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Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. McCall 2015 University of Oklahoma College of Law

Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. Mccall

Brian M McCall

Many politicians and commentators agree that credit default swaps (CDS) played a significant role in the financial crisis of 2008. Yet, few who observe this role are aware that CDS were set loose on the economy by the federal pre-emption of thousands of years of public policy. Since the time of Aristotle law, philosophy and public policy have been hostile to gambling. Viewed as a socially unproductive zero sum wealth transfer, the law has generally refused to permit parties to use the courts to enforce wagers. Courts and legislatures worked in harmony to control and in some cases punish financial ...


Talking Points, Alex Stein, Jef De Mot 2015 SelectedWorks

Talking Points, Alex Stein, Jef De Mot

Alex Stein

Our civil liability system affords numerous defenses against every single violation of the law. Against every single claim raised by the plaintiff, the defendant can assert two or more defenses each of which gives him an opportunity to win the case. As a result, when a court erroneously strikes out a meritorious defense, it might still keep the defendant out of harm’s way by granting him another defense. Rightful plaintiffs, on the other hand, must convince the court to deny each and every defense asserted by the defendant. Any rate of adjudicative errors—random and completely unbiased—consequently increases ...


Inefficient Evidence, Alex Stein 2015 SelectedWorks

Inefficient Evidence, Alex Stein

Alex Stein

Why set up evidentiary rules rather than allow factfinders to make decisions by considering all relevant evidence? This fundamental question has been the subject of unresolved controversy among scholars and policymakers since it was raised by Bentham at the beginning of the nineteenth century. This Article offers a surprisingly straightforward answer: An economically minded legal system must suppress all evidence that brings along a negative productivity-expense balance and is therefore inefficient. Failure to suppress inefficient evidence will result in serious diseconomies of scale. To operationalize this idea, I introduce a “signal-to-noise” method borrowed from statistics, science, and engineering. This method ...


Re-Envisioning Investors’ Anti-Director Rights Index: Theory, Criticism, And Implications, Sang Yop Kang 2015 SelectedWorks

Re-Envisioning Investors’ Anti-Director Rights Index: Theory, Criticism, And Implications, Sang Yop Kang

Sang Yop Kang

‘Law and Finance’ theory – which offers analytical frameworks to measure the protection of public investors and the quality of corporate governance – has dominated the comparative corporate governance scholarship in the last decade. So far, many proponents and critics have had debates on the relevance of the theory and the implications of the theory’s empirical studies. Several important points in relation to shareholder protection, however, have been highly neglected in these debates. In particular, the significance of one-share-one-vote (OSOV) rule has been inappropriately underestimated. In response, this Article explores (1) why OSOV is an utmost critical component in corporate governance ...


The Anti-Patent: A Proposal For Startup Immunity, Amy L. Landers 2015 Drexel University Thomas R. Kline School of Law

The Anti-Patent: A Proposal For Startup Immunity, Amy L. Landers

Amy L. Landers

The controversy surrounding the current implementation of the patent system is well known. Some question whether the system has become entirely dysfunctional and disincentives innovation, particularly as the law operates within some industries. Moreover, early stage companies, particularly those just beginning to gain success, are particularly vulnerable targets for lawsuits. Notably, these same companies can be rich sources of important technological innovation.

Because the U.S. has always had a patent system, it is impossible to understand the intended and unintended consequences of eliminating this form of intellectual property protection even in a limited manner. As economist Fritz Machlup stated ...


Would The Implementation Of The Un Crpd Help The Disabilities Enjoy Fair Human Rights In The Us?, Ashley H. Song Ms. 2015 University of Pennsylvania

Would The Implementation Of The Un Crpd Help The Disabilities Enjoy Fair Human Rights In The Us?, Ashley H. Song Ms.

Hyein Ashley Song Ms.

Modern discrimination is implicit. The paper finds out the implicit discrimination which comes from the mindset. So called, the ‘cognitive discrimination’ excludes the explicit discrimination prohibited by the legal language of the anti-discrimination law in the US. The United Nations Convention on the Rights of Persons with Disabilities (CRPD) Article 12 states the fair recognition of disabilities. The paper tests if the UN CRPD can extend its meaning of fair recognition to reduce the hidden prejudice.


¿Razón, Trabajo Y Corazón?: Los Mitos De Una Ilusa Conciliación (Comentario Al Nuevo Régimen Laboral Juvenil), joshimar de la cruz aroni 2014 SelectedWorks

¿Razón, Trabajo Y Corazón?: Los Mitos De Una Ilusa Conciliación (Comentario Al Nuevo Régimen Laboral Juvenil), Joshimar De La Cruz Aroni

Joshimar De la cruz Aroni

Critical Legal Studies


From Patent Thickets To Patent Networks: The Legal Infrastructure Of The Digital Economy, Jonathan M. Barnett 2014 BLR

From Patent Thickets To Patent Networks: The Legal Infrastructure Of The Digital Economy, Jonathan M. Barnett

University of Southern California Legal Studies Working Paper Series

Scholarly and popular commentary often assert that markets characterized by intensive patent issuance and enforcement suffer from “patent thickets” that suppress innovation. This assertion is difficult to reconcile with continuous robust levels of R&D investment, coupled with declining prices, in technology markets that have operated under intensive patent issuance and enforcement for several decades. Using network visualization software, I show that information and communication technology markets rely on patent pools and other cross-licensing structures to mitigate or avoid patent thickets and associated inefficiencies. Based on the composition, structure, terms and pricing of selected leading patent pools in the ICT ...


The Priest-Klein Hypotheses: Proofs, Generality And Extensions, Yoon-Ho Alex Lee, Daniel M. Klerman 2014 BLR

The Priest-Klein Hypotheses: Proofs, Generality And Extensions, Yoon-Ho Alex Lee, Daniel M. Klerman

University of Southern California Legal Studies Working Paper Series

Priest and Klein’s 1984 article, “The Selection of Disputes for Litigation,” famously hypothesized a “tendency toward 50 percent plaintiff victories” among litigated cases. Despite the article’s enduring influence, its results have never been formally proved, and doubts remain about their meaning, validity, and generality. This article makes five contributions. First, it distinguishes six distinct hypotheses plausibly attributable to Priest and Klein. Second, it mathematically proves or disproves them under the original model. Third, it raises a novel critique of the model—that it is non-Bayesian—and shows that most of the hypotheses remain valid under a modified model ...


Forum Selling, Daniel M. Klerman, Greg Reilly 2014 BLR

Forum Selling, Daniel M. Klerman, Greg Reilly

University of Southern California Legal Studies Working Paper Series

Forum shopping is problematic because it may lead to forum selling. For diverse motives, such as prestige, local benefits, or re-election, some judges want to hear more cases. When plaintiffs have wide choice of forum, such judges have incentives to make the law more pro-plaintiff, because plaintiffs choose the court. While only a few judges may be motivated to attract more cases, their actions can have large effects, because their courts will attract a disproportionate share of cases. For example, judges in the Eastern District of Texas have distorted the rules and practices relating to case assignment, joinder, discovery, transfer ...


Attorney Liability In Lien Enforcement: The Untapped Potential Of The Fair Debt Collection Practices Act, Adam Deutsch 2014 SelectedWorks

Attorney Liability In Lien Enforcement: The Untapped Potential Of The Fair Debt Collection Practices Act, Adam Deutsch

Adam Deutsch

Consumer debt in the United States is valued at $11.4 trillion and an estimated 77 million individual consumers have a debt in default collection status. Debt collection is a fast growing industry troubled by unscrupulous behavior by collectors. In the second half of 2013 the Consumer Finance Protection Bureau received more than 30,000 complaints of abusive behavior by debt collectors. The Fair Debt Collection Practices Act enacted by Congress in 1977 provides guidelines to limit abusive collection practices and created a private right of action for consumer victims. This article explores the powerfully broad but underutilized strict liability ...


Book Review: Completing The Internal Market Of The European Community: 1992 Handbook. Mark Brealey And Conor Quigley. London, England: Graham & Trotman, Ltd., 1993., Jean-Marie R.A. Henckaerts 2014 University of Georgia School of Law

Book Review: Completing The Internal Market Of The European Community: 1992 Handbook. Mark Brealey And Conor Quigley. London, England: Graham & Trotman, Ltd., 1993., Jean-Marie R.A. Henckaerts

Georgia Journal of International & Comparative Law

No abstract provided.


British And European Community Regulation Of The British Beer Market: Tapping Into The Tied-House System (Cheers!), David A. Everreste 2014 University of Georgia School of Law

British And European Community Regulation Of The British Beer Market: Tapping Into The Tied-House System (Cheers!), David A. Everreste

Georgia Journal of International & Comparative Law

No abstract provided.


Reconstructing The Taiwanese Rule On Pure Economic Loss: Establishing A General Standard For Recovery For Pure Economic Loss In Unintentional Torts, Wen-Hsuan Yang 2014 Maurer School of Law: Indiana University

Reconstructing The Taiwanese Rule On Pure Economic Loss: Establishing A General Standard For Recovery For Pure Economic Loss In Unintentional Torts, Wen-Hsuan Yang

Theses and Dissertations

An important issue in Taiwan today is whether pure economic loss can be recovered as a right under the former part of first paragraph of Article 184 in Civil Code of Taiwan, thereby making it recoverable in unintentional torts. Contrary to most scholars in Taiwan, this Thesis argues that 1) pure economic loss should be a recognizable harm under the former part of first paragraph of Article 184; and 2) economic loss should be considered on a category-by-category basis, rather than the traditional all-or-none basis presently used in Taiwan.

Traditionally, two arguments are made against recovery for pure economic loss ...


Regulatory Capture And Quality, Laurence Tai 2014 NELLCO

Regulatory Capture And Quality, Laurence Tai

New York University Law and Economics Working Papers

This paper presents a model of regulatory policymaking in which an interest group engages in costly regulatory quality improvements and rent-seeking to "capture" an agent by causing his preferences to shift toward the group's. The model serves two purposes. First, as a general framework, it accounts for various theories of capture from prior studies and organizes avenues for further research on specific mechanisms of capture. Second, it analyzes the effect of institutional responses to capture, including limiting rent-seeking, making the agent more initially hostile to the group, and decreasing the strength of capture. A key implication is that aligning ...


Interest Groups And Environmental Policy: Inconsistent Positions And Missed Opportunities, Michael A. Livermore, Richard L. Revesz 2014 NELLCO

Interest Groups And Environmental Policy: Inconsistent Positions And Missed Opportunities, Michael A. Livermore, Richard L. Revesz

New York University Law and Economics Working Papers

This Essay examines and explains the positions of the principal interest groups over the past four decades with respect to the two central questions of environmental policy: the appropriate policy goal and the instrument that should be used to carry out the policy. With respect to the first question, the Essay observes that, at the beginning of the contemporary period of environmental law, industry groups strongly supported setting the stringency of environmental standards by reference to cost-benefit analysis. At the same time, environmental advocacy organizations strongly opposed the use of cost-benefit analysis. As environmental regulators gained greater proficiency in the ...


Toward A More Rational Environmental Policy, Richard L. Revesz 2014 NELLCO

Toward A More Rational Environmental Policy, Richard L. Revesz

New York University Law and Economics Working Papers

This Essay takes as its starting point the idea that U.S. environmental policy should operate in accordance with five major components of rationality. First, cost-benefit analysis provides a tractable means of weighing the tradeoffs involved in setting environmental policy between environmental goals and other social values. Improving environmental quality is not a cost-free enterprise, and decisionmakers should aim to maximize the net benefits — benefits minus costs — delivered by a policy.

Second, cost minimization requires choosing the cheapest way to attain a given environmental objective. Even if policy goals are not chosen to maximize net benefits, a cost-minimizing approach would ...


Interest Groups And Environmental Policy: Inconsistent Positions And Missed Opportunities, Michael A. Livermore, Richard L. Revesz 2014 NELLCO

Interest Groups And Environmental Policy: Inconsistent Positions And Missed Opportunities, Michael A. Livermore, Richard L. Revesz

New York University Public Law and Legal Theory Working Papers

This Essay examines and explains the positions of the principal interest groups over the past four decades with respect to the two central questions of environmental policy: the appropriate policy goal and the instrument that should be used to carry out the policy. With respect to the first question, the Essay observes that, at the beginning of the contemporary period of environmental law, industry groups strongly supported setting the stringency of environmental standards by reference to cost-benefit analysis. At the same time, environmental advocacy organizations strongly opposed the use of cost-benefit analysis. As environmental regulators gained greater proficiency in the ...


Toward A More Rational Environmental Policy, Richard L. Revesz 2014 NELLCO

Toward A More Rational Environmental Policy, Richard L. Revesz

New York University Public Law and Legal Theory Working Papers

This Essay takes as its starting point the idea that U.S. environmental policy should operate in accordance with five major components of rationality. First, cost-benefit analysis provides a tractable means of weighing the tradeoffs involved in setting environmental policy between environmental goals and other social values. Improving environmental quality is not a cost-free enterprise, and decisionmakers should aim to maximize the net benefits — benefits minus costs — delivered by a policy.

Second, cost minimization requires choosing the cheapest way to attain a given environmental objective. Even if policy goals are not chosen to maximize net benefits, a cost-minimizing approach would ...


An Economic Analysis Of Effective Compliance Programs, Geoffrey P. Miller 2014 NELLCO

An Economic Analysis Of Effective Compliance Programs, Geoffrey P. Miller

New York University Law and Economics Working Papers

Tests for “effective” compliance programs take the form of lists specifying required elements in varying level of detail. From an economic perspective, an effective compliance program can be defined more fundamentally as the set of policies and procedures that a rational, profit-maximizing firm would establish if it faced an expected sanction equal to the social costs of violations. This paper explores the idea and several of its extensions and qualifications.


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