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Articles 1 - 30 of 160
Full-Text Articles in Law
Creating Effective Broadband Network Regulation, Daniel L. Brenner
Creating Effective Broadband Network Regulation, Daniel L. Brenner
Daniel L. Brenner
ABSTRACT: The Internet is central to the business and pastimes of Americans. Calls for increased regulation are ongoing, inevitable, and often justified. But calls for “network neutrality” or “nondiscrimination” assume with little hesitation federal agency competence to give predictable and accurate meaning to these terms and create regulations to implement them. This article’s chief contribution to Internet policy debate is to focus attention on the likelihood of successful FCC Internet regulation -- a key assumption of some advocates. The article analyzes three characteristics that hobble the FCC, the likeliest federal agency to provide prescriptive rules. First, the record for the …
The Coase Theorem And Arthur Cecil Pigou, Herbert J. Hovenkamp
The Coase Theorem And Arthur Cecil Pigou, Herbert J. Hovenkamp
All Faculty Scholarship
In "The Problem of Social Cost" Ronald Coase was highly critical of the work of Cambridge University Economics Professor Arthur Cecil Pigou, presenting him as a radical government interventionist. In later work Coase's critique of Pigou became even more strident. In fact, however, Pigou's Economics of Welfare created the basic model and many of the tools that Coase's later work employed. Much of what we today characterize as the "Coase Theorem," including the relevance of transaction costs, externalities, and bilateral monopoly, was either stated or anticipated in Pigou's work. Further, Coase's extreme faith in private bargaining led him to fail …
De La Integración Internacional, Los Subsidios, La Protección Social Y El Convenio De Seguridad Social Con El Reino De España, Fernando Castillo Cadena
De La Integración Internacional, Los Subsidios, La Protección Social Y El Convenio De Seguridad Social Con El Reino De España, Fernando Castillo Cadena
Fernando Castillo Cadena
No abstract provided.
Discovering The Role Of The Firm: The Separation Criterion And Corporate Law, Daniel F. Spulber
Discovering The Role Of The Firm: The Separation Criterion And Corporate Law, Daniel F. Spulber
Daniel F Spulber
Professor Daniel F. Spulber presents a theory of the firm based on the ability to separate the objectives of the firm from those of its owners. He introduces a separation criterion which defines a firm as a transaction institution such that the consumption objectives of the institution’s owners can be separated from the objectives of the institution itself. The separation criterion provides a bright line distinction between firms and other types of transaction institutions. Firms under this criterion include profit-maximizing sole proprietorships, corporations, and limited-liability partnerships. Institutions that are not classified as firms include contracts, clubs, workers’ cooperatives, buyers’ cooperatives, …
The Nonpecuniary Costs Of Sarbanes Oxley, Nicholas V. Vakkur
The Nonpecuniary Costs Of Sarbanes Oxley, Nicholas V. Vakkur
Nicholas v Vakkur
Sarbanes Oxley is widely considered the most comprehensive economic regulation since the New Deal. While research has evaluated its financial costs, relatively little is known about the non-financial impact of the law upon firms. We develop six hypotheses regarding the non-financial impact of Sarbanes Oxley, incorporating learning from a comprehensive literature review across multiple disciplines. To evaluate this theory, an original survey was developed and implemented on a random sample of Fortune 500 firms (n = 206). An ordered probit model was used to quantify the results. While many economists consider business surveys to be at least as important as …
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
Paolo Santella
No abstract provided.
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
Carlo Drago
No abstract provided.
“Financial Institution Failures Are A Fact Of Life And Little Can Be Done To Stop Them”: An Evaluation Of The Recent Proposals For Reform Of Financial Market Regulation In The United States And Europe, Domenico Ferrari
Domenico Ferrari
The analysis of the current financial crisis, and of the measures which are going to be adopted by the United States and the European countries in order to limit its detrimental effects, shows that uncertainty and risk will still dominate the financial markets. The international credit crunch showed, dramatically, the limits of the current regulatory framework, and will lead to a broad revision of the regulatory policies everywhere. The recent international trend toward deregulation, which seemed to be the future path for the worldwide financial sector, has been completely overthrown by the upcoming events. Now, it has to be hoped …
I Own The Pipes, You Call The Tune. The Net Neutrality Debate And Its (Ir)Relevance For Europe, Andrea Renda
I Own The Pipes, You Call The Tune. The Net Neutrality Debate And Its (Ir)Relevance For Europe, Andrea Renda
Andrea Renda
The debate of the so-called “net neutrality” has been under the spotlight in the US for many years, whereas many believed it would not become an issue in Europe. However, over the past few months the need to revise the current regulatory framework to encourage investment in all-IP networks has led to greater attention for net neutrality and its consequences for investment and competition. After the Commission adopted a “light-touch” approach to the issue at the end of 2007, the European Parliament has started to reconsider the issue, and it is reportedly considering a move towards more pro-neutrality rules. This …
Una Comparazione Tra Le Reti Di Amministratori Nelle Principali Societa Quotate In Italia, Francia E Gran Bretagna, Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi
Una Comparazione Tra Le Reti Di Amministratori Nelle Principali Societa Quotate In Italia, Francia E Gran Bretagna, Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi
Carlo Drago
The purpose of the present paper is to contribute to the empirical literature on country interlocks by illustrating and analysing the interlocking directorships in the first 40 Italian, French and British Blue Chips as of December 2007 (Italy)/March 2008 (France and uk). The theoretical literature identify two possible explanations for interlocking directorships, on the one hand the collusion among players in the same market or in general among enterprises that have business relations among themselves; on the other hand the interest for enterprises to have on their boards bankers, suppliers, and clients so as to reduce information asymmetries. Our findings …
If They Could Only Eat Efficiency: How Airline Deregulation And The Bankruptcy Code Joined Forces To Undermine Airline Workers And What Can Be Done About It, Ashton S. Phillips
If They Could Only Eat Efficiency: How Airline Deregulation And The Bankruptcy Code Joined Forces To Undermine Airline Workers And What Can Be Done About It, Ashton S. Phillips
Ashton S. Phillips `
As a species of mass transportation, the airline industry is incapable of making a sustained profit in an unregulated economy. Without regulation, easy access to reorganization and government subsidies only facilitate bloated supply in the air travel market. Bloated supply leads to decreased market price of airfare. This decrease helps consumers, but it doesn't help airlines achieve profitability. Under the current legal scheme, if airlines can't achieve profitability, airline workers will continue to subsidize the industry with radically decreased pay and lost retirement benefits. If Congress increases airline workers' rights in bankruptcy and merger contexts, their positions will be temporarily …
Who Needs The Stock Market? Part I: The Empirical Evidence, Lawrence E. Mitchell
Who Needs The Stock Market? Part I: The Empirical Evidence, Lawrence E. Mitchell
Lawrence E. Mitchell
Data on historical and current corporate finance trends drawn from a variety of sources present a paradox. External equity has never played a significant role in financing industrial enterprises in the United States. The only American industry that has relied heavily upon external financing is the finance industry itself. Yet it is commonly accepted among legal scholars and economists that the stock market plays a valuable role in American economic life, and a recent, large body of macroeconomic work on economic development links the growth of financial institutions (including, in the U.S, the stock market) to growth in real economic …
Institutional Arrangements, Property Rights And The Endogenity Of Comparative Advantage, Nita Ghei
Institutional Arrangements, Property Rights And The Endogenity Of Comparative Advantage, Nita Ghei
Nita Ghei
Comparative advantage is determined not merely by exogenous factor endowments. Institutional arrangements, and security of property rights, affect comparative advantage and the pattern of trade as well. Developing countries would be better off using their scarce institutional capital on securing property rights rather than trying to pick “winners” using strategic trade policy.
A Troubled House Of Cards: Examining How The “Housing And Economic Recovery Act Of 2008” Fails To Resolve The Foreclosure Crisis, Chad Emerson
Chad Emerson
No abstract provided.
Do You Want To Be An Attorney Or A Mother? Arguing For A Feminist Solution To The Problem Of Double Binds In Employment And Family Responsibilities Discrimination, Heather Bennett Stanford
Do You Want To Be An Attorney Or A Mother? Arguing For A Feminist Solution To The Problem Of Double Binds In Employment And Family Responsibilities Discrimination, Heather Bennett Stanford
Heather P Bennett
This article is a research paper analyzing and proffering solutions to family responsibilities discrimination in the workplace. The article centers around a case filed in the United States District Court for the Western District of Pennsylvania. This case was filed by a female partner at the law firm Dickie, McCamey & Chilcote claiming discrimination based on family responsibilities. I chose this topic because I feel that it is an increasingly important and emerging area of employment discrimination law. This article introduces the background of the case and analyzes possible outcomes in light of caselaw involving employment discrimination in various contexts. …
Reforming Securities Litigation Reform: A Proposal For Restructuring The Relationship Between Public And Private Enforcement Of Rule 10b-5, Amanda M. Rose
Reforming Securities Litigation Reform: A Proposal For Restructuring The Relationship Between Public And Private Enforcement Of Rule 10b-5, Amanda M. Rose
Amanda M Rose
Forthcoming in Columbia Law Review, Vol. 108, No. 6 (Oct. 2008)
For years, commentators have debated how to reform the controversial Rule 10b-5 class action, without pausing to ask whether the game is worth the candle. Is private enforcement of Rule 10b-5 worth preserving, or might we be better off with exclusive public enforcement? This fundamental and neglected question demands attention today more than ever. An academic consensus has now emerged that private enforcement of Rule 10b-5 cannot be defended on compensatory grounds, at least in its most common form (a fraud-on-the-market class action brought against a non-trading issuer). That …
Vote For Charity's Sake, Aaron S. Edlin, Andrew Gelman, Noah Kaplan
Vote For Charity's Sake, Aaron S. Edlin, Andrew Gelman, Noah Kaplan
Aaron Edlin
In a battleground state like Colorado or New Mexico, voting in the presidential election may be equivalent to giving $30,000 - $50,000 to others in expected value, and as such is an extremely efficient form of charity.
The Neoclassical Crisis In U.S. Competition Policy, 1890-1960, Herbert Hovenkamp
The Neoclassical Crisis In U.S. Competition Policy, 1890-1960, Herbert Hovenkamp
Herbert Hovenkamp
ABSTRACT The development of marginalist, or neoclassical, economics led to a fifty-year long crisis in competition policy. Given an industrial structure with sufficient fixed costs, competition always became "ruinous," forcing firms to cut prices to marginal cost without sufficient revenue remaining to pay off investment. Early neoclassicists such as Alfred Marshall were not able to solve this problem. As a result many early twentieth century economists were hostile toward the antitrust laws. The ruinous competition debate came to an abrupt end in the early 1930's, when economists Joan Robinson in Great Britain and particularly Edward Chamberlin in the United States …
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
Paolo Santella
No abstract provided.
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
Carlo Drago
No abstract provided.
Fighting Cartels: Some Economics Of Council Regulation 1/2003 (Ec), By Birgit E. Will And Dieter Schmidtchen: Discussion, Carlo Drago
Carlo Drago
No abstract provided.
Changing The Paradigm Of Stock Ownership From Concentrated Towards Dispersed Ownership? Evidence From Brazil And Consequences For Emerging Countries, Erica Gorga
Cornell Law Faculty Working Papers
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 empirical evidence to advance theoretical understanding of how and why concentrated ownership structures can change towards dispersed ownership.
Commentators argue that the Brazilian capital markets are finally taking off. The number of listed companies and IPOs in the Sao Paulo Stock Exchange (Bovespa) has greatly increased. Firms are migrating to Bovespa’s special listing segments, which require higher standards of corporate governance. Companies have sold control in the market, and the stock market has …
The Harry Potter Lexicon And The World Of Fandom: Fan Fiction, Outsider Works, And Copyright, Aaron Schwabach
The Harry Potter Lexicon And The World Of Fandom: Fan Fiction, Outsider Works, And Copyright, Aaron Schwabach
Aaron Schwabach
Fan fiction, long a nearly invisible form of outsider art, has grown exponentially in volume and legal importance in the past decade. Because of its nature, authorship, and underground status, fan fiction stands at an intersection of issues of property, sexuality, and gender. This article examines three disputes over fan writings, concluding with the recent dispute between J.K. Rowling and Steven Vander Ark over the Harry Potter Lexicon, which Rowling once praised and more recently succeeded in suppressing. The article builds on and adds to the emerging body of scholarship on fan fiction, concluding that much fan fiction is fair …
Pro Bono Publico As A Conscience Good, Deborah A. Schmedemann
Pro Bono Publico As A Conscience Good, Deborah A. Schmedemann
Deborah Schmedemann
Pro bono work performed by American lawyers serves a critical role in the American civil justice system. This paper seeks to explain pro bono through the lens of social science research into volunteering, in particular the economic concept of a conscience good. The paper presents the results of an empirical study involving over 1,100 law students and lawyers. The results include data on lawyers’ motivations to perform pro bono, the impact of various pro bono rules and invitations to perform pro bono, the satisfactions of pro bono work, emotions triggered by pro bono work and pro bono clients, and the …
Clitoridectomy And The Economics Of Islamic Marriage & Divorce Law, Ryan M. Riegg
Clitoridectomy And The Economics Of Islamic Marriage & Divorce Law, Ryan M. Riegg
Ryan M. Riegg
Rolling Equilibriums At The Pre-Commons Frontier: Identifying Patently Efficient Royalties For Complex Products, F. Russell Denton
Rolling Equilibriums At The Pre-Commons Frontier: Identifying Patently Efficient Royalties For Complex Products, F. Russell Denton
F. Russell Denton
Patent pricing problems have roiled industry in recent years. The biggest challenge may be splintered in-licensing of dozens or even thousands of patents for a single behemoth product, where ubiquitous overlaps in invention utility frustrate rational splitting of royalties. That issue is especially daunting for software, computer chips and biotechnology. Judicial remedies are no better: courts have been unable to streamline or standardize the analysis for infringement dam-ages under the prevailing Georgia-Pacific rule. The historic weakness of financial science for intangible assets, along with cherry picking by parties, hobbles G-P’s 15-factor analysis. The universal fog in allocating royalties creates license …
Dr. Miles Is Dead. Now What?: Structuring A Rule Of Reason For Evaluating Minimum Resale Price Maintenance, Thomas A. Lambert
Dr. Miles Is Dead. Now What?: Structuring A Rule Of Reason For Evaluating Minimum Resale Price Maintenance, Thomas A. Lambert
Thomas A. Lambert
In Leegin Creative Leather Prods., Inc. v. PSKS, Inc., decided in 2007, the U.S. Supreme Court overruled its 1911 precedent declaring vertical minimum resale price maintenance (RPM) to be per se illegal. The Leegin Court held that the practice should instead be examined on a case-by-case basis under antitrust's rule of reason. The Court further exhorted the lower courts to craft a "structured" rule of reason for evaluating RPM. This article critiques six approaches that have been proposed for evaluating minimum RPM and offers an alternative approach. The six approaches critiqued are (1) the Brandeisian, unstructured rule of reason; (2) …
Statistical String Theory For Courts: If The Data Don't Fit..., David F. Babbel
Statistical String Theory For Courts: If The Data Don't Fit..., David F. Babbel
David F Babbel
The primary purpose of this article is to provide courts with an important new tool for applying the correct probability distribution to a given legal question. This tool is path-breaking and will have an extensive impact on how a wide variety of cases are decided. In areas as diverse as criminal prosecutions and civil lawsuits alleging securities fraud, courts must assess the relevance and reliability of statistical data and the inferences drawn therefrom. But, courts and expert witnesses often make mistaken assumptions about what probability distributions are appropriate for their analyses. Using the wrong probability distribution can lead to invalid …
Nudging For Liberty: Values In Libertarian Paternalism, Michael S. Mcpherson, Matthew A. Smith
Nudging For Liberty: Values In Libertarian Paternalism, Michael S. Mcpherson, Matthew A. Smith
Michael S. McPherson
In their recent book, Nudge, Richard Thaler and Cass Sunstein argue persuasively that default rules, framing effects, etc., can be used to promote people's welfare. Through a range of empirical examples, we show that it is possible and often preferable to promote values other than welfare. For example, in certain situations default rules can be used to promote people’s exercise of liberty, the equality between citizens, or any other number of values. The core of the paper is showing that these examples do not devolve into welfare, and thereby enhancing the range of options open to policy makers.
The Resilience Of Law, Joseph Vining
The Resilience Of Law, Joseph Vining
Law & Economics Working Papers Archive: 2003-2009
The development of "law and economics" over the last half-century has expanded and reinforced a perception among academic lawyers that law itself is a social science. During the same period social science has moved closer to the discipline of natural science and the presuppositions and methods of its thought and work. This essay explores why law is not and cannot be a social science, and why there are grounds for hope in a future for democracy grounded in the rule of law.