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Articles 1 - 30 of 124
Full-Text Articles in Law
University Of Michigan Law School Senior Day (December 2012), University Of Michigan Law School
University Of Michigan Law School Senior Day (December 2012), University Of Michigan Law School
Commencement and Honors Materials
Program for the December 21, 2012 University of Michigan Law School Senior Day graduation ceremony.
Sec Investigations And Securities Class Actions: An Empirical Comparison, Stephen Choi, Adam Pritchard
Sec Investigations And Securities Class Actions: An Empirical Comparison, Stephen Choi, Adam Pritchard
Law & Economics Working Papers
We compare investigations by the SEC with securities fraud class action filings involving public companies. Using actions with both an SEC investigation and a class action as our baseline, we compare SEC-only investigations with class action-only lawsuits. We find evidence that the stock market reacts more negatively to the class actions relative to SEC investigations. We also find that institutional ownership and stock turnover decline more for class actions compared with SEC investigations. Lastly, the incidence and magnitude of settlements, as well as the incidence of top officer resignation, are greater for class actions relative to SEC investigations. This evidence …
Double Or Nothing: A Tax Treaty For The 21st Century, Reuven S. Avi-Yonah, Oz Halabi
Double Or Nothing: A Tax Treaty For The 21st Century, Reuven S. Avi-Yonah, Oz Halabi
Law & Economics Working Papers
The current tax treaty network was developed in the 1920s and 1930s in order to prevent double residence/source taxation. This kind of double taxation rarely exists any more because most countries have adopted either an exemption system or a foreign tax credit regime in their domestic (non‐treaty) law, which effectively prevents residence/source double taxation even in the absence of a treaty. Instead, as Tsilly Dagan has pointed out, the current treaties serve mostly to transfer revenue from the source country to the residence country. This suggests that treaties may be unnecessary because exemption from withholding taxes by source countries can …
Racial Disparity In The Criminal Justice Process: Prosecutors, Judges, And The Effects Of United States V. Booker, Sonja Starr, M. Marit Rehavi
Racial Disparity In The Criminal Justice Process: Prosecutors, Judges, And The Effects Of United States V. Booker, Sonja Starr, M. Marit Rehavi
Law & Economics Working Papers
Current empirical estimates of racial and other unwarranted disparities in sentencing suffer from two pervasive flaws. The first is a focus on the sentencing stage in isolation. Studies control for the “presumptive sentence” or closely related measures that are themselves the product of discretionary charging, plea-‐bargaining, and fact-‐finding processes. Any disparities in these earlier processes are built into the control variable, which leads to misleading sentencing-‐disparity estimates. The second problem is specific to studies of sentencing reforms: they use loose methods of causal inference that do not disentangle the effects of reform from surrounding events and trends.
This Article explains …
Proclaiming Emancipation, University Of Michigan Law School, William L. Clements Library, Martha S. Jones
Proclaiming Emancipation, University Of Michigan Law School, William L. Clements Library, Martha S. Jones
Event Materials
Program for Proclaiming Emancipation, held October 15 2012 - February 18 2013. This was a combination exhibit and symposium. Martha S. Jones and Clayton Lewis were Curators.
As we approach the 150th anniversary of the Emancipation Proclamation, commemorations can be a site for complex and nuanced reflections. They can also sanitize a messy past, making it palatable for popular consumption. Proclaiming Emancipation confronts myths with history. Oftentimes competing voices proclaim that no longer does Proclamation stand as an exceptional moment from the U.S. past. Instead, we understand January 1, 1863 as being situated on a timeline that stretches from …
Facebook, The Jobs Act, And Abolishing Ipos, Adam C. Pritchard
Facebook, The Jobs Act, And Abolishing Ipos, Adam C. Pritchard
Law & Economics Working Papers
The market for initial public offerings (IPOs) — the first sale of private firms’ stock to the public — is notorious for its swings from peaks to valleys. This paper argues that these swings reflect serious flaws in the IPO scheme, and that U.S. capital markets should move toward a more stable alternative. Specifically, this paper argues for a two-tier market system in which new stock issuers initially participate in a less-regulated private capital market of accredited investors and then, if they choose, they can move to a more regulated, broader public market. Likewise, firms currently participating in the public …
Clinics & Externships: Reflections From The Front Lines, University Of Michigan Law School
Clinics & Externships: Reflections From The Front Lines, University Of Michigan Law School
Newsletters
Fall 2012 / Winter 2013 issue of the University of Michigan Law School Clinics' newsletter.
Pro Bono Newsletter, University Of Michigan Law School
Pro Bono Newsletter, University Of Michigan Law School
Newsletters
Fall 2012 issue of the University of Michigan Law School Pro Bono Program's newsletter.
Clinic Newsletter, University Of Michigan Law School
Clinic Newsletter, University Of Michigan Law School
Newsletters
Fall 2012 issue of the University of Michigan Law School Clinics' newsletter
Accountability And The Sri Lankan Civil War, Steven R. Ratner
Accountability And The Sri Lankan Civil War, Steven R. Ratner
Articles
Sri Lanka's civil war came to a bloody end in May 2009, with the defeat of the Liberation Tigers of Tamil Eelam (LTTE) by Sri Lanka's armed forces on a small strip of land in the island's northeast. The conflict, the product of long-standing tensions between Sri Lanka's majority Sinhalese and minority Tamils over the latter's rights and place in society, had begun in the mid-1980s and ebbed and flowed for some twenty-five years, leading to seventy to eighty thousand deaths on both sides. Government repression of Tamil aspirations was matched with ruthless LTTE tactics, including suicide bombings of civilian …
Can Consumers Control Health-Care Costs?, Mark A. Hall, Carl E. Schneider
Can Consumers Control Health-Care Costs?, Mark A. Hall, Carl E. Schneider
Articles
The ultimate aim of health care policy is good care at good prices. Managed care failed to achieve this goal through influencing providers, so health policy has turned to the only market-based option left: treating patients like consumers. Health insurance and tax policy now pressure patients to spend their own money when they select health plans, providers, and treatments. Expecting patients to choose what they need at the price they want, consumerists believe that market competition will constrain costs while optimizing quality. This classic form of consumerism is today’s health policy watchword. This article evaluates consumerism and the regulatory mechanism …
"Perpetual Trusts: The Walking Dead" And "Congress Should Effectively Curb Gst Exemption For Perpetual Trusts.", Calvin H. Johnson, Lawrence W. Waggoner
"Perpetual Trusts: The Walking Dead" And "Congress Should Effectively Curb Gst Exemption For Perpetual Trusts.", Calvin H. Johnson, Lawrence W. Waggoner
Law & Economics Working Papers
In separate but complementary letters to the editor of Tax Notes, Calvin Johnson (University of Texas School of Law) and Lawrence Waggoner (University of Michigan Law School) respond to an article by Dennis Belcher and seven other practicing attorneys that defend the GST exemption for perpetual trusts. In Federal Tax Rules Should Not Be Used to Limit Trust Duration, 126 Tax Notes 832 (Aug 13, 2012), the attorneys argue that the duration of a trust is a state law issue. Their article is actually a response to a Shelf Project article: Lawrence W. Waggoner, Effectively Curbing the GST Exemption for …
Sales Between A Partnership And Non-Partners, Douglas A. Kahn
Sales Between A Partnership And Non-Partners, Douglas A. Kahn
Articles
The code denies a deduction for a loss recognized on a sale or exchange between certain related parties. Two of the principal code sections that deny a deduction in that circumstance are sections 267(a)(1) and 707(b)(1)(A). Two regulatory provisions promulgated under section 267 apply the denial of a loss deduction rule to partnerships — reg. section 1.267(b)-1(b) and temp. reg. section 1.267(a)-2T(c), Question 2. I conclude that to the extent reg. section 1.267(b)-1(b) applies to section 267(a)(1), it is invalid and has been invalid since 1986. Also, two of the questions and answers in the temporary regulation are invalid.
Sales Between A Partnership And Non-Partners, Douglas A. Kahn
Sales Between A Partnership And Non-Partners, Douglas A. Kahn
Law & Economics Working Papers
Kahn argues that a 1986 amendment to section 707 invalidated several regulatory provisions promulgated under section 267.
Estimating Gender Disparities In Federal Criminal Cases, Sonja Starr
Estimating Gender Disparities In Federal Criminal Cases, Sonja Starr
Law & Economics Working Papers
This paper assesses gender disparities in federal criminal cases. It finds large gender gaps favoring women throughout the sentence length distribution (averaging over 60%), conditional on arrest offense, criminal history, and other pre-charge observables. Female arrestees are also significantly likelier to avoid charges and convictions entirely, and twice as likely to avoid incarceration if convicted. Prior studies have reported much smaller sentence gaps because they have ignored the role of charging, plea-bargaining, and sentencing fact-finding in producing sentences. Most studies control for endogenous severity measures that result from these earlier discretionary processes and use samples that have been winnowed by …
Contribution Of A Built-In Loss To A Partnership, Douglas A. Kahn
Contribution Of A Built-In Loss To A Partnership, Douglas A. Kahn
Articles
Before 2004, it was possible to use the partnership tax provisions of the code to shift the benefit ofa loss deduction for a decline in property valuefrom the person who incurred it to another person.One method of accomplishing that goal involvedthe contribution of depreciated property to a partnership.
University Of Michigan Bar Passage 2004-2006: A Failure To Replicate Professor Sander's Results, With Implications For Affirmative Action, Richard O. Lempert
University Of Michigan Bar Passage 2004-2006: A Failure To Replicate Professor Sander's Results, With Implications For Affirmative Action, Richard O. Lempert
Law & Economics Working Papers
In a recent issue of the Denver Law Review, Professor Richard Sander presents data on race-based affirmative action that purportedly support his theory that any benefits African Americans enjoy from affirmative action are more than offset by detrimental effects of academic mismatch. Specifically, he references a yet unpublished study in which he claims to have found that for the years 2004-2006 the bar passage rate of African-American graduates of the University of Michigan Law School is 62 percent for first time takers rising to only 76 percent after multiple takes. This paper shows that these results are quite implausible given …
Revisiting 'Truth In Securities Revisited': Abolishing Ipos And Harnessing Private Markets In The Public Good, Adam C. Pritchard
Revisiting 'Truth In Securities Revisited': Abolishing Ipos And Harnessing Private Markets In The Public Good, Adam C. Pritchard
Law & Economics Working Papers
This essay explores the line between private and public markets. I propose a two-tier market system to replace initial public offerings. The lower tier would be a private market restricted to accredited investors; the top tier would be a public market with unlimited access. The transition between the two markets would be based on issuer choice and market capitalization, followed by a seasoning period of disclosure and trading in the public market before the issuer would be allowed to make a public offering. I argue that such system would promote not only efficient capital formation, but also investor protection.
Has Insider Trading Become More Rampant In The United States? Evidence From Takeovers, Laura N. Beny, Nejat Seyhun
Has Insider Trading Become More Rampant In The United States? Evidence From Takeovers, Laura N. Beny, Nejat Seyhun
Law & Economics Working Papers
No abstract provided.
Retirees Beware: Don't Worry About The British-- 2013 Is Coming, Douglas A. Kahn, Lawrence W. Waggoner
Retirees Beware: Don't Worry About The British-- 2013 Is Coming, Douglas A. Kahn, Lawrence W. Waggoner
Articles
Retirees beware. The easy money policy of the Federal Open Market Committee and the 15 percent tax rate on qualified dividends have encouraaged retirees, especially middle-income retired savers, to reorient their nest eggs away from certificates of deposit, treasuries, and money market funds to dividend-paying stocks and mutual funds. According to the IRS, 43 percent of taxpayers age 65 or older reported qualified dividend income amounting to nearly half of the qualified dividend income reported by all taxpayers. By contrast, 46 percent of taxpayers age 65 or older reported net capital gains amounting to 30.5 percent of the net capital …
Contribution Of A Built-In Loss To A Partnership, Douglas A. Kahn
Contribution Of A Built-In Loss To A Partnership, Douglas A. Kahn
Law & Economics Working Papers
In 2004 Congress amended the code to prevent the use of a partnership contribution as a means of transferring a deduction for a built-in loss from one person to another. That amendment has undermined the application of the remedial method (and the traditional method with curative allocations) that the regulations provide for the allocation of a contributed built-in gain or loss, Kahn argues. He also asserts that the 2004 amendment distorts income reporting.
Effectively Curbing The Gst Exemption For Perpetual Trusts, Lawrence W. Waggoner
Effectively Curbing The Gst Exemption For Perpetual Trusts, Lawrence W. Waggoner
Articles
In "Effectively Curbing the GST Exemption for Perpetual Trusts," I criticized the Treasury Department’s proposal for dealing with perpetual trusts. My objection is that Treasury’s approach would leave many trusts and much wealth GST-exempt for much longer than Congress originally intended. For perpetual trusts created before enactment, Treasury’s approach would allow them to continue to be unburdened by a durational limit. For perpetual trusts created after the effective date of enactment, Treasury’s approach would still allow them to qualify for the GST exemption, but would have the exemption expire 90 years after the trust was created.
Slicing The Shadow: A Proposal For Updating U.S. International Taxation, Reuven S. Avi-Yonah
Slicing The Shadow: A Proposal For Updating U.S. International Taxation, Reuven S. Avi-Yonah
Articles
In the article Avi-Yonah proposed that the United States tax multinational corporations using a formulary apportionment system based solely on income derived from sales. The background for the article was drawn principally from Robert Reich’s The Work of Nations (1991), and the analysis was inspired by Stanley I. Langbein’s work on transfer pricing, especially his seminal article "The Unitary Method and the Myth of Arm’s Length," Tax Notes, Feb. 17, 1986, p. 625; see also Louis Kauder, "Intercompany Pricing and Section 482: A Proposal to Shift From Uncontrolled Comparables to Formulary Apportionment Now," Tax Notes, Jan. 25, 1993, p. 485.
Effectively Curbing The Gst Exemption For Perpetual Trusts, Lawrence W. Waggoner
Effectively Curbing The Gst Exemption For Perpetual Trusts, Lawrence W. Waggoner
Law & Economics Working Papers
Current law allows a married couple to transfer up to $10.24 million into a trust that is exempt from the federal generation-skipping transfer tax. The proposal would deny the GST exemption prospectively, unless the trust must terminate within one of three perpetuity periods: (1) 21 years after the death of a life in being; (2) 90 years after creation; or (3) after the death of the last living beneficiary who is no more than two generations younger than the settlor. Atrust now in existence would be allowed a grace period during which it could be modified to terminate within the …
Review Of The Making Of Tax Law: The Development Of The Swedish Tax System, Reuven S. Avi-Yonah
Review Of The Making Of Tax Law: The Development Of The Swedish Tax System, Reuven S. Avi-Yonah
Reviews
Imagine that a single person had been responsible for all U.S. tax reforms enacted from 1974 to 2012. That was the position of Sven-Olof Lodin, the former president of the International Fiscal Association. For more than 40 years, professor Lodin was the most influential voice in Swedish tax policy. This was not in a single, official governmental capacity, but rather as a member of more than 20 government commissions and working parties on taxation, which were responsible for all the major changes in Swedish tax law in recent decades, including the "Tax Reform of the Century" in 1991. In this …
Federalism: Theory, Policy, Law, Daniel Halberstam
Federalism: Theory, Policy, Law, Daniel Halberstam
Book Chapters
Even France now values local government. Over the past 30 years, top-down appointment of regional prefects and local administrators has given way to regionally elected councils and a revision of Article 1 of the French Constitution, which proclaims that today the state’s ‘organization is decentralized’. The British Parliament, too, has embraced local rule by devolving powers to Scotland, Wales, and Northern Ireland. And in China, decentralization has reached a point where some scholars speak of ‘de facto federalism’. A systematic study of the distribution of authority in 42 democracies found that over the past 50 years, regional authority grew in …
Vive La Petite Difference: Camp, Obama, And Territoriality Reconsidered, Reuven S. Avi-Yonah
Vive La Petite Difference: Camp, Obama, And Territoriality Reconsidered, Reuven S. Avi-Yonah
Articles
The recent tax reform proposals by House Ways and Means Committee Chair David Camp, R-Mich., and by President Obama seem to offer starkly contrasting visions of how to reform the taxation of foreign-source income earned by U.S.-based multinational enterprises.1 Both acknowledge the problem, which is that U.S.-based MNEs currently have more than $1 trillion of ‘‘permanently reinvested’’ income offshore, which they cannot bring back to the U.S. without incurring a 35 percent tax penalty. However, they seem to offer radically different solutions: Under the Camp proposal, a participation exemption will enable U.S.-based MNEs to bring back the income without paying …
Constitutional Heterarchy: The Centrality Of Conflict In The European Union And The United States, Daniel Halberstam
Constitutional Heterarchy: The Centrality Of Conflict In The European Union And The United States, Daniel Halberstam
Book Chapters
In the debates about whether to take constitutionalism beyond the state, the European Union invariably looms large. One element, in particular, that invites scholars to grapple with the analogy between the European Union and global governance is the idea of legal pluralism. Just as the European legal order is based on competing claims of ultimate legal authority among the European Union and its member states, so, too, the global legal order, to the extent that we can speak of one, lacks a singular, uncontested hierarchy among its various parts. To be sure, some have argued that the UN Charter provides …
International Taxation And Competitiveness: Introduction And Overview, Reuven S. Avi-Yonah, Nicola Sartori
International Taxation And Competitiveness: Introduction And Overview, Reuven S. Avi-Yonah, Nicola Sartori
Law & Economics Working Papers
The debate about whether to abolish deferral or to adopt territoriality has been going on ever since the Kennedy Administration first proposed ending deferral in 1961. The problem is that neither side has factual support for their argument about whether the U.S. tax system, including Subpart F, as currently enacted or with any of the proposed reforms, in fact negatively impacts the tax burden of US-based MNEs. Even the concept of competitiveness itself is unclear. Despite numerous claims, there has been no rigorous attempt that we are aware of to determine whether MNEs based in our major trading partners in …
University Of Michigan Law School Senior Day (May 2012), University Of Michigan Law School
University Of Michigan Law School Senior Day (May 2012), University Of Michigan Law School
Commencement and Honors Materials
Program for the May 6, 2012 University of Michigan Law School Senior Day graduation ceremony.