Law Commons^™

What Can Be Done About Stock Market Volatility, Tamar Frankel

Faculty Scholarship

Volatility is as old as the financial markets. The bull market of 1986 and the crash that followed in 1987 were but the latest of periodic market gyrations that started with the South Sea Bubble and the Lombard Street run on commercial paper and have continued ever since.' Volatility in the financial markets would not be very important if market activity simply mirrored economic activity. Volatility would be much less important if the markets moved independently of the economy. But if we believe, as I do, that the markets and the economy are interdependent, and that their volatility is generally …

Price Effects Of Horizontal Mergers, Alan A. Fisher Ph.D., Frederick I. Johnson Ph.D., Robert H. Lande

All Faculty Scholarship

When should the government challenge a merger that might increase market power but also generate efficiency gains? The dominant belief has been that the government and courts should evaluate these mergers solely in terms of economic efficiency. Congress, however, wanted the courts to stop any merger significantly likely to raise prices. Substantially likely efficiency gains should therefore affect the legality of mergers to the extent that they are likely to prevent price increases. This standard is more strict than the economic efficiency criterion, because the latter would permit mergers substantially likely to lead to higher prices, if sufficient efficiency gains …

9th Annual Seminar On Legal Issues For Financial Institutions, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Joseph M. Scott Jr., M. Brooks Senn, John T. Mcgarvey, David C. Pottinger, Dorothy M. Pitt, James E. Sniegocki, Cynthia W. Young, John C. Deal, Scott W. Brinkman, David W. Harper, R. James Strauss, William L. Montague, John J. Holzknecht

Continuing Legal Education Materials

Outline of speakers' presentations from the 9th Annual Seminar on Legal Issues for Financial Institutions held by UK/CLE on March 10-11, 1989.

Corporate Debt Relationships: Legal Theory In A Time Of Restructuring, William W. Bratton

All Faculty Scholarship

No abstract provided.

The Malformed Mouse Meets The Libr: Secured And Restitutionary Claims To Commingled Funds, Harold R. Weinberg

Law Faculty Scholarly Articles

The "malformed mouse" is section 9-306(4)(d) of the Uniform Commercial Code. It provides a formula that determines the extent to which an insolvent debtor's commingled bank account contains funds subject to a security interest. A special entitlement is necessary because it is impossible to physically distinguish this collateral after commingling. The label malformed mouse is appropriate if one agrees with critics who have questioned the mouse's statutory architecture and underlying rationale. The image of an elusive creature is also apt. The mouse continues to elude understanding, although it has been part of the Code for many years and the subject …

A Compilation Of Testimony And Exhibits Of The Subject Of Lincoln Savings And Loan, Volume I, Assembly Committee On Finance And Insurance

California Assembly

No abstract provided.

Lincoln Savings And Loan, Volume Iii, Assembly Committee On Finance And Insurance

California Assembly

A COMPILATION OF TESTIMONY AND EXHIBITS ON THE SUBJECT OF LINCOLN SAVINGS AND LOAN: for hearings held by the ASSEMBLY FINANCE AND INSURANCE SUBCOMMITTEE ON SAVINGS AND LOAN LAW AND REGULATION. PATRICK JOHNSTON, CHAIRMAN

August 31, 1989
November 29, 1989
December 20, 1989
Volume III

Lincoln Savings And Loan, Volume Ii, Assembly Committee On Finance And Insurance

California Assembly

A COMPILATION OF TESTIMONY AND EXHIBITS ON THE SUBJECT OF LINCOLN SAVINGS AND LOAN: for hearings held by the ASSEMBLY FINANCE AND INSURANCE SUBCOMMITTEE ON SAVINGS AND LOAN LAW AND REGULATION. PATRICK JOHNSTON, CHAIRMAN

August 31, 1989
November 29, 1989
December 20, 1989
Volume II

Current State Of The Savings And Loan Industry, William K. Black

Faculty Works

No abstract provided.

Quality Of Care And Market Failure Defenses In Antitrust Health Care Litigation, Thomas L. Greaney

All Faculty Scholarship

This article considers quality-based justifications for antitrust challenges to collaboration among health care professionals. It first examines doctrinal developments resisting such justifications and, with a skeptical eye, analyzes attempts to interject quality of care and worthy motive defenses into antitrust appraisals of horizontal restraints of trade. Next the article assesses the economic basis and the risks and benefits of a market failure defense that would allow some quality-enhancing restraints of trade to escape antitrust challenge. Its principle recommendation is that courts recognize a narrow, market failure defense subject to several limiting principles to cabin its reach. The article concludes by …

Legal Policy Conflicts In International Banking, William W. Park

Faculty Scholarship

The world debt crisis might never have occupied the front pages of our newspapers during much of the past decade if more attention had been paid to the advice old Polonius gave to young Laertes. More than one Secretary of the Treasury has tried to control a multibillion dollar problem of money addiction, whose resolution sometimes seems to lie in the realm of financial eschatology.

Introduction To The Banking Law Symposium: A 200 Year Journey From Anarchy To Oligarchy, James J. White

Articles

Each of the five articles in this symposium deals in one way or another with a single question: In what ways and to what end should banks be regulated? Although banks and bankers are the very symbols of a capitalist economy, banks and bankers are not free. No banker may set up business on his own; he must have a charter. With insignificant exceptions no bank or bank holding company can operate a steel mill, sell grass seed, manufacture snowmobiles, or engage in any other activity that is not related to banking. There are rules that limit the geographic scope …

Bargaining For Justice: An Examination Of The Use And Limits Of Conditions By The Federal Reserve Board, Alfred C. Aman

Articles by Maurer Faculty

No abstract provided.

Rethinking The Regulation Of Coercive Creditor Remedies, Robert E. Scott

Faculty Scholarship

The phenomenal growth of personal installment credit over the past forty years has generated inevitable pressures for regulatory reform of consumer credit markets. Much of the impetus for consumer protection has stemmed from the perceived abuses that mark the process of coercive collection upon default. Some of these abuses have been identified, quite properly, as the sort of deceptive or fraudulent practices often associated with industries experiencing rapid growth. But other creditor remedies, though troublesome to many observers, cannot be as easily characterized. For example, many critics have challenged the common practice of self-help repossession and resale of consumer goods …

On The Nature Of Bankruptcy: An Essay Of Bankruptcy Sharing And The Creditor's Bargain, Thomas H. Jackson, Robert E. Scott

Faculty Scholarship

Finance theorists have long recognized that bankruptcy is a key component in any general theory of the capital structure of business entities. Legal theorists have been similarly sensitive to the substantial allocational and distributional effects of the bankruptcy law. Nevertheless, until recently, underlying justifications for the bankruptcy process have not been widely studied. Bankruptcy scholars have been content to recite, without critical analysis, the two normative objectives of bankruptcy: rehabilitation of overburdened debtors and equality of treatment for creditors and other claimants.

The developing academic interest in legal theory has spurred a corresponding interest in expanding the theoretical foundations of …

National Law And Commercial Justice: Safeguarding Procedural Integrity In International Arbitration, William W. Park

Faculty Scholarship

The law chosen to govern the merits of an international contract dispute does not always lead to results hat satisfy an arbitrator's personal sense of what is right. The arbitrator therefore may be tempted to resolve the dispute according to his own notion of justice. Seduced away from the rules of the otherwise applicable law, the arbitrator may take on unauthorized powers of amiable composition. While most international arbitrators are conscientious in respecting the bounds of their mission, some have been known to boast of their skill in finding ways to bypass the established rules of the party-chosen law. …