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Sovereign Debt And The “Contracts Matter” Hypothesis, W. Mark C. Weidemaier, Mitu Gulati 2017 Duke Law School

Sovereign Debt And The “Contracts Matter” Hypothesis, W. Mark C. Weidemaier, Mitu Gulati

Faculty Scholarship

The academic literature on sovereign debt largely assumes that law has little role to play. Indeed, the primary question addressed by the literature is why sovereigns repay at all given the irrelevance of legal enforcement. But if law, and specifically contract law, does not matter, how to explain the fact that sovereign loans involve detailed contracts, expensive lawyers, and frequent litigation? This Essay makes the case that contract design matters even in a world where sovereign borrowers are hard (but not impossible) to sue. We identify a number of gaps in the research that warrant further investigation.


Ten Years After Consumer Bankruptcy Reform In The United States: A Decade Of Diminishing Hope And Fairness, Robert J. Landry III 2016 The Catholic University of America, Columbus School of Law

Ten Years After Consumer Bankruptcy Reform In The United States: A Decade Of Diminishing Hope And Fairness, Robert J. Landry Iii

Catholic University Law Review

The tenth anniversary of the effective date of Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Reform Act), the largest reform to the consumer bankruptcy in the United States in a quarter of a century, will be marked in October of 2015. Prior to, and since its passage, scores of scholars have theorized about the impact of the Reform Act. The vast majority of research since its passage shows that the Reform Act has not had a long-term impact on filing rates. With this backdrop, the paper explores how the virtues of fairness for creditors and hope for individuals ...


Provisión Bancaria, Selección Adversa Y Riesgo Moral: Un Análisis A Las Reglas De Provisión Bancaria En La República Dominicana, Manuel A. Silverio 2016 OMG

Provisión Bancaria, Selección Adversa Y Riesgo Moral: Un Análisis A Las Reglas De Provisión Bancaria En La República Dominicana, Manuel A. Silverio

The Latin American and Iberian Journal of Law and Economics

This research analyzes whether the system of banking provision use in the Dominican Republic as a result of non-execution of guarantees given by debtors leads to the proliferation of moral hazard and adverse selection (asymmetry of information) in the banking sector. This work is based on the hypothesis that, in certain scenarios, this type of provision can increase moral hazard and adverse selection, by allocating the cost to the non-responsible party of the non formalization of the warranty. In addition, the increased cost on financial institutions due to provisions can be passed to customers whose guarantees are not affected by ...


The Trojan Horse Of Corporate Integration, Edward D. Kleinbard 2016 University of Southern California

The Trojan Horse Of Corporate Integration, Edward D. Kleinbard

University of Southern California Legal Studies Working Paper Series

The U.S. Senate Finance Committee has invested significant resources, including hearings and staff reports, to make the case for an unusual form of corporate dividend integration – a corporate dividends-paid deduction, combined with a universal shareholder dividend withholding tax collected from the firm. This proposal would not reduce the cash tax outlays of U.S. corporations in respect of distributed or retained earnings. It would not reduce the aggregate tax burdens imposed on most shareholders, and in many plausible circumstances would raise those tax costs. It is a poorly targeted response to design weaknesses in the U.S. international corporate ...


How Much Is This Clause? Debt Managers On Pricing Bond Contract Terms, Anna Gelpern, Mitu Gulati 2016 Georgetown University Law Center

How Much Is This Clause? Debt Managers On Pricing Bond Contract Terms, Anna Gelpern, Mitu Gulati

Georgetown Law Faculty Publications and Other Works

Whether bond contract terms are priced is a classic question at the intersection of law and finance. One contract provision, the Collective Action Clause or CAC in sovereign bonds, has been the subject of extensive analysis in an effort to answer this question. The research, much of it quantitative, has yielded seemingly contradictory results. In this article, we come at the pricing question from a different perspective: we ask government officials responsible for executing their countries’ bond issuance strategies, how and why they choose particular contract terms in their bonds, and specifically about the relevance of pricing information to their ...


Vultures Or Vanguards?: The Role Of Litigation In Sovereign Debt Restructuring, Jill E. Fisch, Caroline M. Gentile 2016 University of Pennsylvania Law School

Vultures Or Vanguards?: The Role Of Litigation In Sovereign Debt Restructuring, Jill E. Fisch, Caroline M. Gentile

Jill Fisch

No abstract provided.


The Sixth Annual A.A. Sommer, Jr. Lecture On Corporate, Securities & Financial Law, Dean William Michael Treanor Welcome, Ben A. Indek Operning Remarks, Jill E. Fisch Opening Remarks, Edward F. Greene Speaker 2016 Selected Works

The Sixth Annual A.A. Sommer, Jr. Lecture On Corporate, Securities & Financial Law, Dean William Michael Treanor Welcome, Ben A. Indek Operning Remarks, Jill E. Fisch Opening Remarks, Edward F. Greene Speaker

Jill Fisch

No abstract provided.


The Third Annual Albert A. Destefano Lecture On Corporate Securities & Financial Law, Kenneth M. Rosen moderator, William Michael Treanor welcoming remarks, Jill E. Fisch introduction, Brandon Becker, Robert Colby, Richard Ketchum, Andrew Klein, Catherine McGuire, Annette Nazareth, Lee A. Pickard 2016 Selected Works

The Third Annual Albert A. Destefano Lecture On Corporate Securities & Financial Law, Kenneth M. Rosen Moderator, William Michael Treanor Welcoming Remarks, Jill E. Fisch Introduction, Brandon Becker, Robert Colby, Richard Ketchum, Andrew Klein, Catherine Mcguire, Annette Nazareth, Lee A. Pickard

Jill Fisch

No abstract provided.


Top Cop Or Regulatory Flop? The Sec At 75, Jill E. Fisch 2016 University of Pennsylvania Law School

Top Cop Or Regulatory Flop? The Sec At 75, Jill E. Fisch

Jill Fisch

In their forthcoming article, Redesigning the SEC: Does the Treasury Have a Better Idea?, Professors John C. Coffee, Jr., and Hillary Sale offer compelling reasons to rethink the SEC’s role. This article extends that analysis, evaluating the SEC’s responsibility for the current financial crisis and its potential future role in regulation of the capital markets. In particular, the article identifies critical failures in the SEC’s performance in its core competencies of enforcement, financial transparency, and investor protection. The article argues that these failures are not the result, as suggested by the Treasury Department Blueprint, of a balkanized ...


The Long Road Back: Business Roundtable And The Future Of Sec Rulemaking, Jill E. Fisch 2016 Selected Works

The Long Road Back: Business Roundtable And The Future Of Sec Rulemaking, Jill E. Fisch

Jill Fisch

The Securities and Exchange Commission (SEC or Commission) has faced a number of challenges in the last few years. Judge Rakoff’s decision in Citigroup, the Madoff scandal, and the Business Roundtable decision are just a few of the developments that have dealt lasting damage to the SEC’s reputation. Critics have scrutinized the agency’s decisionmaking on multiple fronts—from its enforcement policy to the quality of its rulemaking—and the SEC has largely come up short in the analysis. The once-revered top cop of the securities markets has taken a hit, and it is unclear whether it can ...


The Mess At Morgan: Risk, Incentives And Shareholder Empowerment, Jill E. Fisch 2016 University of Pennsylvania Law School

The Mess At Morgan: Risk, Incentives And Shareholder Empowerment, Jill E. Fisch

Jill Fisch

The financial crisis of 2008 focused increasing attention on corporate America and, in particular, the risk-taking behavior of large financial institutions. A growing appreciation of the “public” nature of the corporation resulted in a substantial number of high profile enforcement actions. In addition, demands for greater accountability led policymakers to attempt to harness the corporation’s internal decision-making structure, in the name of improved corporate governance, to further the interest of non-shareholder stakeholders. Dodd-Frank’s advisory vote on executive compensation is an example.

This essay argues that the effort to employ shareholders as agents of public values and, thereby, to ...


The Scope Of Private Securities Litigation: In Search Of Liability Standards For Secondary Defendants, Jill E. Fisch 2016 University of Pennsylvania Law School

The Scope Of Private Securities Litigation: In Search Of Liability Standards For Secondary Defendants, Jill E. Fisch

Jill Fisch

Recent federal court decisions have struggled to apply the Supreme Court's decision in Central Bank v. First Interstate to determine when outside professionals should be held liable as primary violators under section IO(b) of the Securities Exchange Act. In keeping with the Court's current interpretive methodology, Central Bank and its progeny employ a textualist approach. In this Article, Professor Fisch argues that literal textualism is an inappropriate approach for interpreting the federal securities laws generally and misguided in light of legislative developments post-dating the Central Bank decision. Instead, Professor Fisch advocates an approach that weighs Congress 's ...


The Sec's Regulation Fd, Richard L. Anderson, David Becker, Harvey L. Goldschmid, Eric D. Roiter, Susan E. Wolf, Alex Zisson, Jill E. Fisch 2016 Selected Works

The Sec's Regulation Fd, Richard L. Anderson, David Becker, Harvey L. Goldschmid, Eric D. Roiter, Susan E. Wolf, Alex Zisson, Jill E. Fisch

Jill Fisch

No abstract provided.


The Seventh Annual A.A. Sommer, Jr. Lecture On Corporate, Securities & Financial Law: The U.K Fsa: Nobody Does It Better?, Dean William Michael Treanor Welcome, Ben A. Indek Opening Remarks, Jill E. Fisch Opening Remarks 2016 Selected Works

The Seventh Annual A.A. Sommer, Jr. Lecture On Corporate, Securities & Financial Law: The U.K Fsa: Nobody Does It Better?, Dean William Michael Treanor Welcome, Ben A. Indek Opening Remarks, Jill E. Fisch Opening Remarks

Jill Fisch

No abstract provided.


The A.A. Sommer, Jr. Annual Lecture On Corporate Securities & Financial Law: Post-Enron America: An Sec Perspective, Harvey Goldschmid, William Treanor, John F.X. Peloso, Jill Fisch 2016 Selected Works

The A.A. Sommer, Jr. Annual Lecture On Corporate Securities & Financial Law: Post-Enron America: An Sec Perspective, Harvey Goldschmid, William Treanor, John F.X. Peloso, Jill Fisch

Jill Fisch

No abstract provided.


The Fifth Annual Albert A. Destefano Lecture On Corporate, Securities & Financial Law, Constantine N. Katsoris, Jill E. Fisch Introduction, Eliot Spitzer 2016 Fordham University School of Law

The Fifth Annual Albert A. Destefano Lecture On Corporate, Securities & Financial Law, Constantine N. Katsoris, Jill E. Fisch Introduction, Eliot Spitzer

Jill Fisch

No abstract provided.


The Fifth Annual A. A. Sommer, Jr. Lecture On Corporate, Securities & Financial Law, William Michael Treanor Introduction, John F.X Peloso Introduction, Jill E. Fisch Introduction, Richard G. Ketchum 2016 Selected Works

The Fifth Annual A. A. Sommer, Jr. Lecture On Corporate, Securities & Financial Law, William Michael Treanor Introduction, John F.X Peloso Introduction, Jill E. Fisch Introduction, Richard G. Ketchum

Jill Fisch

No abstract provided.


The Eighth Annual A.A. Sommer, Jr. Lecture On Corporate, Securities, And Financial Law, William Michael Treanor, Ben A. Indek, Jill E. Fisch, Paul S. Atkins 2016 Selected Works

The Eighth Annual A.A. Sommer, Jr. Lecture On Corporate, Securities, And Financial Law, William Michael Treanor, Ben A. Indek, Jill E. Fisch, Paul S. Atkins

Jill Fisch

No abstract provided.


The Fourth Annual Albert A. Destefano Lecture On Corporate, Securities &Financial Law, William Michael Treanor Introduction, Jill E. Fisch Introduction, Constantine N. Katsoris, John F.X Peloso Moderator, Brandon Becker, Robert Colby, Richard G. Ketchum, Mark E. Lackritz, Annette L. Nazareth, Mary L. Shapiro 2016 Fordham University School of Law

The Fourth Annual Albert A. Destefano Lecture On Corporate, Securities &Financial Law, William Michael Treanor Introduction, Jill E. Fisch Introduction, Constantine N. Katsoris, John F.X Peloso Moderator, Brandon Becker, Robert Colby, Richard G. Ketchum, Mark E. Lackritz, Annette L. Nazareth, Mary L. Shapiro

Jill Fisch

No abstract provided.


The Fourth Annual A.A. Sommer, Jr., Lecture On Corporate, Securities & Financial Law, William J. McDonough, Dean William Michael Treanor, John FX Peloso, Jill E. Fisch 2016 Selected Works

The Fourth Annual A.A. Sommer, Jr., Lecture On Corporate, Securities & Financial Law, William J. Mcdonough, Dean William Michael Treanor, John Fx Peloso, Jill E. Fisch

Jill Fisch

No abstract provided.


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