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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 ...


Informal Sanctions On Prosecutors And Defendants And The Disposition Of Criminal Cases, Andrew F. Daughety, Jennifer F. Reinganum 2014 Berkeley Law

Informal Sanctions On Prosecutors And Defendants And The Disposition Of Criminal Cases, Andrew F. Daughety, Jennifer F. Reinganum

Law & Economics Workshop

No abstract provided.


Price Caps In Multi-Price Markets, Oren Bar-Gill 2014 Berkeley Law

Price Caps In Multi-Price Markets, Oren Bar-Gill

Law & Economics Workshop

No abstract provided.


Reinventing Copyright And Patent, Abraham Bell, Gideon Parchomovsky 2014 University of Michigan Law School

Reinventing Copyright And Patent, Abraham Bell, Gideon Parchomovsky

Michigan Law Review

Intellectual property systems all over the world are modeled on a one-size-fitsall principle. However important or unimportant, inventions and original works receive the same scope of protection, for the same period of time, backed by the same variety of legal remedies. Essentially, all intellectual property is equal under the law. This equality comes at a heavy price, however. The equality principle gives all creators access to the same remedies, even when those remedies create perverse litigation incentives. Moreover, society overpays for innovation through more monopoly losses than are strictly necessary to incentivize production. In this Article, we propose a solution ...


The Reauthorization Of Exon-Florio: A Battle Between Spurring The U.S. Economy And Protecting National Security, Ellison F. McCoy 2014 University of Georgia School of Law

The Reauthorization Of Exon-Florio: A Battle Between Spurring The U.S. Economy And Protecting National Security, Ellison F. Mccoy

Georgia Journal of International & Comparative Law

No abstract provided.


The Measure Of Law And Economics, Jody S. Kraus, Robert D. Cooter 2014 Berkeley Law

The Measure Of Law And Economics, Jody S. Kraus, Robert D. Cooter

Law & Economics Workshop

No abstract provided.


Russian Membership In The Imf: A Look At The Problems, Past And Present, Buck Wiley 2014 University of Georgia School of Law

Russian Membership In The Imf: A Look At The Problems, Past And Present, Buck Wiley

Georgia Journal of International & Comparative Law

No abstract provided.


North American Free Trade Agreement: The Public Debate, Frances Lee Ansley 2014 University of Georgia School of Law

North American Free Trade Agreement: The Public Debate, Frances Lee Ansley

Georgia Journal of International & Comparative Law

No abstract provided.


The Legal Framework For Private Sector Development In A Transitional Economy: The Case Of Poland, Cheryl W. Gray, Rebecca J. Hanson, Michael A. Heller, Peter G. Ianachkov, Daniel T. Ostas 2014 University of Georgia School of Law

The Legal Framework For Private Sector Development In A Transitional Economy: The Case Of Poland, Cheryl W. Gray, Rebecca J. Hanson, Michael A. Heller, Peter G. Ianachkov, Daniel T. Ostas

Georgia Journal of International & Comparative Law

No abstract provided.


Understanding The Islamic Prohibition Of Interest: A Guide To Aid Economic Cooperation Between The Islamic And Western Worlds, Hesham M. Sharawy 2014 University of Georgia School of Law

Understanding The Islamic Prohibition Of Interest: A Guide To Aid Economic Cooperation Between The Islamic And Western Worlds, Hesham M. Sharawy

Georgia Journal of International & Comparative Law

No abstract provided.


Up Close And Personal With Delaware, Darian M. Ibrahim, Brian J. Broughman 2014 College of William & Mary Law School

Up Close And Personal With Delaware, Darian M. Ibrahim, Brian J. Broughman

Popular Media

No abstract provided.


Oxford Handbook: Institutional Investors In Corporate Governance, Edward B. Rock 2014 University of Pennsylvania Law School

Oxford Handbook: Institutional Investors In Corporate Governance, Edward B. Rock

Faculty Scholarship

This chapter of the Oxford Handbook on Corporate Law and Governance examines the role of institutional investors in corporate governance and the role of regulation in encouraging institutional investors to become active stewards. I approach these topics through asking what lessons we can draw from the U.S. experience for the E.U.’s 2014 proposed amendments to the Shareholder Rights Directive.

I begin by defining the institutional investor category, and summarizing the growth of institutional investors’ equity holdings over time. I then briefly survey how institutional investors themselves are governed and how they organize share voting. This leads me ...


Stereotypes And Affirmative Action In Higher Education Admissions, Prasad Krishnamurthy, Aaron Edlin 2014 Berkeley Law

Stereotypes And Affirmative Action In Higher Education Admissions, Prasad Krishnamurthy, Aaron Edlin

Law & Economics Workshop

No abstract provided.


Wickard For The Internet? Network Neutrality After Verizon V. Fcc, Christopher S. Yoo 2014 University of Pennsylvania Law School

Wickard For The Internet? Network Neutrality After Verizon V. Fcc, Christopher S. Yoo

Faculty Scholarship

The D.C. Circuit’s January 2014 decision in Verizon v. FCC represented a major milestone in the debate over network neutrality that has dominated communications policy for the past decade. This article analyzes the implications of the D.C. Circuit’s ruling, beginning with a critique of the court’s ruling that section 706 of the Telecommunications Act of 1996 gave the Federal Communications Commission (FCC) the authority to mandate some form of network neutrality. Examination of the statute’s text, application of canons of construction such as ejusdem generis and noscitur a sociis, and a perusal of the ...


The Litigation Budget, Jay Tidmarsh 2014 Notre Dame Law School

The Litigation Budget, Jay Tidmarsh

Jay Tidmarsh

Because of fears that litigation is too costly, reduction of litigation expenses has been the touchstone of procedural reform for the past thirty years. In certain circumstances, however, the parties have incentives—both rational and irrational—to spend more on a lawsuit than the social benefits that the case provides. Present and proposed reform efforts do not adequately address these incentives, and in some instances exacerbate the parties’ incentives to overspend. The best way to ensure that the cost of a lawsuit does not exceed the benefits that it provides to the parties and society is to control spending directly ...


Empirical Law And Economics, Jonah B. Gelbach, Jonathan Klick 2014 University of Pennsylvania Law School

Empirical Law And Economics, Jonah B. Gelbach, Jonathan Klick

Faculty Scholarship

Empirical work has grown in importance in law and economics. This growth coincides with improvements in research designs in empirical microeconomics more generally. In this essay, we provide a stylized discussion of some trends over the last two or three decades, linking the credibility revolution in empirical micro to the ascendancy of empirical work in law and economics. We then provide some methodological observations about a number of commonly used approaches to estimating policy effects. The literature on the economics of crime and criminal procedure illustrates the ways in which many of these techniques have been used successfully. Other fields ...


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