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Articles 1 - 14 of 14
Full-Text Articles in Law
The Need For Self Regulation And Alternative Dispute Resolution To Moderate Consumer Perceptions Of Perceived Risk With Internet Gambling, Rohan Miller
UNLV Gaming Research & Review Journal
The legislative gaps in international eCommerce and specifically in the gambling industry mean that many consumers face the market condition of caveat emptor (let the buyer beware). In terms of consumer psychology, caveat emptor increases consumer perceptions of risk and slows the diffusion of Internet gambling. This paper discusses the specific risks associated with Internet gambling and presents an industry structure designed to off-set consumer perceptions of perceived risk through industry self regulation and alternative dispute management techniques.
The Basel Iii Liquidity Coverage Ratio And Financial Stability, Andrew W. Hartlage
The Basel Iii Liquidity Coverage Ratio And Financial Stability, Andrew W. Hartlage
Michigan Law Review
Banks and other financial institutions may increase the amount of credit available in the financial system by borrowing for short terms and lending for long terms. Though this "maturity transformation" is a useful and productive function of banks, it gives rise to the possibility that even prudently managed banks could fail due to a lack of liquid assets. The financial crisis of 2007-2008 revealed the extent to which the U.S. financial system is exposed to the risk of a system-wide failure from insufficient liquidity. Financial regulators from economies around the world have responded to the crisis by proposing new, internationally …
American Parent Bank Liability For Foreign Branch Deposits: Which Party Bears Sovereign Risk?, Adam Telanoff
American Parent Bank Liability For Foreign Branch Deposits: Which Party Bears Sovereign Risk?, Adam Telanoff
Pepperdine Law Review
No abstract provided.
Contingency Enhancements In Attorney Fee Cases: City Of Burlington V. Dague, The End Of Merit Systems Protection Board's Struggle To Understand And Apply Delaware Valley Ii , Cameron P. Quinn, Katharine A. Klos
Contingency Enhancements In Attorney Fee Cases: City Of Burlington V. Dague, The End Of Merit Systems Protection Board's Struggle To Understand And Apply Delaware Valley Ii , Cameron P. Quinn, Katharine A. Klos
Pepperdine Law Review
No abstract provided.
Outsourcing Regulation: How Insurance Reduces Moral Hazard, Omri Ben-Shahar, Kyle D. Logue
Outsourcing Regulation: How Insurance Reduces Moral Hazard, Omri Ben-Shahar, Kyle D. Logue
Michigan Law Review
This Article explores the potential value of insurance as a substitute for government regulation of safety. Successful regulation of behavior requires information in setting standards, licensing conduct, verifying outcomes, and assessing remedies. In various areas, the private insurance sector has technological advantages in collecting and administering the information relevant to setting standards and could outperform the government in creating incentives for optimal behavior. We explore several areas that are regulated more by private insurance than by government. In those areas, the role of the law diminishes to the administration of simple rules of absolute liability or no liability, and affected …
A Financial Economic Theory Of Punitive Damages, Robert J. Rhee
A Financial Economic Theory Of Punitive Damages, Robert J. Rhee
Michigan Law Review
This Article provides a financial economic theory of punitive damages. The core problem, as the Supreme Court acknowledged in Exxon Shipping Co. v. Baker, is not the systemic amount of punitive damages in the tort system; rather it is the risk of outlier outcomes. Low frequency, high severity awards are unpredictable, cause financial distress, and beget social cost. By focusing only on offsetting escaped liability, the standard law and economics theory fails to account for the core problem of variance. This Article provides a risk arbitrage analysis of the relationship between variance, litigation valuation, and optimal deterrence. Starting with settlement …
The Federal Reserve As Last Resort, Colleen Baker
The Federal Reserve As Last Resort, Colleen Baker
University of Michigan Journal of Law Reform
The Federal Reserve, the central bank of the United States, is one of the most important and powerful institutions in the world. Surprisingly, legal scholarship hardly pays any attention to the Federal Reserve or to the law structuring and governing its legal authority. This is especially curious given the amount of legal scholarship focused on administrative agencies that do not have anywhere near as critical a domestic and international role as that of the Federal Reserve. At the core of what the Federal Reserve does and should do is to conduct monetary policy so as to safeguard pricing, including that …
The Disjunction Between Prevention And Compensation Of Hip Fractures Among Elderly Citizens: The Law's Role In Creating Ex Ante Incentives, Janis Sarra
Marquette Elder's Advisor
This article examines the relationship between the compensation for and the prevention of hip fractures among the growing population of seniors in Canada. Sarra postulates that the current system expends funds on liability protection that would be better spent on prevention. Options explored are no-fault compensation, redirecting legal resources, negotiated risk, and adjust[ing] the tax base to ensure that there are sufficient resources to support elderly individuals.
Forward Contracts - Prohibitions On Risk And Speculation Under Islamic Law, Nicholas C. Dau-Schmidt
Forward Contracts - Prohibitions On Risk And Speculation Under Islamic Law, Nicholas C. Dau-Schmidt
Indiana Journal of Global Legal Studies
Forward contracts allow buyers and sellers of goods to reduce risk by contracting for sale at a predetermined price and quantity prior to the actual exchange of goods and payment. While forward contracts are extensively used in the Western world without restriction, those who adhere to Islamic law are often constrained by principles intended to reduce risk, gambling, and usury. These principles can prove overly restrictive; however, Islamic law restrictions also illuminate the problems associated with the overly permissive Western system in which speculators contract in a manner tantamount to gambling-a problem associated with the recent financial crisis. This Note …
High-Frequency Trading: Should Regulators Do More, Matt Prewitt
High-Frequency Trading: Should Regulators Do More, Matt Prewitt
Michigan Telecommunications & Technology Law Review
High-Frequency Trading ("HFT") is a diverse set of algorithmic trading strategies characterized by fast order execution. Its importance in international markets has increased vastly in recent years. From a regulatory perspective, HFT presents difficult and partially unresolved questions. The difficulties stem partly from the fact that HFT encompasses a wide range of trading strategies, and partly from a dearth of unambiguous empirical findings about HFT's effects on markets. Yet certain important conclusions are broadly accepted. HFT can increase systemic risk by causing or exacerbating events like the "Flash Crash" of May 6, 2010. HFT can also enable market manipulators to …
Abortion And Informed Consent: How Biased Counseling Laws Mandate Violations Of Medical Ethics, Ian Vandewalker
Abortion And Informed Consent: How Biased Counseling Laws Mandate Violations Of Medical Ethics, Ian Vandewalker
Michigan Journal of Gender & Law
If we slightly change the facts of the story about the discouraging doctor, it becomes a story that happens every day. Abortion patients face attempts to discourage them from terminating their pregnancies like those the imaginary doctor used, as well as others-and state laws mandate these attempts. While the law of every state requires health care professionals to secure the informed consent of the patient before any medical intervention, over half of the states place additional requirements on legally effective informed consent for abortion. These laws sometimes include features that have ethical problems, such as giving patients deceptive information. Unique …
The Meaning Of The Market Myth, Benjamin Means
The Meaning Of The Market Myth, Benjamin Means
Michigan Business & Entrepreneurial Law Review
This Book Review contends that the perfectly rational market may be a myth, not just in the sense of a false or over-simplified account of reality, but also in the deeper, anthropological sense of cultural explanation. Part I describes how rational-market theories were developed by financial economists and applied to Wall Street, sometimes without adequate appreciation for the difference between simplified economic models and real-world behavior. Part II contends that if the rational-market theory has met with acceptance that outstrips its empirical support, the favorable reception may be explained in part by the theory’s congruence with broader normative views about …
Is A Substantive, Non-Positivist United States Environmental Law Possible?, Dan Tarlock
Is A Substantive, Non-Positivist United States Environmental Law Possible?, Dan Tarlock
Michigan Journal of Environmental & Administrative Law
U.S. environmental law is almost exclusively positive and procedural. The foundation is the pollution control and biodiversity conservation statutes enacted primarily between 1969–1980 and judicial decisions interpreting them. This law has created detailed processes for making decisions but has produced few substantive constraints on private and public decisions which impair the environment. Several substantive candidates have been proposed, such as the common law, a constitutional right to a healthy environment, the public trust, and the extension of rights to fauna and flora. However, these candidates have not produced the hoped for substantive law. Many argue that a substantive U.S. environmental …
A Functional Approach To Risks And Uncertainties Under Nepa , Todd S. Aagaard
A Functional Approach To Risks And Uncertainties Under Nepa , Todd S. Aagaard
Michigan Journal of Environmental & Administrative Law
The National Environmental Policy Act (NEPA) mandates that federal agencies evaluate the environmental impacts of their proposed actions. This requires agencies to make ex ante predictions about environmental consequences that often involve a significant degree of factual risk or uncertainty. Considerable controversy exists regarding how agencies should address such risks and uncertainties. Current NEPA law adopts a largely ad hoc approach that lacks coherence and analytical rigor. Some environmentalists and legal scholars have called for a greater emphasis on worst-case analysis in environmental planning, especially after the recent Deepwater Horizon oil spill in the Gulf of Mexico and the meltdowns …