Law Commons^™

“Black People’S Money”: The Impact Of Law, Economics, And Culture In The Context Of Race On Damage Recoveries, Regina Austin

Faculty Scholarship at Penn Law

“’Black People’s Money’: The Impact of Law, Economics, and Culture in the Context of Race on Damage Recoveries” is one of a series of articles by the author dealing with black economic marginalization; prior work considered such topics as shopping and selling as forms of deviance, street vending, restraints on leisure, and the importance of informality in loan transactions. This article deals with the linkage between the social significance of black people’s money and its material value. It analyzes the construction of “black money,” its association with cash, and the taboos and cultural practices that assure that black ...

Judging Unions' Future Using A Historical Perspective: The Public Policy Choice Between Competition And Unionization, Michael L. Wachter

Faculty Scholarship at Penn Law

In this paper I look at unions' future using a historical perspective and focusing on the period of union ascendancy as well as the past few decades when unions have been in decline. We know trends currently in place are unfavorable to unions. What conditions would be favorable? The rise of unions from the 1930s through the early 1950s was due to the convergence of a number of events - an economic policy that attempted to restrict competition beginning in the 1930s, the twin beliefs that labor markets were inherently noncompetitive and/or that individual workplaces were exploitative, and low union ...

Taxing Sunny Days: Adjusting Taxes For Regional Living Costs And Amenities, Michael S. Knoll, Thomas D. Griffith

Faculty Scholarship at Penn Law

No abstract provided.

Getting Off The Dole: Why The Court Should Abandon Its Spending Doctrine And How A Too-Clever Congress Could Provoke It To Do So, Mitchell N. Berman

Faculty Scholarship at Penn Law

No abstract provided.

Immigration And The Workplace: Immigration Restrictions As Employment Discrimination, Howard F. Chang

Faculty Scholarship at Penn Law

No abstract provided.

Preferences And Rational Choice: Introduction, Claire Oakes Finkelstein, Matthew D. Adler, Peter H. Huang

Faculty Scholarship at Penn Law

No abstract provided.

The Rise And Demise Of The Technology-Specific Approach To The First Amendment, Christopher S. Yoo

Faculty Scholarship at Penn Law

No abstract provided.

New Models Of Regulation And Interagency Governance, Christopher S. Yoo

Faculty Scholarship at Penn Law

No abstract provided.

Access To Networks: Economic And Constitutional Connections, Daniel F. Spulber, Christopher S. Yoo

Faculty Scholarship at Penn Law

No abstract provided.

Shareholder Value And Auditor Independence, William W. Bratton

Faculty Scholarship at Penn Law

This Article questions the practice of framing problems concerning auditors’ professional responsibility inside a principal-agent paradigm. If professional independence is to be achieved, auditors cannot be enmeshed in agency relationships with the shareholders of their audit clients. As agents, the auditors by definition become subject to the principal’s control and cannot act independently. For the same reason, auditors’ duties should be neither articulated in the framework of corporate law fiduciary duty, nor conceived relationally at all. These assertions follow from an inquiry into the operative notion of the shareholder-beneficiary. The Article unpacks the notion of the shareholder and tells ...

Converted Or Unconverted: To Whom Do We Preach?, Amy L. Wax

Faculty Scholarship at Penn Law

No abstract provided.

Rethinking The Commitment To Free, Local Television, Christopher S. Yoo

Faculty Scholarship at Penn Law

No abstract provided.

Is There A Role For Lawyers In Preventing Future Enrons?, Jill E. Fisch, Kenneth M. Rosen

Faculty Scholarship at Penn Law

Following the collapse of the Enron Corporation, the ethical obligations of corporate attorneys have received increased scrutiny. The Sarbanes-Oxley Act of 2002, enacted in response to calls for corporate reform, specifically requires the Securities and Exchange Commission to address the lawyer’s role by requiring covered attorneys to “report up” evidence of corporate wrongdoing to key corporate officers, and, in some circumstances, to the board of directors. Failure to “report up” subjects a lawyer to liability under federal law.

This Article argues that the reporting up requirement reflects a second-best approach to corporate governance reform. Rather than focusing on the ...

Of Property And Anti-Property, Abraham Bell, Gideon Parchomovsky

Faculty Scholarship at Penn Law

No abstract provided.

Can Majority Voting Provisions Do It All?, David A. Skeel Jr.

Faculty Scholarship at Penn Law

No abstract provided.

Enron, Sarbanes-Oxley And Accounting: Rules Versus Principles Versus Rents, William W. Bratton

Faculty Scholarship at Penn Law

No abstract provided.

Corporate Control Transactions: Introduction, Edward B. Rock, Michael L. Wachter

Faculty Scholarship at Penn Law

No abstract provided.

The Qualified Legal Compliance Committee: Using The Attorney Conduct Rules To Restructure The Board Of Directors, Jill E. Fisch, Caroline M. Gentile

Faculty Scholarship at Penn Law

The Securities and Exchange Commission introduced a new corporate governance structure, the qualified legal compliance committee, as part of the professional standards of conduct for attorneys mandated by the Sarbanes-Oxley Act of 2002. QLCCs are consistent with the Commission’s general approach to improving corporate governance through specialized committees of independent directors. This Article suggests, however, that assessing the benefits and costs of creating QLCCs may be more complex than is initially apparent. Importantly, QLCCs are unlikely to be effective in the absence of incentives for active director monitoring. This Article concludes by considering three ways of increasing these incentives.

How To Fix Wall Street: A Voucher Financing Proposal For Securities Intermediaries, Stephen Choi, Jill E. Fisch

Faculty Scholarship at Penn Law

No abstract provided.

Simplifying The Transition To A (Progressive) Consumption Tax, Mitchell L. Engler, Michael S. Knoll

Faculty Scholarship at Penn Law

No abstract provided.

The Immigration Paradox: Poverty, Distributive Justice, And Liberal Egalitarianism, Howard F. Chang

Faculty Scholarship at Penn Law

The immigration of unskilled workers poses a fundamental problem for liberals. While from the perspective of the economic welfare of natives, the optimal policy would be to admit these aliens as guest workers, this policy would violate liberal egalitarian ideals. These ideals would treat these resident workers as equals, entitled to access to citizenship and to the full set of public benefits provided to citizens. If the welfare of all incumbent residents determines admissions policies, however, and we anticipate the fiscal burden that the immigration of the poor would impose, then our welfare criterion would preclude the admission of unskilled ...

The Securities Analyst As Agent: Rethinking The Regulation Of Analysts, Jill E. Fisch, Hillary A. Sale

Faculty Scholarship at Penn Law

No abstract provided.

The Case For Replealing The Corporate Alternative Minimum Tax, Terrence R. Chorvat, Michael S. Knoll

Faculty Scholarship at Penn Law

No abstract provided.

Takeover Defense When Financial Markets Are (Only) Relatively Efficient, Michael L. Wachter

Faculty Scholarship at Penn Law

This paper evaluates the impact of developments in the understanding of asset value pricing for alternative legal standards for takeover defenses: the management discretion and the shareholder rights positions. Both sides place considerable, albeit implicit, reliance on alternative views of the efficiency of financial markets. Developments in finance theory show that when financial markets are only "relatively efficient," stock prices can incorrectly value the corporation at any point in time, at the same time as investors cannot outperform the market on an ongoing basis. I focus on financial market anomalies arising from the failure of the capital asset pricing model ...