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Articles 1 - 7 of 7
Full-Text Articles in European Law
Blue Carbon, Red States, And Paris Agreement Article 6, Adam D. Orford
Blue Carbon, Red States, And Paris Agreement Article 6, Adam D. Orford
Scholarly Works
Coastal U.S. states, including many that have opposed proactive U.S. climate policies, are contemplating entrance into the supply side of the international carbon credit markets by, among other things, hosting revenue-generating blue carbon projects on their submerged lands. The voluntary carbon credit markets already facilitate private investment in such activities, and the emerging Paris Agreement Article 6 framework is poised to generate investment interest at the national level as well. Reviewing these trends, this Perspective questions whether this is good climate, environmental, and social policy, and advises further oversight and accountability.
European Union Law In The Member State Courts: A Comparative View, Michael Wells
European Union Law In The Member State Courts: A Comparative View, Michael Wells
Scholarly Works
Both the European Union and the United States are federal systems. Both divide law-making authority between the central government and the member states. Each has a dual judicial system, consisting of member state courts and central government courts. But the EU and the U.S. approaches to federalism diverge in two important ways. First, unlike the U.S., the EU has no system of lower federal courts. Second, in the U.S., the Supreme Court may review state court rulings that turn on issues of federal law. The European Court of Justice has no power of appellate review over the Member State courts. …
Corporate Governance Reform In A Time Of Crisis, Christopher M. Bruner
Corporate Governance Reform In A Time Of Crisis, Christopher M. Bruner
Scholarly Works
In this article I argue that crisis-driven corporate governance reform efforts in the United States and the United Kingdom that aim to empower shareholders are misguided, and offer an explanation of why policymakers in each country have reacted to the financial crisis as they have. I first discuss the risk incentives of shareholders and managers in financial firms, and examine how excessive leverage and risk-taking in pursuit of short-term returns for shareholders led to the crisis. I then describe the far greater power and centrality that U.K. shareholders have historically possessed relative to their U.S. counterparts, and explore historical and …
A Common Lawyer’S Perspective On The European Perspective On Punitive Damages, Michael Wells
A Common Lawyer’S Perspective On The European Perspective On Punitive Damages, Michael Wells
Scholarly Works
Punitive damages are generally available in common law jurisdictions, but are disfavored in civil law systems. This paper argues that the main reasons for the difference are historical and cultural. Roman law and the French Revolution heavily influenced the civil law. Civilians were taught that legal development comes from the top down. They learned to treat law as a system of general principles and to resist anomalies. They found it relatively easy to reject the intrusion of criminal themes into private law. The common law developed one case at a time, with no particular emphasis on systematic coherence. It was …
International Income Allocation In The Twenty-First Century: The Case For Formulary Apportionment, Walter Hellerstein
International Income Allocation In The Twenty-First Century: The Case For Formulary Apportionment, Walter Hellerstein
Scholarly Works
From an international perspective, formulary apportionment has traditionally been viewed as little more than transfer pricing’s “poor relation” as a division-of-income methodology. It receives only grudging recognition as a method of attributing the profits to a permanent establishment under Article 7 of the OECD Model Tax Convention; it receives no mention at all in Article 9 as a method for distributing the profits of associated enterprises among the contracting states in which they conduct their activities; and it was assailed by the international business community and by the EU Member States as out of step with internationally excepted norms in …
Unipolar Disorder: A European Perspective On U.S. Security Strategy, Diane Marie Amann
Unipolar Disorder: A European Perspective On U.S. Security Strategy, Diane Marie Amann
Scholarly Works
Much has been said about the National Security Strategy that U.S. President George W. Bush released one year after the terrorist assaults of September 11, 2001. The Strategy's declaration that the United States would strike first to prevent attack even before an enemy possessed the capability to attack-a point in time much earlier than when tradition would have condoned an act of anticipatory self-defense-provoked considerable comment. Debate within America encompassed multiple points of view; nonetheless, and perhaps not surprisingly, much of the debate reflected an American perspective. This essay, in contrast, considers the Strategy from a European perspective, one that …
The European Commission’S Report On Company Income Taxation: What The Eu Can Learn From The Experience Of The Us States, Walter Hellerstein
The European Commission’S Report On Company Income Taxation: What The Eu Can Learn From The Experience Of The Us States, Walter Hellerstein
Scholarly Works
The European Union Commission has proposed using consolidated base taxation and formulary apportionment to tax the EU-source income of multinational companies. This paper examines US state experience with a similar approach. Despite some positive lessons, especially the need to consolidate income of affiliated companies, lessons are mostly negative, especially regarding the choice of apportionment formula, the use of economic criteria to define the group whose income is to be consolidated, and complexity caused by lack of uniformity. US experience says nothing about using value added to apportion income—an approach that is conceptually attractive, but subject to transfer pricing problems.