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Articles 1 - 30 of 145
Full-Text Articles in Law
United States Response To Questionnaire Concerning Applied Arts Under Ip Law: The Uncertain Border Between Beauty And Usefulness, June M. Besek, Robert E. Bishop, Jane C. Ginsburg, Philippa Loengard, Nathalie Russell
United States Response To Questionnaire Concerning Applied Arts Under Ip Law: The Uncertain Border Between Beauty And Usefulness, June M. Besek, Robert E. Bishop, Jane C. Ginsburg, Philippa Loengard, Nathalie Russell
Faculty Scholarship
ALAI-USA is the U.S. branch of ALAI (Association Littèraire et Artistique Internationale). ALAI-USA was started in the 1980's by the late Professor Melville B. Nimmer, and was later expanded by Professor John M. Kernochan.
Rule Originalism, Jamal Greene
Rule Originalism, Jamal Greene
Faculty Scholarship
Constitutional rules are norms whose application depends on an interpreter's identification of a set of facts rather than on her exercise of practical judgment. This Article argues that constitutional interpreters in the United States tend to resolve ambiguity over constitutional rules by reference to originalist sources and tend to resolve uncertainty over the scope of constitutional standards by reference to nonoriginalist sources. This positive claim unsettles the frequent assumption that the Constitution's more specifw or structural provisions support straightforward interpretive inferences. Normatively, this Article offers a partial defense of what it calls "rule originalism," grounded in the fact of its …
The Equipoise Effect, Bert Huang
The Equipoise Effect, Bert Huang
Faculty Scholarship
This Essay explores an overlooked way to use the remedy of disgorgement in torts, contracts, and regulation. It begins with a reminder that disgorging net gains does not force the liable actor to take a loss; by definition, it allows him to break even. As a matter of incentives, it places him in a sort of equipoise. This equipoise effect has a logical upshot that might seem counterintuitive: Substituting disgorgement for any other remedy, part of the time, can emulate the incentive effect of using that other remedy all of the time.
In theory, then, courts or regulators can sometimes …
Harvey Goldschmid: The Scholar As Realistic Reformer, John C. Coffee Jr.
Harvey Goldschmid: The Scholar As Realistic Reformer, John C. Coffee Jr.
Faculty Scholarship
Harvey Goldschmid was a Renaissance Man – extraordinary teacher, farsighted public servant, skillful negotiator, and corporate statesman. But sometimes, less attention is given to his career as a legal scholar. Here too, however, his work has had impact and will last.
The First Year: The Role Of A Modern Lender Of Last Resort, Kathryn Judge
The First Year: The Role Of A Modern Lender Of Last Resort, Kathryn Judge
Faculty Scholarship
Insufficient liquidity can trigger fire sales and wreak havoc on a financial system. To address these challenges, the Federal Reserve (the Fed) and other central banks have long had the authority to provide financial institutions liquidity when market-based sources run dry. Yet, liquidity injections sometimes fail to quell market dysfunction. When liquidity shortages persist, they are often symptoms of deeper problems plaguing the financial system.
This Essay shows that continually pumping new liquidity into a financial system in the midst of a persistent liquidity shortage may increase the fragility of the system and, on its own, is unlikely to resolve …
The Early Years Of First Amendment Lochnerism, Jeremy K. Kessler
The Early Years Of First Amendment Lochnerism, Jeremy K. Kessler
Faculty Scholarship
From Citizens United to Hobby Lobby, civil libertarian challenges to the regulation of economic activity are increasingly prevalent. Critics of this trend invoke the specter of Lochner v. New York. They suggest that the First Amendment, the Religious Freedom Restoration Act, and other legislative "conscience clauses" are being used to resurrect the economically libertarian substantive due process jurisprudence of the early twentieth century. Yet the worry that aggressive judicial enforcement of the First Amendment might erode democratic regulation of the economy and enhance the economic power of private actors has a long history. As this Article demonstrates, anxieties …
Remembering Harvey Goldschmid, David M. Schizer
Remembering Harvey Goldschmid, David M. Schizer
Faculty Scholarship
For me, Harvey Goldschmid and Columbia are inextricably connected. I can't think of one without the other. Harvey discovered his passion for learning as a student at the college and the law school. Only five years after graduating, Harvey returned to Columbia to join our faculty, serving for four and a half decades. When we add this time to his time as a student, it's fifty-two years. That's over 70% of his life.
But Harvey's connection to Columbia was not just long; it was deep. I can't count the number of graduates over the years who've told me he was …
Between Scylla And Charybdis: Taxing Corporations Or Shareholders (Or Both), David M. Schizer
Between Scylla And Charybdis: Taxing Corporations Or Shareholders (Or Both), David M. Schizer
Faculty Scholarship
The United States taxes both corporations and shareholders on corporate profits. In principle, the United States could rely on only one of these taxes, as many commentators have suggested. Although choosing to tax the corporation or its owners may seem like taking money from one pocket or the other, this Essay emphasizes a key difference: These taxes prompt different planning. Relying on one or the other mitigates some distortions and leaks, while exacerbating others. As a result, choosing which to impose is like navigating between Scylla and Charybdis.
In response, this Essay recommends using both taxes for three reasons. First, …
Economic Crisis And The Integration Of Law And Finance: The Impact Of Volatility Spikes, Edward G. Fox, Merritt B. Fox, Ronald J. Gilson
Economic Crisis And The Integration Of Law And Finance: The Impact Of Volatility Spikes, Edward G. Fox, Merritt B. Fox, Ronald J. Gilson
Faculty Scholarship
The 2008 financial crisis raised puzzles important for understanding how the capital market prices common stocks and in turn, for the intersection between law and finance. During the crisis, there was a dramatic fivefold spike, across all industries, in "idiosyncratic risk" – the volatility of individual-firm share prices after adjustment for movements in the market as a whole.
This phenomenon is not limited to the most recent financial crisis.This Article uses an empirical review to show that a dramatic spike in idiosyncratic risk has occurred with every major downturn from the 1920s through the recent financial crisis. It canvasses three …
Vermeule Unbound, Philip A. Hamburger
Vermeule Unbound, Philip A. Hamburger
Faculty Scholarship
My book asks Is Administrative Law Unlawful? Adrian Vermeule answers “No.” In support of his position, he claims that my book does not really make arguments from the U.S. Constitution, that it foolishly denounces administrative power for lacking legislative authorization, that it grossly misunderstands this power and the underlying judicial doctrines, and ultimately that I argue “like a child.”
My book actually presents a new conception of administrative power, its history, and its unconstitutionality; as Vermeule has noted elsewhere, it offers a new paradigm. Readers therefore should take seriously the arguments against the book. They also, however, should recognize that …
Overcoming The Great Forgetting: A Comment On Fishkin And Forbath, Jedediah S. Purdy
Overcoming The Great Forgetting: A Comment On Fishkin And Forbath, Jedediah S. Purdy
Faculty Scholarship
Fishkin and Forbath’s (F&F’s) manuscript is a project of recovery. It portrays the present as a time marked by a “Great Forgetting” of a tradition of constitutional political economy. F&F name what has been forgotten the “democracy of opportunity” tradition. Recovering it would mean again treating the following three principles as linked elements at the core of our Constitution: (1) an anti-oligarchy principle that works to prevent wealth from producing grossly unequal political power; (2) a commitment to a broad middle class with secure, respected work; and (3) a principle of inclusion that opens participation in both citizenship and the …
Regulating Public Offerings Of Truly New Securities: First Principles, Merritt B. Fox
Regulating Public Offerings Of Truly New Securities: First Principles, Merritt B. Fox
Faculty Scholarship
The public offering of truly new securities involves purchases by investors in sufficient number and in small enough blocks that each purchaser’s shares can reasonably be expected to be freely tradable in a secondary market that did not exist before the offering. Increasing the ability of small and medium-sized enterprises (SMEs) to make such offerings has been the subject of much recent discussion.
At the time that a firm initially contemplates such an offering, unusually large information asymmetries exist between its insiders and potential investors. These can lead to severe adverse-selection problems that prevent a substantial portion of worthy offerings …
Debunking The Myth Of The Copyright Troll Apocalypse, Shyamkrishna Balganesh, Jonah B. Gelbach
Debunking The Myth Of The Copyright Troll Apocalypse, Shyamkrishna Balganesh, Jonah B. Gelbach
Faculty Scholarship
Professor Matthew Sag’s Copyright Trolling, An Empirical Study tells a riveting tale of a litigation system run amok.1 A plaintiff files suit in federal court. Each instance of alleged unlawful conduct targeted in the suit may well entail little in the way of actual damages, and for that reason the complaint demands statutory rather than actual damages. The conduct in question is as common as it is allegedly unlawful and, in some people’s views, this conduct isn’t particularly objectionable. And the economics of the litigation in question simply don’t make sense without the aggregation of claims related to many individuals. …
The New Nature, Jedediah S. Purdy, Jo Guildi, Jairus Grove, Robert Paarlberg, Andreas Malm, David Keith, Anna Tsing, Ugo Mattei, Vandana Shiva, Paul Waldau, Roy Scranton
The New Nature, Jedediah S. Purdy, Jo Guildi, Jairus Grove, Robert Paarlberg, Andreas Malm, David Keith, Anna Tsing, Ugo Mattei, Vandana Shiva, Paul Waldau, Roy Scranton
Faculty Scholarship
First came the insight that politics was not an outgrowth of organic hierarchy or divine ordination but instead an artifice – an architecture of power planned only by human beings. [...] was the recognition that economic order does not arise from providential design, natural rights to property and contract, or a grammar of cooperation inherent, like language, in the human mind. First is the Anthropocene condition: the massive increase in human impacts on everything from the upper atmosphere to the deep sea and the DNA of the world's species. [...] closely related, is the movement's interest not just in the …
Designing Corporate Bailouts, Antonio E. Bernardo, Eric L. Talley, Ivo Welch
Designing Corporate Bailouts, Antonio E. Bernardo, Eric L. Talley, Ivo Welch
Faculty Scholarship
Although common economic wisdom suggests that government bailouts are inefficient because they reduce incentives to avoid failure and induce excessive entry by marginal firms, in practice bailouts are difficult to avoid for systemically significant enterprises. Recent experience suggests that bailouts also induce litigation from shareholders and managers complaining about expropriation and wrongful termination by the government. Our model shows how governments can design tax-financed corporate bailouts to reduce these distortions and points to the causes of inefficiencies in real-world implementations such as the Troubled Asset Relief Program. Bailouts with minimal distortion depend critically on the government’s ability to expropriate shareholders …
Constitutional Rhetoric, Jamal Greene
Constitutional Rhetoric, Jamal Greene
Faculty Scholarship
For close to a century, students of judicial behavior have suggested that what judges think is not altogether the same as what they say. Within the legal academy, this claim has long been associated with legal realists who have argued that the formal legal rules explicated in judicial opinions are at least partly epiphenomenal, masking the influence that the personal characteristics and dispositions of adjudicators exercise over legal outcomes. Political scientists have argued, variously, that such outcomes are determined by ideology, social background, or political, professional, or other institutional constraints.
The notion that at least some “extralegal” factors influence judicial …
Family Defense And The Disappearing Problem-Solving Court, Jane M. Spinak
Family Defense And The Disappearing Problem-Solving Court, Jane M. Spinak
Faculty Scholarship
Problem-solving courts began to flourish in the early 1990s with the creation of criminal drug courts as alternatives to standard criminal court practices. In the drug courts, defendants would receive treatment rather than incarceration and be monitored closely within the court. Family Court Treatment Parts (FCTPs) were developed in the late 1990s in New York State, fully embracing the three key components of the problem-solving drug court model: (1) an activist judge who helps to fashion, and then closely monitor, dispositions; (2) a team of lawyers, social workers, and court personnel who try to identify and then work toward commons …
Gateway-Schmateway: An Exchange Between George Bermann And Alan Rau, Alan Scott Rau, George Bermann
Gateway-Schmateway: An Exchange Between George Bermann And Alan Rau, Alan Scott Rau, George Bermann
Faculty Scholarship
What role do national courts play in international arbitration? Is international arbitration an “autonomous dispute resolution process, governed primarily by non-national rules and accepted international commercial rules and practices” where the influence of national courts is merely secondary? Or, in light of the fact that “international arbitration always operates in the shadow of national courts,” is it not more accurate to say that national courts and international arbitration act in partnership? On April 27, 2015, the Pepperdine Law Review convened a group of distinguished authorities from international practice and academia to discuss these and other related issues for a symposium …
Climate Change And Human Trafficking After The Paris Climate Agreement, Michael Gerrard
Climate Change And Human Trafficking After The Paris Climate Agreement, Michael Gerrard
Faculty Scholarship
Climate change is a major contributor to migration and displacement. Persistent drought forced as many as 1.5 million Syrian farmers to move to overcrowded cities, contributing to social turmoil and ultimately a civil war that drove hundreds of thousands of people to attempt to cross the Mediterranean into Europe. Drought also worsened refugee crises in the Sahel, the Horn of Africa and other parts of the continent. Climate change can cause displacement in multiple ways. No reliable estimates exist of the number of people who will be displaced partly or wholly by climate change, due to uncertainties concerning the rate …
From British Westinghouse To The New Flamenco: Misunderstanding Mitigation, Victor P. Goldberg
From British Westinghouse To The New Flamenco: Misunderstanding Mitigation, Victor P. Goldberg
Faculty Scholarship
Both the venerable British Westinghouse decision and the current New Flamenco case have been analyzed in terms of mitigation. Properly understood, in neither is mitigation relevant. Although in the former, the House of Lords came to the right result, the replacement of the substandard turbines with new superior ones was not to mitigate damages — the buyer would have installed the new turbines even had the Westinghouse turbines met the contractual specifications. Even if Westinghouse’s failure accelerated the replacement (which it almost certainly did not) it would have been a mistake to compensate the buyer for the cost of the …
"Courts Have Twisted Themselves Into Knots": Us Copyright Protection For Applied Art, Jane C. Ginsburg
"Courts Have Twisted Themselves Into Knots": Us Copyright Protection For Applied Art, Jane C. Ginsburg
Faculty Scholarship
In copyright law, the marriage of beauty and utility often proves fraught. Domestic and international law makers have struggled to determine whether, and to what extent, copyright should cover works that are both artistic and functional. The U.S. Copyright Act protects a work of applied art "only if, and only to the extent that, its design incorporates pictorial, graphic, or sculptural features that can be identified separately from, and are capable of existing independently of, the utilitarian aspects of the article." While the policy goal to separate the aesthetic from the functional is clear, courts' application of the statutory "separability" …
Opinion Of Justice Katherine Franke In Obergefell V. Hodges, Katherine M. Franke
Opinion Of Justice Katherine Franke In Obergefell V. Hodges, Katherine M. Franke
Faculty Scholarship
Professor Jack Balkin has assembled a group of 9 scholars and advocates to write opinions in the Obergefell v. Hodges case for a forthcoming volume, What Obergefell Should Have Said (Yale University Press 2017). Balkin writes for the majority of the Court and I provide a concurrence along with a short commentary explaining my approach and reasoning. In summary, I conclude that: Laws barring same-sex couples from eligibility for licensure as civil marriages violate the Equal Protection Clause of the Fourteenth Amendment because they find their origin in and perpetuate notions of heterosexual supremacy, and have the aim and effect …
Things Left Unsaid, Questions Not Asked, Peter L. Strauss
Things Left Unsaid, Questions Not Asked, Peter L. Strauss
Faculty Scholarship
The University of Pennsylvania Law Review’s symposium on executive discretion, held in the fall of 2015 but just published this November, is an important undertaking, but it is remarkable for several silences – for things left unsaid on this important subject – and for questions not asked. First, although the Constitution’s “Take Care” Clause is extensively discussed, the one power Article II gives the President over domestic administration – to require the “Opinion, in writing” of the heads of the agencies Congress has invested with administrative duties – is not. Second, the discussion of the President’s undoubted but possibly …
Appraising The "Merger Price" Appraisal Rule, Albert H. Choi, Eric L. Talley
Appraising The "Merger Price" Appraisal Rule, Albert H. Choi, Eric L. Talley
Faculty Scholarship
This paper develops an auction design framework to study how best to measure “fair value” in post-merger appraisal proceedings. Our inquiry spotlights an approach recently embraced by some courts benchmarking fair value against the merger price itself. We show that merger price deference effectively nullifies the role that appraisal can potentially play in establishing a de facto reserve price for company auctions, thereby depressing both acquisition prices and target shareholders’ expected welfare relative to both the optimal appraisal policy and a variety of other valuation measures. We also examine conditions under which deference to the merger price can be optimal. …
The Meming Of Substantive Due Process, Jamal Greene
The Meming Of Substantive Due Process, Jamal Greene
Faculty Scholarship
Substantive due process is notoriously regarded as a textual contradiction, but it is in fact redundant. The word "due" cannot be honored except by inquiring into the relationship between the nature and scope of the deprived interest and the process-whether judicial, administrative, or legislative-that attended the deprivation. The treatment of substantive due process as an oxymoron is what this Essay calls a constitutional meme, an idea that replicates through imitation within the constitutional culture rather than (necessarily) through logical persuasion. We might even call the idea a "precedent," in the nature of other legal propositions within a common law system. …
A Nonoriginalism For Originalists, Jamal Greene
A Nonoriginalism For Originalists, Jamal Greene
Faculty Scholarship
Originalism is an ideology, not a practice. It is a brand, an affiliation, a set of background principles, an often unstated set of restorative commitments. As James Fleming says in his book, Fidelity to Our Imperfect Constitution, originalism is an "ism." As an "ism," Fleming writes, originalism did not exist before the 1970s: "Constitutional interpretation in light of original understanding did exist, but original understanding was seen as merely one source of constitutional decision-making among several-not as a general theory of constitutional interpretation, much less the exclusive legitimate theory."
This brief Comment on Fleming's book takes the practice Fleming identifies---"constitutional …
What Once Was Lost Must Now Be Found: Rediscovering An Affirmative Action Jurisprudence Informed By The Reality Of Race In America, Lee C. Bollinger
What Once Was Lost Must Now Be Found: Rediscovering An Affirmative Action Jurisprudence Informed By The Reality Of Race In America, Lee C. Bollinger
Faculty Scholarship
This academic year has seen college and university students across America calling on their institutions to do more to create campus cultures supportive of African American students and other underrepresented minorities. There have been demands to increase faculty and student diversity, change curricular requirements, and adopt mandatory cultural sensitivity trainings. There have been efforts to rename buildings, remove images, and abandon symbols associating schools with major historic figures who were also proponents of slavery, segregation, or other forms of racism. As in all tumultuous periods for higher education, these events have provoked useful discussions about fundamental principles and brought to …
The United States, Richard Briffault
The United States, Richard Briffault
Faculty Scholarship
The United States is an example of how three branches of government can stall and derail reform initiatives. The judiciary in particular is central to the US experience with political finance reform, repeatedly striking down legislation on party finance, despite consensus from executive and legislative branches. The most recent Supreme Court ruling, in April 2014, struck down one of the last remaining federal regulations, on the overall campaign contribution limits for individuals. At a subnational level, the United States does, however, see significant variations in terms of regulations on the flow of money into politics at a state level. In …
Young Adulthood As A Transitional Legal Category: Science, Social Change, And Justice Policy, Elizabeth S. Scott, Richard J. Bonnie, Laurence Steinberg
Young Adulthood As A Transitional Legal Category: Science, Social Change, And Justice Policy, Elizabeth S. Scott, Richard J. Bonnie, Laurence Steinberg
Faculty Scholarship
In the past decade, much attention has focused on developmental brain research and its implications for the regulation of crime. Public and policy interest has been directed primarily toward juveniles. In light of recent research, courts and legislatures increasingly have rejected the punitive response of the 1990s and embraced a developmental approach to young offenders. Of particular importance in propelling this trend has been the framework offered by the U.S. Supreme Court in a series of Eighth Amendment opinions that have rejected harsh adult sentences for juveniles. These decisions, supported by adolescent brain research, rested on two empirically based principles: …
The Common Law Of Contract And The Default Rule Project, Alan Schwartz, Robert E. Scott
The Common Law Of Contract And The Default Rule Project, Alan Schwartz, Robert E. Scott
Faculty Scholarship
The common law developed over centuries a small set of default rules that courts have used to fill gaps in otherwise incomplete contracts between commercial parties. These rules can be applied almost independently of context: the market damages rule, for example, requires a court only to know the difference between market and contract prices. When parties in various sectors of the economy write sales contracts but leave terms blank, courts fill in the blanks with their own rules. As a consequence, a judicial rule that many parties accept must be "transcontextual": parties in varied commercial contexts accept the courts' rule …