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Tribute To Arthur Murphy, Michael I. Sovern Jan 2017

Tribute To Arthur Murphy, Michael I. Sovern

Faculty Scholarship

Students remember Arthur Murphy as a warm, caring teacher with a great sense of humor, a man who helped them learn and grow. Our colleagues admired and respected his scholarship and his commitment to our school. While I shared all of that, to me, most importantly, Arthur was an empathetic friend for more than half a century. And this despite the fact that he had two strikes against him – he was a Harvard graduate and a Boston Red Sox fan.

Arthur was a member of what Tom Brokaw called “The Greatest Generation.” After fighting in World War II, he enrolled ...


Tribute To Arthur Murphy, Peter L. Strauss Jan 2017

Tribute To Arthur Murphy, Peter L. Strauss

Faculty Scholarship

Columbia Law School’s postwar class of 1948, perhaps more than any other, has brought remarkable distinction to both the school and the law. Marvin Frankel, Jack Greenberg, Jack Kernochan, Arthur Murphy, and Jack Weinberg have all both taught here and acted with enormous distinction an d success in the outside world of law – a grouping not so often to be found in the legal academy these days. Arthur Murphy, whom we celebrate here, moved between these worlds with ease: first as an associate at Columbia in 1949; then years in private practice and with the Department of Justice; then ...


The Power To Wage War Successfully, Matthew C. Waxman Jan 2017

The Power To Wage War Successfully, Matthew C. Waxman

Faculty Scholarship

A century ago and in the midst of American involvement in World War I, future Chief Justice Charles Evans Hughes delivered one of the most influential lectures on the Constitution in wartime. In it he uttered his famous axiom that “the power to wage war is the power to wage war successfully.” That statement continues to echo in modern jurisprudence, though the background and details of the lecture have not previously been explored in detail. Drawing on Hughes’s own research notes, this Article examines his 1917 formulation and shows how Hughes presciently applied it to the most pressing war ...


Contracting Out Of The Fiduciary Duty Of Loyalty: An Empirical Analysis Of Corporate Opportunity Waivers, Gabriel Rauterberg, Eric L. Talley Jan 2017

Contracting Out Of The Fiduciary Duty Of Loyalty: An Empirical Analysis Of Corporate Opportunity Waivers, Gabriel Rauterberg, Eric L. Talley

Faculty Scholarship

For centuries, the duty of loyalty has been the hallowed centerpiece of fiduciary obligation, widely considered one of the few “mandatory” rules of corporate law. That view, however, is no longer true. Beginning in 2000, Delaware dramatically departed from tradition by granting incorporated entities a statutory right to waive a crucial part of the duty of loyalty: the corporate opportunities doctrine. Other states have since followed Delaware’s lead, similarly permitting firms to execute “corporate opportunity waivers.” Surprisingly, more than fifteen years into this reform experiment, no study has attempted to either systematically measure the corporate response to these reforms ...


Understanding Recent Spikes And Longer Trends In American Murders, Jeffery Fagan, Daniel Richman Jan 2017

Understanding Recent Spikes And Longer Trends In American Murders, Jeffery Fagan, Daniel Richman

Faculty Scholarship

On September 7, 2016, four of the nation’s newspapers of record weighed in on the connected crises in crime and policing. The New York Times revealed the tensions between the Mayor’s office in Chicago and several community and professional groups over a plan to overhaul Chicago’s police disciplinary board – a plan developed in the wake of the shooting of an unarmed teenager, Laquan McDonald, and the release of a video of that killing. The Wall Street Journal related a vigorous defense of New York City’s “broken windows” policing strategy – a strategy that has been a recurring ...


Jack Greenberg: Living Greatly In The Law, John C. Coffee Jr. Jan 2017

Jack Greenberg: Living Greatly In The Law, John C. Coffee Jr.

Faculty Scholarship

In 1886, Oliver Wendell Holmes, Jr., then a Professor at Harvard Law School, gave a talk to the students of Harvard College, which included a much-quoted line: “I say – and I say no longer with any doubt – that a man may live greatly in the law…. [H]e may wreak himself upon life, may drink the bitter cup of heroism, may wear his heart out after the unattainable.”

Holmes set a high standard for greatness. It was not enough for him that a lawyer succeed in “the greedy watch for clients and practice of shopkeepers’ arts,” but rather he had ...


Equality Law Pluralism, Olatunde C.A. Johnson Jan 2017

Equality Law Pluralism, Olatunde C.A. Johnson

Faculty Scholarship

This contribution to the Constance Baker Motley Symposium examines the future of civil rights reform at a time in which longstanding limitations of the antidiscrimination law framework, as well as newer pressures such as the rise of economic populism, are placing stress on the traditional antidiscrimination project. This Essay explores the openings that nevertheless remain in public law for confronting persistent forms of exclusion and makes the case for greater pluralism in equality law frameworks. In particular, this Essay examines innovations that widen the range of regulatory levers for promoting inclusion, such as competitive grants, tax incentives, contests for labor ...


Perpetual Evolution: A School's-Focused Public Law Litigation Model For Our Day, James S. Liebman Jan 2017

Perpetual Evolution: A School's-Focused Public Law Litigation Model For Our Day, James S. Liebman

Faculty Scholarship

In celebrating the monumental accomplishments of the new form of public law litigation that Constance Baker Motley and her colleagues pioneered, this Essay reinterprets their paradigm-shifting body of work in a manner that obliges the current generation of civil rights advocates to change direction. In the hopes of reengaging the affirmative force of constitutional litigation after decades in which it has waned, this Essay argues that the central lesson to be derived from Motley’s generation lies not in the mode of public law litigation it pioneered but in the design of that litigation in the image of the dominant ...


In Memoriam: Judge Miriam Goldman Cedarbaum, Gerard E. Lynch Jan 2017

In Memoriam: Judge Miriam Goldman Cedarbaum, Gerard E. Lynch

Faculty Scholarship

No abstract provided.


Al Hill: A Grandmaster Has Passed, Henry Paul Monaghan Jan 2017

Al Hill: A Grandmaster Has Passed, Henry Paul Monaghan

Faculty Scholarship

Al Hill died on December 5, 2015 at the age of 98, outlasting most of his contemporaries. Al had taken senior status when I came to Columbia Law School, and I succeeded him in the course on federal courts. The little I saw of Al left me with the firm impression of a warm, gentle, affable, caring human being. I did, however, know Al’s work quite thoroughly. And while a memorial is no occasion for an extended review of Al’s long and distinguished academic career, I would like to draw attention to a particularly shining period: Al’s ...


Between Scylla And Charybdis: Taxing Corporations Or Shareholders (Or Both), David M. Schizer Jan 2016

Between Scylla And Charybdis: Taxing Corporations Or Shareholders (Or Both), David M. Schizer

Faculty Scholarship

The United States taxes both corporations and shareholders on corporate profits. In principle, the United States could rely on only one of these taxes, as many commentators have suggested. Although choosing to tax the corporation or its owners may seem like taking money from one pocket or the other, this Essay emphasizes a key difference: These taxes prompt different planning. Relying on one or the other mitigates some distortions and leaks, while exacerbating others. As a result, choosing which to impose is like navigating between Scylla and Charybdis.

In response, this Essay recommends using both taxes for three reasons. First ...


Remembering Harvey Goldschmid, David M. Schizer Jan 2016

Remembering Harvey Goldschmid, David M. Schizer

Faculty Scholarship

For me, Harvey Goldschmid and Columbia are inextricably connected. I can't think of one without the other. Harvey discovered his passion for learning as a student at the college and the law school. Only five years after graduating, Harvey returned to Columbia to join our faculty, serving for four and a half decades. When we add this time to his time as a student, it's fifty-two years. That's over 70% of his life.

But Harvey's connection to Columbia was not just long; it was deep. I can't count the number of graduates over the years ...


Economic Crisis And The Integration Of Law And Finance: The Impact Of Volatility Spikes, Edward G. Fox, Merritt B. Fox, Ronald J. Gilson Jan 2016

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

Faculty Scholarship

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 fivefold 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 ...


Rule Originalism, Jamal Greene Jan 2016

Rule Originalism, Jamal Greene

Faculty Scholarship

Constitutional rules are norms whose application depends on an interpreter's identification of a set of facts rather than on her exercise of practical judgment. This Article argues that constitutional interpreters in the United States tend to resolve ambiguity over constitutional rules by reference to originalist sources and tend to resolve uncertainty over the scope of constitutional standards by reference to nonoriginalist sources. This positive claim unsettles the frequent assumption that the Constitution's more specifw or structural provisions support straightforward interpretive inferences. Normatively, this Article offers a partial defense of what it calls "rule originalism," grounded in the fact ...


The Equipoise Effect, Bert Huang Jan 2016

The Equipoise Effect, Bert Huang

Faculty Scholarship

This Essay explores an overlooked way to use the remedy of disgorgement in torts, contracts, and regulation. It begins with a reminder that disgorging net gains does not force the liable actor to take a loss; by definition, it allows him to break even. As a matter of incentives, it places him in a sort of equipoise. This equipoise effect has a logical upshot that might seem counterintuitive: Substituting disgorgement for any other remedy, part of the time, can emulate the incentive effect of using that other remedy all of the time.

In theory, then, courts or regulators can sometimes ...


Harvey Goldschmid: The Scholar As Realistic Reformer, John C. Coffee Jr. Jan 2016

Harvey Goldschmid: The Scholar As Realistic Reformer, John C. Coffee Jr.

Faculty Scholarship

Harvey Goldschmid was a Renaissance Man – extraordinary teacher, farsighted public servant, skillful negotiator, and corporate statesman. But sometimes, less attention is given to his career as a legal scholar. Here too, however, his work has had impact and will last.


The First Year: The Role Of A Modern Lender Of Last Resort, Kathryn Judge Jan 2016

The First Year: The Role Of A Modern Lender Of Last Resort, Kathryn Judge

Faculty Scholarship

Insufficient liquidity can trigger fire sales and wreak havoc on a financial system. To address these challenges, the Federal Reserve (the Fed) and other central banks have long had the authority to provide financial institutions liquidity when market-based sources run dry. Yet, liquidity injections sometimes fail to quell market dysfunction. When liquidity shortages persist, they are often symptoms of deeper problems plaguing the financial system.

This Essay shows that continually pumping new liquidity into a financial system in the midst of a persistent liquidity shortage may increase the fragility of the system and, on its own, is unlikely to resolve ...


The Early Years Of First Amendment Lochnerism, Jeremy K. Kessler Jan 2016

The Early Years Of First Amendment Lochnerism, Jeremy K. Kessler

Faculty Scholarship

From Citizens United to Hobby Lobby, civil libertarian challenges to the regulation of economic activity are increasingly prevalent. Critics of this trend invoke the specter of Lochner v. New York. They suggest that the First Amendment, the Religious Freedom Restoration Act, and other legislative "conscience clauses" are being used to resurrect the economically libertarian substantive due process jurisprudence of the early twentieth century. Yet the worry that aggressive judicial enforcement of the First Amendment might erode democratic regulation of the economy and enhance the economic power of private actors has a long history. As this Article demonstrates, anxieties about such ...


In Memoriam – Marvin A. Chirelstein, Barbara Aronstein Black, Stephen B. Cohen, Michael J. Graetz, Roberta Romano, Carol Sanger, Robert E. Scott Jan 2016

In Memoriam – Marvin A. Chirelstein, Barbara Aronstein Black, Stephen B. Cohen, Michael J. Graetz, Roberta Romano, Carol Sanger, Robert E. Scott

Faculty Scholarship

No abstract provided.


From Contract To Status: Collaboration And The Evolution Of Novel Family Relationships, Elizabeth S. Scott, Robert E. Scott Jan 2015

From Contract To Status: Collaboration And The Evolution Of Novel Family Relationships, Elizabeth S. Scott, Robert E. Scott

Faculty Scholarship

The past decade has witnessed dramatic changes in public atti- tudes about and legal status for same-sex couples who wish to marry. These changes demonstrate that the legal conception of the family is no longer limited to traditional marriage. They also raise the possibility that other relationships – cohabiting couples and their children, voluntary kin groups, multigenerational groups, and polygamists – might gain legal recognition as families. This Article probes the challenges faced by aspiring families and the means by which they could attain their goal. It builds on the premise that the state remains committed to social-welfare criteria for granting family ...


Introduction: The Place Of Agencies In Polarized Government, Cynthia R. Farina, Gillian E. Metzger Jan 2015

Introduction: The Place Of Agencies In Polarized Government, Cynthia R. Farina, Gillian E. Metzger

Faculty Scholarship

Peter Strauss's The Place of Agencies in Government: Separation of Powers. and the Fourth Branch reshaped contemporary thinking about the constitutionality of federal administrative government. When the article appeared in 1984, the Reagan Revolution was in full swing. Reagan's overtly antiregulatory policy stance and his Administration's advocacy of a highly formalist and originalist style of constitutional interpretation fundamentally challenged the post-New Deal administrative state. Aggressive interpretation of Article II led to controversial strategies of White House control: centralized rulemaking review, appointment of agency heads loyal to the President's (anti)regulatory agenda, and attacks on institutions of ...


Bank Resolution In The European Banking Union: A Transatlantic Perspective On What It Would Take, Jeffery N. Gordon, Wolf-Georg Ringe Jan 2015

Bank Resolution In The European Banking Union: A Transatlantic Perspective On What It Would Take, Jeffery N. Gordon, Wolf-Georg Ringe

Faculty Scholarship

The project of creating a Banking Union is designed to overcome the fatal link between sovereigns and their banks in the Eurozone. As part of this project, political agreement for a common supervision framework and a common resolution scheme has been reached with difficulty. However, the resolution framework is weak, underfunded and exhibits some serious flaws. Further, Member States' disagreements appear to rule out a federalized deposit insurance scheme, commonly regarded as the necessary third pillar of a successful Banking Union. This paper argues for an organizational and capital structure substitute for these two shortcomings that can minimize the systemic ...


Presidential Administration And The Traditions Of Administrative Law, Thomas W. Merrill Jan 2015

Presidential Administration And The Traditions Of Administrative Law, Thomas W. Merrill

Faculty Scholarship

American administrative law has long been characterized by two distinct traditions: the positivist and the process traditions. The positivist tradition emphasizes that administrative bodies are created by law and must act in accordance with the requirements of the law. The process tradition emphasizes that agencies must act in accordance with norms of reasoned decisionmaking, which emphasize that all relevant interests must be given an opportunity to express their views and agencies must explain their decisions in a public and articulate fashion. In the twentieth century, American administrative law achieved a grand synthesis of these two traditions, with the result that ...


Agencies, Polarization, And The States, Gillian E. Metzger Jan 2015

Agencies, Polarization, And The States, Gillian E. Metzger

Faculty Scholarship

Political polarization is all the rage. Yet administrative agencies are strikingly absent from leading accounts of contemporary polarization. To the extent they appear, it is largely as acted-upon entities that bear the fallout from the congressional-presidential confrontations that polarization fuels, or as the tools of presidential unilateralism. This failure to incorporate administrative agencies into polarization accounts is a major omission. Agencies possess broad grants of preexisting authority that they can use to reshape governing policy and law, often at presidential instigation, thereby putting pressure on Congress to respond. In the process, they can construct new alliances and arrangements that have ...


Uncivil Obedience, Jessica Bulman-Pozen, David E. Pozen Jan 2015

Uncivil Obedience, Jessica Bulman-Pozen, David E. Pozen

Faculty Scholarship

Scholars and activists have long been interested in conscientious law-breaking as a means of dissent. The civil disobedient violates the law in a bid to highlight its illegitimacy and motivate reform. A less heralded form of social action, however, involves nearly the opposite approach. As a wide range of examples attest, dissenters may also seek to disrupt legal regimes through hyperbolic, literalistic, or otherwise unanticipated adherence to their formal rules.

This Article asks how to make sense of these more paradoxical protests, involving not explicit law-breaking but rather extreme law following. We seek to identify, elucidate, and call attention to ...


Tributes To Kent Greenawalt, Barbara Aronstein Black, Vincent A. Blasi, Elizabeth F. Emens, H. Jefferson Powell, Susan P. Sturm, William F. Young Jan 2015

Tributes To Kent Greenawalt, Barbara Aronstein Black, Vincent A. Blasi, Elizabeth F. Emens, H. Jefferson Powell, Susan P. Sturm, William F. Young

Faculty Scholarship

There are some tasks that present themselves as, at the same time, an opportunity and a challenge. Crafting a brief tribute to Kent Greenawalt is just such a task. It is first – and I should say foremost – an opportunity to express in a public forum one’s high regard for an esteemed colleague and valued friend, and, then, it is a challenge to do justice to his extraordinary accomplishments, to the man, and to his work.

In dedicating this issue to Kent, the Columbia Law Review honors one of its own, whose association with Columbia Law School and the Review ...


Risky Arguments In Social-Justice Litigation: The Case Of Sex Discrimination And Marriage Equality, Suzanne B. Goldberg Jan 2014

Risky Arguments In Social-Justice Litigation: The Case Of Sex Discrimination And Marriage Equality, Suzanne B. Goldberg

Faculty Scholarship

This Essay takes up the puzzle of the risky argument or, more precisely, the puzzle of why certain arguments do not get much traction in advocacy and adjudication even when some judges find them to be utterly convincing. Through a close examination of the sex discrimination argument's evanescence in contemporary marriage litigation, this Essay draws lessons about how and why arguments become risky in social-justice cases and whether they should be made nonetheless. The marriage context is particularly fruitful because some judges, advocates, and scholars find it "obviously correct" that laws excluding same-sex couples from marriage discriminate facially based ...


The Administrative Origins Of Modern Civil Liberties Law, Jeremy K. Kessler Jan 2014

The Administrative Origins Of Modern Civil Liberties Law, Jeremy K. Kessler

Faculty Scholarship

This Article offers a new explanation for the puzzling origin of modern civil liberties law. Legal scholars have long sought to explain how Progressive lawyers and intellectuals skeptical of individual rights and committed to a strong, activist state came to advocate for robust First Amendment protections after World War I. Most attempts to solve this puzzle focus on the executive branch's suppression of dissent during World War I and the Red Scare. Once Progressives realized that a powerful administrative state risked stifling debate and deliberation within civil society, the story goes, they turned to civil liberties law in order ...


Protecting Reliance, Victor P. Goldberg Jan 2014

Protecting Reliance, Victor P. Goldberg

Faculty Scholarship

Reliance plays a central role in contract law and scholarship. One party relies on the other's promised performance, its statements, or its anticipated entry into a formal agreement. Saying that reliance is important, however, says nothing about what we should do about it. The focus of this Essay is on the many ways that parties choose to protect reliance. The relationship between what parties do and what contract doctrine cares about is tenuous at best. Contract performance takes place over time, and the nature of the parties 'future obligations can be deferred to take into account changing circumstances. Reliance ...


Toward A Constitutional Review Of The Poison Pill Essay, Lucian A. Bebchuk, Robert J. Jackson Jr. Jan 2014

Toward A Constitutional Review Of The Poison Pill Essay, Lucian A. Bebchuk, Robert J. Jackson Jr.

Faculty Scholarship

We argue that the state-law rules governing poison pills are vulnerable to challenges based on preemption by the Williams Act. Such challenges, we show, could well have a major impact on the corporate law landscape.

The Williams Act established a federal regime regulating unsolicited tender offers, but states subsequently developed a body of state antitakeover laws that impose additional impediments to such offers. In a series of well-known cases during the 1970s and 1980s, the federal courts, including the Supreme Court, held some of these state antitakeover laws preempted by the Williams Act. To date, however, federal courts and commentators ...