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2001

Law and Economics

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Articles 1 - 30 of 47

Full-Text Articles in Law

Megafirms, Randall S. Thomas, Stewart J. Schwab, Robert G. Hansen Dec 2001

Megafirms, Randall S. Thomas, Stewart J. Schwab, Robert G. Hansen

Cornell Law Faculty Publications

This Article documents and explains the amazing growth of the largest firms in law, accounting, and investment banking. Scholars to date have used various supply-side theories to explain this growth, and have generally examined only one industry at a time. This Article emphasizes a demand-side explanation of firm growth and shows how the explanation is similar for firms in all "project" industries. Legal regulation also plays an important role in determining industry structure. Among the areas covered in this Article are the growth of Multidisciplinary Practice firms (MDPs). MDP growth can best be understood by looking more broadly at the ...


Nonlegal Regulation Of The Legal Profession: Social Norms In Professional Communities, W. Bradley Wendel Oct 2001

Nonlegal Regulation Of The Legal Profession: Social Norms In Professional Communities, W. Bradley Wendel

Cornell Law Faculty Publications

What should be done about lawyers who persist in violating ethical norms that are not embodied in positive disciplinary rules? That question has been a recurrent theme in recent legal ethics scholarship. One response has been to propose, experiment, amend, tinker, draft, comment, and redraft, in an attempt to codify the standard of conduct observed to be flouted widely by the practicing bar. Bar associations and courts are seemingly engaged in a never-ending process of promulgating new codes of professional conduct or rules of procedure under which lawyers may be sanctioned for such conduct as bringing frivolous lawsuits, abusing the ...


Reflections On Market Reform In Post-War, Post-Embargo Vietnam, Lan Cao Jul 2001

Reflections On Market Reform In Post-War, Post-Embargo Vietnam, Lan Cao

Faculty Publications

No abstract provided.


Constitution-Making In Africa: Assessing Both The Process And The Content, Muna Ndulo May 2001

Constitution-Making In Africa: Assessing Both The Process And The Content, Muna Ndulo

Cornell Law Faculty Publications

No abstract provided.


Aggregation, Auctions, And Other Developments In The Selection Of Lead Counsel Under The Pslra, Jill E. Fisch Apr 2001

Aggregation, Auctions, And Other Developments In The Selection Of Lead Counsel Under The Pslra, Jill E. Fisch

Faculty Scholarship at Penn Law

No abstract provided.


Berle And Means Reconsidered At The Century's Turn, William W. Bratton Apr 2001

Berle And Means Reconsidered At The Century's Turn, William W. Bratton

Faculty Scholarship at Penn Law

No abstract provided.


Book Review, G.B. Doern & S. Wilks Eds., Comparative Competition Policy: National Institutions In A Global Market (1996), David J. Gerber Jan 2001

Book Review, G.B. Doern & S. Wilks Eds., Comparative Competition Policy: National Institutions In A Global Market (1996), David J. Gerber

All Faculty Scholarship

No abstract provided.


Toward A Comparative Economics Of Plea Bargaining (With Thomas Miceli), Richard Adelstein Jan 2001

Toward A Comparative Economics Of Plea Bargaining (With Thomas Miceli), Richard Adelstein

Division II Faculty Publications

A comparison of adversarial and inquisitorial approaches to criminal adjudication and its implications for plea bargaining.


Welfare, Children And Families: The Impact Of Welfare Reform In The New Economy, William Julius Wilson Jan 2001

Welfare, Children And Families: The Impact Of Welfare Reform In The New Economy, William Julius Wilson

Philip A. Hart Memorial Lecture

In 2001, University Professor, William Julius Wilson of Harvard University, delivered the Georgetown Law Center’s twenty-first Annual Philip A. Hart Memorial Lecture: "Welfare, Children and Families: The Impact of Welfare Reform in the New Economy."

William Julius Wilson is Lewis P. and Linda L. Geyser University Professor at Harvard University. He is one of only 20 University Professors, the highest professional distinction for a Harvard faculty member. After receiving the Ph.D. from Washington State University in 1966, Wilson taught sociology at the University of Massachusetts at Amherst, before joining the University of Chicago faculty in 1972. In 1990 ...


Rules Of Transnational Civil Procedure, Geoffrey C. Hazard Jr., Michele Taruffo, Rolf Sturner, Anthony Gidi Jan 2001

Rules Of Transnational Civil Procedure, Geoffrey C. Hazard Jr., Michele Taruffo, Rolf Sturner, Anthony Gidi

Faculty Scholarship at Penn Law

No abstract provided.


Fundamental Principles Of Transnational Civil Procedure, Geoffrey C. Hazard Jr., Rolf Sturner, Michele Taruffo, Anthony Gidi Jan 2001

Fundamental Principles Of Transnational Civil Procedure, Geoffrey C. Hazard Jr., Rolf Sturner, Michele Taruffo, Anthony Gidi

Faculty Scholarship at Penn Law

No abstract provided.


Minor Distractions: Children, Privacy And E-Commerce, Anita L. Allen Jan 2001

Minor Distractions: Children, Privacy And E-Commerce, Anita L. Allen

Faculty Scholarship at Penn Law

No abstract provided.


On Trademarks, Domain Names, And Internal Auctions, Gideon Parchomovsky Jan 2001

On Trademarks, Domain Names, And Internal Auctions, Gideon Parchomovsky

Faculty Scholarship at Penn Law

No abstract provided.


Islands Of Conscious Power: Law, Norms, And The Self-Governing Corporation, Edward B. Rock, Michael L. Wachter Jan 2001

Islands Of Conscious Power: Law, Norms, And The Self-Governing Corporation, Edward B. Rock, Michael L. Wachter

Faculty Scholarship at Penn Law

No abstract provided.


On Insider Trading, Markets, And "Negative" Property Rrights In Information, Zohar Goshen, Gideon Parchomovsky Jan 2001

On Insider Trading, Markets, And "Negative" Property Rrights In Information, Zohar Goshen, Gideon Parchomovsky

Faculty Scholarship at Penn Law

No abstract provided.


Two Observations On Holocaust Claims, William W. Bratton Jan 2001

Two Observations On Holocaust Claims, William W. Bratton

Faculty Scholarship at Penn Law

No abstract provided.


Securities Price Risks And Financial Derivative Markets, Peter H. Huang Jan 2001

Securities Price Risks And Financial Derivative Markets, Peter H. Huang

Articles

The financial and popular media report almost daily on the volatility of securities market prices. Yet, many people continue to buy securities to hedge against or speculate on certain risks. People can also buy or sell derivatives to hedge against or speculate on fluctuations in securities prices. This Article discusses three regulatory policy implications of utilizing derivatives markets to reallocate the bearing of securities price risks. First, if there are too few non-redundant derivative markets, a competitive market equilibrium allocation of securities price risks is typically constrained Pareto inefficient. This financial economic result means that for typical economies, a regulator ...


The Political Economy Of Canada's "Widely Held" Rule For Large Banks, Eric J. Gouvin Jan 2001

The Political Economy Of Canada's "Widely Held" Rule For Large Banks, Eric J. Gouvin

Faculty Scholarship

All of the recent changes in foreign access to Canada's banking market have been essentially cosmetic-appearing to make foreign access more liberal while in reality changing the status quo very little. On one point, the so-called widely held rule, Canada does not even bother to pretend that its banking law is friendly to foreign entrants. Under this rule, no person or group may control ten percent or more of a Schedule I bank unless one first obtains the approval of the Minster of Finance. This rule makes foreign acquisition of a Schedule I bank virtually impossible. The widely held ...


Insurer Moral Hazard In The Workers' Compensation Crisis: Reforming Cost Inflation, Not Rate Suppression, Martha T. Mccluskey Jan 2001

Insurer Moral Hazard In The Workers' Compensation Crisis: Reforming Cost Inflation, Not Rate Suppression, Martha T. Mccluskey

Journal Articles

This article challenges the standard story of the insurance crisis that led to the near-collapse and major reform of a number of states’ workers’ compensation programs in the 1980s and 1990s.

In the prevailing account, insurance costs rose due to expanding costs of benefits for injured workers’, much of which was blamed on wasteful or abusive "moral hazard" by workers and their lawyers and doctors. Because state regulators had substantial power to control insurance rates, this account claims governments tried to suppress prices in the face of rising benefit costs in a misguided attempt to avoid political trade-offs between labor ...


What's So Bad About Delaware?, David A. Skeel Jr. Jan 2001

What's So Bad About Delaware?, David A. Skeel Jr.

Faculty Scholarship at Penn Law

No abstract provided.


The 2001 Federal Economic Crime Sentencing Reforms: An Analysis And Legislative History, Frank O. Bowman Iii Jan 2001

The 2001 Federal Economic Crime Sentencing Reforms: An Analysis And Legislative History, Frank O. Bowman Iii

Faculty Publications

This Article has four parts. First, it describes the general structure of the Federal Sentencing Guidelines and the approach to sentencing economic crimes in effect between 1987 and 2001. Second, it outlines the defects in the former economic crime guidelines that led to the call for reform. Third, it describes the process undertaken by the Sentencing Commission that led to the passage of the 2001 economic crime amendments and, in so doing, provides a roadmap to sources of legislative history. Fourth, it explains and analyzes the new guidelines in light of their legislative history, with primary emphasis on the consolidated ...


Views On Multidisciplinary Practice With Particular Reference To Law And Economics, New York, And North Carolina, Sydney M. Cone Iii. Jan 2001

Views On Multidisciplinary Practice With Particular Reference To Law And Economics, New York, And North Carolina, Sydney M. Cone Iii.

Articles & Chapters

This Article-after describing analytical gaps in the work of the ABA Commission on MDP, and after criticizing the analysis of MDP by the law and economics school and the Big Five subset thereof-sets forth, with commentary, proposals relating to MDP developed by the New York State Bar Association and the MDP Task Force of the North Carolina Bar Association. It concludes by comparing these proposals in the context of the law governing lawyers in the United States.


Resurrecting Incipiency: From Von's Grocery To Consumer Choice, Robert H. Lande Jan 2001

Resurrecting Incipiency: From Von's Grocery To Consumer Choice, Robert H. Lande

All Faculty Scholarship

The merger incipiency doctrine is virtually ignored in the courts today. This article argues that it should be resurrected, and it also explores the ways that effectuating Congressional intent in the area would reinvigorate merger policy.

The article documents how the legislative history of the antimerger statutes shows that Congress intended mergers to be evaluated under an incipiency approach, and explores the possible meanings of this idea. It then shows that this is a strong basis for reviving significantly stricter or more prophylactic merger enforcement.

The article shows how there are aspects of the doctrine that could be revived without ...


Assessing The Advocacy Of Negotiated Rulemaking: A Response To Philip Harter, Cary Coglianese Jan 2001

Assessing The Advocacy Of Negotiated Rulemaking: A Response To Philip Harter, Cary Coglianese

Faculty Scholarship at Penn Law

No abstract provided.


Building A Just Trade Order For A New Millennium, Frank J. Garcia Jan 2001

Building A Just Trade Order For A New Millennium, Frank J. Garcia

Boston College Law School Faculty Papers

No abstract provided.


The Current Life Insurance Crisis: How The Law Should Respond, Kyle D. Logue Jan 2001

The Current Life Insurance Crisis: How The Law Should Respond, Kyle D. Logue

Articles

This article explores some of the issues raised by the new evidence of underinsurance. Part I explores the initial theoretical question: why do people buy life insurance? Put differently, what function does life insurance serve? Part II provides some background on the life insurance market as it currently exists. Thus, Part II summarizes the major types of life insurance that are currently offered and summarizes the main elements of the current regulatory regime for life insurance companies. Part III then provides support for the claim that households tend to drastically underconsume life insurance. Section A of that Part summarizes the ...


Poverty And Welfare Policy In The Post-Clinton Era, Peter B. Edelman Jan 2001

Poverty And Welfare Policy In The Post-Clinton Era, Peter B. Edelman

Georgetown Law Faculty Publications and Other Works

This is an important time to talk about people in need. There have been major changes recently in public policy toward those in need, and we have seen enough of their effect to be able to discuss the next steps. We have a new President and Congress. A recession is looking more probable by the day. And the 1996 welfare law is coming up for reauthorization in 2002. So this is a good time to look at how we are doing and what we need to do.


The Liberal Commons, Michael A. Heller, Hanoch Dagan Jan 2001

The Liberal Commons, Michael A. Heller, Hanoch Dagan

Articles

Following the Civil War, black Americans began acquiring land in earnest; by 1920 almost one million black families owned farms. Since then, black rural landownership has dropped by more than 98% and continues in rapid decline-there are now fewer than 19,000 black-operated farms left in America. By contrast, white-operated farms dropped only by half, from about 5.5 million to 2.4 million. Commentators have offered as partial explanations the consolidation of inefficient small farms and intense racial discrimination in farm lending. However, even absent these factors, the unintended effects of old-fashioned American property law might have led to ...


Norms & Corporate Law: Introduction, Edward B. Rock, Michael L. Wachter Jan 2001

Norms & Corporate Law: Introduction, Edward B. Rock, Michael L. Wachter

Faculty Scholarship at Penn Law

No abstract provided.


The Methodological Commitments Of Contemporary Contract Theory, Jody S. Kraus Jan 2001

The Methodological Commitments Of Contemporary Contract Theory, Jody S. Kraus

Faculty Scholarship

Autonomy and economic theories of contract seem to provide incompatible accounts of contract law. In this Chapter, I argue that what appear to be first-order disagreements over particular contract doctrines are really implicit second-order disagreements reflecting the divergent methodological commitments of autonomy and economic theories. I argue that autonomy theories accord priority to the normative project of justifying existing contract doctrine, treat contract law as consisting in the plain meaning of doctrine, require contract theory to explain the distinctive character of contract law, and take the ex post perspective in adjudication. In contrast, economic theories accord priority to the positive ...