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Full-Text Articles in Law
Why The 'Originalism' In 'Living Originalism'?, Hugh Baxter
Why The 'Originalism' In 'Living Originalism'?, Hugh Baxter
Faculty Scholarship
Jack Balkin’s "Living Originalism" (2011), together with the companion volume "Constitutional Redemption," is an extraordinary achievement that secures his position in the front rank of American constitutional theorists. In those works, Balkin develops a constitutional theory he identifies alternatively as “living originalism” and as “framework originalism.” In this latter expression, Balkin distinguishes two senses of the term “framework.” In the first sense of “framework,” the Constitution establishes a framework for governance and politics. The second sense of “framework” derives from the first. Governance, Balkin argues, involves state-building and constitutional construction by the political branches, not just by the courts. Social …
The Naked Fiduciary, Michelle M. Harner, Jamie Marincic
The Naked Fiduciary, Michelle M. Harner, Jamie Marincic
Faculty Scholarship
Business law is grounded in the common law of fiduciary duty. Courts and policymakers have been loath to abandon that principle. Yet, particularly in the contractual context of limited liability companies (LLCs), the fiduciary label is illusory and may undercut sound governance practices for those entities. This Article presents an in-depth empirical study about governance provisions included in LLC operating agreements and examines the implications of the data in the context of various types of businesses that might choose to organize as LLCs. The Article uses the data and related case studies to offer a new approach to LLC governance …
Sovereign Wealth Funds And Global Finance, Katharina Pistor
Sovereign Wealth Funds And Global Finance, Katharina Pistor
Faculty Scholarship
This chapter focuses on a number of specific sovereign wealth funds (SWFs) whose portfolios indicate strong interests in finance both in their home countries and abroad. It first reviews empirical evidence that shows SWFs having been major investors in Western financial intermediaries for decades. It then considers the organization and governance of SWFs, with particular emphasis on the three main schools of thought as well as the predictions one can derive from them vis-à-vis the behavior of individual actors in the global financial network: economic theories, economic sociology, and political economy. It also presents case studies that “test” these theories …