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6,639 full-text articles. Page 1 of 176.

Stereotypes In High Stake Decisions: Evidence From U.S. Circuit Courts, Elliott Ash 2019 ETH Zurich

Stereotypes In High Stake Decisions: Evidence From U.S. Circuit Courts, Elliott Ash

Law, Economics, & Business Workshop

No abstract provided.


Summary: Blockchain, The Rise Of Trustless Trust?, Kevin Werbach 2019 University of Pennsylvania

Summary: Blockchain, The Rise Of Trustless Trust?, Kevin Werbach

Wharton PPI B-School for Public Policy Seminar Summaries

Blockchain is a term that is used for a family of distributed ledger technologies (DLT). Although there is one virtual ledger, every participant in the network has a copy, allowing for local control of data and transparency while ensuring all ledgers remain in sync. This summary of Professor Kevin Werbach's B-School for Public Policy Seminar, discusses how blockchain platforms and more traditional legal mechanisms can be made to work together.


Windfalls, Eric Kades 2019 William & Mary Law School

Windfalls, Eric Kades

Eric Kades

No abstract provided.


Foreword: Property Rights And Economic Development, Eric Kades 2019 William & Mary Law School

Foreword: Property Rights And Economic Development, Eric Kades

Eric Kades

No abstract provided.


Investor Ideology, Enrichetta Ravina 2019 Kellogg (Northwestern)

Investor Ideology, Enrichetta Ravina

Law, Economics, & Business Workshop

No abstract provided.


Nonprofit Executive Compensation, Terri Lynn Helge, David M. Rosenberg 2019 Texas A&M University School of Law

Nonprofit Executive Compensation, Terri Lynn Helge, David M. Rosenberg

Terri L. Helge

Excessive compensation paid to nonprofit executives and board members is one of the key issues concerning charitable organizations that garner the attention of the general public and Congress. Charitable organizations may pay reasonable compensation to their directors, executive officers and employees for their services without violating applicable federal tax law or state law. The determination of reasonable compensation depends on several factors – the budget of the organization being the most significant factor. Other factors include the number of employees of the organization, the particular sector of the charitable community served by the organization, the geographic location of the organization, the ...


The Effectiveness Of Measures To Increase Appellate Court Efficiency And Decision Output, Thomas B. Marvell, Carlisle E. Moody 2019 Court Studies, Inc.

The Effectiveness Of Measures To Increase Appellate Court Efficiency And Decision Output, Thomas B. Marvell, Carlisle E. Moody

Carlisle Moody

This Article will examine the effectiveness of measures commonly employed to increase appellate court productivity. Part I of the Article sets forth some common design problems and explains how the research technique employed in the present study avoids these problems by using a multiple time-series research design. Part II applies this design to state court data. Part II also describes the dependent variable, the number of appeals decided per judge, used in the regression analysis. Part III discusses the results of that analysis-the impact of each change listed above on judicial productivity. The Article, although not advocating the adoption of ...


The Jekyll And Hyde Story Of International Trade: The Supreme Court In Phrma V. Walsh And The Trips Agreement, Srividhya Ragavan 2019 Selected Works

The Jekyll And Hyde Story Of International Trade: The Supreme Court In Phrma V. Walsh And The Trips Agreement, Srividhya Ragavan

Srividhya Ragavan

No abstract provided.


Losing Control: The 20-Year Decline In Loan Covenant Restrictions, David Smith 2019 McIntire School of Commerce, University of Virginia

Losing Control: The 20-Year Decline In Loan Covenant Restrictions, David Smith

Law, Economics, & Business Workshop

Over the last twenty years, financial covenants in syndicated loan agreements have steadily become looser. The result is that the fraction of U.S. public companies reporting a violation of a loan covenant during a given year decreased from over 12% in 1997 to less than 5% in 2016. Although the decline accelerates in recent years, the trend is present prior to the recent financial crisis. The trend cannot be explained by changes in the composition of public firms, a decrease in the usage of debt, or a long series of positive ex-post outcomes for firms. Nor does the rise ...


Deceptively Simple: The Arkansas Deceptive Trade Practices Act, Margaret E. Rushing 2019 University of Arkansas, Fayetteville

Deceptively Simple: The Arkansas Deceptive Trade Practices Act, Margaret E. Rushing

Arkansas Law Review

In the 2017 legislative session, the Arkansas General Assembly significantly changed the Arkansas Deceptive Trade Practices Act (“ADTPA”). These changes now prohibit private class actions under the ADTPA and require plaintiffs to prove additional elements of reliance and actual financial loss when bringing a claim. The changes appear to limit the ability of a consumer to bring a private action under the ADPTA. With these changes, Arkansas joins a minority of jurisdictions with deceptive trade practices acts that increase a plaintiff’s burden and restrict private class actions.


Revamping The Right To Be Informed: Protecting Consumers Under New Jersey's Truth-In-Consumer Contract, Warranty, And Notice Act*, Jessica Guarino 2019 University of Arkansas, Fayetteville

Revamping The Right To Be Informed: Protecting Consumers Under New Jersey's Truth-In-Consumer Contract, Warranty, And Notice Act*, Jessica Guarino

Arkansas Law Review

Prior to the 1960s, “courts were notorious for their insensitivity to consumer interests, while legislatures did little in the way of offering the consumer comprehensive protection against business fraud.”1 However, the tide of legislation began to turn in the 1960s as a movement for greater consumer protections finally reached the ears of an individual with a powerful voice: President John F. Kennedy.


The Effects Of Shareholder Primacy, Publicness, And “Privateness” On Corporate Cultures, Donald C. Langevoort 2019 Georgetown University Law Center

The Effects Of Shareholder Primacy, Publicness, And “Privateness” On Corporate Cultures, Donald C. Langevoort

Georgetown Law Faculty Publications and Other Works

There is widespread belief in both scholarship and business practice that internal corporate cultures materially affect economic outcomes for firms. In turn, there is also a growing belief that corporate governance arrangements materially affect corporate cultures. If this is true, it suggests an intriguing three-link causal chain: governance choices influence corporate performance, at least in part via their effects on internal culture. This essay, written for the “Berle XI” symposium, explores that possibility. This subject is important to lawyers and legal scholars because of the symbiotic nature of law and governance, with an increasing risk of enhanced corporate criminal and ...


What (If Anything) Can Economics Say About Equity?, Daniel A. Farber 2019 University of Minnesota

What (If Anything) Can Economics Say About Equity?, Daniel A. Farber

Daniel A Farber

Does economics have anything to teach us about the meaning of fairness? The leading practitioners of law and economics disagree. Judge Richard Posner argues that economics is largely irrelevant to distributive issues. Posner maintains that the most useful economic measure of social welfare is cost-benefit analysis (which he calls wealth maximization). But, he observes, this economic measure "ratifies and perfects an essentially arbitrary distribution of wealth." Given an ethically acceptable initial assignment of wealth, rules based on economic efficiency may have some claim to be considered fair. On the critical issue of distributional equity, however, Posner apparently believes that economics ...


Public Choice Revisited, Daniel A. Farber, Philip P. Frickey 2019 University of Minnesota

Public Choice Revisited, Daniel A. Farber, Philip P. Frickey

Daniel A Farber

Although not the first book on public choice_ for a legal audience, Max Stearns's Public Choice and Public Law is the first full-scale textbook for law school use. An ambitious undertaking by a rising young scholar, the book provides law students with a comprehensive introduction to public choice. Public choice - essentially, the application of economic reasoning to political institutions - has become a significant aspect of public law scholarship. Indeed, in his Foreword, Saul Levmore hails public choice as "[t]he most exciting intellectual development in law schools in the last decade" (p. xi). Be that as it may, the ...


Regulatory Review In Anti-Regulatory Times, Daniel A. Farber 2019 UC Berkeley School of Law

Regulatory Review In Anti-Regulatory Times, Daniel A. Farber

Daniel A Farber

This article investigates the role of cost-benefit analysis during an antiregulatory period. The period since 2016 has seen several new developments, including the first vigorous use by Congress of its power to overturn recently issued regulations and the creation of novel deregulatory mechanisms layered on top of cost-benefit analysis. This period also contains important examples of sharply reversed CBAs, in which regulations that were said to have large net benefits under Obama are instead said to have net costs under Trump. The Trump Administration’s regulatory review initiatives focus heavily on costs, with limited attention to benefits. Case studies of ...


Network Effects In Corporate Governance, Sarath Sanga 2019 Northwestern University

Network Effects In Corporate Governance, Sarath Sanga

Law, Economics, & Business Workshop

Most public companies incorporate in Delaware. Is this because they prefer its legal system or are they simply following a trend? Using the incorporation histories of over 22,000 public companies from 1930 to 2010, I show that firms are more influenced by changes in each other’s decisions than by changes in the law. The analysis exploits an unexpected legal shock that increased Delaware’s long-run share from 30 to 74 percent. I attribute most of this change to a cascading effect in which the decisions of past firms successively influence future cohorts. These decisions are also highly path ...


A Tale Of Two Markets: Regulation And Innovation In Post-Crisis Mortgage And Structured Finance Markets, William W. Bratton, Adam J. Levitin 2019 University of Pennsylvania Law School

A Tale Of Two Markets: Regulation And Innovation In Post-Crisis Mortgage And Structured Finance Markets, William W. Bratton, Adam J. Levitin

Faculty Scholarship at Penn Law

This Article takes the occasion of the tenth anniversary of the financial crisis to review recent developments in the structured products market, connecting the emergent pattern to post-crisis regulation.

The Article tells a tale of two markets. The financial crisis stemmed from excessive risk-taking and shabby practice in the subprime home mortgage market, a market that owed its existence to the private-label, originate to securitize model. But the pre-crisis boom in private label subprime mortgage-backed securities could never have happened absent back up financing from an array of structured products and vehicles created in the capital markets—the CDOs that ...


Law Matters -- Less Than We Thought, Daniel M. Klerman, Holger Spamann 2019 USC Law School

Law Matters -- Less Than We Thought, Daniel M. Klerman, Holger Spamann

University of Southern California Legal Studies Working Paper Series

In a pre-registered 2×2×2 factorial between-subject randomized lab experiment with 61 federal judges, we test if the law influences judicial decisions, if it does so more under a rule than under a standard, and how its influence compares to that of legally irrelevant sympathies. The judges were given realistic materials and a relatively long period of time (50 minutes) to decide a run-of-the-mill auto accident case. We find weak evidence for the law effect, stronger evidence that rules constrain more than standards, and no evidence of a sympathy effect. Unexpectedly, we find that judges were more likely to ...


Beyond Intermediation: A New (Fintech) Model For Securities Holding Infrastructures, Charles W. Mooney Jr. 2019 University of Pennsylvania Law School

Beyond Intermediation: A New (Fintech) Model For Securities Holding Infrastructures, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories—intermediated securities. For many investors this is the only practical means of holding and dealing with securities. These intermediated holding systems (IHSs) impose a variety of risks and costs. Investors are exposed to intermediary risk (default or insolvency of an intermediary holding securities) as well as impediments to the exercise of rights such as voting and asserting claims against securities issuers. The nontransparency of IHSs imposes other social costs, such as obstacles to anti-money laundering enforcement. The emergence of FinTech ...


Toward A Mission Statement For Mutual Funds In Shareholder Litigation, Sean J. Griffith, Dorothy S. Lund 2019 Fordham University School of Law

Toward A Mission Statement For Mutual Funds In Shareholder Litigation, Sean J. Griffith, Dorothy S. Lund

University of Southern California Legal Studies Working Paper Series

This paper analyzes the conduct of mutual funds in shareholder litigation. We begin by reviewing the basic forms of shareholder litigation and the benefits such claims might offer mutual fund investors. We then investigate, though an in-depth docket review, whether and how the ten largest mutual funds participate in shareholder litigation. We find that although shareholder suits offer potential benefits, the largest mutual funds have essentially forfeited their use of litigation. This finding is particularly striking given that index funds and other long-term oriented mutual funds generally cannot sell their shares when they are dissatisfied with company performance, leaving them ...


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