Digital Commons Network^™

How To Strengthen The International Competitiveness Of Capital Markets, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

Global capital markets are undergoing profound transformation. Over the past decade, there has been a marked decline in Initial Public Offerings (IPOs) in most advanced economies, including those with highly developed capital markets such as the United Kingdom and the United States. Interestingly, during the same period, countries like Indonesia, Malaysia, Thailand, and particularly China have witnessed a significant increase in the number of listed companies, contributing to making Asia home to approximately 55 percent of all listed companies worldwide (OECD, 2025). Much of the decline in IPO activity in many advanced economies can be attributed to the expansion of …

Strengthening The International Competitiveness Of Capital Markets: Global Insights And Local Strategies, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

Global capital markets are undergoing a profound transformation. Over the past decade, there has been a marked decline in Initial Public Offerings (IPOs) in most advanced economies, including those with highly developed capital markets such as the United Kingdom and the United States. Interestingly, during the same period, countries like Indonesia, Malaysia, Thailand and particularly China, have witnessed a significant increase in the number of listed companies, contributing to making Asia home to approximately 55% of all listed companies worldwide. The decline in IPO activity has prompted many countries and regions around the world, including the United Kingdom, the United …

A Commitment Rule For Insolvency Forum: A Response To Critics, Anthony J. Casey, Aurelio Gurrea-Martinez, Robert K. Rasmussen

Research Collection Yong Pung How School Of Law

On September 14, 2023, we sent a letter to the Secretariat of the United Nations Commission on International Trade Law (“UNCITRAL”) Working Group V (Insolvency) expressing our concern about the concept of “Center of Main Interest” (“COMI”) adopted in the Model Law on Cross-Border Insolvency (“Model Law”).1 We noted that the concept of COMI presents various weaknesses.

Fichte’S Conception Of Law And Its Foundations, Mahmoud Saraya

Theses and Dissertations

The question concerning the true nature of law has frequently arisen throughout the history of philosophy, and many different answers have been given to it. This thesis examines Johann Gottlieb Fichte’s Foundations of Natural Right (1796–1797), which exemplifies an approach to understanding the nature of law by inquiring into its metaphysical foundations. Fichte provides a conception of law founded upon the possibility of the existence of an external world, individuality, and intersubjectivity. Law, as a moment of human self-consciousness, becomes a necessity, a condition of self-consciousness, and the ultimate foundation of human existence. Fichte’s theory shows the preconditions for establishing …

Bill Addressing Pope's Tax Issues As A U.S. Citizen Misses The Mark, Michael S. Kirsch

Journal Articles

From the Article

In this article, Kirsch looks at the language of the Holy Sovereignty Protection Act to consider whether it addresses and resolves various tax-related issues that arise from a U.S. citizen serving as pontiff, including income tax liability, the loss of a pontiff’s U.S. citizenship status, and the pope’s obligations for foreign bank account reporting.

Categorial Declinations & Democracy, Brenner M. Fissell

Faculty Publications

The most contentious action taken by reform prosecutors has been the issuance of categorical declination policies. Opponents decry this as bureaucratic nullification of democratically enacted offenses, while the prosecutors themselves counter that they are responding to the will of their local electorate. Democracy claims, it appears, have taken center stage in this debate, and they are deployed by both sides. How should we think about democracy and categorical declinations? The most comprehensive scholarly work on this subject is a 2021 article by Professor Kerrel Murray. In this essay, I hope to continue the work begun by Murray, offering additional insights …

Against Activist Cooperation Agreements, Jennifer O'Hare

Faculty Publications

Shareholder activism is at record levels. In a typical campaign, the activist threatens to launch a proxy fight unless the board of directors agrees to take certain actions to increase shareholder value, such as selling off company assets or replacing the CEO. Increasingly, however, there are no proxy fights. Instead, the activist and the board, behind closed doors, quickly agree to settle. The activist withdraws the proxy fight threat, and, in return, the board appoints individuals designated by the activist to sit on the company board. This "Cooperation Agreement" allows the incumbent di- rectors to keep their positions and allows …

The Inevitability Of Local Environmental Law, Keith H. Hirokawa, Cinnamon Carlarne Hirokawa, Lauren A. Vanwagoner

Fordham Environmental Law Review

The United States is entering a new era of environmental law. Within the first few months of President Trump’s second term in office, the administration issued a mass of executive orders, memoranda and policy changes that seek to peel back environmental protections, in many cases, to the point of erasure. The administration shuttered entire agencies, such as USAID, dissolved the Environmental Protection Agency’s research arm, terminated life-saving programs like the National Weather Service’s translation service, cut funding to housing and public health initiatives, and eliminated diversity, equity, and inclusion programs across the country. Given the reality of these large-scale drawbacks, …

Constitutional Futurisms, Jeremiah Chin

Northwestern University Law Review

How do we reckon with the past? The Supreme Court’s recent embrace of originalism as a mode of constitutional analysis relies almost exclusively on a view of history and tradition that would bind us to an understanding of principles and ideals that legitimized the exclusion of minority voices. Cases such as New York State Pistol and Rifle Ass'n v. Bruen use flavors of originalism as a framework to define rights and governmental powers through their historical antecedents, but this broad standard of interpretation is notably absent in the Court’s recent discussions of histories and traditions of racism in the United …

Toward A Perpetual Practice Of Affirmative Action, Sheldon Bernard Lyke

Northwestern University Law Review

Despite perceptions that affirmative action is “dead” following the Supreme Court ruling in Students for Fair Admissions, Inc. v. President and Fellows of Harvard College (SFFA), this Essay argues that affirmative action remains crucial for addressing racial bias in admissions processes. This Essay examines the strict scrutiny standard, which requires that any use of race must serve a compelling government interest and be narrowly tailored to achieve that interest. Courts have interpreted the narrowly tailored prong of this standard to include a logical end point requirement, which mandates that race-conscious measures must have a clear and limited …

Infrastructure Equality, Deborah N. Archer, Yuvraj Joshi

Northwestern University Law Review

The United States’ racialized geographies have left communities of color with systematically inferior essential infrastructure that perpetuates their social and economic exclusion. From roads, public transportation, and sewage systems, to banks, high-speed internet, and high-quality public schools, people and communities of color have limited access to the fundamental infrastructure necessary to lead socially and economically vibrant lives. This Essay introduces “infrastructure equality” as a unifying framework to address the critical intersection of physical, social, and legal infrastructures that feed racial inequality. Drawing on multidisciplinary research, it argues that infrastructure—the interconnected and vital system of physical structures, networks, and social institutions—should …

Crisis Convergence, Sarah Medina Camiscoli

Northwestern University Law Review

Progressive jurists and legal scholars have called the Supreme Court’s doctrine of colorblind constitutionalism that dismantled affirmative action in Students for Fair Admissions, Inc. v. President and Fellows of Harvard (SFFA) a crisis for constitutional democracy. However, scholars have not yet tended to students, particularly students mobilized for racial justice, to understand their interpretation of this race-evasive ideology and what insights those mobilized students might offer in this pivotal moment. Given the fact that a small coalition of dissenting conservative jurists, scholars, and mobilized students—the Federalist Society—spent decades crafting the doctrine, scholarship, and resources that drive colorblind constitutionalism …

Doing Away With Racial Profiling In Policing Without Doing Away With The Rule Of Law, François Tanguay-Renaud

All Papers

Since the turn of the millennium, Canadian appellate courts have been investing increasingly systematic efforts in demystifying and curtailing racial profiling in policing. These judicial efforts have so far been focused on the application of the legal criteria for arrest and detention as well as their regulation under section 9 of the Canadian Charter of Rights and Freedoms. In this article, I contend that this unidimensional approach is unsound and outline a corrective path forward. First, I argue that the prevailing judicial understanding of what racial profiling is and how it affects the lawfulness of arrests and detentions has the …

Initial Coin Offerings As An Alternative Method For Raising Capital: Legal Considerations And Regulatory Solutions In Indonesia, Juwita Patty Pasaribu, Febby Mutiara Nelson, Topo Santoso, Fransiska Ari

Indonesia Law Review

Blockchain technology has been used in various sectors, notably in facilitating crypto asset transactions, specifically for processing an Initial Coin Offering (ICO) or token sales that were first introduced in 2013. In Indonesia, it can be observed that there are several legal issues in the execution that expose them to potential misuse in the ICO transaction, leading to criminal activities. Additionally, Indonesia was ranked as the second-highest country in the world to experience crypto asset fraud schemes in 2019. To address legal issues related to ICO, this study aims to provide a comprehensive legal assessment of ICO as a modern …

Optimizing The Role Of Notaries In Digital Property Inheritance: A Comparative Legal Analysis, Tjhong Sendrawan, Rosa Agustina, Edmon Makarim, Arman Nefi, Josephine Rus Indra Sapti Ipfelkofer

Indonesia Law Review

One of the provisions in inheritance laws regarding the transfer of digital property after someone's death is a relatively new and evolving area of legal consideration. Inheritance laws were developed long before the widespread adoption of digital property, such as cryptocurrencies, non-fungible tokens (NFTs), online accounts, and other forms of digital property. As a result, existing inheritance laws often lack clear guidance on how to control the legal transfer of these digital assets upon the owner's death. This article aims to analyze the legal concept of digital property to be inherited and to provide solutions for current digital property inheritance …

Managing Crowdfunding Risks In Terrorism Financing: A Mediated Analysis Of Government Intervention And Donation Intentions, Fithriadi Muslim, Eva Achjani Zulfa, Muhamad Syauqillah

Indonesia Law Review

Crowdfunding has emerged as a popular platform for collective funding of social, charitable, and commercial projects. However, its increasing use has raised concerns over potential misuse, including as a source of terrorism financing. This study investigates the relationship between donation intentions using crowdfunding and the risk of crowdfunding being used as a source of terrorism financing. Furthermore, it explores the mediating role of government intervention in this relationship. Using a Structural Equation Modeling-Partial Least Squares (SEM-PLS) second-order approach, the research evaluates the interaction between donor intentions, crowdfunding risks, and government regulations. Findings reveal that while donor intentions significantly impact the …

Legal Perspectives On Information Asymmetry In Investor Selection For Public-Private Partnership Projects Under O&M Contract, Nhu Thi Thuy Cao, An Quoc Chau, Sang Minh Luu, Thao Minh Phuong Ngo, Ha Loc Pham, Anh Phuong Nguyen

Indonesia Law Review

Information asymmetry is a common barrier in selecting investors in the form of Public-Private Partnerships (PPPs), especially in the Operation and Maintenance (O&M) contracts. This issue arises from the natural information advantage of the construction contractor and the incumbent investor in construction and operation. Although it does not stem from misconduct, such asymmetry still affects competitiveness and selection efficiency. The article analyzes the causes and legal consequences of this phenomenon through a comparative review of Vietnamese and Canadian legal frameworks while also assessing selected projects. The research methodology includes theoretical analysis, legal comparison, and a review of practical literature. The …

Counterterrorism Legislation And Its Impacts On Human Rights In Malaysia, Noor Maarof Bin Idris, Ying Hooi Khoo

Indonesia Law Review

In the aftermath of 11 September 2001, terrorism overshadowed other global security concerns. Since then, there has been significant growth in security and counterterrorism legislation and policies worldwide. The United Nations Security Council (UNSC) Resolution 1373 (2001) and 1456 (2003) authorized states to implement national legislative measures to combat terrorism while emphasizing the promotion and protection of human rights and the rule of law. In Malaysia, counterterrorism efforts have been reinforced through the Security Offences (Special Measures) Act 2012 (SOSMA), the Prevention of Crime Act 1959 (POCA) (as amended in 2015), and the Prevention of Terrorism Act 2015 (POTA). This …

Existing Together From The Beginning: Freedom To Contract And Black Mutual Aid, Cara Mcclellan

Northwestern University Law Review

In a new wave of litigation, conservative legal organizations are attempting to rely on Reconstruction-era civil rights legislation to prevent nonprofits, charities, foundations, and other privately organized groups from engaging in race-conscious work. Unlike the Supreme Court’s recent rollback of affirmative action, which dealt with universities’ ability to consider race in admissions as state actors and as recipients of federal funding, a series of lawsuits now challenge the ability of private organizations to consider race in how they invest money and resources to create social impact. Adding fuel to the fire, on January 21, 2025, President Trump issued an Executive …

Not Colorblind, Kimberly West-Faulcon

Northwestern University Law Review

This Essay criticizes the use of the term “colorblind” in reference to attacks on racial diversity, equity, and inclusion (DEI) policies. It argues it is inapt and unconscionably obtuse to use colorblindness terminology to selectively target inclusion-motivated race consciousness for automatic illegality. The Essay’s central project is to examine claims underlying attacks on racial inclusion policies such as the Students for Fair Admissions, Inc. v. President and Fellows of Harvard College lawsuit to expose the legal endgame that anti-DEI forces seek to make a centerpiece of America’s future. In so doing, it surfaces the differential scrutiny of race consciousness …

Standing On Stare Decisis After Students For Fair Admissions, Areeb Asif, Lindsey Roloff

Northwestern University Law Review

The Supreme Court recognized nearly half a century ago in Regents of the University of California v. Bakke that “the ‘nation’s future depends upon leaders trained through wide exposure’ to the ideas and mores of students as diverse as this Nation of many peoples.” Nevertheless, the Court seriously undercut efforts to bring such a future to life by striking down race-conscious admissions programs in Students for Fair Admissions, Inc. v. President and Fellows of Harvard College and Students for Fair Admissions, Inc. v. University of North Carolina (collectively SFFA). Though SFFA’s binding effect is limited to educational institutions, …

No Trade Wars Without Taxation -Who's To Blame, And What Comes Next?, Domenico Imparato, Reuven S. Avi-Yonah, Doron Narotzki

Law & Economics Working Papers

As tariff policy once again shapes U.S. trade strategy, this article makes a foundational claim: trade wars are, at their core, tax wars. Against the backdrop of escalating economic tensions with the United States’ trade partners, this article argues that tariffs cannot be understood apart from the fiscal architecture that sustains them. What appears to be protectionism often masks deeper structural asymmetries in the U.S. tax system.

The discussion proceeds through three interrelated dimensions: reshoring production, promoting fair trade, and raising revenue. In each, the interaction between tariffs and the tax system reveals deeper distortions. U.S. export mechanisms such as …

Schools As Geopolitical Spaces: Violence Against Education During The Bosnian War (1992-1995), Allyson Bachta

Graduate Doctoral Dissertations

Attacks on education have long been a feature of conflict, yet their strategic use by state and non-state actors remains underexamined. Despite global concern and growing documentation efforts by the international community, the motivations and patterns behind school attacks are not well studied. This project investigates the strategic use of such violence by Bosnian, Serbian, and Croatian state and non-state armed actors during the Bosnian War (1992-1995) and challenges the assumption that attacks on schools are simply collateral damage. Drawing from political and anti-civilian violence literature, this study situates schools as both symbolic and strategic geopolitical targets, targeted not only …

Comparative Approaches To Parliamentary Thresholds In Selected Countries: Lesson Learn For Indonesia, Deni Angela, Mohammad Novrizal

Padjadjaran Jurnal Ilmu Hukum (Journal of Law)

This research aims to analyze the changes in the threshold number of votes obtained from general elections as a condition to be included in determining the acquisition of parliamentary seats, or from now on abbreviated as `Parliamentary Threshold,' which occurred in several countries that adhere to the democratic system, namely Indonesia, Turkey, Kazakhstan, Ukraine and Serbia. This article employs a normative legal research method, utilizing legal principles, history, and regulations as primary references, and then making comparisons. This research found that although the numbers of Parliamentary Thresholds in these countries vary, and the changes are some by increasing and some …

Prophetic Law In Indonesia And South Africa: A Comparative Constitutional Study On The Integration Of Religious Law Into Legal Systems, Kelik Wardiono, Arief Budiono, Saepul Rochman, Jan Alizea Sybelle

Padjadjaran Jurnal Ilmu Hukum (Journal of Law)

Prophetic law is an ancient legal framework rooted in divine commandments, such as God's Ten Commandments to Moses, as well as Christian and Islamic laws, nowadays commonly referred to as religious law. The meaning of prophetic law is religious law from Abrahamic religions. Particularly, Christian law has significantly influenced Western civilization, with its impact extending to regions like South Africa besides customary law. Similarly, Islamic law has also left a lasting impression on Indonesia's legal system besides customary law. This article employs a comparative law method to analyze the constitutions of Indonesia and South Africa, focusing on the legalization of …

Compliance Vs. National Interest: Why Do Trade Restrictions Fail Under The Wto?, Enni Ekakusumawati, Abdul Masba Magasing, Maskun, Winnar Sitorus, Muhammad Mutawalli Mukhlis

Padjadjaran Jurnal Ilmu Hukum (Journal of Law)

Trade restrictions are tools that countries often use to safeguard national interests, including economic stability, national security, and public welfare. However, under the World Trade Organization (WTO) framework-especially the General Agreement on Tariffs and Trade (GATT)-many such restrictions violate core principles such as non-discrimination (Articles I and III), the prohibition of quantitative restrictions (Article XI), and rules governing exceptions (Articles XX and XXI). This article examines why trade restrictions frequently fail in WTO dispute settlement by analyzing the substantive and procedural requirements under WTO law. Through a normative legal approach, it studies GATT provisions, WTO agreements, and case decisions-particularly the …

Open Legal Policy Criteria In The Constitutional Court Decision: An Evaluation And Recommendation, Firdaus Arifin, Ihsanul Maarif, I Gde Panja Astawa, Mohd Kamarulnizam Abdullah, Robi Asadul Bahri

Padjadjaran Jurnal Ilmu Hukum (Journal of Law)

The application of an open legal policy in the testing of legislative norms by the Constitutional Court of the Republic of Indonesia often leads to legal uncertainty due to the lack of clear criteria. The variation in the approaches taken by judges in interpreting legislative policies undermines legal certainty and diminishes the credibility of constitutional reviews. This research aims to evaluate the criteria of open legal policy that can serve as a basis for the Constitutional Court to assess the constitutionality of policies. This study employs a normative legal approach that examines theories, principles, and relevant legal rules in testing …

Legal Reform To The Foundation Wage System Based On Worker Performance, Dyah Hapsari Prananingrum, Freidelino Paixao Ramos Alves De Sousa, Chris Emilians Putra Jacobus

Padjadjaran Jurnal Ilmu Hukum (Journal of Law)

The main issue raised in this article is the vagueness of the norm of worker competitiveness in the Indonesian Foundation Law. In achieving its aims, a foundation will face problems related to its own sustainability. Charitable activities that it is engaged in are believed to threaten its sustainability, in addition to achieve fairness both for foundation as employer and worker as employee, norm of worker performance in the form of wage based on performance are needed. Such an issue may be solved by reforming the Foundation Law with the adoption of a performance-based approach, similar to the Job Creation Law. …

Ungerminated Seed: Proportionality Test In The Indonesian Constitutional Court, Eko Riyadi, Satya Arinanto, Simon Butt, Fitra Arsil

Padjadjaran Jurnal Ilmu Hukum (Journal of Law)

This article examines how the Constitutional Court of the Republic of Indonesia (the Court) constructs its argumentation regarding the limitation and derogation of human rights. The primary issue is how the Court interprets and operationalises the limitation clause under the Constitution of the Republic of Indonesia to derogate from and limit human rights. This article also illustrates how the Court applies the derogation and limitation clauses to freedom of religion, the right against retroactive prosecution and the death penalty, the right of women to stand for election, and the right to freedom of expression. The Court has never ruled on …

Breaking Diplomatic Immunity: Legal Implications Of Israeli Airstrikes On The Iranian Consulate Under International Law, Yordan Gunawan, Aisyah Ajeng Putri Riyanto, Safira Ayu Tri Ariyani

Padjadjaran Jurnal Ilmu Hukum (Journal of Law)

In April 2024, Israeli airstrikes were directed at the Iranian consulate building located in the capital city of Syria, Damascus. The Israeli-Iranian relationship has escalated significantly, shifting from a diplomatic partnership to severe hostility over the course of almost fifty years. This article seeks to examine the legal implications of the Israeli attack on the Iranian consulate building by considering the United Nations Charter and the Vienna Conventions, as well as to analyse the responses of the Iranian government and the international community. This article employed a normative legal research methodology, which involved combining a statutory approach with a detailed …