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Contingent Judicial Deference: Theory And Application To Usury Laws, Bernardo Guimarães, Bruno Meyerhof Salama 2017 FGV Law School in Sao Paulo

Contingent Judicial Deference: Theory And Application To Usury Laws, Bernardo Guimarães, Bruno Meyerhof Salama

Bruno Meyerhof Salama

Legislation is less likely to be enforced when courts disagree with it. Building on this premise, we propose a model of Bayesian adjudicators that use their own prior knowledge to evaluate the appropriateness of legislation. The model yields a non-monotonic relation between written rules and effectively enforced rules. Hence the enactment of legislation prohibiting something raises the probability that courts will allow related things not expressly forbidden. Moreover, legal uncertainty is greater with legislation that commands little deference from courts than with legislation that commands none. We discuss examples of e§ects of legislated prohibitions (and, in particular, usury laws ...


Macroeconomic Modeling Of Tax Policy: A Comparison Of Current Methodologies, Itai Grinberg, Alan J. Auerbach, Thomas A. Barthold, Nicholas Bull, W. Gavin Elkins, Pamela J. Moomau, Rachel Moore, Benjamin Page, Brandon Pecoraro, Kyle Pomerleau 2017 Georgetown University Law Center

Macroeconomic Modeling Of Tax Policy: A Comparison Of Current Methodologies, Itai Grinberg, Alan J. Auerbach, Thomas A. Barthold, Nicholas Bull, W. Gavin Elkins, Pamela J. Moomau, Rachel Moore, Benjamin Page, Brandon Pecoraro, Kyle Pomerleau

Georgetown Law Faculty Publications and Other Works

The macroeconomic effects of tax reform are a subject of significant discussion and controversy. In 2015, the House of Representatives adopted a new “dynamic scoring” rule requiring a point estimate within the budget window of the deficit effect due to the macroeconomic response to certain proposed tax legislation. The revenue estimates provided by the staff of the Joint Committee on Taxation (JCT) for major tax bills often play a critical role in Congressional deliberations and public discussion of those bills. The JCT has long had macroeconomic analytic capability, and in recent years, responding to Congress’ interest in macrodynamic estimates for ...


A Destination-Based Cash Flow Tax Can Be Structured To Comply With World Trade Organization Rules, Itai Grinberg 2017 Georgetown University Law Center

A Destination-Based Cash Flow Tax Can Be Structured To Comply With World Trade Organization Rules, Itai Grinberg

Georgetown Law Faculty Publications and Other Works

This paper briefly outlines alternative approaches to enacting a destination-based cash flow tax that are more clearly compatible with the World Trade Organization rules than the approach that has previously been described in the literature. The first structural alternative involves expanding the universe of businesses subject to the tax by clearly defining both the base of the new U.S. business tax and its tax nexus requirement as domestic consumption, and thereafter treating foreign importers and other sellers equivalently, rather than imposing a deduction disallowance or an import tax. The second alternative involves adopting a business activities tax, and then ...


Putting Distribution First, Robert C. Hockett 2017 Cornell Law School

Putting Distribution First, Robert C. Hockett

Robert C. Hockett

It is common for normative legal theorists, economists and other policy analysts to conduct and communicate their work mainly in maximizing terms. They take the maximization of welfare, for example, or of wealth or utility, to be primary objectives of legislation and public policy. Few if any of these theorists seem to notice, however, that any time we speak explicitly of maximizing one thing, we speak implicitly of distributing other things and of equalizing yet other things. Fewer still seem to recognize that we effectively define ourselves by reference to that which we distribute and equalize. For it is in ...


Collaborative Gatekeepers, Stavros Gadinis 2017 Berkeley Law

Collaborative Gatekeepers, Stavros Gadinis

Stavros Gadinis

No abstract provided.


Foreign Bribery: Incentives And Enforcement, Jonathan Karpoff 2017 University of Washington

Foreign Bribery: Incentives And Enforcement, Jonathan Karpoff

Law, Economics, & Business Workshop

No abstract provided.


Not Too Salt-Y: The Disparate Federal Income Tax Treatment Of Business And Non-Business State And Local Taxes, Michael S. Knoll 2017 University of Pennsylvania Law School

Not Too Salt-Y: The Disparate Federal Income Tax Treatment Of Business And Non-Business State And Local Taxes, Michael S. Knoll

Faculty Scholarship

The Tax Cuts and Jobs Act, H.R. 1, would eliminate the federal income tax deduction for nonbusiness state and local taxes while maintaining the deduction for business state and local taxes. That disparate treatment has generated a storm of negative commentary. In this short essay, I consider whether the federal tax law should allow a deduction for business state and local taxes assuming that there is no deduction for nonbusiness state and local taxes. I argue that investors and businesses, including pass-through businesses, should be allowed to deduct state and local property and sales taxes, but not general income ...


Privatizing Law: Is Rule Of Law An Equilibrium Without Private Ordering?, Gillian K. Hadfield, Barry R. Weingast 2017 University of Southern California Law

Privatizing Law: Is Rule Of Law An Equilibrium Without Private Ordering?, Gillian K. Hadfield, Barry R. Weingast

University of Southern California Legal Studies Working Paper Series

Almost all theorizing about law, including the rule of law, begins with government. Analysts from a wide variety of perspectives make this presumption. We contest this presumption. In this paper, we ask whether rule of law is an equilibrium in the absence of private ordering. To address this question, we rely on the what-is-law model of Hadfield and Weingast (2012). Most legal theory has asserted that legal attributes are characteristic of legal orders, such as generality, clarity and neutrality. In contrast, we show that they can be derived from a minimal normative premise about what constitutes law in a setting ...


Rationing Criminal Justice, Richard A. Bierschbach, Stephanos Bibas 2017 Wayne State University Law School

Rationing Criminal Justice, Richard A. Bierschbach, Stephanos Bibas

Michigan Law Review

Of the many diagnoses of American criminal justice’s ills, few focus on externalities. Yet American criminal justice systematically overpunishes in large part because few mechanisms exist to force consideration of the full social costs of criminal justice interventions. Actors often lack good information or incentives to minimize the harms they impose. Part of the problem is structural: criminal justice is fragmented vertically among governments, horizontally among agencies, and individually among self-interested actors. Part is a matter of focus: doctrinally and pragmatically, actors overwhelmingly view each case as an isolated, short-term transaction to the exclusion of broader, long-term, and aggregate ...


Stereotypes And Affirmative Action In Higher Education Admissions, Prasad Krishnamurthy, Aaron Edlin 2017 Berkeley Law

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

Aaron Edlin

No abstract provided.


Do Bank Regulation And Supervision Displace Bank Auditing?, Stephen Ryan 2017 New York University

Do Bank Regulation And Supervision Displace Bank Auditing?, Stephen Ryan

Law, Economics, & Business Workshop

No abstract provided.


China And The Future Of The International Tax Regime, Reuven S. Avi-Yonah, Haiyan Xu 2017 University of Michigan Law School

China And The Future Of The International Tax Regime, Reuven S. Avi-Yonah, Haiyan Xu

Law & Economics Working Papers

The International tax regime (ITR) has been transformed after the Great Recession of 2008-2009. The G20/Organization for Economic Cooperation and Development (OECD)’s Base Erosion and Profit Shifting (BEPS) project (2013-2015) has fundamentally changed the ITR, giving new life to the single tax principle (income should be taxed once, i.e. no double taxation and no double non taxation).

Reaction to BEPS has varied dramatically between the EU and the US, the two largest markets in the world. In the EU BEPS is taken very seriously, as shown for example by the new Anti Tax Avoidance Directives that implement ...


Common Agency In Bank Regulation, Yesha Yadav 2017 Vanderbilt Law School

Common Agency In Bank Regulation, Yesha Yadav

Law, Economics, & Business Workshop

No abstract provided.


The Legal Architecture Of Nation-Building: An Introduction, Charles H. Norchi 2017 University of Maine School of Law

The Legal Architecture Of Nation-Building: An Introduction, Charles H. Norchi

Maine Law Review

In the future, a historian studying the early twenty-first century will observe a trend: numerous lawyers applying their skill sets to the problems of pathological states. Our future historian will note that the topography of the post-Cold War international system was marked by weakly-governed states failing. Fragile states eroded, frayed, and disintegrated under stress, and their internal social processes became highly susceptible to external forces. Powerful non-state actors, including private armies, operated within the porous boundaries of entities that were once functioning polities. Legal authority became divorced from political control as non-state actors wielded naked power, challenging formal state structures ...


Destination-Based Cash Flow Taxation, Alan J. Auerbach 2017 University of California - Berkeley

Destination-Based Cash Flow Taxation, Alan J. Auerbach

Alan J. Auerbach

No abstract provided.


Consistent Good News And Inconsistent Bad News, Kelly Shue 2017 Yale University

Consistent Good News And Inconsistent Bad News, Kelly Shue

Law, Economics, & Business Workshop

No abstract provided.


The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, Michael S. Knoll 2017 University of Pennsylvania Law School

The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, Michael S. Knoll

Faculty Scholarship

2018 marks the 60th anniversary of the publication of Franco Modigliani and Merton Miller’s The Cost of Capital, Corporation Finance, and the Theory of Investment. Widely hailed as the foundation of modern finance, their article, which purports to demonstrate that a firm’s value is independent of its capital structure, is little known by lawyers, including legal academics. That is unfortunate because the Modigliani-Miller capital structure irrelevancy proposition (when inverted) provides a framework that can be extremely useful to legal academics, practicing attorneys and judges.


Progressive Antitrust, Herbert J. Hovenkamp 2017 University of Pennsylvania Law School

Progressive Antitrust, Herbert J. Hovenkamp

Faculty Scholarship

Several American political candidates and administrations have both run and served under the “progressive” banner for more than a century, right through the 2016 election season. For the most part these have pursued interventionist antitrust policies, reflecting a belief that markets are fragile and in need of repair, that certain interest groups require greater protection, or in some cases that antitrust policy is an extended arm of regulation. This paper argues that most of this progressive antitrust policy was misconceived, including that reflected in the 2016 antitrust plank of the Democratic Party. The progressive state is best served by a ...


Análisis De La Propuesta De Regulación De La Hipoteca Inversa En Perú, Paul Cajacuri Jancachagua 2017 Universidad Nacional Mayor de San Marcos

Análisis De La Propuesta De Regulación De La Hipoteca Inversa En Perú, Paul Cajacuri Jancachagua

Paul Cajacuri Jancachagua

Actualmente se encuentra en evaluación la incorporación a nuestro sistema legal-financiero, una nueva modalidad de crédito con garantía hipotecaria denominada Hipoteca Inversa.
La presente es una presentación promovida por el Grupo de Estudios de Derecho Inmobiliario-GEDI de la UNMSM, donde el autor debatió tal propuesta de incorporación.


Crime, Punishment And The Value Of Corporate Social Responsibility, Inessa Liskovich 2017 University of Texas at Austin

Crime, Punishment And The Value Of Corporate Social Responsibility, Inessa Liskovich

Law, Economics, & Business Workshop

No abstract provided.


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