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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 SelectedWorks

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.


Interlocking Board Seats And Protection For Directors After Schoon, Michal Barzuza 2014 Berkeley Law

Interlocking Board Seats And Protection For Directors After Schoon, Michal Barzuza

Law & Economics Workshop

No abstract provided.


The Connection Between A Property-Based Legal System And National Prosperity: Example From A Divided Germany Reunified, O. Lee Reed, Florian A. Stamm 2014 University of Georgia School of Law

The Connection Between A Property-Based Legal System And National Prosperity: Example From A Divided Germany Reunified, O. Lee Reed, Florian A. Stamm

Georgia Journal of International & Comparative Law

No abstract provided.


"Show Me The Money!"-Analyzing The Potential State Tax Implications Of Paying Student-Athletes, Kathryn Kisska-Schulze, Adam Epstein 2014 SelectedWorks

"Show Me The Money!"-Analyzing The Potential State Tax Implications Of Paying Student-Athletes, Kathryn Kisska-Schulze, Adam Epstein

Adam Epstein

On March 26, 2014, the Chicago district (Region 13) of the National Labor Relations Board (NLRB) ruled that Northwestern University football players qualify as employees and can unionize and bargain collectively, a decision which contravenes the National Collegiate Athletic Association’s (NCAA) core principle of amateurism. Shortly after, Northwestern University filed an appeal with the NLRB in Washington, D.C. to quash the prior Region 13 decision. This case has added fuel to the longstanding debate over whether student-athletes should be paid. Amidst arguments both for and against supporting the pay-for-play model from a purely compensatory stance, there has been ...


Unlucky Or Risky? Unobserved Heterogeneity And Experience Rating In Insurance Markets, Levon Barseghyan, Francesca Molinari, Darcy Steeg Morris, Joshua C. Teitelbaum 2014 Georgetown University Law Center

Unlucky Or Risky? Unobserved Heterogeneity And Experience Rating In Insurance Markets, Levon Barseghyan, Francesca Molinari, Darcy Steeg Morris, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

We investigate whether an insured's claims experience contains valuable information about its latent risk type. Using data on households' claims histories in auto and home insurance, we estimate the variance-covariance matrix of unobserved heterogeneity and utilize the estimates to update a priori predictions about the households' claim risk. The estimates reveal that unobserved heterogeneity is positively correlated across coverages. We then explore how households' demand for insurance would respond to experience rating under different theories of risky choice, and we discuss what our findings imply about the economic consequences of legal restrictions on experience rating.


The Corporate Governance Obsession, Mariana Pargendler 2014 Berkeley Law

The Corporate Governance Obsession, Mariana Pargendler

Law & Economics Workshop

No abstract provided.


The Rising Son Under The Shadow Of Company Communities: Do Japanese Family Firms Really Excel?, Zenichi Shishido, Noriyuki Yanagawa 2014 Berkeley Law

The Rising Son Under The Shadow Of Company Communities: Do Japanese Family Firms Really Excel?, Zenichi Shishido, Noriyuki Yanagawa

Law & Economics Workshop

No abstract provided.


Globalization And International Law, Charles A. Hunnicutt 2014 University of Georgia School of Law

Globalization And International Law, Charles A. Hunnicutt

Georgia Journal of International & Comparative Law

No abstract provided.


Mercosur: The Common Market Of The Twenty-First Century?, Rafael A. Porrata-Doria 2014 University of Georgia School of Law

Mercosur: The Common Market Of The Twenty-First Century?, Rafael A. Porrata-Doria

Georgia Journal of International & Comparative Law

No abstract provided.


A Comparative Study Of Monitoring Of Management In German And U.S. Corporations After Sarbanes-Oxley: Where Are The German Enrons, Worldcoms, And Tycos?, Florian Stamm 2014 University of Georgia School of Law

A Comparative Study Of Monitoring Of Management In German And U.S. Corporations After Sarbanes-Oxley: Where Are The German Enrons, Worldcoms, And Tycos?, Florian Stamm

Georgia Journal of International & Comparative Law

No abstract provided.


The Privatization Challenge In Guyana, Elizabeth A. Reid 2014 University of Georgia School of Law

The Privatization Challenge In Guyana, Elizabeth A. Reid

Georgia Journal of International & Comparative Law

No abstract provided.


Creditor Participation In The Hipc Debt Relief Initiatives: The Case Of Guyana, Magnus Saxegaard 2014 University of Georgia School of Law

Creditor Participation In The Hipc Debt Relief Initiatives: The Case Of Guyana, Magnus Saxegaard

Georgia Journal of International & Comparative Law

No abstract provided.


Patents, Antitrust, And The Rule Of Reason, Herbert Hovenkamp 2014 University of Iowa

Patents, Antitrust, And The Rule Of Reason, Herbert Hovenkamp

Herbert Hovenkamp

Antitrust law has historically immunized many patent agreements if they fell within the "scope of the patent." Three dissenting Justices in the Actavis case advocated this test: a pharmaceutical pay-for-delay settlement falls within the scope of the patent if it delays a competitor's entry no longer than the remaining life of the patent. In that case the patentee will not be obtaining any more than it would from a valid patent -- namely, the right to exclude infringers for the full patent term.

The "scope of the patent" test is not useful for defining the boundaries of antitrust immunity in ...


High Technology, Consumer Privacy, And U.S. National Security : Hearing Before The Subcomm. On Commerce, Manufacturing, And Trade Of The H. Comm. On Energy And Commerce, 113th Cong., September 17, 2014 (Remarks By Professor Laura K. Donohue, Geo. U. L. Center), Laura K. Donohue 2014 Georgetown University Law Center

High Technology, Consumer Privacy, And U.S. National Security : Hearing Before The Subcomm. On Commerce, Manufacturing, And Trade Of The H. Comm. On Energy And Commerce, 113th Cong., September 17, 2014 (Remarks By Professor Laura K. Donohue, Geo. U. L. Center), Laura K. Donohue

Testimony Before Congress

Documents released over the past year detailing the National Security Agency’s telephony metadata collection program and interception of international content under the Foreign Intelligence Surveillance Act (FISA) directly implicated U.S. high technology companies in government surveillance. The result was an immediate, and detrimental, impact on U.S. firms, the economy, and U.S. national security.

The first Snowden documents, printed June 5, 2013, revealed that the U.S. government had served orders on Verizon, directing the company to turn over telephony metadata under Section 215 of the USA PATRIOT Act. The following day, The Guardian published classified slides ...


Nuclear Chain Reaction: Why Economic Sanctions Are Not Worth The Public Costs, Nicholas C.W. Wolfe 2014 SelectedWorks

Nuclear Chain Reaction: Why Economic Sanctions Are Not Worth The Public Costs, Nicholas C.W. Wolfe

Nicholas A Wolfe

International economic sanctions frequently violate human rights in targeted states and rarely achieve their objectives. However, many hail economic sanctions as an important nonviolent tool for coercing and persuading change. In November 2013, the Islamic Republic of Iran negotiated a temporary agreement with major world powers regarding Iran’s nuclear program. The United States’ media and politicians have repeatedly and incorrectly attributed Iran’s willingness to negotiate to the effectiveness of economic sanctions.

Politicians primarily focus on immediate domestic effects and enact sanctions without a thorough understanding of the long-term effects on the United States economy and the public within ...


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