to unionize apart from mainstream labor unions is a necessary and positive movement. First, the comment examines the circumstances in which the organization of Korean women's trade unions became necessary to respond to the discrimination and mistreatment of women by the Korean labor market and the inadequacy of mainstream trade unions to protect women workers. Second, the comment examines how the Korean women's trade unions have been improving the …
A Comparative Analysis Of Hedge Fund Regulation In The United States And Europe, George Sami
A Comparative Analysis Of Hedge Fund Regulation In The United States And Europe, George Sami
Northwestern Journal of International Law & Business
This comment will explore in depth the evolution of hedge fund regulation in the United States, and compare the current state of hedge fund regulation in the United States with that in Europe, specifically the United Kingdom, the European Union, and Germany. The comment is comprised of six sections. Section 11 provides an overview of hedge funds. Section III explores the evolution and current state of hedge fund regulation in the United States. Section IV provides an overview of the current regulatory framework of hedge funds in Europe, more specifically in the United Kingdom, the European Union, and Germany. Section …
Dancing With The Dragon: What U.S. Parties Should Know About Chinese Law When Drafting A Contractual Dispute Resolution Clause, Marcus Wang
Northwestern Journal of International Law & Business
This paper is intended as a guide for U.S. parties doing business with Chinese parties who wish to inoculate themselves to the greatest extent possible against foreseeable difficulties arising from disputes. One such protective measure is the inclusion of a dispute resolution clause in the contract between the parties. Dispute resolution clauses, for the purposes of this paper, refer to clauses in the contract between the parties that specify the location and means of dispute resolution. That location may be a forum in China or outside of China, and the means may be either litigation or arbitration. U.S. parties must …
Corporate Governance Convergence: Lessons From The Indian Experience, Afra Afsharipour
Corporate Governance Convergence: Lessons From The Indian Experience, Afra Afsharipour
Northwestern Journal of International Law & Business
Over the past two decades, corporate governance reforms have emerged as a central focus of corporate law in countries across the development spectrum. Various legal scholars studying these reform efforts have engaged in a vigorous debate about whether globalization will lead to convergence of corporate governance laws toward one model of governance: namely the Anglo-American, dispersed shareholder model, or whether existing national characteristics will thwart convergence. Despite rapid economic growth and reforms in developing countries such as India, the legal literature discussing this debate primarily focuses on developed economies. This Article examines recent corporate governance reforms in India as a …
Changing The Paradigm Of Stock Ownership From Concentrated Towards Dispersed Ownership: Evidence From Brazil And Consequences For Emerging Countries, Erica Gorga
Northwestern Journal of International Law & Business
This paper analyzes micro-level dynamics of changes in ownership structures. It investigates a unique event: changes in ownership patterns currently taking place in Brazil. It builds upon empiricalevidence to advance the theoretical understanding of how and why concentrated ownership structurescanchangetowardsdispersedownership. Commentators argue that the Brazilian capital markets are finally taking off.
Indian Patent Law: Walking The Line, Johanna Sheehe
Indian Patent Law: Walking The Line, Johanna Sheehe
Northwestern Journal of International Law & Business
This comment proposes that cultural preferences have had a strong influence over the development of Indian patent law, and that these preferences influenced the court decision against Novartis. Part I will introduce TRIPS and international patent law, discuss the development of Indian patent law in the context of its colonial past and WTO membership, and explain the decisions by the Indian Patent Office and the Court of Madras in the context of Glivec's development. Part II will explore WTO attitudes and approaches to TRIPS and argue that if Switzerland were to bring India to the WTO's Dispute Settlement Board (DSB), …
Introduction: Symposium On The Globalization Of Private Equity: Changes In The International Market And The Impact On Private Equity Investments , David Van Zandt
Introduction: Symposium On The Globalization Of Private Equity: Changes In The International Market And The Impact On Private Equity Investments , David Van Zandt
Northwestern Journal of International Law & Business
The title of this year's symposium is "Globalization of Private Equity: Changes in the International Market and the Impact on Private Equity Investments." As reflected by the title, the goal of this year's symposium is to explore the changes in the private equity industry after the financial crisis. The papers in this issue examine topics such as the future of convergence between hedge funds and private equity, the legal and ethical implications of vulture funds in developing countries, and the legal, ethical, and financial implications surrounding valuation and disclosure. Additionally, this issue will explore the contentious legal and political debate …
Coming Together After The Crisis: Global Convergence Of Private Equity And Hedge Funds, Houman B. Shadab
Coming Together After The Crisis: Global Convergence Of Private Equity And Hedge Funds, Houman B. Shadab
Northwestern Journal of International Law & Business
Two of the most significant types of alternative investment funds worldwide are hedge funds and private equity funds. A hedge fund typically engages in short-term trading of financial instruments and compensates its manager on an annual or quarterly basis. A private equity fund typically takes long-term management positions in companies and compensates the fund manager once every several years upon the sale of the fund's assets. Although primarily centered in the United States and Europe, numerous markets worldwide are home to each type of fund. Prior to the subprime mortgage-initiated financial crisis, there was a trend within the alternative investment …
Vultures, Hyenas, And African Debt: Private Equity And Zambia, Olufunmilayo B. Arewa
Vultures, Hyenas, And African Debt: Private Equity And Zambia, Olufunmilayo B. Arewa
Northwestern Journal of International Law & Business
Although the Donegal court explicitly limited its scrutiny to the legal questions raised by the case rather than questions of morality and humanity, 23 the moral and ethical considerations connected with the activities of vulture investors are significant. This is particularly true in Africa, which in the post-colonial period has experienced poor economic performance in both absolute and relative terms, as well as significant and even increasing levels of poverty.24 Poverty has exacerbated political instability in Africa.25 The political situation in much of the African continent is similarly tenuous, with sub-Saharan African states in many instances serving as exemplars of …
Sophistry, Situational Ethics, And The Taxation Of The Carried Interest, Darryll K. Jones
Sophistry, Situational Ethics, And The Taxation Of The Carried Interest, Darryll K. Jones
Northwestern Journal of International Law & Business
This Article is, in essence, a strident expression of indignation about what a majority of tax scholars and, indeed, legislators consider a glaring yet persistent inequity in the tax code. In short, sometimes extraordinarily well-paid fund managers receive compensation taxed at capital gains rates. All other, usually very much lower-compensated, service providers are taxed at ordinary rates. The result is clearly regressive and yet, as of late, even some respected and knowledgeable scholars-though still in the minority-have unabashedly set forth sophisticated-sounding justifications. Objections based on unfairness, real, or even merely perceived, are difficult to express without a tone of indignation, …
The Taxation Of Compensatory Profits Interests: The Blind Men And The Elephant, Philip F. Postlewaite
The Taxation Of Compensatory Profits Interests: The Blind Men And The Elephant, Philip F. Postlewaite
Northwestern Journal of International Law & Business
The position increasingly held by academics is that the current tax treatment of such receipts is improper and should be obvious to all.6 Apparently, the small but determined group which defends the status quo7 not only fails to appreciate the clarity of the situation,8 but their analysis is derisively dismissed as sophistry and their motives impugned for acting as tools of the establishment. As the lowly representative of the Gang of Three, and the only one apparently not smart enough to be paid for his advocacy,'0 notwithstanding the intensity and inventiveness of the presenters' advocacy, I remain unconvinced. My support …