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Bounded Rationality And The Theory Of Property, Oren Bar-Gill, Nicola Persico 2019 Harvard Law School

Bounded Rationality And The Theory Of Property, Oren Bar-Gill, Nicola Persico

Notre Dame Law Review

Strong, property rule protection—implemented via injunctions, criminal sanctions, and supercompensatory damages—is a defining aspect of property. What is the theoretical justification for property rule protection? The conventional answer has to do with the alleged shortcomings of the weaker liability rule alternative: it is widely held that liability rule protection—implemented via compensatory damages—would interfere with efficient exchange and jeopardize the market system. We show that these concerns are overstated and that exchange efficiency generally obtains in a liability rule regime—but only when the parties are perfectly rational. When the standard rationality assumption is replaced with a ...


Lean Weeks And Fat Weeks: A Commissioned Employee's Regular Rate Of Overtime Pay, Colt Burnett 2019 Georgia State University College of Law

Lean Weeks And Fat Weeks: A Commissioned Employee's Regular Rate Of Overtime Pay, Colt Burnett

Georgia State University Law Review

This Note focuses on the uncertainty inherent in overtime calculations for certain categories of employees who earn commission in addition to hourly wages. Part I of this Note gives the relevant history behind overtime and “regular rate” calculation. Part II analyzes the different methods of determining an employee’s regular rate of pay in the Seventh and Eleventh United States Circuit Courts of Appeals. Part III proposes for a uniform approach to deferred commission allocation in overtime calculation, advocating the Eleventh Circuit’s method because it more closely follows the aims of the FLSA and because the Department of Labor ...


The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, Vladimir Mukharlyamov, Natasha Sarin 2019 Georgetown University

The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, Vladimir Mukharlyamov, Natasha Sarin

Faculty Scholarship at Penn Law

After the Great Recession, new regulatory interventions were introduced to protect consumers and reduce the costs of financial products. Some voiced concern that direct price regulation was unlikely to help consumers, because banks offset losses in one domain by increasing the prices that they charge consumers for other products. This paper studies this issue using the Durbin Amendment, which decreased the interchange fees that banks are allowed to charge merchants for processing debit transactions. Merchant interchange fees, previously averaging 2 percent of transaction value, were capped at $0.22, decreasing bank revenue by $6.5 billion annually. The objective of ...


Making Consumer Finance Work, Natasha Sarin 2019 University of Pennsylvania Law School

Making Consumer Finance Work, Natasha Sarin

Faculty Scholarship at Penn Law

The financial crisis exposed major faultlines in banking and financial markets more broadly. Policymakers responded with far-reaching regulation that created a new agency—the CFPB—and changed the structure and function of these markets.

Consumer advocates cheered reforms as welfare-enhancing, while the financial sector declared that consumers would be harmed by interventions. With a decade of data now available, this Article presents the first empirical examination of the successes and failures of the consumer finance reform agenda. Specifically, I marshal data from every zip code and bank in the United States to test the efficacy of three of the most ...


Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades 2019 William & Mary Law School

Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades

Boston College Law Review

For the first time since independence, in a nation founded in large part on the rejection of a fixed nobility determined by birth and perpetuated by inheritance, America is paving the way for the creation of dynastic family wealth. Abolition of the Rule Against Perpetuities in over half the states along with sharp reductions in, and likely elimination of, the federal estate tax mean that there soon will be no obstacles to creating large pools of dynastic wealth insuring lavish incomes to heirs for generations without end. The timing of these legal changes could hardly be worse. Marshaling innovative economic ...


Slogans Appropriate To The Legacy Of Martin Luther King Jr., Theodore Walker 2019 Southern Methodist University

Slogans Appropriate To The Legacy Of Martin Luther King Jr., Theodore Walker

Perkins Faculty Research and Special Events

For printing signs, banners, posters, tee shirts, and bumper stickers (and for preaching sermons) that are appropriate to the legacy of Rev. Dr. Martin Luther King Jr., please consider the following slogans: ABOLISH WAR, ABOLISH POVERTY, AMEND THE CONSTITUTION, SUPPORT AN ECONOMIC BILL OF RIGHTS, JOBS FOR ALL, GUARANTEED INCOME FOR ALL, SUPPORT UNIVERSAL BASIC INCOME, and GOOD NEWS TO THE POOR - Luke 4:14-19.


Puerto Rico Debt Restructuring: Origins Of A Constitutional And Humanitarian Crisis, Elizabeth Whiting 2019 University of Miami Law School

Puerto Rico Debt Restructuring: Origins Of A Constitutional And Humanitarian Crisis, Elizabeth Whiting

University of Miami Inter-American Law Review

No abstract provided.


Nonvoting Shares And Efficient Corporate Governance, Dorothy S. Lund 2019 USC, Gould School of Law

Nonvoting Shares And Efficient Corporate Governance, Dorothy S. Lund

Law, Economics, & Business Workshop

No abstract provided.


Global Standards For Securities Holding Infrastructures: A Soft Law/Fintech Model For Reform, Charles W. Mooney Jr. 2019 University of Pennsylvania Law School

Global Standards For Securities Holding Infrastructures: A Soft Law/Fintech Model For Reform, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

Intermediaries such as stockbrokers and banks are ubiquitous in global securities markets, playing essential roles in markets, including trading, settling trades, and post-settlement holding of securities. This essay focuses in particular on the roles of intermediaries in securities holding systems. It proposes an IOSCO-led “soft-law-to-hard-law” approach to the development of Global Standards for reforms to these holding systems. States would be expected to adopt “hard law” reforms through statutory and regulatory adjustments to securities holding systems. The reforms would embrace not only important standards of a functional and regulatory nature, but also holistic standards relating to the private law, insolvency ...


Law School News: Meet Maine's New Ag, Aaron Frey '08 01-11-2019, Michael M. Bowden 2019 Roger Williams University School of Law

Law School News: Meet Maine's New Ag, Aaron Frey '08 01-11-2019, Michael M. Bowden

Life of the Law School (1993- )

No abstract provided.


Posner And Class Actions, Daniel M. Klerman 2019 USC Law School

Posner And Class Actions, Daniel M. Klerman

University of Southern California Legal Studies Working Paper Series

The hallmark of Judge Posner’s class action decisions is rigorous review to ensure that aggregate litigation serves the best interests of class members and does not unduly pressure defendants to settle. Although he championed class actions, especially as a way to provide efficient justice in cases involving numerous small claims, Posner also recognized that, because of the agency problems that pervade class action litigation, ordinary adversary procedures were not sufficient to protect class members. As a result, the judge had to act as a fiduciary for the class, especially when approving settlements and fee awards. In addition, the colossal ...


The Effects Of Holistic Defense On Criminal Justice Outcomes, James Anderson, Maya Buenaventura, Paul Heaton 2019 RAND Corporation

The Effects Of Holistic Defense On Criminal Justice Outcomes, James Anderson, Maya Buenaventura, Paul Heaton

Faculty Scholarship at Penn Law

No abstract provided.


Curb Your Enthusiasm: The Rise Of Hedge Fund Activist Shareholders And The Duty Of Loyalty, Soo Young Hong 2019 J.D. Candidate, Fordham University School of Law, 2019

Curb Your Enthusiasm: The Rise Of Hedge Fund Activist Shareholders And The Duty Of Loyalty, Soo Young Hong

Fordham Journal of Corporate & Financial Law

Shareholder activism has been a growing problem in the corporate world, creating numerous dilemmas for the board of directors of companies. Activist shareholders can unsettle a company, pressuring the directors to make decisions according to the course of business the activists would prefer, and thus interfering with the traditional role of directors as the decision-makers of a company. With this new development in the business world, legal scholars have been debating if this activism needs to be controlled and, if so, what measures can be taken to reach a balance. This Note examines the traditional corporate principles such as the ...


Bitcoin, Virtual Currencies, And The Struggle Of Law And Regulation To Keep Pace, 2019 Marquette University Law School

Bitcoin, Virtual Currencies, And The Struggle Of Law And Regulation To Keep Pace

Marquette Law Review

At less than a decade old, Bitcoin and other virtual currencies have had a major societal impact, and proven to be a unique payment systems challenge for law enforcement, financial regulatory authorities worldwide, and the investment community. Rapid introduction and diffusion of technological changes throughout society, such as the blockchain that serves as Bitcoin’s crypto-foundation, continue to exceed the ability of law and regulation to keep pace. During 2017 alone, the market price of Bitcoin rose 1,735%, from about $970 to $14,292, causing an investor feeding frenzy. As of September 11, 2018, a total of 1,935 ...


Why China Had To “Ban” Cryptocurrency But The U.S. Did Not: A Comparative Analysis Of Regulations On Crypto-Markets Between The U.S. And China, Rain Xie 2019 Washington University School of Law

Why China Had To “Ban” Cryptocurrency But The U.S. Did Not: A Comparative Analysis Of Regulations On Crypto-Markets Between The U.S. And China, Rain Xie

Washington University Global Studies Law Review

The cryptocurrency market grew from a $1.5 billion market capitalization in early 2013 to over $795 billion in January 2018. Bitcoin, an exemplar cryptocurrency, gained value from $0.08 before 2010 to over $17,000 per bitcoin in December 2017. While cryptocurrencies have campaigned for revolutionizing financial transactions, the crypto-market is plagued by nefarious minds, fleecing investors in frauds and Ponzi schemes. This crypto-mania therefore presents numerous legal and regulatory challenges that demand prompt and efficient responses. Nevertheless, the decentralized, anonymous nature of cryptocurrencies magnifies these challenges and has constantly outpaced the law’s ability to respond. To understand ...


Unlocking Access To Health Care: A Federalist Approach To Reforming Occupational Licensing, Gabriel Scheffler 2019 University of Pennsylvania Law School

Unlocking Access To Health Care: A Federalist Approach To Reforming Occupational Licensing, Gabriel Scheffler

Faculty Scholarship at Penn Law

Several features of the existing occupational licensing system impede access to health care without providing appreciable protections for patients. Licensing restrictions prevent health care providers from offering services to the full extent of their competency, obstruct the adoption of telehealth, and deter foreign-trained providers from practicing in the United States. Scholars and policymakers have proposed a number of reforms to this system over the years, but these proposals have had a limited impact for political and institutional reasons.

Still, there are grounds for optimism. In recent years, the federal government has taken a range of initial steps to reform licensing ...


How Liability Insurers Protect Patients And Improve Safety, Tom Baker, Charles Silver 2019 University of Pennsylvania Law School

How Liability Insurers Protect Patients And Improve Safety, Tom Baker, Charles Silver

Faculty Scholarship at Penn Law

Forty years after the publication of the first systematic study of adverse medical events, there is greater access to information about adverse medical events and increasingly widespread acceptance of the view that patient safety requires more than vigilance by well-intentioned medical professionals. In this essay, we describe some of the ways that medical liability insurance organizations contributed to this transformation, and we catalog the roles that those organizations play in promoting patient safety today. Whether liability insurance in fact discourages providers from improving safety or encourages them to protect patients from avoidable harms is an empirical question that a survey ...


Corporate Law And The Myth Of Efficient Market Control, William W. Bratton, Simone Sepe 2019 University of Pennsylvania Law School

Corporate Law And The Myth Of Efficient Market Control, William W. Bratton, Simone Sepe

Faculty Scholarship at Penn Law

In recent times, there has been an unprecedented shift in power from managers to shareholders, a shift that realizes the long-held theoretical aspiration of market control of the corporation. This Article subjects the market control paradigm to comprehensive economic examination and finds it wanting.

The market control paradigm relies on a narrow economic model that focuses on one problem only, management agency costs. With the rise of shareholder power, we need a wider lens that also takes in market prices, investor incentives, and information asymmetries. General equilibrium theory (GE) provides that lens. Several lessons follow from reference to this higher-order ...


Toward The Personalization Of Copyright Law, Adi Libson, Gideon Parchomovsky 2019 Bar-Ilan University, Israel

Toward The Personalization Of Copyright Law, Adi Libson, Gideon Parchomovsky

Faculty Scholarship at Penn Law

In this Article, we provide a blueprint for personalizing copyright law in order to reduce the deadweight loss that stems from its universal application to all users, including those who would not have paid for it. We demonstrate how big data can help identify inframarginal users, who would not pay for copyrighted content, and we explain how copyright liability and remedies should be modified in such cases.


Private Law Statutory Interpretation, Shyamkrishna Balganesh 2019 University of Pennsylvania Law School

Private Law Statutory Interpretation, Shyamkrishna Balganesh

Faculty Scholarship at Penn Law

This Essay is an attempt to describe the basis and consequences of the disconnect between private law and legislation, both for private law theorizing and legal thinking more generally. It does so by focusing on “private law statutes,” legislation that creates or modifies rights and obligations between parties in their private capacities. Private law statutes do more than merely create private causes of action. While they create private causes, they do so on the basis of principles that are specific to the horizontal interaction between parties, rather than entirely for public-regarding policy reasons. While statutes in the areas traditionally identified ...


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