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Articles 61 - 90 of 407
Full-Text Articles in Law
The “Protection Of The Competitive Process” Standard, Tim Wu
The “Protection Of The Competitive Process” Standard, Tim Wu
Faculty Scholarship
The antitrust law should return to a standard more realistic and suited to the legal system – the “protection of the competitive process.” It posits a basic question for law enforcement and judges. Given complained-of conduct, is that conduct actually part of the competitive process, or is it a sufficient deviation as to be unlawful? In this view, antitrust law aims to create a body of common-law rules that punish and therefore deter such disruptions – hence “protecting the competitive process.”
Fiscal Pressures And Discriminatory Policing: Evidence From Traffic Stops In Missouri, Allison P. Harris, Elliott Ash, Jeffrey A. Fagan
Fiscal Pressures And Discriminatory Policing: Evidence From Traffic Stops In Missouri, Allison P. Harris, Elliott Ash, Jeffrey A. Fagan
Faculty Scholarship
This paper provides evidence of racial variation in traffic enforcement responses to local government budget stress using data from policing agencies in the state of Missouri from 2001 through 2012. Like previous studies, we find that local budget stress is associated with higher citation rates; we also find an increase in traffic-stop arrest rates. However, we find that these effects are concentrated among White (rather than Black or Latino) drivers. The results are robust to the inclusion of a range of covariates and a variety of model specifications, including a regression discontinuity examining bare budget shortfalls. Considering potential mechanisms, we …
The Lost Volume Seller In English Law, Victor P. Goldberg
The Lost Volume Seller In English Law, Victor P. Goldberg
Faculty Scholarship
If a buyer breaches a contract but the market price has remained unchanged, English courts and the treatises have treated the seller as a “lost volume seller.” The seller, it is argued, could have had two sales, not one, so it lost the profit on the second sale. This paper recognizes that the buyer has an option to terminate and that the contract prices that option. The implicit option price of the lost volume remedy results in an absurd contract, setting the option price high when it should be low and vice versa. The default rule ought to be the …
Why Autonomy Must Be Contract's Ultimate Value, Hanoch Dagan, Michael A. Heller
Why Autonomy Must Be Contract's Ultimate Value, Hanoch Dagan, Michael A. Heller
Faculty Scholarship
In “The Choice Theory of Contracts”, we develop a liberal theory of contract law. One core task of the book was to persuade advocates of economic analysis that they must situate their enterprise within our liberal framework. Autonomy, rightly understood, is the telos of contract.
Oren Bar-Gill pushes back strongly in “Choice Theory and the Economic Analysis of Contracts”. He offers a penetrating – perhaps devastating – critique of our approach. Bar-Gill notes the substantial convergence between choice theory and a welfarist view. If he is right, then what does choice theory add?
Our task in Part I of this …
Critique & Praxis: A Pure Theory Of Illusions, Values, And Tactics, And An Answer To The Question: "What Is To Be Done?", Bernard E. Harcourt
Critique & Praxis: A Pure Theory Of Illusions, Values, And Tactics, And An Answer To The Question: "What Is To Be Done?", Bernard E. Harcourt
Faculty Scholarship
We are going through an unprecedented period of political instability. With the rise of the alt-right and of xenophobic sentiment, and the fallout of neoliberal government policies, our political future is at stake. These times call for the type of critical theory and praxis that gave rise to the Frankfurt School in the 1920s and to the critical ferment of the 1970s. Yet, in the face of our crises today, contemporary critical theory seems disarmed.
Critical theory is in disarray because of a wave of anti-foundational challenges in the 1960s that shattered the epistemological foundations of the Frankfurt School. The …
Things Have Changed (Or Have They?): Tariff Protection And Environmental Concerns In The Wto, Petros C. Mavroidis, Damien J. Neven
Things Have Changed (Or Have They?): Tariff Protection And Environmental Concerns In The Wto, Petros C. Mavroidis, Damien J. Neven
Faculty Scholarship
This paper considers the APEC and proposed EGA agreements which grant tariff concession in favor of "green" goods. We find that the practical significance of the APEC agreement should not be overestimated as it involves modest tariff concessions over a subset of goods which are not heavily traded. Still, these agreements involve a paradigm shift to the extent that they use tariffs concessions negotiated on a plurilateral basis as a policy instrument to meet public policy concern, instead of making market access conditional on meeting national regulations. We model the mechanism through which these tariff preferences provide incentives to change …
Die Another Day: Zeroing In On Targeted Dumping: Did The Ab Hit The Mark In Us – Washing Machines?, Petros C. Mavroidis, Thomas J. Prusa
Die Another Day: Zeroing In On Targeted Dumping: Did The Ab Hit The Mark In Us – Washing Machines?, Petros C. Mavroidis, Thomas J. Prusa
Faculty Scholarship
In US – Washing Machines, the WTO Appellate Body (AB) extended the prohibition of zeroing to the so-called exceptional (or W-T) methodology, where the dumping margin is established by comparing the weighted average normal value to export price of specific transactions. Given that the exceptional method was the only method under which the AB had not definitively rejected zeroing, this dispute may have hammered the last nail in the coffin of zeroing. Or, maybe not. The AB did not address a key issue, namely, what is the evidentiary standard that an investigating authority must meet in order to have …
All Quiet In The Western (European Football) Front: Regulation Of Football In The European Continent, Petros C. Mavroidis
All Quiet In The Western (European Football) Front: Regulation Of Football In The European Continent, Petros C. Mavroidis
Faculty Scholarship
Regulation of football in Europe is, absent some piecemeal interventions (like sharing of TV rights) largely non-existent. This is the case, because the de facto regulator (UEFA, Union Européenne of Football Associations) has no mandate to comprehensively address on its own competitive balance, the focal point of football, and, in more general terms, sports regulation. Various aspects of competitive balance are part and parcel of antitrust law. European Union (EU) law thus, comes into the frame, since this is the body of law regulating antitrust in the European continent. The European Union, nevertheless, has no mandate to regulate football comprehensively, …
Competition Law Gone Global: Introducing The Comparative Competition Law And Enforcement Datasets, Anu Bradford, Adam S. Chilton, Chris Megaw, Nathaniel Sokol
Competition Law Gone Global: Introducing The Comparative Competition Law And Enforcement Datasets, Anu Bradford, Adam S. Chilton, Chris Megaw, Nathaniel Sokol
Faculty Scholarship
Competition law has proliferated around the world. Due to data limitations, however, there is little systematic information about the substance and enforcement of these laws. In this paper, we address that problem by introducing two new datasets on competition law regimes around the world. First, we introduce the Comparative Competition Law Dataset, which codes competition laws in 130 jurisdictions between 1889 to 2010. Second, we introduce the Comparative Competition Enforcement Dataset, which provides data on competition agencies’ resources and activities in 100 jurisdictions between 1990 and 2010. These datasets offer the most comprehensive picture of competition law yet assembled and …
Competition Law Around The World From 1889 To 2010: The Competition Law Index, Anu Bradford, Adam S. Chilton
Competition Law Around The World From 1889 To 2010: The Competition Law Index, Anu Bradford, Adam S. Chilton
Faculty Scholarship
Competition laws have become a mainstay of regulation in market economies today. At the same time, past efforts to study the drivers or effects of these laws have been hampered by the lack of systematic measures of these laws across a wide range of years or countries. In this paper, we draw on new data on the evolution of competition laws to create a novel Competition Law Index (the “CLI”) that measures the stringency of competition regulation from 1889 to 2010. We then employ the CLI to examine trends in the intensity of competition regulation over time and across key …
Last Mile For Tuna (To A Safe Harbor): What Is The Tbt Agreement All About?, Petros C. Mavroidis
Last Mile For Tuna (To A Safe Harbor): What Is The Tbt Agreement All About?, Petros C. Mavroidis
Faculty Scholarship
The WTO Agreement on TBT (Technical Barriers to Trade) aims at taming NTBs (nontariff barriers), the main instrument segmenting markets nowadays. Some of the terms used to flesh out the commitments undertaken are borrowed from the GATT, and some originate in the modern regulatory reality as expressed through SDOs (standard-development organizations). It does not share a copy-cat function with the GATT, though. Alas, the WTO Appellate Body, by understanding words as ‘invariances’, e.g., interpreting them out of context (without asking what is the purpose for the TBT?), has not only exported its GATT case law, but also misapplied it into …
Measuring Scholarly Impact: A Guide For Law School Administrators And Legal Scholars, Gary M. Lucas Jr
Measuring Scholarly Impact: A Guide For Law School Administrators And Legal Scholars, Gary M. Lucas Jr
Faculty Scholarship
The author intends for this Essay to serve as a guide for law deans and legal scholars interested in measuring the impact of legal scholarship. In addition, university administrators should find it helpful for comparing the impact of their own law faculty’s scholarship with the scholarship of law faculties at other universities. The primary obstacle to such comparisons is a dearth of publicly available information. To that end, the Essay recommends that each law school create a Google Scholar profile for its faculty and explains the procedures for doing so. By acting on this recommendation, administrators would dramatically improve our …
The Utility Of Finance, Shlomit Azgad-Tromer, Eric L. Talley
The Utility Of Finance, Shlomit Azgad-Tromer, Eric L. Talley
Faculty Scholarship
Public Utilities Commissions (PUCs) are charged with regulating a public utility’s rates at levels that serve the public’s interest while allowing the utility’s investors to earn a rate commensurate with that expected by businesses facing similar risks. Although the process of adjusting rates for risk is a staple of modern finance, we know surprisingly little about how well accomplish their regulatory mandate when judged against the benchmarks of financial economics. This article analyzes a dozen years’ worth of gas and electric rate-setting decisions from PUCs in the United States and Canada, demonstrating empirically that allowed returns on equity (ROE) diverge …
Border Adjustments And The Conservation Of Tax Planning, David M. Schizer
Border Adjustments And The Conservation Of Tax Planning, David M. Schizer
Faculty Scholarship
This article is based on Schizer’s keynote address at the 17th annual NYU-KPMG Tax Symposium on March 10.
In this article, Schizer argues that U.S. corporate and shareholder taxes need to be reformed, and the corporate rate should be much lower. In reforming this dysfunctional regime, according to Schizer, Congress should keep both of these taxes as a form of built-in redundancy; if one tax is avoided, the other can still be collected. More generally, Congress should be wary of Utopian solutions. Tax reform is more likely to change tax planning than to eliminate it entirely, Schizer concludes. For instance, …
Cyber Strategy & Policy: International Law Dimensions, Matthew C. Waxman
Cyber Strategy & Policy: International Law Dimensions, Matthew C. Waxman
Faculty Scholarship
Important international law questions for formulating cyber strategy and policy include whether and when a cyber-attack amounts to an “act of war,” or, more precisely, an “armed attack” triggering a right of self-defense, and how the international legal principle of “sovereignty” could apply to cyber activities. International law in this area is not settled. There is, however, ample room within existing international law to support a strong cyber strategy, including a powerful deterrent. The answers to many international law questions discussed below depend on specific, case-by-case facts, and are likely to be highly contested for a long time to come. …
The Lost Volume Seller, R.I.P., Victor P. Goldberg
The Lost Volume Seller, R.I.P., Victor P. Goldberg
Faculty Scholarship
If the buyer breaches a sales contract, and if the seller can be characterized as a lost volume seller, courts and commentators have argued that the seller should be made whole by compensation for its lost profits. This paper argues that framing the problem in this way leads to an absurd result. The buyer has a termination option and the remedy should be the implicit option price. The lost profit remedy sets a price on that option, a price that bears no relation to reality. Examination of the case law suggests three conclusions: (a) the remedy often sets an excessive …
Extended Collective Licenses In International Treaty Perspective: Issues And Statutory Implementation, Jane C. Ginsburg
Extended Collective Licenses In International Treaty Perspective: Issues And Statutory Implementation, Jane C. Ginsburg
Faculty Scholarship
National legislation establishing extended collective licenses (ECLs) “authoriz[es] a collective organization to license all works within a category, such as literary works, for particular, limited uses, regardless of whether copyright owners belong to the organization or not. The collective then negotiates agreements with user groups, and the terms of those agreements are binding upon all copyright owners by operation of law.” Albeit authorized under national laws, collective coverage of non-members’ works may pose issues of compatibility with international norms. For example, if non-members must opt-out in order to preserve the individual management of their rights, is the opt-out a “formality” …
A Note On Victoria Laundry, Victor P. Goldberg
A Note On Victoria Laundry, Victor P. Goldberg
Faculty Scholarship
In Victoria Laundry v Newman, Asquith LJ claimed that the headnote in Hadley v. Baxendale was “definitely misleading” noting that had it been accurate, the decision would have been decided the other way. In this note, I argue that the headnote was not misleading and, even if it were, his conclusion did not follow. His interpretation lowered the standard for finding liability for consequential damage. Given the facts, Victoria Laundry would have lost, even with his new standard. His solution was simple: alter the facts.
Intention And Motivation, Joseph Raz
Intention And Motivation, Joseph Raz
Faculty Scholarship
What is the role of intentions in the actions intended? What do they contribute, and how do they contribute to the occurrence of the intended actions?
The paper will offer an account of acting with an intention and of having an intention to act. It will not offer an account of intentional action, merely suggesting that when intentional actions are not actions done with an intention, their explanation as intentional relates to that of actions with intentions, showing how like them and unlike them they are. Motivation will be discussed mainly to distinguish its role in leading to action from …
Law And Corporate Governance, Robert P. Bartlett, Eric L. Talley
Law And Corporate Governance, Robert P. Bartlett, Eric L. Talley
Faculty Scholarship
Pragmatic and effective research on corporate governance often turns critically on appreciating the legal institutions surrounding corporate entities – yet such nuances are often unfamiliar or poorly specified to economists and other social scientists without legal training. This chapter organizes and discusses key legal concepts of corporate governance, including statutes, regulations, and jurisprudential doctrines that “govern governance” in private and public companies, with concentration on the for-profit corporation. We review the literature concerning the nature and purpose of the corporation, the objects of fiduciary obligations, the means for decision making within the firm, as well as the overlay of state …
How Should The E.U. Respond To Brexit And Trump?: The Lessons From Trade Wars, John C. Coffee Jr.
How Should The E.U. Respond To Brexit And Trump?: The Lessons From Trade Wars, John C. Coffee Jr.
Faculty Scholarship
The U.K.’s decision to exit the E.U. (popularly known as “Brexit”) sets the stage for a potential retaliatory trade war. Similarly, the aggressive nationalism of U.S. President Donald Trump does also. In both cases, game theory suggests how such a conflict might be resolved. This paper first examines three standard game theory models – the Chicken Game, the Prisoner’s Dilemma, and the Stag-Hunt Game – and then turns to the strong incentives for rent-seeking by special interests and considers how rent-seeking likely affects how these games might play out. Although the conventional wisdom expects that the U.K. will suffer retaliation …
On The Moral Significance Of Sacrifice, Joseph Raz
On The Moral Significance Of Sacrifice, Joseph Raz
Faculty Scholarship
The paper offers a few reflections on moral implications of making sacrifices and of possible duties to make sacrifices. It does not provide an exhaustive or a systematic account of the subject. There are too many disparate questions, and too many distant perspectives from which to examine them to allow for a systematic let alone an exhaustive account, and too many factual issues that I am not aware of. Needless to say, the observations that follow are in part stimulated by the popularity of some views that are mistaken. I will not however examine any specific view or account of …
Can Moral Principles Change?, Joseph Raz
Can Moral Principles Change?, Joseph Raz
Faculty Scholarship
The paper considers the main arguments against the possibility that basic normative principles can change, and finds them wanting. The principal argument discussed derives from the claim that normative considerations are intelligible, and therefore that they can be explained, and their explanations presuppose the prior existence of basic normative principles. The intelligibility thesis is affirmed but the implication that basic change is impossible is denied. Subsumptive explanations are contrasted with explanations by analogy. Later in the paper, other objections are considered more briefly: that normative properties are queer, that they are unconnected to the rest of reality, and therefore cannot …
The Agency Costs Of Activism: Information Leakage, Thwarted Majorities, And The Public Morality, John C. Coffee Jr.
The Agency Costs Of Activism: Information Leakage, Thwarted Majorities, And The Public Morality, John C. Coffee Jr.
Faculty Scholarship
Few doubt that hedge fund activism has radically changed corporate governance in the United States – for better or for worse. Proponents see activists as desirable agents of change who intentionally invest in underperforming companies to organize more passive shareholders to support their proposals to change the target’s business model and/or management. So viewed, the process is fundamentally democratic, with institutional shareholders determining whether or not to support the activist’s proposals.
Skeptics respond that things do not work this simply. Actual proxy contests are few, and most activist engagements are resolved through private settlement negotiations between the activists, who rarely …
Supreme Court Amicus Brief Of 22 Corporate Law Professors, Mark Janus V. American Federation Of State, County And Municipal Employees, Council 31, Et Al, No. 16-1466, John C. Coates, Iv, Lucian A. Bebchuk, John C. Coffee Jr., Bernard S. Black, Lawrence A. Hamermesh, James D. Cox, Marcel Kahan, Reinier Kraakman, Jeffrey N. Gordon, Ronald J. Gilson, Vikramaditya S. Khanna, Michael Klausner, Henry Hansmann, Donald C. Langevoort, Brian J.M. Quinn, Michal Barzuza, Mira Ganor, Edward B. Rock, Mark J. Roe, Helen S. Scott, Holger Spamann, Randall S. Thomas
Supreme Court Amicus Brief Of 22 Corporate Law Professors, Mark Janus V. American Federation Of State, County And Municipal Employees, Council 31, Et Al, No. 16-1466, John C. Coates, Iv, Lucian A. Bebchuk, John C. Coffee Jr., Bernard S. Black, Lawrence A. Hamermesh, James D. Cox, Marcel Kahan, Reinier Kraakman, Jeffrey N. Gordon, Ronald J. Gilson, Vikramaditya S. Khanna, Michael Klausner, Henry Hansmann, Donald C. Langevoort, Brian J.M. Quinn, Michal Barzuza, Mira Ganor, Edward B. Rock, Mark J. Roe, Helen S. Scott, Holger Spamann, Randall S. Thomas
Faculty Scholarship
The Supreme Court has looked to the rights of corporate shareholders in determining the rights of union members and non-members to control political spending, and vice versa. The Court sometimes assumes that if shareholders disapprove of corporate political expression, they can easily sell their shares or exercise control over corporate spending. This assumption is mistaken. Because of how capital is saved and invested, most individual shareholders cannot obtain full information about corporate political activities, even after the fact, nor can they prevent their savings from being used to speak in ways with which they disagree. Individual shareholders have no “opt …
Some Legal Realism About Legal Theory, Jeremy Kessler, David Pozen
Some Legal Realism About Legal Theory, Jeremy Kessler, David Pozen
Faculty Scholarship
This is a brief surreply to Charles Barzun, Working for the Weekend: A Response to Kessler & Pozen, 83 U. Chi. L. Rev. Online 225 (2017), which responds to Jeremy K. Kessler & David E. Pozen, Working Themselves Impure: A Life Cycle Theory of Legal Theories, 83 U. Chi. L. Rev. 1819 (2016).
Our article Working Themselves Impure concludes by calling for lawyers to take more seriously the failure of prescriptive legal theories to produce the results they once promised. When prescriptive legal theories that fail to achieve their initial, publicly stated goals nonetheless gain and sustain broad …
Is The Future Of Law A Driverless Car? Assessing How The Data Analytics Revolution Will Transform Legal Practice, Eric L. Talley
Is The Future Of Law A Driverless Car? Assessing How The Data Analytics Revolution Will Transform Legal Practice, Eric L. Talley
Faculty Scholarship
Machine learning and artificial intelligence technologies (“data analytics”) are quickly transforming research and practice in law, raising questions of whether the law can survive as a vibrant profession for natural persons to enter. In this article, I argue that data analytics approaches are overwhelmingly likely to continue to penetrate law, even in domains that have heretofore been dominated by human decision makers. As a vehicle for demonstrating this claim, I describe an extended example of using machine learning to identify and categorize fiduciary duty waiver provisions in publicly disclosed corporate documents. Notwithstanding the power of machine learning techniques, however, I …
The Future Of State Sovereignty, Joseph Raz
The Future Of State Sovereignty, Joseph Raz
Faculty Scholarship
Advances in the legalisation of international relations, and the growing number of international organisations raise the question whether state sovereignty had its day. The paper defines sovereignty in a way that allows for degrees of sovereignty. Its analysis assumes that while sovereignty has become more limited, a trend which may continue, there is no sign that it is likely to disappear. The paper offers thoughts towards a normative analysis of these developments and the prospects they offer. Advocates of progress towards world government, while wise to many of current defects, are blind to the evils that a world government will …
Amicus Brief To U.S. Supreme Court In Masterpiece Cakeshop V. Colorado Human Rights Commission, Katherine M. Franke, Elizabeth Reiner Platt
Amicus Brief To U.S. Supreme Court In Masterpiece Cakeshop V. Colorado Human Rights Commission, Katherine M. Franke, Elizabeth Reiner Platt
Faculty Scholarship
On October 30, 2017 the Public Rights/Private Conscience Project, a research initiative of the Center for Gender & Sexuality Law at Columbia Law School, filed a brief in Masterpiece Cakeshop. The brief was written in coordination with our colleagues at Muslim Advocates, on behalf of 15 religious minority groups and civil rights advocates. The brief argues that the broad interpretation urged by Masterpiece Cakeshop is bad for religious liberty itself – especially for religious minorities such as Muslims, Sikhs, and other minority religious groups. The Public Rights/Private Conscience Project's position is that the Court’s early religious liberty cases were …
Police Contact And Mental Health, Amanda Geller, Jeffrey Fagan, Tom R. Tyler
Police Contact And Mental Health, Amanda Geller, Jeffrey Fagan, Tom R. Tyler
Faculty Scholarship
Although an effective police presence is widely regarded as critical to public safety, less is known about the effects of police practices on mental health and community wellbeing. Adolescents and young adults in specific neighborhoods of urban areas are likely to experience assertive contemporary police practices. This study goes beyond research on policing effects on legal socialization to assess the effects of police contact on the mental health of those stopped by the police. We collected and analyzed data in a two wave survey of young men in New York City (N=717) clustered in the neighborhoods with the highest rates …