Open Access. Powered by Scholars. Published by Universities.®

Law and Economics Commons

Open Access. Powered by Scholars. Published by Universities.®

6221 Full-Text Articles 3308 Authors 2177719 Downloads 120 Institutions

All Articles in Law and Economics

Faceted Search

6221 full-text articles. Page 1 of 161.

Contingent Judicial Deference: Theory And Application To Usury Laws, Bruno M. Salama 2017 FGV DIREITO SP

Contingent Judicial Deference: Theory And Application To Usury Laws, Bruno M. Salama

Law, Economics, & Business Workshop

No abstract provided.


Patient Patents, Doug Lichtman 2017 University of California, Los Angeles

Patient Patents, Doug Lichtman

Law, Economics, & Business Workshop

No abstract provided.


The Costs Of Free: Commodification, Bundling And Concentration, Jonathan M. Barnett 2017 University of Southern California

The Costs Of Free: Commodification, Bundling And Concentration, Jonathan M. Barnett

University of Southern California Legal Studies Working Paper Series

Digital markets offer abundant free content but exhibit extreme concentration among content aggregation intermediaries. These characteristics are linked. In commoditized weak-IP markets, firms earn revenues by bundling free content for users with positively priced advertising services for firms. Intermediaries promote content commoditization, and the resulting reallocation of market rents from content producers to content aggregators, through free content distribution and political-influence activities that weaken copyright protections. The expected welfare effects raise concern. Scale economies, network effects, “infinite inventory”, ecosystem effects, and learning effects promote winner-take-all outcomes in the intermediary market while weak IP rights skew investment toward low-cost, short-lived projects ...


Puerto Rico And The Netherworld Of Sovereign Debt Restructuring, Robert K. Rasmussen, Mitu Gulati 2017 University of Southern California

Puerto Rico And The Netherworld Of Sovereign Debt Restructuring, Robert K. Rasmussen, Mitu Gulati

University of Southern California Legal Studies Working Paper Series

Puerto Rico has incurred debt well beyond its ability to repay. It attempted to address its fiscal woes through legislation allowing the restructuring of some its debt. The Supreme Court put a stop to this effort, holding that Congress in the Bankruptcy Code barred the Commonwealth from enacting its own restructuring regime. Yet all agreed that the Bankruptcy Code did not provide anything in its place. While Congress quickly enacted PROMESA in an attempt to address the Puerto Rico’s fiscal ills, we explore in this paper whether Congress has the power to bar Puerto Rico from enacting a restructuring ...


Quadratic Voting And The Public Good, Glen Weyl 2017 Microsoft Research

Quadratic Voting And The Public Good, Glen Weyl

Law, Economics, & Business Workshop

No abstract provided.


Regulating Robo Advice Across The Financial Services Industry, Tom Baker, Benedict G. C. Dellaert 2017 University of Pennsylvania Law School

Regulating Robo Advice Across The Financial Services Industry, Tom Baker, Benedict G. C. Dellaert

Faculty Scholarship

Automated financial product advisors – “robo advisors” – are emerging across the financial services industry, helping consumers choose investments, banking products, and insurance policies. Robo advisors have the potential to lower the cost and increase the quality and transparency of financial advice for consumers. But they also pose significant new challenges for regulators who are accustomed to assessing human intermediaries. A well-designed robo advisor will be honest and competent, and it will recommend only suitable products. Because humans design and implement robo advisors, however, honesty, competence, and suitability cannot simply be assumed. Moreover, robo advisors pose new scale risks that are different ...


The Shifting Tides Of Merger Litigation, Matthew D. Cain, Jill E. Fisch, Steven Davidoff Solomon, Randall S. Thomas 2017 U.S. Securities and Exchange Commission

The Shifting Tides Of Merger Litigation, Matthew D. Cain, Jill E. Fisch, Steven Davidoff Solomon, Randall S. Thomas

Faculty Scholarship

In 2015, Delaware made several important changes to its laws concerning merger litigation. These changes, which were made in response to a perception that levels of merger litigation were too high and that a substantial proportion of merger cases were not providing value, raised the bar, making it more difficult for plaintiffs to win a lawsuit challenging a merger and more difficult for plaintiffs’ counsel to collect a fee award.

We study what has happened in the courts in response to these changes. We find that the initial effect of the changes has been to decrease the volume of merger ...


Boddie And Beyond: Rights Of The Indigent Civil Litigant, Armand J. Prisco 2017 St. John's University School of Law

Boddie And Beyond: Rights Of The Indigent Civil Litigant, Armand J. Prisco

The Catholic Lawyer

No abstract provided.


Governance By Contract: The Implications For Corporate Bylaws, Jill E. Fisch 2017 University of Pennsylvania Law School

Governance By Contract: The Implications For Corporate Bylaws, Jill E. Fisch

Faculty Scholarship

Boards and shareholders are increasing using charter and bylaw provisions to customize their corporate governance. Recent examples include forum selection bylaws, majority voting bylaws and advance notice bylaws. Relying on the contractual conception of the corporation, Delaware courts have accorded substantial deference to board-adopted bylaw provisions, even those that limit shareholder rights.

This Article challenges the rationale for deference under the contractual approach. With respect to corporate bylaws, the Article demonstrates that shareholder power to adopt and amend the bylaws is, under Delaware law, more limited than the board’s power to do so. As a result, shareholders cannot effectively ...


The Separation Of Corporate Law And Social Welfare, William W. Bratton 2017 University of Pennsylvania Law School

The Separation Of Corporate Law And Social Welfare, William W. Bratton

Faculty Scholarship

A half century ago, corporate legal theory pursued an institutional vision in which corporations and the law that creates them protect people from the ravages of volatile free markets. That vision was challenged on the ground during the 1980s, when corporate legal institutions and market forces came to blows over questions concerning hostile takeovers. By 1990, it seemed like the institutions had won. But a different picture has emerged as the years have gone by. It is now clear that the market side really won the battle of the 1980s, succeeding in entering a wedge between corporate law and social ...


Rethinking Criminal Contempt In The Bankruptcy Courts, John A. E. Pottow, Jason S. Levin 2017 University of Michigan Law School

Rethinking Criminal Contempt In The Bankruptcy Courts, John A. E. Pottow, Jason S. Levin

Law & Economics Working Papers

A surprising number of courts believe that bankruptcy judges lack authority to impose criminal contempt sanctions. We attempt to rectify this misunderstanding with a march through the historical treatment of contempt-like powers in bankruptcy, the painful statutory history of the 1978 Bankruptcy Code (including the exciting history of likely repealed 28 U.S.C. § 1481), and the various apposite rules of procedure. (Fans of the All Writs Act will delight in its inclusion.) But the principal service we offer to the bankruptcy community is dismantling the ubiquitous and persistent belief that there is some form of constitutional infirmity with "mere ...


Are They Pirates Or Pioneers?, Ashley Song 2017 University of Pennsylvania (2012)

Are They Pirates Or Pioneers?, Ashley Song

Hyein Ashley Song Ms.

Korea has the perceptive corruption level lower than the Western countries and shares the common appetite for the cultural products with the Japanese, often regarding Japanese more noble or superior and Westerns even more. Based on this sentiment, the ‘license musicals’ which have been bilaterally purchased from the West are popularly consumed in Korea. The paper calls this is not the cultural business, but the “self-confined cripples’ money party based on the informational deceptions.” The Korean licensee who has fueled the staggering production in the US transforms to the businessmen, caster, and producer in Korea . The licensed dramatico-musical transforms to ...


Regulating By Robot: Administrative Decision Making In The Machine-Learning Era, Cary Coglianese, David Lehr 2017 University of Pennsylvania Law School

Regulating By Robot: Administrative Decision Making In The Machine-Learning Era, Cary Coglianese, David Lehr

Faculty Scholarship

Machine-learning algorithms are transforming large segments of the economy, underlying everything from product marketing by online retailers to personalized search engines, and from advanced medical imaging to the software in self-driving cars. As machine learning’s use has expanded across all facets of society, anxiety has emerged about the intrusion of algorithmic machines into facets of life previously dependent on human judgment. Alarm bells sounding over the diffusion of artificial intelligence throughout the private sector only portend greater anxiety about digital robots replacing humans in the governmental sphere. A few administrative agencies have already begun to adopt this technology, while ...


A Proposal To Limit The Anti-Competitive Power Of Institutional Investors, Eric A. Posner 2017 University of Chicago

A Proposal To Limit The Anti-Competitive Power Of Institutional Investors, Eric A. Posner

Law, Economics, & Business Workshop

No abstract provided.


The Behavioral Paradox Of Boilerplate, Tess Wilkinson-Ryan 2017 University of Pennsylvania Law School

The Behavioral Paradox Of Boilerplate, Tess Wilkinson-Ryan

Faculty Scholarship

Although assent is the doctrinal and theoretical hallmark of contract, its relevance for form contracts has been drastically undermined by the overwhelming evidence that no one reads standard terms. Until now, most political and academic discussions of this phenomenon have acknowledged the truth of universally unread contracts, but have assumed that even unread terms are at best potentially helpful, and at worst harmless. This Article makes the empirical case that unread terms are not a neutral part of American commerce; instead, the mere fact of fine print inhibits reasonable challenges to unfair deals. The experimental study reported here tests the ...


For-Profit Public Enforcement, Margaret H. Lemos, Max Minzner 2017 Duke Law School

For-Profit Public Enforcement, Margaret H. Lemos, Max Minzner

Max Minzner

This Article investigates an important yet undertheorized phenomenon: financial incentives in public enforcement. Each year, public enforcers assess billions of dollars in penalties and other financial sanctions for violations of state and federal law. Why? If the awards in question were the result of private lawsuits, the answer would be obvious. We expect that private enforcers—the victims of law violations and their fee-seeking attorneys—will attempt to maximize financial recoveries. Record recoveries come as no surprise in private class actions, for example. But dollar signs are harder to explain in the context of public enforcement. Unlike private attorneys, public ...


The New Bond Workouts, William W. Bratton, Adam J. Levitin 2017 University of Pennsylvania Law School

The New Bond Workouts, William W. Bratton, Adam J. Levitin

Faculty Scholarship

Bond workouts are a famously dysfunctional method of debt restructuring, ridden with opportunistic and coercive behavior by bondholders and bond issuers. Yet since 2008 bond workouts have quietly started to work. A cognizable portion of the restructuring market has shifted from bankruptcy court to out-of-court workouts by way of exchange offers made only to large institutional investors. The new workouts feature a battery of strong-arm tactics by bond issuers, and aggrieved bondholders have complained in court. The result has been a new, broad reading of the primary law governing workouts, section 316(b) of the Trust Indenture Act of 1939 ...


Incomplete Takings, Abraham Bell, Gideon Parchomovsky 2017 University of San Diego

Incomplete Takings, Abraham Bell, Gideon Parchomovsky

Faculty Scholarship

Incomplete takings are vital and extremely common. Yet, they present unique challenges that cannot be resolved by standard rules of eminent domain. In particular, incomplete, or partial, takings may result in the creation of suboptimal parcels, and even unusable and unmarketable ones. Additionally, partial takings create nettlesome assessment problems that do not arise when parcels are taken as a whole. Finally, incomplete takings engender opportunities for inefficient strategic behavior on the part of the government after the partial taking has been carried out. Current partial takings jurisprudence fails to resolve these problems, and, in some instances even exacerbates them.

In ...


Mutually Assured Protection Among Large U.S. Law Firms, Tom Baker, Rick Swedloff 2017 University of Pennsylvania Law School

Mutually Assured Protection Among Large U.S. Law Firms, Tom Baker, Rick Swedloff

Faculty Scholarship

Top law firms are notoriously competitive, fighting for prime clients and matters. But some of the most elite firms are also deeply cooperative, willingly sharing key details about their finances and strategy with their rivals. More surprisingly, they pay handsomely to do so. Nearly half of the AmLaw 100 and 200 belong to mutual insurance organizations that require member firms to provide capital; partner time; and important information about their governance, balance sheets, risk management, strategic plans, and malpractice liability. To answer why these firms do so when there are commercial insurers willing to provide coverage with fewer burdens, we ...


Changing People's Preferences By The State And The Law, Robert Cooter, Ariel Porat 2017 Berkeley Law

Changing People's Preferences By The State And The Law, Robert Cooter, Ariel Porat

Law, Economics, & Business Workshop

No abstract provided.


Digital Commons powered by bepress