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Full-Text Articles in Law

Trust, Honesty, And Corruption: Reflection On The State-Building Process, Susan Rose-Ackerman Sep 2001

Trust, Honesty, And Corruption: Reflection On The State-Building Process, Susan Rose-Ackerman

John M. Olin Center for Studies in Law, Economics, and Public Policy Working Papers

Trust implies confidence, but not certainty, that some person or institution will behave in an expected way. A trusting person decides to act in spite of uncertainty about the future and doubts about the reliability of others' promises. The need for trust arises from human freedom. As Piotr Sztompka (1999: 22) writes, "facing other people we often remain in the condition of uncertainty, bafflement, and surprise." Honesty is an important substantive value with a close connection to trust. Honesty implies both truth-telling and responsible behavior that seeks to abide by the rules. One may trust another person to behave honestly ...


The Need For Competition In International Securities Regulation, Roberta Romano Aug 2001

The Need For Competition In International Securities Regulation, Roberta Romano

John M. Olin Center for Studies in Law, Economics, and Public Policy Working Papers

This paper advocates opening up international securities regulation to greater regulatory competition than the scant competition that exists at present. After sketching the contours of an international regime of regulatory competition in securities laws and the reasons why such competition is desirable, the paper provides a detailed response to objections that have been raised to a proposal for a competitive securities regime that was principally focused on the United States, objections that would accordingly also be raised against this paper’s proposal. These include whether the U.S. securities regime is directed at mitigating problems regarding disclosure of interfirm externalities ...


When Was The Yale Law School Really Founded?, Michael T. Sansbury May 2001

When Was The Yale Law School Really Founded?, Michael T. Sansbury

Student Legal History Papers

In 1874, during the celebration of the Yale Law School's "Semicentennial Anniversary," Theodore Woolsey, a former Yale President and Professor at the Law School, claimed that the Law School had been founded in 1824 when a group of students were listed as "Law Students" in the Yale Catalogue. These students studied in a small proprietary law school started by Seth P. Staples and operated, in 1824, by Samuel J. Hitchcock and David Daggett. Their listing in the catalogue seems to indicate a connection between the Staples-Hitchcock-Daggett school and Yale College. Since 1874, Yale historians and the Yale Law School ...


Abortion And Crime: Unwanted Children And Out-Of-Wedlock Births, John Lott, John Whitley May 2001

Abortion And Crime: Unwanted Children And Out-Of-Wedlock Births, John Lott, John Whitley

John M. Olin Center for Studies in Law, Economics, and Public Policy Working Papers

Abortion may prevent the birth of "unwanted" children, who would have relatively small investments in human capital and a higher probability of crime. On the other hand, some research suggests that legalizing abortion increases out-of-wedlock births and single parent families, which implies the opposite impact on investments in human capital and thus crime. The question is: what is the net impact? We find evidence that legalizing abortion increased murder rates by around about 0.5 to 7 percent. Previous estimates are shown to suffer from not directly linking the cohorts who are committing crime with whether they had been born ...


Event Studies And The Law--Part I: Technique And Corporate Litigation, Sanjai Bhagat, Roberta Romano May 2001

Event Studies And The Law--Part I: Technique And Corporate Litigation, Sanjai Bhagat, Roberta Romano

John M. Olin Center for Studies in Law, Economics, and Public Policy Working Papers

Event studies are among the most successful uses of econometrics in policy analysis. By providing an anchor for measuring the impact of events on investor wealth, the methodology offers a fruitful means for evaluating the welfare implications of private and government actions. This paper is the first in a set of two papers that review the use and impact of the event study methodology in the legal domain. This paper begins by briefly reviewing the event study methodology and its strengths and limitations for policy analysis. It then reviews in detail how event studies have been used to evaluate the ...


Substitutes For Insider Trading, Ian Ayres, Joseph Bankman Apr 2001

Substitutes For Insider Trading, Ian Ayres, Joseph Bankman

John M. Olin Center for Studies in Law, Economics, and Public Policy Working Papers

When insider trading prohibitions limit the ability of insiders (or of a corporation itself) to use material non-public information to trade a particular firm’s stock, there may be incentive to use the information to trade instead on the stock of that firm’s rivals, suppliers, customers, or the manufacturers of complementary products. We refer to this form of trading as trading in stock substitutes. Stock substitute trading by a firm is legal. In many circumstance, substitute trading by employees is also legal. Trading in stock substitutes may be quite profitable, and there is anecdotal evidence that employees often engage ...


A Dilution Mechanism For Valuing Corporations In Bankruptcy, Ian Ayres, Barry E. Adler Jan 2001

A Dilution Mechanism For Valuing Corporations In Bankruptcy, Ian Ayres, Barry E. Adler

Faculty Scholarship Series

Issues of corporate finance become most critical when a firm encounters financial distress. In this case, there may be insufficient assets to go around, and the question of valuation comes to the fore. Valuation is central to the resolution of distress because distributions consistent with the hierarchy of investor priority (called "absolute priority") depend on the amount available to distribute. A firm with little value may belong entirely to its most senior creditors, while a firm with much value may belong in part to its junior creditors, or perhaps even its shareholders. Not surprisingly, therefore, valuation is the most hotly ...


Optimal Delegation And Decoupling In The Design Of Liability Rules, Ian Ayres, Paul M. Goldbart Jan 2001

Optimal Delegation And Decoupling In The Design Of Liability Rules, Ian Ayres, Paul M. Goldbart

Faculty Scholarship Series

Calabresi and Melamed began a scholarly revolution by showing that legal entitlements have two readily distinguishable forms of protection: property rules and liability rules. These two archetypal forms protect an entitlement holder's interest in markedly different ways—via deterrence or compensation. Property rules protect entitlements by trying to deter others from taking. Liability rules, on the other hand, protect entitlements not by deterring but by trying to compensate the victim of nonconsensual takings. Accordingly, the compensatory impetus behind liability rules focuses on the takee's welfare—making sure the sanction is sufficient to compensate the takee. The deterrent impetus ...


The Many Faces Of The State, Owen M. Fiss Jan 2001

The Many Faces Of The State, Owen M. Fiss

Faculty Scholarship Series

The author examines the state's role in ensuring freedom of speech. Because what is at stake is less the expressive interest ofthe speakers than the interest of the citizenry hearing debate on issues of public concern, the state, primarily through the judiciary, should act to ensure equal access to the debate. In the controversial areas of hate speech, pornography and campaign finance, the state should serve as a parliamentarian, using its power to guard against the silencing of less powerful voices. A too rigid adherence to the requirement that regulation of speech be content-neutral wouldseriously impair the state's ...


Small Things Like Reasons Are Put In A Jar: Reason And Legitimacy In The Administrative State, Jerry L. Mashaw Jan 2001

Small Things Like Reasons Are Put In A Jar: Reason And Legitimacy In The Administrative State, Jerry L. Mashaw

Faculty Scholarship Series

"Why" is a multi-purpose word. It is the language of curiosity, evidence of intellectual engagement. We revel in our children's and our students' whys; reward their curiosity with attention and serious responses; turn their whys back on them-"why do you think?"-to stimulate independent thought, reflection. "Why" is also a language of attention getting, even harassment. One of my favorite cartoons-I think it's from The New Yorker, perhaps by Ogden Nash-shows a small child leaning forward from the back seat close to his driving father's ear. The conversation must have been the familiar one with a ...


Text In Contest: Gender And The Constitution From A Social Movement Perspective, Reva B. Siegel Jan 2001

Text In Contest: Gender And The Constitution From A Social Movement Perspective, Reva B. Siegel

Faculty Scholarship Series

The American feminist movement has twice mobilized for constitutional change. The constitutional amendment secured by the first-wave feminist movement is no longer of consequence, while the constitutional amendment sought by the second-wave feminist movement was never ratified. Yet today, courts and commentators agree that the Constitution guarantees women equality, even if that guarantee was never specifically authorized by the Constitution's framers. What understanding of our constitutional tradition might we glean from this story of constitutional change?


Abraham Lincoln And The American Union, Akhil Reed Amar Jan 2001

Abraham Lincoln And The American Union, Akhil Reed Amar

Faculty Scholarship Series

Here and now, let us turn our thoughts to Abraham Lincoln, to the American Union for which he lived and died, and to the vision of liberty that inspired his love of Union. To borrow a phrase from Lincoln himself, "it is altogether fitting and proper that we should do this" in this place and at this hour.


When The President Says “No”: A Few Thoughts On Executive Power And The Tradition Of Solicitor General Independence, Drew S. Days Iii Jan 2001

When The President Says “No”: A Few Thoughts On Executive Power And The Tradition Of Solicitor General Independence, Drew S. Days Iii

Faculty Scholarship Series

Although the Solicitor General is appointed by the President and serves under the Attorney General, he has gradually come to enjoy a tradition of independence in carrying out his official responsibilities. He is only rarely subject to direction by either the President or the Attorney General, and as a practical matter, he is in most cases the final decisionmaker with respect to both designing a strategy for government litigation in the Supreme Court and deciding whether to appeal trial court decisions adverse to the government. On occasion, however, a President will put deference aside and involve himself directly in determining ...


The Globalization Of Freedom, Harold Hongju Koh Jan 2001

The Globalization Of Freedom, Harold Hongju Koh

Faculty Scholarship Series

What kind of transnational law are we facing in the twenty-first century? Some commentators argue that even today, there is no real transnational legal field, only national legal fields and the activities of national actors in national settings, producing transnational legal activities. But that reminds me of something a former law school dean told me sixteen years ago when I said I was coming to Yale to teach International Business Transactions: that there is no genuinely transnational body of international business law, because transnational business law is like that famous non-book, The Law of the Horse, which consists of Chapter ...


Harry’S Influence, Guido Calabresi Jan 2001

Harry’S Influence, Guido Calabresi

Faculty Scholarship Series

Harry Wellington was my teacher in contracts at the Yale Law School. Harry Wellington has been my colleague and friend for more than 40 years. Harry Wellington was my Dean. In all these roles he has been as good as they come, and I am grateful to him for all he has done for me in each of these relationships. Yet, important as every one of these is to me, even more significant is what Harry Wellington, as a scholar, has done for me. I have long thought that Harry was the most thoughtful, subtle, and profound student of legal ...


Antidiscrimination And Accommodation, Christine Jolls Jan 2001

Antidiscrimination And Accommodation, Christine Jolls

Faculty Scholarship Series

The canonical idea of "antidiscrimination" in the United States condemns the differential treatment of otherwise similarly situated individuals on the basis of race, sex, national origin, or other protected characteristics. Starting from this perspective, legal requirements that actors take affirmative steps to "accommodate" the special, distinctive needs of particular groups, such as individuals with disabilities, by providing additional benefits or allowances to them strike many observers as fundamentally distinct from, broader than, and often less legitimate than legal requirements within the canonical "antidiscrimination" category. On this ground, observers sharply contrast Title VII of the Civil Rights Act of 1964 and ...


The Mystery Of The "But", Anthony Townsend Kronman Jan 2001

The Mystery Of The "But", Anthony Townsend Kronman

Faculty Scholarship Series

Good afternoon and welcome. We are here to remember and celebrate the life of a good friend who happened also to be a great man. We shall try with our words to express our friendship for Joe and do justice to his greatness. It goes without saying that we shall fail in the attempt. Our words will fall short of the facts, and can never reach the man himself. That is something we must accept. But Joe is gone, and all we now possess of him are the words we use to remember and describe him. That is something we ...


Two Liberal Fallacies In The Hate Crimes Debate, Dan M. Kahan Jan 2001

Two Liberal Fallacies In The Hate Crimes Debate, Dan M. Kahan

Faculty Scholarship Series

Those for and against hate crime laws debate each other in the shadow of John Stuart Mill. Both accept the Millian premise that the state is justified in coercing an individual only to prevent harm to others and not to condemn that individual for holding objectionable beliefs, values, or preferences. They purport to disagree only about what that principle – the guiding tenet of modern liberalism – entails. Because hate crime laws distinguish between otherwise identical assaults based solely on offenders’ motives, the opponents of those laws see them as singling out hate criminals for additional punishment solely because of their noxious ...


The New Unwritten Constitution, Jed Rubenfeld Jan 2001

The New Unwritten Constitution, Jed Rubenfeld

Faculty Scholarship Series

Americans do not know what to think about unwritten constitutional law. On the one hand, we know we have it, and we have had it for a very long time. Unwritten constitutional law did not begin with Roe v. Wade. From the very beginning, American judges have been prepared to enforce constitutional rights that cannot fairly be said to derive from any enumerated textual guarantee. The Framers themselves, we are told, understood constitutional rights in unwritten, natural-law terms, drawing on the English lex non scripta and "ancient constitution" traditions passed down to them by Blackstone and others. Further, since at ...


Confronting The Barriers To Native American Homeownership On Tribal Lands: The Case Of The Navajo Partnership For Housing, Yair Listokin Jan 2001

Confronting The Barriers To Native American Homeownership On Tribal Lands: The Case Of The Navajo Partnership For Housing, Yair Listokin

Faculty Scholarship Series

Native Americans living on reservations suffer severe housing distress. Even middle- and upper-income Indians on reservations are confronted by inadequate housing, a situation aggravated by a lack of access to home mortgages. Through 1994, not a single conventional mortgage had been closed on the Navajo Nation, an Indian reservation with a land area larger than that of nine states. This climate is changing, however; new loan products, new attitudes, and new priorities are combining to make mortgage lending and homeownership more viable for Native Americans. On the Navajo reservation, this endeavor is being led by a nonprofit organization, the Navajo ...


The Autonomy Of Law, Owen M. Fiss Jan 2001

The Autonomy Of Law, Owen M. Fiss

Faculty Scholarship Series

Law is an autonomous sphere of human activity that serves no master other than justice. We value law for that very reason and celebrate it by proclaiming that all must bow to the rule of law. In recent years, Latin America, along with the rest of the developing world, has shown a renewed interest in law. To some extent this rule of law revival, as one author has described it, is fueled by the market-oriented reforms that are a product of the development policy known as "neoliberalism." The proponents of neoliberalism have sought to forge a link between that development ...


Path Dependence In The Law: The Course And Pattern Of Change In A Common Law Legal System, Oona A. Hathaway Jan 2001

Path Dependence In The Law: The Course And Pattern Of Change In A Common Law Legal System, Oona A. Hathaway

Faculty Scholarship Series

In a system of law that adheres to the doctrine of stare decisis, it is impossible to understand the law as it is today without understanding the law as it has been in the past. Reliance upon binding precedents leads courts to begin every new case with an examination of the past. The resolutions that arise in turn form a foundation for future cases. The doctrine of stare decisis thus creates a seamless web connecting the past to the present and future.


In Memory Of Joe Goldstein, Akhil Reed Amar Jan 2001

In Memory Of Joe Goldstein, Akhil Reed Amar

Faculty Scholarship Series

Joe was true-that's the best word, or at least one of the best, to describe him. Joe used words with care, and I want to do so here. So I looked up the word "true" in my dictionary, and found Joe smiling back at me on the page. Here is what I found.


The Hartford Community Court: An Experiment That Has Succeeded, Quintin Johnstone Jan 2001

The Hartford Community Court: An Experiment That Has Succeeded, Quintin Johnstone

Faculty Scholarship Series

The Hartford Community Court opened in November 1998, as a pilot program. The court has since quickly moved past its pilot, experimental phase to become a permanent and valued unit in the state's judicial system. When the Hartford Community Court opened there were only two other community courts in the United States: the Midtown Community Court in New York City, which in important respects was a model for the Hartford court, and a community court in Portland, Oregon. The community court concept is spreading and there are now such courts in fifteen United States cities, including a limited version ...


The Tragi-Comedy Of The Commons: Evolutionary Biology, Economics And Environmental Law, E. Donald Elliott Jan 2001

The Tragi-Comedy Of The Commons: Evolutionary Biology, Economics And Environmental Law, E. Donald Elliott

Faculty Scholarship Series

Like every culture, every discipline has a creation myth that defines
its view of the world. Creation myths are important because they
define what we see and what we fail to see. In recent years,
environmental law in America has been dominated by a creation myth
that subtly inculcates the perspective of economics. What follows is a
different view of environmental law based on a view of human nature
drawn from evolutionary biology. The evolutionary and the economic
perspectives are not inconsistent, but complement one another by
emphasizing different aspects of human nature.


Substitutes For Insider Trading, Ian Ayres, Joe Bankman Jan 2001

Substitutes For Insider Trading, Ian Ayres, Joe Bankman

Faculty Scholarship Series

When insider trading prohibitions limit the ability of insiders (or of a corporation itself) to use material nonpublic information to trade a particular firm's stock, there may be incentive to use the information to trade instead in the stock of that firm's rivals, suppliers, customers, or the manufacturers of complementary products. We refer to this form of trading as trading in stock substitutes. Stock substitute trading by a firm is legal. In many circumstances, substitute trading by employees is also legal. Trading in stock substitutes may be quite profitable, and there is anecdotal evidence that employees often engage ...


In Search Of Educational E/Quality Forty-Six Years After Brown V. Board Of Education, Drew S. Days Iii Jan 2001

In Search Of Educational E/Quality Forty-Six Years After Brown V. Board Of Education, Drew S. Days Iii

Faculty Scholarship Series

What I would like to do this afternoon is talk about my reactions-the reactions of one who has been involved for over half a century with the issue of school desegregation-to the state of affairs with respect to matters of educational equality and quality education in America during this first year of the 21st Century.


Channeling: Identity-Based Social Movements And Public Law, William N. Eskridge Jr. Jan 2001

Channeling: Identity-Based Social Movements And Public Law, William N. Eskridge Jr.

Faculty Scholarship Series

The first Part of this Article poses a descriptive, sociological-type model of the multifaceted influence of law on the birth of the primary IBSMs (identity-based social movements) of the latter half of the twentieth century. Legal rules and their enforcers strongly reinforced stigmas and disadvantages that not only provided important incentives and goals for minorities, but helped give concrete meaning to the "minority group" itself. Much of what made it intelligible (as well as denigrating) to be a "colored person" or a "homosexual" or a "retarded person" was the line drawn by law and the discourse stimulated by legal actors ...


All About Words: Early Understandings Of The "Judicial Power" In Statutory Interpretation, 1776-1806, William N. Eskridge Jr. Jan 2001

All About Words: Early Understandings Of The "Judicial Power" In Statutory Interpretation, 1776-1806, William N. Eskridge Jr.

Faculty Scholarship Series

What understanding of the 'judicial Power" would the Founders and their immediate successors possess in regard to statutory interpretation? In this Article, Professor Eskridge explores the background understanding of the judiciary's role in the interpretation of legislative texts, and answers earlier work by scholars like Professor John Manning who have suggested that the separation of powers adopted in the U.S. Constitution mandate an interpretive methodology similar to today's textualism. Reviewing sources such as English precedents, early state court practices, ratifying debates, and the Marshall Court's practices, Eskridge demonstrates that while early statutory interpretation began with the ...


Immigration At The Turn Of The New Century, Peter H. Schuck Jan 2001

Immigration At The Turn Of The New Century, Peter H. Schuck

Faculty Scholarship Series

Migration is perhaps the most insistent world phenomenon of our age. The propensity to migrate in search of a better life has always been among the most powerful of human drives, and perhaps never more than today.