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The Power To Wage War Successfully, Matthew C. Waxman Jan 2016

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. It was in that address that 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 ...


Reckoning Contract Damages: Valuation Of The Contract As An Asset, Victor P. Goldberg Jan 2016

Reckoning Contract Damages: Valuation Of The Contract As An Asset, Victor P. Goldberg

Faculty Scholarship

When a contract is breached the law in most jurisdictions provides some version of the aphorism that the non-breaching party should be made whole. Application of the aphorism has proven problematic, particularly for anticipatory repudiations. This paper argues for a general principle that should guide application — the contract is an asset and the problem is one of valuation of the change in value of that asset at the time of the breach. This provides a framework that will help clear up some conceptual problems in damage assessment. The focus is on direct damages, not consequential damages.

The paper begins with ...


Berne-Forbidden Formalities And Mass Digitization, Jane C. Ginsburg Jan 2016

Berne-Forbidden Formalities And Mass Digitization, Jane C. Ginsburg

Faculty Scholarship

This Essay addresses the Berne Convention’s prohibition on the imposition of “formalities” on the “enjoyment and the exercise” of copyright, and the compatibility with that cornerstone norm of international endeavors to facilitate mass digitization, notably by means of extended collective licensing and “opt-out” authorizations. The Essay begins with a brief overview of the history of formalities conditioning the existence and enforcement of copyright, and the policies underlying their prohibition in Berne article 5(2). Next, it addresses declaratory measures that Berne explicitly authorizes, as well as those of more questionable conformity with treaty norms. It then takes up the ...


Intellectual Property In News? Why Not?, Sam Ricketson, Jane C. Ginsburg Jan 2016

Intellectual Property In News? Why Not?, Sam Ricketson, Jane C. Ginsburg

Faculty Scholarship

This Chapter addresses arguments for and against property rights in news, from the outset of national law efforts to safeguard the efforts of newsgathers, through the various unsuccessful attempts during the early part of the last century to fashion some form of international protection within the Berne Convention on literary and artistic works and the Paris Convention on industrial property. The Chapter next turns to contemporary endeavors to protect newsgatherers against “news aggregation” by online platforms. It considers the extent to which the aggregated content might be copyrightable, and whether, even if the content is protected, various exceptions set out ...


Group Threat, Police Officer Diversity And The Deadly Use Of Police Force, Joscha Legewie, Jeffrey Fagan Jan 2016

Group Threat, Police Officer Diversity And The Deadly Use Of Police Force, Joscha Legewie, Jeffrey Fagan

Faculty Scholarship

Officer-involved killings and racial bias in policing are controversial political issues. Prior research indicates that (perceived) group threat related to political mobilization, economic competition, and the threat of black crime are is an important explanations for variations in police killings across cities in the United States. We argue that a diverse police force that proportionally represents the population it serves mitigates group threat and thereby reduces the number of officer-involved killings. Count models support our argument. They show that group threat is largely driven by the threat of black crime. Black-on-white homicides increase officer-involved killings of African Americans but black-on-black ...


Contractual Arbitrage, Stephen J. Choi, G. Mitu Gulati, Robert E. Scott Jan 2016

Contractual Arbitrage, Stephen J. Choi, G. Mitu Gulati, Robert E. Scott

Faculty Scholarship

Contracts are inevitably incomplete. And standard-form or boilerplate commercial contracts are especially likely to be incomplete because they are approximations; they are not tailored to the needs of particular deals. Not only do these contracts contain gaps but, in an attempt to reduce incompleteness, they often contain clauses with vague or ambiguous terms. Terms with indeterminate meaning present opportunities for strategic behavior well after a contract has been concluded. This linguistic uncertainty in standard form commercial contracts creates an opportunity for “contractual arbitrage”: parties may argue, ex post, that the uncertainties in expression mean something that the contracting parties, ex ...


Climate Change And Human Trafficking After The Paris Climate Agreement, Michael Gerrard Jan 2016

Climate Change And Human Trafficking After The Paris Climate Agreement, Michael Gerrard

Faculty Scholarship

Climate change is a major contributor to migration and displacement. Persistent drought forced as many as 1.5 million Syrian farmers to move to overcrowded cities, contributing to social turmoil and ultimately a civil war that drove hundreds of thousands of people to attempt to cross the Mediterranean into Europe. Drought also worsened refugee crises in the Sahel, the Horn of Africa and other parts of the continent. Climate change can cause displacement in multiple ways. No reliable estimates exist of the number of people who will be displaced partly or wholly by climate change, due to uncertainties concerning the ...


Defensive Tactics And Optimal Search: A Simulation Approach, Ronald J. Gilson, Alan Schwartz Jan 2016

Defensive Tactics And Optimal Search: A Simulation Approach, Ronald J. Gilson, Alan Schwartz

Faculty Scholarship

The appropriate division of authority between a company’s board and its shareholders has been the central issue in the corporate governance debate for decades. This issue presents most vividly for defensive tactics: the extent to which the board of a potential acquisition target is allowed to prevent the shareholders from responding directly to a hostile bid. In the US today, the board’s power is extensive; control largely lies with the board. Normative evaluations of current law face two obstacles. First, defensive tactics raise the social welfare question whether, or to what extent, these tactics deter ex ante efficient ...


The Most Moral Of Rights: The Right To Be Recognized As The Author Of One's Work, Jane C. Ginsburg Jan 2016

The Most Moral Of Rights: The Right To Be Recognized As The Author Of One's Work, Jane C. Ginsburg

Faculty Scholarship

The U.S. Constitution authorizes Congress to secure for limited times the exclusive right of authors to their writings. Curiously, those rights, as enacted in our copyright laws, have not included a general right to be recognized as the author of one's writings. Yet, the interest in being identified with one's work is fundamental, whatever the conception of the philosophical or policy basis for copyright. The basic fairness of giving credit where it is due advances both the author-regarding and the public-regarding aspects of copyright.

Most national copyright laws guarantee the right of attribution (or "paternity"); the leading ...


Corporate Governance Changes As A Signal: Contextualizing The Performance Link, Merritt B. Fox, Ronald J. Gilson, Darius Palia Jan 2016

Corporate Governance Changes As A Signal: Contextualizing The Performance Link, Merritt B. Fox, Ronald J. Gilson, Darius Palia

Faculty Scholarship

Promoting “good” corporate governance has become an important concern. One result has been the creation of indexes that purport to measure the quality of a firm’s corporate governance structure. Prior scholarship reports a positive relationship between firms with good corporate governance index ratings and stock-price-based measures of a firm’s ability to create share value, such as Tobin’s Q. Little work, however, explores why we observe this relationship.

We hypothesize one reason for the relationship is that a rating-altering change in corporate governance structure can be a signal concerning the quality of a firm’s management. Changes in ...


The New Business Rule And Compensation For Lost Profits, Victor P. Goldberg Jan 2016

The New Business Rule And Compensation For Lost Profits, Victor P. Goldberg

Faculty Scholarship

For many years most American jurisdictions applied the “new business” rule, denying recovery of lost profits for new businesses. The majority position today rejects the per se rule, treating the issue as a rule of evidence — lost profits must be proved with “reasonable certainty.” This paper argues that the new business rule ought not be viewed as merely a matter of whether the evidence is sufficient to surmount the “reasonable certainty” hurdle. The confusion arises because courts have lumped together a number of different problems. By breaking these out, a more nuanced picture emerges. For one category, in particular, the ...


From Corporate Law To Corporate Governance, Ronald J. Gilson Jan 2016

From Corporate Law To Corporate Governance, Ronald J. Gilson

Faculty Scholarship

This essay is a contribution to the forthcoming Oxford University Press Handbook of Corporate Law and Governance edited by Jeffery Gordon and Georg Ringe. In the 1960s and 1970s, corporate law and finance scholars recognized that neither discipline was doing a very good job of explaining how corporations were really structured and performed. For legal scholars, Yale Law School professor and then Stanford Law School dean Bayless Manning confessed that corporate law has “nothing left but our great empty corporation statutes – towering skyscrapers of rusted girders, internally welded together and containing nothing but wind.” Michael Jensen and William Meckling made ...


Contracting Out Of The Fiduciary Duty Of Loyalty: An Empirical Analysis Of Corporate Opportunity Waivers, Gabriel V. Rauterberg, Eric L. Talley Jan 2016

Contracting Out Of The Fiduciary Duty Of Loyalty: An Empirical Analysis Of Corporate Opportunity Waivers, Gabriel V. 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 empirical study has attempted to measure either the corporate response to these reforms ...


Variation In Boilerplate: Rational Design Or Random Mutation?, Stephen J. Choi, G. Mitu Gulati, Robert E. Scott Jan 2016

Variation In Boilerplate: Rational Design Or Random Mutation?, Stephen J. Choi, G. Mitu Gulati, Robert E. Scott

Faculty Scholarship

Standard contract doctrine presumes that sophisticated parties choose their terminology carefully because they want courts or counterparts to understand what they intended. The implication of this “Rational Design” model of rational behavior is that courts should pay careful attention to the precise phrasing of contracts. Using a study of the sovereign bond market, we examine the Rational Design model as applied to standard-form contracting. In NML v. Argentina, federal courts in New York attached importance to the precise phrasing of the boilerplate contracts at issue. The industry promptly condemned the decision for a supposedly erroneous interpretation of a variant of ...


The Organization Of Prosecutorial Discretion, William H. Simon Jan 2016

The Organization Of Prosecutorial Discretion, William H. Simon

Faculty Scholarship

Discussion of prosecution reform is haunted by anachronistic conceptions of judgment and organization. These conceptions see professional judgment as inherently individual and ineffable and professional organization as inherently informal and opaque. The appeal of these conceptions is due in part to the assumption that the only alternative to the judgment and organization they prescribe is bureaucracy. In fact, post-bureaucratic forms of organization have become dominant in recent decades in several professions. They key elements of postbureaucratic organization are presumptive rules, root cause analysis, peer review, and performance measurement. Each of these elements can be found in recent reforms in prosecution ...


"Courts Have Twisted Themselves Into Knots": Us Copyright Protection For Applied Art, Jane C. Ginsburg Jan 2016

"Courts Have Twisted Themselves Into Knots": Us Copyright Protection For Applied Art, Jane C. Ginsburg

Faculty Scholarship

In copyright law, the marriage of beauty and utility often proves fraught. Domestic and international law makers have struggled to determine whether, and to what extent, copyright should cover works that are both artistic and functional. The U.S. Copyright Act protects a work of applied art "only if, and only to the extent that, its design incorporates pictorial, graphic, or sculptural features that can be identified separately from, and are capable of existing independently of, the utilitarian aspects of the article." While the policy goal to separate the aesthetic from the functional is clear, courts' application of the statutory ...


Terry'S Original Sin, Jeffrey Fagan Jan 2016

Terry'S Original Sin, Jeffrey Fagan

Faculty Scholarship

In Mapp v. Ohio, the U.S. Supreme Court extended the due process protections of the exclusionary rule to include all “constitutionally unreasonable searches” that were done without a basis of probable cause. After several years of rising crime, the Court in Terry v. Ohio in effect “uncoupled … the two clauses of the Fourth Amendment” that regulated temporary detentions and searches by police. Under Terry, police are required to articulate specific and individualized indicia of suspicion, and those indicia must be salient enough to justify police action. The standards then and now do not tell a police officer doing modern ...


Politics And Agencies In The Administrative State: The U.S. Case, Peter L. Strauss Jan 2016

Politics And Agencies In The Administrative State: The U.S. Case, Peter L. Strauss

Faculty Scholarship

The pending American presidential election, culminating a period of extreme political partisanship in our national government generally, gives point to an essay on politics and agencies in the American regulatory state. In our two-party system, it has often been the case in recent times, including the last six years, that the President comes from one of our two major political parties and one or both houses of Congress are controlled by the other. All American agencies (including, in the American case, the so-called independent regulatory bodies) are associated with the President in the executive branch, yet dependent on the Senate ...


The Challenges Of Fitting Principled Modern Government – A Unified Public Law – To An Eighteenth Century Constitution, Peter L. Strauss Jan 2016

The Challenges Of Fitting Principled Modern Government – A Unified Public Law – To An Eighteenth Century Constitution, Peter L. Strauss

Faculty Scholarship

The papers presented at a fall 2016 conference at Cambridge University, The Unity of Public Law?, generally addressed issues of judicial review in the UK, Canada, Australia and New Zealand, often from a comparative perspective and the view that unifying impulses in “public law” arose from the common law. Accepting what Justice Harlan Fisk Stone once characterized as the ideal of “a unified system of judge-made and statute law woven into a seamless whole by [judges],” The Common Law in the United States, 50 Harvard L Rev 4 (1936), this paper considers a variety of issues that have complicated maintaining ...


Reflections On Seminole Rock: The Past, Present, And Future Of Deference To Agency Regulatory Interpretations, Gillian E. Metzger, Aaron Nielson, Sanne H. Knudsen, Amy J. Wildermuth, Aditya Bamzai, Richard J. Pierce, Cynthia Barmore, William Yeatman, Christopher J. Walker, Kevin M. Stack, Andy Grewal, Steve R. Johnson, F. Andrew Hessick, Jonathan H. Adler, Catherine M. Sharkey, David Feder, Cass R. Sunstein, Adrian Vermeule, Ronald M. Levin, Kevin O. Leske, James Cleith Phillips, Daniel Ortner, William Funk, Kristen E. Hickman, Jeffrey A. Pojanowski, Adam White, Conor Clarke Jan 2016

Reflections On Seminole Rock: The Past, Present, And Future Of Deference To Agency Regulatory Interpretations, Gillian E. Metzger, Aaron Nielson, Sanne H. Knudsen, Amy J. Wildermuth, Aditya Bamzai, Richard J. Pierce, Cynthia Barmore, William Yeatman, Christopher J. Walker, Kevin M. Stack, Andy Grewal, Steve R. Johnson, F. Andrew Hessick, Jonathan H. Adler, Catherine M. Sharkey, David Feder, Cass R. Sunstein, Adrian Vermeule, Ronald M. Levin, Kevin O. Leske, James Cleith Phillips, Daniel Ortner, William Funk, Kristen E. Hickman, Jeffrey A. Pojanowski, Adam White, Conor Clarke

Faculty Scholarship

Seminole Rock (or Auer) deference has captured the attention of scholars, policymakers, and the judiciary. That is why Notice & Comment, the blog of the Yale Journal on Regulation and the American Bar Association’s Section of Administrative Law & Regulatory Practice, hosted an online symposium from September 12 to September 23, 2016 on the subject. This symposium contains over 20 contributions addressing different aspects of Seminole Rock deference.

Topics include:

  • History of Seminole Rock
  • Empirical Examinations of Seminole Rock
  • Understanding Seminole Rock Within Agencies
  • Understanding Seminole Rock as Applied to Tax, Environmental Law, and Criminal Sentencing
  • Why Seminole Rock Matters
  • Should ...


The Globalization Of Entrepreneurial Litigation: Law, Culture, And Incentives, John C. Coffee Jr. Jan 2016

The Globalization Of Entrepreneurial Litigation: Law, Culture, And Incentives, John C. Coffee Jr.

Faculty Scholarship

Entrepreneurial litigation is litigation in which the plaintiff’s attorney functions as a risk-taking entrepreneur, financing, organizing, managing, and settling the litigation on behalf of numerous clients (who generally hold “negative value” claims), but with only modest oversight from the clients. Although well established in the United States (and to a lesser extent in Australia, Canada, and Israel), it has long been resisted in Europe, the U.K., and elsewhere, where local rules both preclude the opt-out class action, contingent fees, and jury trials in civil cases, and mandate a “loser pays” rule with respect to legal fees. Yet, despite ...


Comments On The Morality Of Freedom, Joseph Raz Jan 2016

Comments On The Morality Of Freedom, Joseph Raz

Faculty Scholarship

The paper mixes comments on the ambitions that motivated writing The Morality of Freedom with observations on comments on the book, made at a conference in Jerusalem in 2016, by Japa Pallikkathayil, Avishai Margalit, Michael Otsuka, Jon Quong, Daniel Viehoff, Asaf Sharon and Arudra Burra. It acknowledges some of the critical points made while resisting others. Its strives to combine clarification of some of the themes in the book with recognition that its ideas require further development, and can be developed in various directions.


Things Left Unsaid, Questions Not Asked, Peter L. Strauss Jan 2016

Things Left Unsaid, Questions Not Asked, Peter L. Strauss

Faculty Scholarship

The University of Pennsylvania Law Review’s symposium on executive discretion, held in the fall of 2015 but just published this November, is an important undertaking, but it is remarkable for several silences – for things left unsaid on this important subject – and for questions not asked. First, although the Constitution’s “Take Care” Clause is extensively discussed, the one power Article II gives the President over domestic administration – to require the “Opinion, in writing” of the heads of the agencies Congress has invested with administrative duties – is not. Second, the discussion of the President’s undoubted but possibly constrained authority ...


G2i Knowledge Brief: A Knowledge Brief Of The Macarthur Foundation Research Network On Law And Neuroscience, David L. Faigman, Anthony Wagner, Richard J. Bonnie, Bj Casey, Andre Davis, Morris B. Hoffman, Owen D. Jones, Read Montague, Stephen J. Morse, Marcus E. Raichle, Jennifer A. Richeson, Elizabeth S. Scott, Laurence Steinberg, Kim Taylor-Thompson, Gideon Yaffe Jan 2016

G2i Knowledge Brief: A Knowledge Brief Of The Macarthur Foundation Research Network On Law And Neuroscience, David L. Faigman, Anthony Wagner, Richard J. Bonnie, Bj Casey, Andre Davis, Morris B. Hoffman, Owen D. Jones, Read Montague, Stephen J. Morse, Marcus E. Raichle, Jennifer A. Richeson, Elizabeth S. Scott, Laurence Steinberg, Kim Taylor-Thompson, Gideon Yaffe

Faculty Scholarship

Courts are daily confronted with admissibility issues – such as in cases involving neuroscientific testimony – that sometimes involve both the existence of a general phenomenon (i.e., “G”) and the question of whether a particular case represents a specific instance of that general phenomenon (i.e., “i”).

Unfortunately, courts have yet to carefully consider the implications of “G2i” for their admissibility decisions. In some areas, courts limit an expert’s testimony to the general phenomenon. They insist that whether the case at hand is an instance of that phenomenon is exclusively a jury question, and thus not an appropriate subject of ...


The Importance Of "Money", Kathryn Judge Jan 2016

The Importance Of "Money", Kathryn Judge

Faculty Scholarship

What types of financial instruments get treated as “money”? What are the implications for financial regulation? These two questions animate The Money Problem: Rethinking Financial Regulation by Morgan Ricks and my review of his thought-provoking new book.

The backbone of The Money Problem is a reform agenda that aims to give the government complete control over the creation of money equivalents. According to Ricks, the government should insure all bank deposits, no matter how large, and prohibit any other entity from issuing short-term debt. I question the efficacy, benefits, and costs of the proposed reforms. Both theory and history suggest ...


Impact Investing As A Form Of Lobbying And Its Corporate-Governance Effects, Andrzej Rapaczynski Jan 2016

Impact Investing As A Form Of Lobbying And Its Corporate-Governance Effects, Andrzej Rapaczynski

Faculty Scholarship

Impact investment is attractive to many because it seems to combine support for progressive causes with an apparent commitment to the principles of a market economy. In fact, however, a rational impact investor is not simply creating demand for certain types of corporate actions; he/she is attempting to use corporate governance mechanisms to influence fiduciary decisions of the management. The cost of this tactic for the health of the capitalist economy is potentially very considerable. The American capitalist system relies heavily on a relatively fragile corporate governance arrangement in which the agency problems of a modern corporation are minimized ...


Appraising The "Merger Price" Appraisal Rule, Albert H. Choi, Eric L. Talley Jan 2016

Appraising The "Merger Price" Appraisal Rule, Albert H. Choi, Eric L. Talley

Faculty Scholarship

This paper develops an auction design framework to study how best to measure “fair value” in post-merger appraisal proceedings. Our inquiry spotlights an approach recently embraced by some courts benchmarking fair value against the merger price itself. We show that merger price deference effectively nullifies the role that appraisal can potentially play in establishing a de facto reserve price for company auctions, thereby depressing both acquisition prices and target shareholders’ expected welfare relative to both the optimal appraisal policy and a variety of other valuation measures. We also examine conditions under which deference to the merger price can be optimal ...


Governance Of Steel And Kryptonite Politics In Contemporary Public Education Reform, James S. Liebman, Christina C. Ma, Elizabeth R. Cruikshank Jan 2016

Governance Of Steel And Kryptonite Politics In Contemporary Public Education Reform, James S. Liebman, Christina C. Ma, Elizabeth R. Cruikshank

Faculty Scholarship

Public education in the United States has been crippled by a combination of entrenched bureaucratic governance and special-interest politics. To remedy these failings, school districts, states, and the federal Education Department have adopted education reforms characterized by rigorous outcome-focused standards and assessments and the empowering of public schools, charter or otherwise, to meet the standards. Despite promising initial results, however, the reforms have been widely criticized, including by the populations they most seek to help. To explain this paradox, this Article first tries to assimilate the new education reforms to the most frequently proposed alternatives to bureaucratic governance — marketization, managerialism ...


Legal Pathways To Reducing Greenhouse Gas Emissions Under Section 115 Of The Clean Air Act, Michael Burger, Ann E. Carlson, Michael Gerrard, Jayni Hein, Jason A. Schwartz, Keith J. Benes Jan 2016

Legal Pathways To Reducing Greenhouse Gas Emissions Under Section 115 Of The Clean Air Act, Michael Burger, Ann E. Carlson, Michael Gerrard, Jayni Hein, Jason A. Schwartz, Keith J. Benes

Faculty Scholarship

Under President Barack Obama the U.S. Environmental Protection Agency has promulgated a series of greenhouse gas emissions regulations, initiating the necessary national response to climate change. However, the United States will need to find other ways to reduce GHG emissions if it is to live up to its international emissions reduction pledges, and to ultimately lead the way to a zero-carbon energy future. This paper argues that the success of the recent climate negotiations in Paris provides a strong basis for invoking a powerful tool available to help achieve the country’s climate change goals: Section 115 of the ...


Mfn Clubs And Scheduling Additional Commitments In The Gatt: Learning From The Gats, Bernard Hoekman, Petros C. Mavroidis Jan 2016

Mfn Clubs And Scheduling Additional Commitments In The Gatt: Learning From The Gats, Bernard Hoekman, Petros C. Mavroidis

Faculty Scholarship

Scheduling additional commitments for policies affecting trade in goods in the GATT has been plagued by two sources of ambiguity: the treatment of changes introduced unilaterally by members subsequent to an initial commitment, and the treatment of new commitments by WTO members pertaining to nontariff policy measures affecting trade in goods. This is not the case for trade in services, as the GATS makes explicit provision for additional commitments to be scheduled. Neither secondary law, in the form of decisions formally adopted by the WTO membership, nor case law has clarified the situation for trade in goods. This matter is ...