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

Law and Economics Commons

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

6191 Full-Text Articles 3414 Authors 2566915 Downloads 135 Institutions

All Articles in Law and Economics

Faceted Search

6191 full-text articles. Page 7 of 162.

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 ...


Risk And Resilience In Health Data Infrastructure, Nicholson Price 2017 University of Michigan Law School

Risk And Resilience In Health Data Infrastructure, Nicholson Price

Law & Economics Working Papers

Today’s health system runs on data. However, for a system that generates and requires so much data, the health care system is surprisingly bad at maintaining, connecting, and using those data. In the easy cases of coordinated care and stationary patients, the system works — sometimes. But when care is fragmented, fragmented data often result.

Fragmented data create risks both to individual patients and to the system. For patients, fragmentation creates risks in care based on incomplete or incorrect information, and may also lead to privacy risks from a patched-together system. For the system, data fragmentation hinders efforts to improve ...


Anti-Activist Poison Pills, Edward Rock, Marcel Kahan 2017 NYU School of Law

Anti-Activist Poison Pills, Edward Rock, Marcel Kahan

New York University Law and Economics Working Papers

Hedge funds have become active in corporate governance. They push for changes in strategy and the adoption of specific business plans. Their tactics include buying shares, conducting public campaigns, lobbying managers and other shareholders, seeking representation on the board of directors, and sometimes running a proxy contest. In response, boards have adopted a variety of “defensive measures” including deploying “poison pill” shareholder rights plans against activists.

This article provides a comprehensive policy and doctrinal analysis of the use of poison pills again activists in corporate governance contests (as distinguished from corporate control contests). We argue that, because of the significance ...


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 ...


Transition Support Mechanisms For Communities Facing Full Or Partial Coal Power Plant Retirement In New York, Lisa Anne Hamilton, Radina Valova, Karl R. Rábago 2017 Pace Energy & Climate Center

Transition Support Mechanisms For Communities Facing Full Or Partial Coal Power Plant Retirement In New York, Lisa Anne Hamilton, Radina Valova, Karl R. Rábago

Environmental Law Program Publications @ Haub Law

New York State is undergoing a rapid and unprecedented energy transformation, particularly in the electricity sector. As new resources and technologies emerge to meet the demands of 21st century life, regulators must balance the need for cost effective and equitable participation in wholesale power markets while maintaining reliability on the grid. Furthermore, it is critical that all New Yorkers participate fully in the promise of a revitalized and equitable energy future. Such a transformation requires that the needs of all communities are factored into the polices and regulations that move New York toward the bold goals set forth under its ...


Law-And-Economics Approaches To Labour And Employment Law, Stewart J. Schwab 2017 Cornell Law School

Law-And-Economics Approaches To Labour And Employment Law, Stewart J. Schwab

Cornell Law Faculty Publications

This article describes the distinctive approaches that law and economics takes to labour and employment law. The article distinguishes between ‘economic analysis of law’ and ‘law and economics’, with the former applying economic models to generally simple legal rules while the latter blends messier institutional detail with legal and economic thought. The article describes three eras of law-and-economics scholarship, recognizing that economics teaches that markets work and markets fail. Era One emphasizes that labour laws and mandatory employment rules might reduce overall social welfare by preventing a benefit or term from going to the party that values it most highly ...


Weak Law V Strong Ties: An Empirical Study Of Business Investment, Law And Political Connections In China, Wei ZHANG, Ji LI 2017 Singapore Management University

Weak Law V Strong Ties: An Empirical Study Of Business Investment, Law And Political Connections In China, Wei Zhang, Ji Li

Research Collection School Of Law

Based on a large-scale survey of Chinese entrepreneurs, our study explores how institutions (formal and informal) influence investment decisions made by private companies. The study finds that, consistent with the conventional view, a more effective legal system is correlated with short-term general investment, and that the judiciary is important mainly because of its restraint over the state. The role of effective courts, however, diminishes when private entrepreneurs consider making long-term investment. We find a positive association between the entrepreneurs’ political backgrounds and their R&D investment, suggesting that Chinese courts, in spite of decades of reform, are not yet viewed ...


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 ...


The Limits Of Performance-Based Regulation, Cary Coglianese 2017 University of Pennsylvania Law School

The Limits Of Performance-Based Regulation, Cary Coglianese

University of Michigan Journal of Law Reform

Performance-based regulation is widely heralded as a superior approach to regulation. Rather than specifying the actions regulated entities must take, performance-based regulation instead requires the attainment of outcomes and gives flexibility in how to meet them. Despite nearly universal acclaim for performance-based regulation, the reasons supporting its use remain largely theoretical and conjectural. Owing in part to a lack of a clear conceptual taxonomy, researchers have yet to produce much empirical research documenting the strengths and weaknesses of performance-based regulation. In this Article, I provide a much-needed conceptual framework for understanding and assessing performance-based regulation. After defining performance-based regulation and ...


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

Are They Pirates Or Pioneers?, Ashley H. Song Ms.

Ashley Malei Hyein Song

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 ...


Undressing Naked Economic Protectionism, Rational Basis Review, And Fourteenth Amendment Equal Protection, Robert M. Ahlander 2017 Brigham Young University Law School

Undressing Naked Economic Protectionism, Rational Basis Review, And Fourteenth Amendment Equal Protection, Robert M. Ahlander

BYU Law Review

No abstract provided.


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 ...


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.


Entrenchment: The Problem Of Constitutionalism, Michael Gilbert 2017 University of Virginia, School of Law

Entrenchment: The Problem Of Constitutionalism, Michael Gilbert

Law, Economics, & Business Workshop

No abstract provided.


The Logic And Limits Of Event Studies In Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick 2017 University of Pennsylvania Law School

The Logic And Limits Of Event Studies In Securities Fraud Litigation, Jill E. Fisch, Jonah B. Gelbach, Jonathan Klick

Faculty Scholarship

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 ...


Murray Energy Corporation V. Mccarthy, Sarah M. Danno 2017 University of Montana School of Law

Murray Energy Corporation V. Mccarthy, Sarah M. Danno

Public Land and Resources Law Review

Holding that the widespread effects of environmental regulation on the coal industry constituted sufficient importance, the Northern District of West Virginia ordered the Environmental Protection Agency to conduct analysis on employment loss and plant reduction resulting from regulatory effects. In admonishing the EPA’s inaction, the court ruled that the Agency had a non-discretionary duty to evaluate employment and plant reduction. Furthermore, the court held that the EPA’s attempt to put forth general reports in place of required evaluations was an invalid attempt to circumvent its statutory duty.


Digital Commons powered by bepress