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Harmonizing Climate Change Policy And International Investment Law: Threats, Challenges And Opportunities, Daniel M. Firger, Michael Gerrard Jan 2011

Harmonizing Climate Change Policy And International Investment Law: Threats, Challenges And Opportunities, Daniel M. Firger, Michael Gerrard

Faculty Scholarship

This chapter responds to a chorus of commentary about the potential for conflict between the international investment law regime and an array of national and international actions being undertaken to mitigate and adapt to global climate change. Contrary to conventional wisdom, while some climate-friendly regulations may indeed be facially incompatible with the obligations imposed on states by typical international investment agreements (IIAs), many climate policies – especially those related to clean energy finance and technology transfer – involve principles common to foreign investment law and are largely compatible with that regime. Moreover, pending the unlikely negotiation of a single global agreement on ...


Justice Stevens And The Obligations Of Judgment, David Pozen Jan 2011

Justice Stevens And The Obligations Of Judgment, David Pozen

Faculty Scholarship

How to sum up a corpus of opinions that spans dozens of legal fields and four decades on the bench? How to make the most sense of a jurisprudence that has always been resistant to classification, by a jurist widely believed to have "no discernible judicial philosophy"? These questions have stirred Justice Stevens' former clerks in recent months. Since his retirement, many of us have been trying to capture in some meaningful if partial way what we found vital and praiseworthy in his approach to the law. There may be something paradoxical about the attempt to encapsulate in a formula ...


Restating The U.S. Law Of International Commercial Arbitration, George Bermann, Jack J. Coe, Christopher R. Drahozal, Catherine A. Rogers Jan 2011

Restating The U.S. Law Of International Commercial Arbitration, George Bermann, Jack J. Coe, Christopher R. Drahozal, Catherine A. Rogers

Faculty Scholarship

In December 2007, the American Law Institute ("ALI") approved the development of a new Restatement, Third, of the U.S. Law of International Commercial Arbitration (the "Restatement"). On February 23, 2009, the Restaters and authors of this Essay presented a Preliminary Draft of a chapter of the Restatement (the "Draft") at an invitational meeting in New York. The Draft addresses Recognition and Enforcement of Arbitral Awards. This brief Essay provides some reflections of the Reporters from the process of producing and presenting the Draft. Subsequent Drafts have been produced and approved by the ALI.


Incarceration And The Economic Fortunes Of Urban Neighborhoods, Jeffrey Fagan, Valerie West Jan 2011

Incarceration And The Economic Fortunes Of Urban Neighborhoods, Jeffrey Fagan, Valerie West

Faculty Scholarship

New research has identified the consequences of high rates of incarceration on neighborhood crime rates, but few studies have looked beyond crime to examine the collateral effects of incarceration on the social and economic well being of the neighborhoods themselves and their residents. We assess two specific indicia of neighborhood economic well-being, household income and human capital, dimensions that are robust predictors of elevated crime, enforcement and incarceration rates. We decompose incarceration effects by neighborhood racial composition and socio-economic conditions to account for structural disadvantages in labor force and access to wealth that flow from persistent patterns of residential segregation ...


The Anticanon, Jamal Greene Jan 2011

The Anticanon, Jamal Greene

Faculty Scholarship

Argument from the “anticanon,” the set of cases whose central propositions all legitimate decisions must refute, has become a persistent but curious feature of American constitutional law. These cases, Dred Scott v. Sandford, Plessy v. Ferguson, Lochner v. New York, and Korematsu v. United States, are consistently cited in Supreme Court opinions, in constitutional law casebooks, and at confirmation hearings as prime examples of weak constitutional analysis. Upon reflection, however, anticanonical cases do not involve unusually bad reasoning, nor are they uniquely morally repugnant. Rather, these cases are held out as examples for reasons external to conventional constitutional argument. This ...


"The Birth Of Death": Stillborn Birth Certificates And The Problem For Law, Carol Sanger Jan 2011

"The Birth Of Death": Stillborn Birth Certificates And The Problem For Law, Carol Sanger

Faculty Scholarship

Stillbirth is a confounding event, a reproductive moment that at once combines birth and death. This Article discusses the complications of this simultaneity as a social experience and as a matter of law. Traditionally, stillbirth didn’t count for much on either score. Legally, a dead infant was nothing for purposes of descent; culturally, stillbirths were regarded as insignificant; after all, what was lost? This is no longer the case. Familiarity with fetal life through obstetric ultrasound throughout pregnancy has transformed stillborn children into participating members of their families long before birth. This in turn has led to a novel ...


What Happened In Iowa?, David Pozen Jan 2011

What Happened In Iowa?, David Pozen

Faculty Scholarship

November 2, 2010 is the latest milestone in the evolution of state judicial elections from sleepy, sterile affairs into meaningful political contests. Following an aggressive ouster campaign, voters in Iowa removed three supreme court justices, including the chief justice, who had joined an opinion finding a constitutional right to same-sex marriage. Supporters of the campaign rallied around the mantra, "It's we the people, not we the courts." Voter turnout surged to unprecedented levels; the national media riveted attention on the event. No sitting Iowa justice had ever lost a retention election before.

This essay – a reply to Nicole Mansker ...


Regulatory Fictions: On Marriage And Countermarriage, Elizabeth F. Emens Jan 2011

Regulatory Fictions: On Marriage And Countermarriage, Elizabeth F. Emens

Faculty Scholarship

Debates about marriage currently capture much public attention. Scholars have pushed beyond the question of whether gays are worthy of marriage to ask whether marriage is worthy of gays. The present moment of questioning marriage in its current form may be brief. Thus, we should take this opportunity to imagine the widest possible range of alternatives to our current marriage regime - what I call countermarriage regimes. This Essay draws on two unlikely sources of legal innovation to expand our thinking about marriage alternatives: literature and anti-gay law. Literature offers an array of countermarriage regimes, including exploding marriage, three-strikes marriage, line ...


Federalism Under Obama, Gillian E. Metzger Jan 2011

Federalism Under Obama, Gillian E. Metzger

Faculty Scholarship

This article, prepared for a symposium at the William and Mary Law School on Constitutional Transformations to be published this fall in the William and Mary Law Review, analyzes the status of federalism under the Obama Administration. At first glance, federalism would seem to have fared poorly under the Obama Administration, given that the Administration’s signature achievements to date involve substantial expansions of the federal government’s role. But a careful examination of major measures such as health insurance and financial regulation reform, the stimulus, and preemption initiatives demonstrates that the story of federalism’s fate under the Obama ...


Fragmentation Nodes: A Study In Financial Innovation, Complexity And Systemic Risk, Kathryn Judge Jan 2011

Fragmentation Nodes: A Study In Financial Innovation, Complexity And Systemic Risk, Kathryn Judge

Faculty Scholarship

This Article presents a case study in how complexity arising from the evolution and proliferation of a financial innovation can increase systemic risk. The subject of the case study is the securitization of home loans, an innovation which played a critical and still not fully understood-role in the 2007-2009 financial crisis. The Article introduces the term – fragmentation node‖ for these transaction structures, and it shows how specific sources of complexity inherent in fragmentation nodes limited transparency and flexibility in ways that undermined the stability of the financial system. In addition to shedding new light on the processes through which financial ...


Value: A Menu Of Questions, Joseph Raz Jan 2011

Value: A Menu Of Questions, Joseph Raz

Faculty Scholarship

The paper considers some questions arising out of reflection on Finnis's writings about value, exemplifying them by consideration of the putative value of knowledge. They include the role of harmony, and of self-evidence, in identifying or constituting values, and the ways in which values can provide reasons.


The Paradox Of Law Enforcement In Immigrant Communities: Does Tough Immigration Enforcement Undermine Public Safety?, David Kirk, Andrew V. Papachristos, Jeffrey Fagan, Tom R. Tyler Jan 2011

The Paradox Of Law Enforcement In Immigrant Communities: Does Tough Immigration Enforcement Undermine Public Safety?, David Kirk, Andrew V. Papachristos, Jeffrey Fagan, Tom R. Tyler

Faculty Scholarship

Frustrated by federal inaction on immigration reform, several U.S. states in recent years have proposed or enacted laws designed to stem the flow of illegal immigrants into the U.S. and to facilitate their removal. An underappreciated implication of these laws is the potential alienation of immigrant communities – even law abiding, cooperative individuals – from the criminal justice system. The ability of the criminal justice system to detect and sanction criminal behavior is dependent upon the cooperation of the general public, including acts such as the reporting of crime and identifying suspects. Cooperation is enhanced when local residents believe that ...


Introduction: The Three And A Half Minute Transaction: Boilerplate And The Limits Of Contract Design, Mitu Gulati, Robert E. Scott Jan 2011

Introduction: The Three And A Half Minute Transaction: Boilerplate And The Limits Of Contract Design, Mitu Gulati, Robert E. Scott

Faculty Scholarship

The Hofstra Law Review has organized an “Ideas” symposium around our book manuscript "The Three and a Half Minute Transaction". The idea for this symposium came from a debate that occurred at a faculty workshop at the Hofstra Law School some months ago where we were presenting our book manuscript. The topics of conversation included the following: the future of the current big-law-firm model, what value lawyers add in commercial transactions that use boilerplate contracts, why (and whether) boilerplate contracts are so slow to change, why law firms do not generally have R&D departments, the resolution of the Eurozone ...


The Measure Of A Mac: A Quasi-Experimental Protocol For Tokenizing Force Majeure Clauses In M&A Agreements, Eric L. Talley, Drew O'Kane Jan 2011

The Measure Of A Mac: A Quasi-Experimental Protocol For Tokenizing Force Majeure Clauses In M&A Agreements, Eric L. Talley, Drew O'Kane

Faculty Scholarship

We develop a protocol for using a well known lawyer-coded data set on Material Adverse Change/Effect clauses in acquisitions agreements to tokenize and calibrate a machine learning algorithm of textual analysis. Our protocol, built on both regular expression (RE) and latent semantic analysis (LSA) approaches, is designed to replicate, correct, and extend the reach of the hand-coded data. Our preliminary results indicate that both approaches perform well, though a hybridized approach improves predictive power even more. We employ Monte Carlo simulations show that our results generally carry over to out-of-sample predictions. We conclude that similar approaches could be used ...


"Deference" Is Too Confusing – Let's Call Them Chevron Space And Skidmore Weight, Peter L. Strauss Jan 2011

"Deference" Is Too Confusing – Let's Call Them Chevron Space And Skidmore Weight, Peter L. Strauss

Faculty Scholarship

Administrative law scholars have leveled a forest of trees exploring the mysteries of the Chevron approach contemporary judges take to reviewing law-related aspects of administrative action. Without wishing to deny for a moment that judicial practice has been inconstant – influenced by the importance of the matter, by the accessibility of the issues to non-expert judges, by politics, and by the earned reputations of differing agencies – this short comment suggests an underappreciated, appropriate, and conceptually coherent structure to the Chevron relationship of courts to agencies, a structure whose basic impulse may be captured by the concept of “allocation.” Steering clear of ...


"A Good Man Always Knows His Limitations": Overconfidence In Criminal Offending, Thomas Loughran, Ray Paternoster, Alex R. Piquero, Jeffrey Fagan Jan 2011

"A Good Man Always Knows His Limitations": Overconfidence In Criminal Offending, Thomas Loughran, Ray Paternoster, Alex R. Piquero, Jeffrey Fagan

Faculty Scholarship

Traditional criminological research in the area of rational choice and crime decisions places a strong emphasis on offenders’ perceptions of risk associated with various crimes. Yet, this literature has thus far generally neglected the role of individual overconfidence in both the formation of subjective risk perceptions and the association between risk and crime. In other types of high risk behaviors which serve as analogs to crime, including stock trading and uncertain business and investment decisions, overconfidence is shown to have a stimulating effect on an individuals’ willingness to engage in these behaviors. Using data from two separate samples, this paper ...


Rethinking The Laws Of Good Faith Purchase, Alan Schwartz, Robert E. Scott Jan 2011

Rethinking The Laws Of Good Faith Purchase, Alan Schwartz, Robert E. Scott

Faculty Scholarship

This article is a comparative economic analysis of the disparate doctrines governing the good faith purchase of stolen or misappropriated goods. Good faith purchase questions have occupied the courts and commentators of many nations for millennia. We argue that prior treatments have misconceived the economic problem. An owner of goods will take optimal precautions to prevent theft if she is faced with the loss of her goods; and a purchaser will make an optimal investigation into his seller’s title if the purchaser is faced with the loss of the goods. An owner and a buyer cannot both be faced ...


Left, Right, And Center: Strategic Information Acquisition And Diversity In Judicial Panels, Matthew L. Spitzer, Eric L. Talley Jan 2011

Left, Right, And Center: Strategic Information Acquisition And Diversity In Judicial Panels, Matthew L. Spitzer, Eric L. Talley

Faculty Scholarship

This paper develops and analyzes a hierarchical model of judicial review in multimember appellate courts. In our model, judicial panels acquire information endogenously, through the efforts of individual panelists, acting strategically. The resulting equilibria strongly resemble the empirical phenomena collectively known as "panel effects" – and in particular the observed regularity with which ideological diversity on a panel predicts greater moderation in voting behavior (even after controlling for the median voter's preferences). In our model, non-pivotal panel members with ideologies far from the median have the greatest incentive to acquire additional policy-relevant information where no one on a unified panel ...


Implications Of The Internet For Quasi-Legislative Instruments Of Regulation, Peter L. Strauss Jan 2011

Implications Of The Internet For Quasi-Legislative Instruments Of Regulation, Peter L. Strauss

Faculty Scholarship

It is a quarter century since I began telling my Administrative Law students that they had better be watching the Internet and how agencies of interest to them were using it, as they entered an Information Age career. The changes since then have been remarkable. Rulemaking, where the pace has perhaps been slowest, is now accelerating into the Internet, driven by a President committed to openness and consultation. This paper seeks little more than to point the reader toward the places where she can find the changes and watch them for herself.


Lightened Scrutiny, Bert I. Huang Jan 2011

Lightened Scrutiny, Bert I. Huang

Faculty Scholarship

The current anxiety over judicial vacancies is not new. For decades, judges and scholars have debated the difficulties of having too few judges for too many cases in the federal courts. At risk, it is said, are cherished and important process values. Often left unsaid is a further possibility: that not only process, but also the outcomes of cases, might be at stake. This Article advances the conversation by illustrating how judicial overload might entail sacrifices of first-order importance.

I present here empirical evidence suggesting a causal link between judicial burdens and the outcomes of appeals. Starting in 2002, a ...


Is Internet Exceptionalism Dead?, Tim Wu Jan 2011

Is Internet Exceptionalism Dead?, Tim Wu

Faculty Scholarship

Is there such a thing as Internet exceptionalism? If so, just what is the Internet an exception to? It may appear technical, but this is actually one of the big questions of our generation, for the Internet has shaped the United States and the world over the last twenty years in ways people still struggle to understand. The question is not merely academic. The greatest Internet firms can be succinctly defined as those that have best understood what makes the Internet different.


European Copyright Code – Back To First Principles (With Some Additional Detail), Jane C. Ginsburg Jan 2011

European Copyright Code – Back To First Principles (With Some Additional Detail), Jane C. Ginsburg

Faculty Scholarship

The "Wittem Group" of copyright scholars has proposed a "European Copyright Code," to "serve as an important reference tool for future legislatures at the European and national levels." Because, notwithstanding twenty years of Directives and a growing ECJ caselaw, copyright law in EU Member States continues to lack uniformity, the Wittem Group’s endeavor should be welcomed, at least as a starting point for reflection on the desirable design of an EU copyright regime. Whether or not the proposed Code succeeds in influencing national or Community legislation, it does offer an occasion to consider the nature of the rights that ...


Private Rights In Public Lands: The Chicago Lakefront, Montgomery Ward, And The Public Dedication Doctrine, Joseph D. Kearney, Thomas W. Merrill Jan 2011

Private Rights In Public Lands: The Chicago Lakefront, Montgomery Ward, And The Public Dedication Doctrine, Joseph D. Kearney, Thomas W. Merrill

Faculty Scholarship

The Chicago Lakefront, along Grant Park, is internationally regarded as an urban gem. Its development – or, perhaps more accurately, lack of development – has been the result of a series of legal challenges and court rulings, most famously involving the landmark U.S. Supreme Court decision, Illinois Central R.R. v. Illinois (1892), and four decisions of the Illinois Supreme Court, from 1897 to 1910, involving Aaron Montgomery Ward. The former invented the modern public trust doctrine, which continues as much the favorite of environmental groups; the latter involved the now largely forgotten public dedication doctrine. This article begins with a ...


Making Coasean Property More Coasean, Thomas W. Merrill, Henry E. Smith Jan 2011

Making Coasean Property More Coasean, Thomas W. Merrill, Henry E. Smith

Faculty Scholarship

In his pioneering work on transaction costs, Ronald Coase presupposed a picture of property as a bundle of government-prescribed use rights. This picture is not only not essential to what Coase was trying to do, but its limitations emerge when we apply Coase’s central insights to analyze the structure of property itself. This leads to what we term the Coase Corollary: in a world of zero transaction costs the nature of property does not matter to allocative efficiency. But as with the Coase Theorem itself, the real point is the implication for a positive transaction cost world: we need ...


Mortgage Modification And Strategic Behavior: Evidence From A Legal Settlement With Countrywide, Christopher J. Mayer, Edward R. Morrison, Tomasz Piskorski, Arpit Gupta Jan 2011

Mortgage Modification And Strategic Behavior: Evidence From A Legal Settlement With Countrywide, Christopher J. Mayer, Edward R. Morrison, Tomasz Piskorski, Arpit Gupta

Faculty Scholarship

We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by U.S. state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers with subprime mortgages throughout the country. Using a difference-in-difference framework, we find that Countrywide's relative delinquency rate increased thirteen percent per month immediately after the program's announcement. The borrowers whose estimated default rates increased the most in response to the program were those who appear to have been the least likely to default otherwise, including those with substantial ...


Dodd-Frank For Bankruptcy Lawyers, Douglas G. Baird, Edward R. Morrison Jan 2011

Dodd-Frank For Bankruptcy Lawyers, Douglas G. Baird, Edward R. Morrison

Faculty Scholarship

The Dodd-Frank financial reform legislation creates an “Orderly Liquidation Authority” (OLA) that shares many features in common with the Bankruptcy Code. This is easy to overlook because the legislation uses a language and employs a decision-maker (both borrowed from bank regulation) that will seem foreign to bankruptcy lawyers. Our task in this essay is to identify the core congruities between OLA and the Code. In doing so, we highlight important differences and assess both their constitutionality and policy objectives. We conclude with a few thoughts on the likelihood that OLA will contribute to market stability.


The Wto Dispute Settlement System 1995-2010: Some Descriptive Statistics, Henrik Horn, Louise Johannesson, Petros C. Mavroidis Jan 2011

The Wto Dispute Settlement System 1995-2010: Some Descriptive Statistics, Henrik Horn, Louise Johannesson, Petros C. Mavroidis

Faculty Scholarship

The Dispute Settlement (DS) system is a central feature of the World Trade Organization (WTO) Agreement. This compulsory and binding two-level mechanism for the adjudication of disputes between WTO Members is the most active among international courts. The functioning of the DS system has attractive research interest among both lawyers and economists. This paper reports some descriptive statistics of the working of the DS system based on the recently updated Horn and Mavroidis WTO Dispute Settlement Data Set. The data set covers all 426 WTO disputes initiated through the official filing of a Request for Consultations from January 1, 1995 ...


Dignifying Rights: A Comment On Jeremy Waldron’S Dignity, Rights, And Responsibilities, Katherine M. Franke Jan 2011

Dignifying Rights: A Comment On Jeremy Waldron’S Dignity, Rights, And Responsibilities, Katherine M. Franke

Faculty Scholarship

This essay offers a commentary on Jeremy Waldron’s Shoen Lecture, Dignity, Rights, and Responsibilities, delivered at the Sandra Day O'Connor College of Law at Arizona State University in October of 2011. The Shoen Lecture, building on Waldron’s account of the relation of rights and dignity set out in the 2009 Tanner Lectures, provides a robust conception of human dignity based not on the inherent moral worth of each human person, but rather on a notion of status or rank. The most compelling contribution of Waldron’s new paper is his careful unbraiding of the complex relationship of ...


Prevailing Academic View On Compliance Flexibility Under § 111 Of The Clean Air Act, Gregory Wannier, Jason A. Schwartz, Nathan D. Richardson, Michael A. Livermore, Michael B. Gerrard, Dallas Burtraw Jan 2011

Prevailing Academic View On Compliance Flexibility Under § 111 Of The Clean Air Act, Gregory Wannier, Jason A. Schwartz, Nathan D. Richardson, Michael A. Livermore, Michael B. Gerrard, Dallas Burtraw

Faculty Scholarship

EPA will soon propose performance standards under Section 111 of the Clean Air Act for greenhouse gas pollution from the two largest emitting stationary source sectors – fossil-fueled power plants and petroleum refineries. The form these standards will take remains unclear. A key issue that will shape the effectiveness of the regulations is the degree to which they enable regulated entities to use flexible approaches to achieve the standards. This discussion paper provides the content of a letter to EPA Administrator Jackson that describes areas of general academic agreement on the EPA’s authority to use compliance flexibility options under Section ...


Pot As Pretext: Marijuana, Race, And The New Disorder In New York City Street Policing, Amanda Geller, Jeffrey Fagan Jan 2011

Pot As Pretext: Marijuana, Race, And The New Disorder In New York City Street Policing, Amanda Geller, Jeffrey Fagan

Faculty Scholarship

Although possession of small quantities of marijuana has been decriminalized in New York State since the late 1970s, arrests for marijuana possession in New York City have increased more than tenfold since the mid-1990s, and remain high more than 10 years later. This rise has been a notable component of the city’s “Order Maintenance Policing” strategy, designed to aggressively target low-level offenses, usually through street interdictions known as “stop, question, and frisk” activity. We analyze data on 2.2 million stops and arrests carried out from 2004 to 2008, and identify significant racial disparities in the implementation of marijuana ...