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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 ...


The Rise Of The Global South, The Imf And The Future Of Law And Development, Gabriel Garcia 2016 University of Wollongong

The Rise Of The Global South, The Imf And The Future Of Law And Development, Gabriel Garcia

Dr Gabriel Garcia

After the onset of the Asian Financial Crisis, the world has witnessed a re-accommodation of the global financial system. In the particular case of middle-income countries, they have disentangled themselves from the conditionality of the International Monetary Fund (IMF) and grown into more assertive actors in international forums, proposing new alternative mechanisms to become more financially independent and for the provision of development assistance. The article critically reviews the new reality by assessing the strategies deployed by developing countries to reduce the IMF’s influence and explores the potential consequences of the rise of middle-income nations for Law and Development.


Deal Structure And Minority Shareholders, Afra Afsharipour 2016 UC Davis School of Law

Deal Structure And Minority Shareholders, Afra Afsharipour

Law, Economics, & Business Workshop

No abstract provided.


Short-Sales Constraints & Aftermarket Ipo Pricing, Panos Patatoukas 2016 Haas School of Business

Short-Sales Constraints & Aftermarket Ipo Pricing, Panos Patatoukas

Law, Economics, & Business Workshop

No abstract provided.


Patent Tigers: The New Geography Of Global Innovation, Jonathan M. Barnett 2016 University of Southern California

Patent Tigers: The New Geography Of Global Innovation, Jonathan M. Barnett

University of Southern California Legal Studies Working Paper Series

It is widely argued that international extension of the patent system hinders innovation and growth in developing countries by restricting access to technological inputs. I re-examine the connection between patents, innovation and development by assessing the extent to which the U.S. patent regime supports R&D investment by firms in certain emerging market countries. Based on USPTO data covering all utility patents issued to U.S. and foreign inventors (a total of 6,122,217 patents issued to inventors resident in 188 countries and territories) during 1965-2015, and supplemented by additional data sources, I argue that the U.S ...


Japanese Family Firms, Zenichi Shishido 2016 Hitotsubashi University

Japanese Family Firms, Zenichi Shishido

Law, Economics, & Business Workshop

No abstract provided.


Capital Taxation In An Age Of Inequality, Edward D. Kleinbard 2016 University of Southern California

Capital Taxation In An Age Of Inequality, Edward D. Kleinbard

University of Southern California Legal Studies Working Paper Series

The standard view in the U.S. tax law academy remains that capital income taxation is both a poor idea in theory and completely infeasible in practice. But this ignores the first-order importance of political economy issues in the design of tax instruments. The pervasive presence of gifts and bequests renders moot the claim that the results obtained by Atkinson and Stiglitz (1976) counsel against taxing capital income in practice.

Taxing capital income is responsive to important political economy exigencies confronting the United States, including substantial tax revenue shortfalls relative to realistic government spending targets, increasing income and wealth inequality ...


Measuring Institutional Investors' Skill From Their Investments In Private Equity, Michael S. Weisbach 2016 The Ohio State University

Measuring Institutional Investors' Skill From Their Investments In Private Equity, Michael S. Weisbach

Law, Economics, & Business Workshop

No abstract provided.


The Reduced Form Of Litigation Models And The Plaintiff's Win Rate, Jonah B. Gelbach 2016 University of Pennsylvania Law School

The Reduced Form Of Litigation Models And The Plaintiff's Win Rate, Jonah B. Gelbach

Faculty Scholarship

In this paper I introduce what I call the reduced form approach to studying the plaintiff's win rate in litigation selection models. A reduced form comprises a joint distribution of plaintiff's and defendant's beliefs concerning the probability that the plaintiff would win in the event a dispute were litigated; a conditional win rate function that tells us the actual probability of a plaintiff win in the event of litigation, given the parties' subjective beliefs; and a litigation rule that provides the probability that a case will be litigated given the two parties' beliefs. I show how models ...


Efficient And Impartial Trust Investing, James Hines 2016 University of Michigan Law School

Efficient And Impartial Trust Investing, James Hines

Law, Economics, & Business Workshop

No abstract provided.


The Trojan Horse Of Corporate Integration, Edward D. Kleinbard 2016 University of Southern California

The Trojan Horse Of Corporate Integration, Edward D. Kleinbard

University of Southern California Legal Studies Working Paper Series

The U.S. Senate Finance Committee has invested significant resources, including hearings and staff reports, to make the case for an unusual form of corporate dividend integration – a corporate dividends-paid deduction, combined with a universal shareholder dividend withholding tax collected from the firm. This proposal would not reduce the cash tax outlays of U.S. corporations in respect of distributed or retained earnings. It would not reduce the aggregate tax burdens imposed on most shareholders, and in many plausible circumstances would raise those tax costs. It is a poorly targeted response to design weaknesses in the U.S. international corporate ...


The Perverse Behavioral Economics Of Disclosing Standard Terms, Tess Wilkinson-Ryan 2016 University of Pennsylvania Law School

The Perverse Behavioral Economics Of Disclosing Standard Terms, Tess Wilkinson-Ryan

Faculty Scholarship

In consumer contracting, the ritual of documentation and provision of terms is essentially vestigial, at least as a form of deal-making communication between the parties. This paper starts with a thought experiment: what would it look like to have contracts but no standard terms? Most scholarly and political approaches to the mismatch of contract law and consumer contracting have focused on the information problem in consumer contracting—the difficulty of the required cognitive processing—and thus the proposed solutions have focused on how to make terms more salient or easier to assimilate. I argue that the focus on salience is ...


Result Inequality In Family Law, Margaret F. Brinig 2016 Selected Works

Result Inequality In Family Law, Margaret F. Brinig

Margaret F Brinig

To the extent that family law is governed by statute, all families are treated as though they are the same. This is of course consistent with the equal protection guarantees of the U.S. Constitution as well as those of the states. However, in our pluralistic society, all families are not alike. At birth, some children are born to wealthy, married parents who will always put the children’s interests first and will never engage in domestic violence. Many laws benefit these children, while, according to some academics, they either further disadvantage other children or at best ignore their needs ...


The New Governance: 2015 Pomerantz Lecture, Jill E. Fisch 2016 University of Pennsylvania Law School

The New Governance: 2015 Pomerantz Lecture, Jill E. Fisch

Jill Fisch

Corporate governance mechanisms designed to ensure that managers act in shareholders’ interest have evolved dramatically over the past forty years. “Old governance” mechanisms such as independent directors and performance-based executive compensation have been supplemented by innovations that give shareholders greater input into both the selection of directors and ongoing operational decisions. Issuer boards have responded with tools to limit the exercise of shareholder power both procedurally and substantively. This article terms the adoption and use of these tools, which generally take the form of structural provisions in the corporate charter or bylaws, the “new governance.”

Delaware law has largely taken ...


The Influence Of Arbitrator Background And Representation On Arbitration Outcomes, Stephen Choi, Jill E. Fisch, Adam C. Pritchard 2016 NYU Law School

The Influence Of Arbitrator Background And Representation On Arbitration Outcomes, Stephen Choi, Jill E. Fisch, Adam C. Pritchard

Jill Fisch

No abstract provided.


Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth 2016 University of Pennsylvania Law School

Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth

Jill Fisch

The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the decision-making responsibility of individual investors for their own retirement planning. With this shift comes increasing evidence that investors are making poor decisions in choosing how much to save for retirement and in selecting among their investment options. Studies question the value of efforts to improve these decisions through regulatory reforms or investor education.

This article posits that deficiencies in workplace retirement savings cannot be adequately addressed until the reasons for poor investment decisions are better understood. We report the results of a study designed to ...


Does Majority Voting Improve Board Accountability?, Stephen Choi, Jill E. Fisch, Marcel Kahan, Edward B. Rock 2016 NYU Law School

Does Majority Voting Improve Board Accountability?, Stephen Choi, Jill E. Fisch, Marcel Kahan, Edward B. Rock

Jill Fisch

Directors have traditionally been elected by a plurality of the votes cast. This means that in uncontested elections, a candidate who receives even a single vote is elected. Proponents of “shareholder democracy” have advocated a shift to a majority voting rule in which a candidate must receive a majority of the votes cast to be elected. Over the past decade, they have been successful, and the shift to majority voting has been one of the most popular and successful governance reforms.

Yet critics are sceptical as to whether majority voting improves board accountability. Tellingly, directors of companies with majority voting ...


After Halliburton: Event Studies And Their Role In Federal Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick 2016 University of Pennsylvania Law School

After Halliburton: Event Studies And Their Role In Federal Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick

Jill Fisch

Event studies have become increasingly important in securities fraud litigation after the Supreme Court’s decision in Halliburton II. Litigants have used event study methodology, which empirically analyzes the relationship between the disclosure of corporate information and the issuer’s stock price, to provide evidence in the evaluation of key elements of federal securities fraud, including materiality, reliance, causation, and damages. As the use of event studies grows and they increasingly serve a gatekeeping function in determining whether litigation will proceed beyond a preliminary stage, it will be critical for courts to use them correctly.

This Article explores an array ...


Vultures Or Vanguards?: The Role Of Litigation In Sovereign Debt Restructuring, Jill E. Fisch, Caroline M. Gentile 2016 University of Pennsylvania Law School

Vultures Or Vanguards?: The Role Of Litigation In Sovereign Debt Restructuring, Jill E. Fisch, Caroline M. Gentile

Jill Fisch

No abstract provided.


Voting Through Agents: How Mutual Funds Vote On Director Elections, Stephen J. Choi, Jill E. Fisch, Marcel Kahan 2016 New York University School of Law

Voting Through Agents: How Mutual Funds Vote On Director Elections, Stephen J. Choi, Jill E. Fisch, Marcel Kahan

Jill Fisch

Shareholder voting has become an increasingly important focus of corporate governance, and mutual funds control a substantial percentage of shareholder voting power. The manner in which mutual funds exercise that power, however, is poorly understood. In particular, because neither mutual funds nor their advisors are beneficial owners of their portfolio holdings, there is concern that mutual fund voting may be uninformed or tainted by conflicts of interest. These concerns, if true, hamper the potential effectiveness of regulatory reforms such as proxy access and say on pay. This article analyzes mutual fund voting decisions in uncontested director elections. We find that ...


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