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Articles 1 - 30 of 13103

Full-Text Articles in Law

Platforms And The Rule Of Reason: The American Express Case, Herbert J. Hovenkamp Mar 2019

Platforms And The Rule Of Reason: The American Express Case, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

In Ohio v. American Express Co., the Supreme Court applied antitrust’s rule of reason to a two-sided platform. The challenge was to an “anti-steering” rule, a vertical restraint preventing merchants from shifting customers who offered an AmEx card from to a less costly alternative such as Visa or Mastercard.

A two-sided platform is a business that depends on relationships between two different, noncompeting groups of transaction partners. For example, a printed periodical such as a newspaper earns revenue by selling both advertising and subscriptions to the paper itself. Success depends on a platform’s ability to maintain the appropriate ...


Shareholder Collaboration, Jill E. Fisch, Simone M. Sepe Mar 2019

Shareholder Collaboration, Jill E. Fisch, Simone M. Sepe

Faculty Scholarship at Penn Law

Two models dominate the debate on the theory of the firm. Under the management-power model, decision-making power exclusively belongs to corporate insiders (officers and directors). The competing shareholder-power model contemplates increasing shareholder power to limit managerial authority. Both models are focused on managerial agency costs and address the appropriate allocation of power between insiders and shareholders to minimize these costs. Both models also assume that insiders and shareholders are engaged in a competitive struggle for corporate power.

Corporate practice has moved on, however. Increasingly, the insider-shareholder dynamic is collaborative, not competitive. This Article traces the development of insider-shareholder collaboration and ...


The New Titans Of Wall Street: A Theoretical Framework For Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon Mar 2019

The New Titans Of Wall Street: A Theoretical Framework For Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon

Faculty Scholarship at Penn Law

Passive investors — ETFs and index funds — are the most important development in modern day capital markets, dictating trillions of dollars in capital flows and increasingly owning much of corporate America. Neither the business model of passive funds, nor the way that they engage with their portfolio companies, however, is well understood, and misperceptions of both have led some commentators to call for passive investors to be subject to increased regulation and even disenfranchisement. Specifically, this literature takes a narrow view both of the market in which passive investors compete to manage customer funds and of passive investors’ participation in the ...


Mitigations: The Forgotten Side Of The Proportionality Principle, Paul H. Robinson Feb 2019

Mitigations: The Forgotten Side Of The Proportionality Principle, Paul H. Robinson

Faculty Scholarship at Penn Law

In the first change to the Model Penal Code since its promulgation in 1962, the American Law Institute in 2017 set blameworthiness proportionality as the dominant distributive principle for criminal punishment. Empirical studies suggest that this is in fact the principle that ordinary people use in assessing proper punishment. Its adoption as the governing distributive principle makes good sense because it promotes not only the classic desert retributivism of moral philosophers but also crime-control utilitarianism, by enhancing the criminal law’s moral credibility with the community and thereby promoting deference, compliance, acquiescence, and internalization of its norms, rather than suffering ...


Divided By The Sermon On The Mount, David A. Skeel Jr. Feb 2019

Divided By The Sermon On The Mount, David A. Skeel Jr.

Faculty Scholarship at Penn Law

This Essay, written for a festschrift for Bob Cochran, argues that the much-discussed friction between evangelical supporters of President Trump and evangelical critics is a symptom of a much deeper theological divide over the Sermon on the Mount, where Jesus told his disciples to turn the other cheek when struck, love their neighbor as themselves, and pray that their debts will be forgiven as they forgive their debtors. Divergent interpretations of these teachings have given rise to competing evangelical visions of justice.

The historical context dates back to the 1880s, a period when the influence of the Sermon on the ...


Hushing Contracts, David A. Hoffman, Eric Lampmann Feb 2019

Hushing Contracts, David A. Hoffman, Eric Lampmann

Faculty Scholarship at Penn Law

The last few years have brought a renewed appreciation of the costs of nondisclosure agreements that suppress information about sexual wrongdoing. Recently passed bills in a number of states, including New York and California, has attempted to deal with such hush contracts. But such legislation is often incomplete, and many courts and commentators continue to ask if victims of harassment can sign enforceable settlements that conceal serious, potentially metastasizing, social harms. In this Article, we argue that employing the public policy doctrine, courts ought to generally refuse to enforce hush agreements, especially those created by organizations. We restate public policy ...


The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, Vladimir Mukharlyamov, Natasha Sarin Jan 2019

The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, Vladimir Mukharlyamov, Natasha Sarin

Faculty Scholarship at Penn Law

After the Great Recession, new regulatory interventions were introduced to protect consumers and reduce the costs of financial products. Some voiced concern that direct price regulation was unlikely to help consumers, because banks offset losses in one domain by increasing the prices that they charge consumers for other products. This paper studies this issue using the Durbin Amendment, which decreased the interchange fees that banks are allowed to charge merchants for processing debit transactions. Merchant interchange fees, previously averaging 2 percent of transaction value, were capped at $0.22, decreasing bank revenue by $6.5 billion annually. The objective of ...


Going "Clear", Ryan D. Doerfler Jan 2019

Going "Clear", Ryan D. Doerfler

Faculty Scholarship at Penn Law

This Article proposes a new framework for evaluating doctrines that assign significance to whether a statutory text is “clear.” As previous scholarship has failed to recognize, such doctrines come in two distinct types. The first, which this Article call evidence-management doctrines, instruct a court to “start with the text,” and to proceed to other sources of statutory meaning only if absolutely necessary. Because they structure a court’s search for what a statute means, the question with each of these doctrines is whether adhering to it aids or impairs that search — the character of the evaluation is, in other words ...


Making Consumer Finance Work, Natasha Sarin Jan 2019

Making Consumer Finance Work, Natasha Sarin

Faculty Scholarship at Penn Law

The financial crisis exposed major faultlines in banking and financial markets more broadly. Policymakers responded with far-reaching regulation that created a new agency—the CFPB—and changed the structure and function of these markets.

Consumer advocates cheered reforms as welfare-enhancing, while the financial sector declared that consumers would be harmed by interventions. With a decade of data now available, this Article presents the first empirical examination of the successes and failures of the consumer finance reform agenda. Specifically, I marshal data from every zip code and bank in the United States to test the efficacy of three of the most ...


Introduction: The Power Of Global Performance Indicators, Judith G. Kelley, Beth A. Simmons Jan 2019

Introduction: The Power Of Global Performance Indicators, Judith G. Kelley, Beth A. Simmons

Faculty Scholarship at Penn Law

In recent decades, IGOs, NGOs, private firms and even states have begun to regularly package and distribute information on the relative performance of states. From the World Bank's Ease of Doing Business Index to the Financial Action Task Force blacklist, Global Performance Indicators (GPIs) are increasingly deployed to influence governance globally. We argue that GPIs derive influence from their ability to frame issues, extend the authority of the creator, and—most importantly —to invoke recurrent comparison that stimulate governments' concerns for their own and their country's reputation. Their public and ongoing ratings and rankings of states are particularly ...


Global Standards For Securities Holding Infrastructures: A Soft Law/Fintech Model For Reform, Charles W. Mooney Jr. Jan 2019

Global Standards For Securities Holding Infrastructures: A Soft Law/Fintech Model For Reform, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

Intermediaries such as stockbrokers and banks are ubiquitous in global securities markets, playing essential roles in markets, including trading, settling trades, and post-settlement holding of securities. This essay focuses in particular on the roles of intermediaries in securities holding systems. It proposes an IOSCO-led “soft-law-to-hard-law” approach to the development of Global Standards for reforms to these holding systems. States would be expected to adopt “hard law” reforms through statutory and regulatory adjustments to securities holding systems. The reforms would embrace not only important standards of a functional and regulatory nature, but also holistic standards relating to the private law, insolvency ...


The Power Of Ranking: The Ease Of Doing Business Indicator And Global Regulatory Behavior, Rush Doshi, Judith G. Kelley, Beth A. Simmons Jan 2019

The Power Of Ranking: The Ease Of Doing Business Indicator And Global Regulatory Behavior, Rush Doshi, Judith G. Kelley, Beth A. Simmons

Faculty Scholarship at Penn Law

The proliferation of Global Performance Indicators (GPIs), especially those that rate and rank states against one another, shapes decisions of states, investors, bureaucrats, and voters. This power has not been lost on the World Bank, which has marshaled the Ease of Doing Business (EDB) index to amass surprising influence over global regulatory policies – a domain over which it has no explicit mandate and for which there is ideological contestation. This paper demonstrates how the World Bank’s EDB ranking system affects policy through bureaucratic, transnational, and domestic-political channels. We use observational and experimental data to show that states respond to ...


Lowering Legal Barriers To Rpki Adoption, Christopher S. Yoo, David A. Wishnick Jan 2019

Lowering Legal Barriers To Rpki Adoption, Christopher S. Yoo, David A. Wishnick

Faculty Scholarship at Penn Law

Across the Internet, mistaken and malicious routing announcements impose significant costs on users and network operators. To make routing announcements more reliable and secure, Internet coordination bodies have encouraged network operators to adopt the Resource Public Key Infrastructure (“RPKI”) framework. Despite this encouragement, RPKI’s adoption rates are low, especially in North America.

This report presents the results of a year-long investigation into the hypothesis—widespread within the network operator community—that legal issues pose barriers to RPKI adoption and are one cause of the disparities between North America and other regions of the world. On the basis of interviews ...


American Gun Violence: An Information Asymmetry Problem, Amanda L. Lesavage Jan 2019

American Gun Violence: An Information Asymmetry Problem, Amanda L. Lesavage

Journal of Law and Public Affairs

No abstract provided.


Subordination Discourse: A Critique Of Trump's Diversity Model, Roy L. Brooks Jan 2019

Subordination Discourse: A Critique Of Trump's Diversity Model, Roy L. Brooks

Journal of Law and Public Affairs

No abstract provided.


The Wolf Act Amendments To The U.S. International Religious Freedom Act: Breakthrough Or Breakdown?, Robert C. Blitt Jan 2019

The Wolf Act Amendments To The U.S. International Religious Freedom Act: Breakthrough Or Breakdown?, Robert C. Blitt

Journal of Law and Public Affairs

No abstract provided.


Health Justice For Immigrants, Medha D. Makhlouf Jan 2019

Health Justice For Immigrants, Medha D. Makhlouf

Journal of Law and Public Affairs

No abstract provided.


Contemporary Practice Of The United States Relating To International Law (113:1 Am J Int'l L), Jean Galbraith Jan 2019

Contemporary Practice Of The United States Relating To International Law (113:1 Am J Int'l L), Jean Galbraith

Faculty Scholarship at Penn Law

This article is reproduced with permission from the January 2019 issue of the American Journal of International Law © 2019 American Society of International Law. All rights reserved.


Masthead Jan 2019

Masthead

University of Pennsylvania Asian Law Review

No abstract provided.


China-Taiwan Relations Re-Examined: The "1992 Consensus" And Cross-Strait Agreements, Yu-Jie Chen, Jerome A. Cohen Jan 2019

China-Taiwan Relations Re-Examined: The "1992 Consensus" And Cross-Strait Agreements, Yu-Jie Chen, Jerome A. Cohen

University of Pennsylvania Asian Law Review

No abstract provided.


Designing R&D Incentives In Hong Kong, Noam Noked Jan 2019

Designing R&D Incentives In Hong Kong, Noam Noked

University of Pennsylvania Asian Law Review

No abstract provided.


The Court And The Legalisation Of Same-Sex Marriage: A Critical Analysis Of The Judicial Yuan Interpretation No. 748 [2017], David Kc Huang Jan 2019

The Court And The Legalisation Of Same-Sex Marriage: A Critical Analysis Of The Judicial Yuan Interpretation No. 748 [2017], David Kc Huang

University of Pennsylvania Asian Law Review

No abstract provided.


The Self-Delegation False Alarm: Analyzing Auer Deference's Effect On Agency Rules, Daniel E. Walters Jan 2019

The Self-Delegation False Alarm: Analyzing Auer Deference's Effect On Agency Rules, Daniel E. Walters

Faculty Scholarship at Penn Law

Auer deference holds that reviewing courts should defer to agencies when the latter interpret their own preexisting regulations. This doctrine relieves pressure on agencies to undergo costly notice-and-comment rulemaking each time interpretation of existing regulations is necessary. But according to some leading scholars and jurists, the doctrine actually encourages agencies to promulgate vague rules in the first instance, augmenting agency power and violating core separation of powers norms in the process. The claim that Auer perversely encourages agencies to “self-delegate”—that is, to create vague rules that can later be informally interpreted by agencies with latitude due to judicial deference ...


Procedural Fairness In Antitrust Enforcement: The U.S. Perspective, Christopher S. Yoo, Hendrik M. Wendland Jan 2019

Procedural Fairness In Antitrust Enforcement: The U.S. Perspective, Christopher S. Yoo, Hendrik M. Wendland

Faculty Scholarship at Penn Law

Due process and fairness in enforcement procedures represent a critical aspect of the rule of law. Allowing greater participation by the parties and making enforcement procedures more transparent serve several functions, including better decisionmaking, greater respect for government, stronger economic growth, promotion of investment, limits corruption and politically motivated actions, regulation of bureaucratic ambition, and greater control of agency staff whose vision do not align with agency leadership or who are using an enforcement matter to advance their careers. That is why such distinguished actors as the International Competition Network (ICN), the Organization for Economic Cooperation and Development (OECD), the ...


Borders Rules, Beth A. Simmons Jan 2019

Borders Rules, Beth A. Simmons

Faculty Scholarship at Penn Law

International political borders have historically performed one overriding function: the delimitation of a state’s territorial jurisdiction, but today they are sites of intense security scrutiny and law enforcement. Traditionally they were created to secure peace through territorial independence of political units. Today borders face new pressures from heightened human mobility, economic interdependence (legal and illicit), and perceived challenges from a host of nonstate threats. Research has only begun to reveal what some of these changes mean for the governance of interstate borders. The problems surrounding international borders today go well-beyond traditional delineation and delimitation. These problems call for active ...


The Effects Of Holistic Defense On Criminal Justice Outcomes, James Anderson, Maya Buenaventura, Paul Heaton Jan 2019

The Effects Of Holistic Defense On Criminal Justice Outcomes, James Anderson, Maya Buenaventura, Paul Heaton

Faculty Scholarship at Penn Law

No abstract provided.


The Bankruptcy Firm, Vincent S.J. Buccola Jan 2019

The Bankruptcy Firm, Vincent S.J. Buccola

University of Pennsylvania Law Review Online

No abstract provided.


Human Rights In The Private Sphere: Corporations First, Eli Bukspan, Asa Kasher Jan 2019

Human Rights In The Private Sphere: Corporations First, Eli Bukspan, Asa Kasher

University of Pennsylvania Journal of International Law

No abstract provided.


Measuring Norms And Normative Contestation: The Case Of International Criminal Law, Beth A. Simmons, Hyeran Jo Jan 2019

Measuring Norms And Normative Contestation: The Case Of International Criminal Law, Beth A. Simmons, Hyeran Jo

Faculty Scholarship at Penn Law

One way to tell if an international norm is robust is to assess the breadth of its support from a wide variety of important actors. We argue that to assess norm robustness, we should look at the general beliefs, rhetorical support, and actions of both primary and secondary norm addressees (states and non-state actors) at various levels: international, regional, domestic and local. By way of example, we evaluate the robustness of international criminal law (ICL) norms by looking at the rhetoric and actions of a diverse set of international actors, including not only states and intergovernmental organizations but also ordinary ...


Global Economic Constitutionalism And The Future Of Global Trade, Ari Afilalo, Dennis Patterson Jan 2019

Global Economic Constitutionalism And The Future Of Global Trade, Ari Afilalo, Dennis Patterson

University of Pennsylvania Journal of International Law

No abstract provided.