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Articles 1 - 30 of 37
Full-Text Articles in Law
Marginal Benefits Of The Core Securities Laws, Kevin S. Haeberle
Marginal Benefits Of The Core Securities Laws, Kevin S. Haeberle
Faculty Publications
To every thing there is a season. In the area of securities regulation in the United States, it is the season for expansion. This article shows why such expansion should not involve use of the core issuer disclosure, fraud, and insider trading laws to reduce information asymmetry in the stock market in the name of investor protection. I argue that any expansion of these laws focused on this secondary market should therefore be justified by distinct concerns (namely, efficiency ones). Moreover, any push to better serve and protect investors should be focused on other areas of securities law (such as …
Public Or Private Venture Capital?, Darian M. Ibrahim
Public Or Private Venture Capital?, Darian M. Ibrahim
Faculty Publications
The United States has an unparalled entrepreneurial ecosystem. Silicon Valley startups commercialize cutting-edge science, create plentiful jobs, and spur economic growth. Without angel investors and venture capital funds (VCs) willing to gamble on these high-risk, high-tech companies, none of this would be possible.
From a law-and-economics perspective, startup investing is incredibly risky. Information asymmetry and agency costs abound. In the United States, angels and VCs successfully mitigate these problems through private ordering and informal means. Countries without the robust private venture capital system that exists in the United States have attempted to fund startups publicly by creating junior stock exchanges …
Public Or Private Venture Capital?, Darian M. Ibrahim
Public Or Private Venture Capital?, Darian M. Ibrahim
Popular Media
No abstract provided.
Commerce, Religion, And The Rule Of Law, Nathan B. Oman
Commerce, Religion, And The Rule Of Law, Nathan B. Oman
Faculty Publications
The rule of law and religion can act as commercial substitutes. Both can create the trust required for material prosperity. The rule of law simplifies social interactions, turning people into formal legal agents and generating a map of society that the state can observe and control, thus credibly committing to the enforcement of the legal rights demanded by impersonal markets. Religion, in contrast, embraces complex social identities. Within these communities, economic actors can monitor and sanction misbehavior. Both approaches have benefits and problems. The rule of law allows for trade among strangers, fostering peaceful pluralism. However, law breeds what Montesquieu …
Were The 1982 Merger Guidelines Old News?, Alan J. Meese, Sarah L. Stafford
Were The 1982 Merger Guidelines Old News?, Alan J. Meese, Sarah L. Stafford
Faculty Publications
This paper examines the impact of the 1982 Department of Justice Merger Guidelines on the stock market prices of publicly traded firms in the United States. We argue that those Guidelines were perceived by the market as a real change in enforcement policy that would result in substantial deregulation of mergers throughout the economy. We conduct an event study of S&P 500 firms to test this hypothesis and find evidence of a significant positive effect on the stock prices of firms in moderately concentrated industries subject to antitrust regulation, the firms for which the 1982 Guidelines articulate a substantially less …
Doux Commerce, Religion, And The Limits Of Antidiscrimination Law, Nathan B. Oman
Doux Commerce, Religion, And The Limits Of Antidiscrimination Law, Nathan B. Oman
Faculty Publications
Recent cases involving religious businesses owners who object to providing services for same-sex weddings and resulting lawsuits have generated a vigorous academic and popular debate. That debate centers in part on the proper role of religion in the market. This article develops three theories of the proper relationship between commerce and religion and applies them to these conflicts. The first approach would apply the norms of liberal democratic governments to market actors. The second approach posits that any market outcome is legitimate so long as it results from voluntary contracts. These approaches yield contradictory and indeterminate advice on the conflicts …
Non-Compete Legislation Is Getting Worse With Latest Revisions, Nathan B. Oman
Non-Compete Legislation Is Getting Worse With Latest Revisions, Nathan B. Oman
Popular Media
No abstract provided.
Delaware’S Familiarity, Brian J. Broughman, Darian M. Ibrahim
Delaware’S Familiarity, Brian J. Broughman, Darian M. Ibrahim
Popular Media
No abstract provided.
Up Close And Personal With Delaware, Darian M. Ibrahim, Brian J. Broughman
Up Close And Personal With Delaware, Darian M. Ibrahim, Brian J. Broughman
Popular Media
No abstract provided.
Free Trade In Patented Goods: International Exhaustion For Patents, Sarah R. Wasserman Rajec
Free Trade In Patented Goods: International Exhaustion For Patents, Sarah R. Wasserman Rajec
Faculty Publications
Modern international trade law seeks to increase global welfare by lowering barriers to trade and encouraging international competition. This “free trade” approach, while originally applied to reduce tariffs on trade, has been extended to challenge non-tariff barriers, with modern trade agreements targeting telecommunication regulations, industrial and product safety standards, and intellectual property rules. Patent law, however, remains inconsistent with free-trade principles by allowing patent holders to subdivide the world market along national borders and to forbid trade in patented goods from one nation to another. This Article demonstrates that the doctrines thwarting free trade in patented goods are protectionist remnants …
Markets As A Moral Foundation For Contract Law, Nathan B. Oman
Markets As A Moral Foundation For Contract Law, Nathan B. Oman
Faculty Publications
No abstract provided.
Rethinking Microfinance, Lan Cao
Section 2 Enforcement And The Great Recession: Why Less (Enforcement) Might Mean More (Gdp), Alan J. Meese
Section 2 Enforcement And The Great Recession: Why Less (Enforcement) Might Mean More (Gdp), Alan J. Meese
Faculty Publications
The Great Recession has provoked calls for more vigorous regulation in all sectors, including antitrust enforcement. After President Obama took office, the Antitrust Division of the Department of Justice abandoned the Bush Administration’s standard of liability under section 2 of the Sherman Act, which forbids unlawful monopolization, as insufficiently interventionist. Based on the premise that similarly lax antitrust enforcement caused and deepened the Great Depression, the Obama Administration outlined a more intrusive and consumer-focused approach to section 2 enforcement as part of a larger national strategy to combat the “extreme” economic crisis the nation was then facing.
This Essay draws …
Reframing Antitrust In Light Of Scientific Revolution: Accounting For Transaction Costs In Rule Of Reason Analysis, Alan J. Meese
Reframing Antitrust In Light Of Scientific Revolution: Accounting For Transaction Costs In Rule Of Reason Analysis, Alan J. Meese
Faculty Publications
This Article contends that modern rule of reason analysis, informed by workable competition’s partial equilibrium trade-off paradigm, is suitable for evaluating only a subset of agreements that may reduce transaction costs. The Article distinguishes between “technological” and “non-technological” transaction costs. Technological transaction costs entail the bargaining and information costs first emphasized by Ronald Coase, while non-technological transaction costs result from more fundamental departures from perfect competition, departures creating a risk of opportunism that accompanies relationship-specific investments. Modern law does accurately assess restraints that may reduce technological transaction costs—costs that are analogous to the sort of production costs recognized by the …
The Hidden Cost Of Auto Bailouts, Nathan B. Oman
Exclusive Dealing, The Theory Of The Firm, And Raising Rivals' Costs: Toward A New Synthesis, Alan J. Meese
Exclusive Dealing, The Theory Of The Firm, And Raising Rivals' Costs: Toward A New Synthesis, Alan J. Meese
Faculty Publications
No abstract provided.
Monopolization, Exclusion, And The Theory Of The Firm, Alan J. Meese
Monopolization, Exclusion, And The Theory Of The Firm, Alan J. Meese
Faculty Publications
No abstract provided.
Market Failure And Non-Standard Contracting: How The Ghost Of Perfect Competition Still Haunts Antitrust, Alan J. Meese
Market Failure And Non-Standard Contracting: How The Ghost Of Perfect Competition Still Haunts Antitrust, Alan J. Meese
Faculty Publications
No abstract provided.
The Transnational And Sub-National In Global Crimes, Lan Cao
The Transnational And Sub-National In Global Crimes, Lan Cao
Faculty Publications
No abstract provided.
Property Rights And Intrabrand Restraints, Alan J. Meese
Property Rights And Intrabrand Restraints, Alan J. Meese
Faculty Publications
Intrabrand restraints limit the discretion of one or more sellers-usually dealers-with respect to the disposition of a product sold under a single brand. While most scholars believe that such contracts can help assure optimal promotion of a manufacturer's products, there is disagreement about the exact manner in which such restraints accomplish this objective. Many scholars believe that such restraints themselves induce dealers to engage in promotional activities desired by the manufacturer. Others believe that such restraints merely serve as "performance bonds," which dealers will forfeit if they fail to follow the manufacturer's precise promotional instructions. Some scholars reject both approaches, …
The Economic Ambiguity (And Possible Irrelevance) Of Tax Transition Rules, Eric D. Chason
The Economic Ambiguity (And Possible Irrelevance) Of Tax Transition Rules, Eric D. Chason
Faculty Publications
No abstract provided.
Predicting Defection, Elmer J. Schaefer
Reflections On Market Reform In Post-War, Post-Embargo Vietnam, Lan Cao
Reflections On Market Reform In Post-War, Post-Embargo Vietnam, Lan Cao
Faculty Publications
No abstract provided.
Economic Theory, Trader Freedom And Consumer Welfare: State Oil Co. V. Khan And The Continuing Incoherence Of Antitrust Doctrine, Alan J. Meese
Economic Theory, Trader Freedom And Consumer Welfare: State Oil Co. V. Khan And The Continuing Incoherence Of Antitrust Doctrine, Alan J. Meese
Faculty Publications
No abstract provided.
When Y2k Causes "Economic Loss" To "Other Property", Peter A. Alces, Aaron S. Book
When Y2k Causes "Economic Loss" To "Other Property", Peter A. Alces, Aaron S. Book
Faculty Publications
No abstract provided.
Windfalls, Eric Kades
Restating Capitalization Standards And Rules: The Case For "Rough Justice" Regulations (Part Two), John W. Lee, Eldridge Blanton, Veena Luthra, Glenn Walberg, Darryl Whitesell
Restating Capitalization Standards And Rules: The Case For "Rough Justice" Regulations (Part Two), John W. Lee, Eldridge Blanton, Veena Luthra, Glenn Walberg, Darryl Whitesell
Faculty Publications
No abstract provided.
Lifestyles Of The Not-So-Rich Or Famous: The Role Of Choice And Sacrifice In Bankruptcy, A. Mechele Dickerson
Lifestyles Of The Not-So-Rich Or Famous: The Role Of Choice And Sacrifice In Bankruptcy, A. Mechele Dickerson
Faculty Publications
No abstract provided.
Law And Economic Development: A New Beginning?, Lan Cao
Law And Economic Development: A New Beginning?, Lan Cao
Faculty Publications
No abstract provided.
Price Theory And Vertical Restraints: A Misunderstood Relation, Alan J. Meese
Price Theory And Vertical Restraints: A Misunderstood Relation, Alan J. Meese
Faculty Publications
The Chicago School of antitrust analysis has exerted a strong influence over the law of vertical restraints in the past two decades, leading the Supreme Court to abandon much of its traditional hostility toward such agreements. Chicago's success has provoked a vigorous response from Populists, who support the traditional approach. Chicago, Populists claim, has improperly relied upon neoclassical price theory to inform the normative and descriptive assumptions that drive its analysis of trade restraints generally and of vertical restraints in particular. This reliance is misplaced, Populists assert, because the real world departs from that portrayed by price-theoretic models and, at …