Law Commons^™

Returning To Common-Law Principles Of Insider Trading After United States V. Newman, Richard A. Epstein

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No abstract provided.

How The Fourth Amendment And The Separation Of Powers Rise (And Fall) Together, Aziz Huq

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No abstract provided.

The Mutual Dependency Of Force And Law In American Foreign Policy, Richard A. Epstein, Mario Loyola

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No abstract provided.

Trade Credit And Taxes, Mihir A. Desai, C. Fritz Foley, James R. Hines Jr.

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This paper analyzes the extent to which tax differences affect the use of trade credit. U.S.-owned affiliates in low-tax countries use trade credit to lend, whereas those in high-tax countries use trade credit to borrow: 10% lower local tax rates are associated with net trade credit positions that are 1.4% higher as a fraction of sales. The use of trade credit to get capital out of low-tax, low-return environments is also illustrated by the temporary repatriation tax holiday in 2005, which was used most intensively by affiliates with positive net trade credit positions.

Sec Investigations And Securities Class Actions: An Empirical Comparison, Stephen J. Choi, Adam C. Pritchard

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Using actions with both an SEC investigation and a class action as our baseline, we compare the targeting of SEC-only investigations with class-action-only lawsuits. Looking at measures of information asymmetry, we find that investors in the market perceive greater information asymmetry following the public announcement of the underlying violation for class-action-only lawsuits compared with SEC-only investigations. Turning to sanctions, we find that the incidence of top officer resignation is greater for class-action-only lawsuits relative to SEC-only investigations. Our findings are consistent with the private enforcement targeting disclosure violations at least as precisely as (if not more so than) SEC enforcement.

Economic Crisis And The Integration Of Law And Finance: The Impact Of Volatility Spikes, Edward G. Fox, Merritt B. Fox, Ronald J. Gilson

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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 five-fold 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 possible …

A Liberal Dilemma: Respecting Autonomy While Also Protecting Inchoate Children From Prenatal Substance Abuse., Andrew J. Weisberg, Frank E. Vandervort

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Substance abuse is a significant social problem in America. It is estimated that some eighteen million Americans have an alcohol abuse problem and that almost five million have a drug abuse problem. According to the National Institute on Drug Abuse, substance abuse costs some $700 billion per year Substance abuse is a major contributor to child maltreatment. It is estimated that between one- and two-thirds of cases in which children enter foster care are linked to parental substance abuse. Unfortunately, this may be an underestimate as recent research suggests that many cases, particularly cases in which children have been exposed …

Manufacturing Barriers To Biologics Competition And Innovation, W. Nicholson Price Ii., Arti K. Rai

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As finding breakthrough small-molecule drugs becomes more difficult, drug companies are increasingly turning to "large molecule" biologics. Although biologics represent many of the most promising new therapies for previously intractable diseases, they are extremely expensive. Moreover, the pathway for generic-type competition set up by Congress in 2010 is unlikely to yield significant cost savings. This Article provides a fresh diagnosis of and prescription for this major public policy problem. It argues that the key cause is pervasive trade secrecy in the complex area of biologics manufacturing. Under the current regime, this trade secrecy, combined with certain features of Food and …

Reconceptualizing The Eighth Amendment: Slaves, Prisoners, And Cruel And Unusual Punishment, Alexander A. Reinert

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The meaning of the Eighth Amendment’s Cruel and Unusual Punishment Clause has long been hotly contested. For scholars and jurists who look to original meaning or intent, there is little direct contemporaneous evidence on which to rest any conclusion. For those who adopt a dynamic interpretive framework, the Supreme Court’s “evolving standards of decency” paradigm has surface appeal, but deep conflicts have arisen in application. This Article offers a contextual account of the Eighth Amendment’s meaning that addresses both of these interpretive frames by situating the Amendment in eighteenth and nineteenth-century legal standards governing relationships of subordination.

In particular, I …

Beps - A Primer On Where It Came From And Where It’S Going, Jeffrey M. Kadet

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Governments throughout the world have been losing many billions of dollars of tax revenues from “legal” tax avoidance conducted by many multinational groups (MNEs) through aggressive structuring of operations and transactions that often lack economic reality so as to earn profits that are subjected to zero or low-taxation. The success of this “legal” tax avoidance motivated the G-20 and the OECD to initiate the two-year Base Erosion and Profit Shifting (BEPS) project, which took place from 2013 to 2015.

This discussion of the BEPS project is intended to give the reader an understanding of the project’s origin, its objectives, and …

Reply To Five Critics Of Why Tolerate Religion?, Brian Leiter

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No abstract provided.

Charging On The Margin, Paul Crane

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No abstract provided.

Innovation And Inequality: The Separability Thesis, Richard A. Epstein

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No abstract provided.

Institutional Flip-Flops, Eric A. Posner, Cass R. Sunstein

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No abstract provided.

The Distributive Deficit In Law And Economics, Richard H. Mcadams, Lee Anne Fennell

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No abstract provided.

International Human Rights; International Human Rights Law, James W. Nickel

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No abstract provided.

Class Action Myopia, Maureen Carroll

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Over the past two decades, courts and commentators have often treated the class action as though it were a monolith, limiting their analysis to the particular class form that joins together a large number of claims for monetary relief This Article argues that the myopic focus on the aggregated-damages class action has led to undertheorization of the other class-action subtypes, which serve far different purposes and have far different effects, and has allowed the ongoing backlash against the aggregated-damages class action to affect the other subtypes in an undifferentiated manner. The failure to confine this backlash to its intended target …

Does Meaning Matter?, David A. Strauss

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A Response to Professor Fallon

The Supreme Court As A Filter Between International Law And American Constitutionalism, Curtis A. Bradley

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This Essay describes and defends the Supreme Court’s role as a filter between international law and the American constitutional system. In this role,the Court ensures that when international law passes into the U.S. legal system, it does so in a manner consistent with domestic constitutional values. This filtering role is appropriate, the Essay explains, in light of the different processes used to generate international law and domestic law and the different functions served by these bodies of law. The Essay provides examples of this filtering role in four scenarios: the intersection of treaties and individual rights; the relationship between the …

Strategic Rulemaking Disclosure, Jennifer Nou, Jed Stiglitz

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No abstract provided.

Arctic Energy Cooperation, Hari M. Osofsky, Jessica Shadian, Sara L. Fechtelkotter

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The Arctic – with almost a third of the world’s remaining natural gas and thirteen percent of its oil – is one of the globe’s last frontiers for competition over unexplored natural resources. The rapid pace of Arctic melting due to climate change has created opportunities to extract the region’s previously inaccessible offshore oil and gas. The 2015 controversy over the Obama Administration’s approval of Shell Oil’s drilling in the Chukchi Sea followed by the company’s decision to pull out highlighted the need for clear and effective regulation of Arctic drilling. Offshore oil spills are difficult to prevent and clean …

Presidential Leadership And The Separation Of Powers, Eric A. Posner

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No abstract provided.

The Paradox Of Access Justice, And Its Application To Mandatory Arbitration, Omri Ben-Shahar

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No abstract provided.

Beyond Liberty: Toward A History And Theory Of Economic Coercion, Hiba Hafiz

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No abstract provided.

Missing Judge Tinder, Gerald Bepko, Daniel E. Pulliam, Diane P. Wood, Richard L. Young

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No abstract provided.

Innovation And Inequality: Conservative And Libertarian Perspectives, Elizabeth Kregor

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No abstract provided.

Because And Effect: Another Take On Inclusive Communities, Lee Anne Fennell

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No abstract provided.

Book Review (Reviewing Guido Calabresi, The Future Of Law And Economics: Essays In Reform And Recollection), Eric A. Posner

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No abstract provided.

Presidential War Powers As An Interactive Dynamic: International Law, Domestic Law, And Practice-Based Legal Change, Curtis A. Bradley, Jean Galbraith

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There is a rich literature on the circumstances under which the United Nations Charter or specific Security Council resolutions authorize nations to use force abroad, and there is a rich literature on the circumstances under which the U.S. Constitution and statutory law allow the President to use force abroad. These are largely separate areas of scholarship, addressing what are generally perceived to be distinct legal issues. This Article, by contrast, considers these two bodies of law together as they relate to the United States. In doing so, it makes three main contributions. First, it demonstrates striking parallels between the structure …

Obama’S Aumf Legacy, Curtis A. Bradley, Jack L. Goldsmith

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In the fifteen years since the Authorization for Use of Military Force (AUMF) was enacted on September 18,2001, the Taliban has been removed from power but not eliminated; Osama Bin Laden has been killed and the senior leaders of Al Qaeda as of 9/11 have been captured,killed, or driven underground, although Al Qaeda remains a threat; numerous Al Qaeda affiliates have sprung up around the globe, most notably in Iraq, Yemen, Syria, and Somalia; and most ominously, the Islamic State has arisen from the ashes of Al Qaeda in Iraq to become what the Director of National Intelligence has described …