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Twenty-Five Years On — The Establishment And Application Of Corporate Fiduciary Duties In Prc Law, Nicholas C. Howson

Law & Economics Working Papers

This chapter analyzes the development of corporate fiduciary law and principles in the law of the People’s Republic of China from the early 1990s to date. The story starts with a short history of the contested advent of explicitly law-based corporate fiduciary duties into the PRC legal system after 1978, with an in depth consideration of the concurrent “legal construction” and “corporatization without privatization” programs implemented by China’s post-Mao administrations in the two decades following. In that regard, at least three development paths are described and explained — academic, regulatory and judicial/jurisprudential. Then the paper details how the substantive legal …

2017 Fall Class Schedule, University Of Michigan Law School

Class Schedules

Class schedule for the 2017 Fall semester at the University of Michigan Law School

Contemporary Practice Of The United States Relating To International Law, October 2017, Kristina Daugirdas, Julian Davis Mortenson

Articles

In this section: Congress Enacts Sanctions Legislation Targeting Russia • United States and Qatar Sign Memorandum of Understanding over Terrorism Financing • Trump Reverses Certain Steps Toward Normalizing Relations with Cuba • United States Announces Plans to Withdraw from Paris Agreement on Climate Change • President Trump Issues Trade-Related Executive Orders and Memoranda • United States, Russia, and Jordan Sign Limited Ceasefire for Syria • Trump Administration Recertifies Iranian Compliance with JCPOA Notwithstanding Increasing Concern with Iranian Behavior

China's 'Corporatization Without Privatization' And The Late 19th Century Roots Of A Stubborn Path Dependency, Nicholas Howson

Articles

This Article analyzes the contemporary program of “corporatization without privatization” in the People's Republic of China (PRC) directed at China's traditional state-owned enterprises (SOEs) through a consideration of long ago precursor enterprise establishments--starting from the last Chinese imperial dynasty's creation of “government-promoted/-supervised, merchant-financed/-operated” (guandu shangban) firms in the latter part of the nineteenth century. While analysts are tempted to see the PRC corporations with listings on international exchanges that dominate the global economy and capital markets as expressions of “convergence,” this Article argues that such firms in fact show deeply embedded aspects of path dependency unique to the Chinese context …

Chevron In The Circuit Courts, Kent Barnett, Christopher J. Walker

Michigan Law Review

This Article presents findings from the most comprehensive empirical study to date on how the federal courts of appeals have applied Chevrondeference— the doctrine under which courts defer to a federal agency’s reasonable interpretation of an ambiguous statute that it administers. Based on 1,558 agency interpretations the circuit courts reviewed from 2003 through 2013 (where they cited Chevron), we found that the circuit courts overall upheld 71% of interpretations and applied Chevrondeference 77% of the time. But there was nearly a twenty-five-percentage-point difference in agency-win rates when the circuit courts applied Chevrondeference than when they did …

Humanizing The Corporation While Dehumanizing The Individual: The Misuse Of Deferred-Prosecution Agreements In The United States, Andrea Amulic

Michigan Law Review

American prosecutors routinely offer deferred-prosecution and nonprosecution agreements to corporate defendants, but not to noncorporate defendants. The drafters of the Speedy Trial Act expressly contemplated such agreements, as originally developed for use in cases involving low-level, nonviolent, noncorporate defendants. This Note posits that the almost exclusive use of deferrals in corporate cases is inconsistent with the goal that these agreements initially sought to serve. The Note further argues that this exclusivity can be attributed to prosecutors’ tendency to only consider collateral consequences in corporate cases and not in noncorporate cases. Ultimately, this Note recommends that prosecutors evaluate collateral fallout when …

Saving Title Ix: Designing More Equitable And Efficient Investigation Procedures, Emma Ellman-Golan

Michigan Law Review

In 2011, the Department of Education’s Office of Civil Rights (OCR) issued guidance on Title IX compliance. This guidance has resulted in the creation of investigative and adjudicatory tribunals at colleges and universities receiving federal funds to hear claims of sexual assault, harassment, and violence. OCR’s enforcement efforts are a laudable response to an epidemic of sexual violence on college campuses, but they have faced criticism from administrators, law professors, and potential members of the Trump Administration. This Note suggests ways to alter current Title IX enforcement mechanisms to placate critics and to maintain OCR enforcement as a bulwark against …

Enforcement Of Corporate And Securities Laws In India: The Arrival Of The Class Action?, Vikramaditya S. Khanna

Book Chapters

Chapter from Enforcement of Corporate and Securities Law: China and the World. Howson, N.C. and Huang, R.H., eds.

Corporate governance in Asia has garnered a great deal of recent scholarly attention.1 One topic that permeates discussions across countries is the enforcement of corporate and securities laws – with some countries relying primarily on public enforcement (i.e. enforcement by government) while others rely on some combination of public and private enforcement (i.e. enforcement by private shareholders). Further, understanding how enforcement is operationalised and its concomitant strengths and weaknesses enables us to better appreciate the actual corporate governance situation in many …

Perez-Guzman V. Sessions: Brief Of Scholars Of Immigration And International Law As Amici Curiae In Support Of Petitioner, James C. Hathaway

Appellate Briefs

The seven amici curiae are distinguished scholars of international law, refugee rights, and the immigration laws of the United States. The names and biographical information of the amici, who are participating in their individual capacities and not as representatives of the institutions with which they are affiliated, are appended to this brief.

Over two centuries ago, this Court laid down the fundamental principle of statutory interpretation that "an act of Congress ought never to be construed to violate the law of nations if any other possible construction remains." Murray v. Schooner Charming Betsy, & U.S. (2 Cranch) 64, 118 …

International Perspectives On Privacy And Free Expression: Concepts, Conflicts, Consequences, University Of Michigan Law School

Event Materials

This conference contributes to the energetic and transnational dialogue currently going on about privacy: How do we define it? Is it a right, an interest, a value, or something else? Privacy against what? Privacy from whom? Is privacy necessarily in tension with free expression? Or is it often an essential predicate to it? How have different political regimes answered these questions? How do entities and individuals navigate those conflicting transnational approaches?

This is the program for the conference.

Social Bargaining In States And Cities: Toward A More Egalitarian And Democratic Workplace Law, Kate Andrias

Articles

A well-documented problem motivates this symposium: The National Labor Relations Act (NLRA) does not effectively protect workers’ rights to organize, bargain, and strike. Though unions once represented a third of American workers, today the vast majority of workers are non-union and employed “at will.” The decline of organization among workers is a key factor contributing to the rise of economic and political inequality in American society. Yet reforming labor law at the federal level—at least in a progressive direction—is currently impossible. Meanwhile, broad preemption doctrine means that states and localities are significantly limited in their ability to address the weaknesses …

Behavioral Finance Symposium, University Of Michigan Law School

Event Materials

Program for a symposium in which economics meets law, finance, public policy, and psychology held at the Ross School of Business.

Small Change, Big Consequences — Partial Medicaid Expansions Under The Aca, Adrianna Mcintyre, Allan M. Joseph, Nicholas Bagley

Articles

Though congressional efforts to repeal and replace the Affordable Care Act (ACA) seem to have stalled, the Trump administration retains broad executive authority to reshape the health care landscape. Perhaps the most consequential choices that the administration will make pertain to Medicaid, which today covers more than 1 in 5 Americans. Much has been made of proposals to introduce work requirements or cost sharing to the program. But another decision of arguably greater long-term significance has been overlooked: whether to allow “partial expansions” pursuant to a state Medicaid waiver. Arkansas has already submitted a waiver request for a partial expansion, …

Collected Works, September 8, 2017, University Of Michigan Law School

Newsletters

Collected Works is a summary of faculty activities, publications, and news that has been collected in the last two weeks. Collected Works comprises information culled from a variety of sources, but most heavily relies on information submitted directly by faculty.

The Cost Of The Text, Richard A. Primus

Articles

Christopher Serkin and Nelson Tebbe's Is the Constitution Special?explores many facets of constitutional interpretation. I will focus here on their observation that constitutional interpretation is "less textual" than statutory interpretation. I place the expression "less textual" in quotation marks because "textual" could mean many things, such that it would often be problematic to characterize one interpretive exercise as more or less textual than another. In Serkin and Tebbe's view, as I understand it, mainstream constitutional interpretation is "less textual " than statutory decisionmaking in that it is less constrained by the words of particular enacted clauses. As a convenient …

Conclusion - Between "Law In Books" And "Law In Action", Nicholas C. Howson, H. Huang

Book Chapters

Any attempt to comprehensively analyse the enforcement of corporate law and securities regulation is difficult, not only because there are so many distinct national systems in play, but also because, we need to examine both formal enforcement mechanisms and the way in which such mechanisms are applied in practice. If nothing else, the expert analyses presented in the foregoing chapters of this book confirm that with respect to enforcement issues a rather large gap does exist between what Roscoe Pound memorably called 'law in books' and 'law in action'.

Juvenile Lifers And Juveniles In Michigan Prisons: A Population Of Special Concern, Kimberly A. Thomas

Articles

Prisoners serving life without parole for offenses they committed when they were juveniles have received much attention after the United States Supreme Court found in Miller v Alabama that mandatory life without parole for juveniles violated the Eighth Amendment and found that its Miller decision applied retroactively. Courts have begun the process of sentencing and resentencing these individuals, some of whom are still teens and some of whom have served 40 years or more in the Michigan Department of Corrections (MDOC). All told, not including new cases that come before the court, approximately 370 prisoners will receive individualized sentences under …

The 2016-17 Survey Of Applied Legal Education, Robert R. Kuehn, David A. Santacroce, Margaret Reuter, Sue Schechter

Other Publications

This report summarizes the results of the Center for the Study of Applied Legal Education’s (CSALE) 2016-17 Survey of Applied Legal Education. The 2016-17 Survey was CSALE’s fourth triennial survey of law clinic and field placement (i.e., externship) courses and educators. The results provide insight into the state of applied legal education in areas like program design, capacity, administration, funding, and pedagogy, and the role of applied legal education and educators in the legal academy. Law schools, legal educators, scholars, and oversight agencies rely on CSALE’s data. They do so with the summary results provided here, the earlier Reports …

Judge Kozinski Objects, Beth H. Wilensky

Articles

Sitting judges don’t get to practice law. So although they often opine on the dos and don’ts of effective advocacy, we rarely get to see them put their advice into practice. But a few years ago, a class-action lawsuit provided the rare opportunity to witness a federal judge acting as an advocate before another federal judge—if not in the role of attorney, then certainly in as close to that role as we are likely to see. Given the chance to employ his own advice about effective advocacy, would the judge—Alex Kozinski—practice what he preaches? Would his years of experience on …

Debating Is The Constitution Special?, Richard Primus, Kevin M. Stack, Christopher Serkin, Nelson Tebbe

Articles

In 1890, Louis Brandeis wrote The Right to Privacy. Within a matter of years, the courts began adopting his theory, creating a newly articulated legal right. This article likely represented the high-water mark of legal academia in terms of real world impact. In recent years, the academy has lost much of its relevance. Chief Justice Roberts ridiculed academic work, suggesting that legal scholarship has become esoteric and irrelevant. This should not be the case. The quality of legal scholars is higher than it has ever been—young scholars now often enter the academy with doctoral degrees in related fields. Likewise, technology …

The Constitutional Constant, Richard A. Primus

Articles

According to a conventional view of the Constitution as a precommitment strategy, constitutional rules must remain fixed over time in order for the Constitution to do its work. In practice, however, constitutional rules regularly change over time, even without formal amendment. What is actually constant over time in the American constitutional system is not the content of constitutional law: it is the correspondence between the content of constitutional law and the American people’s (or at least the decision-making class’s) most powerful intuitions about issues of structure and ethos in American government. At any given time, constitutional law reflects those intuitions. …

Evaluating Beps, Reuven Avi-Yonah, Haiyan Xu

Articles

This article evaluates the recently completed Base Erosion and Profit Shifting (BEPS) project of the G20 and OECD and offers some alternatives for reform.

Carpenter V. United States: Brief Of Amici Curiae Empirical Fourth Amendment Scholars In Support Of Petitioner, J. J. Prescott

Appellate Briefs

Amici are professors (identified in the Appendix) whose research and teaching include the Fourth Amendment, empirical analysis of the criminal justice system, and, specifically, empirical analyses of the public's "reasonable expectations." They file this brief to urge this Court to reverse the Sixth Circuit, recognize that the Fourth Amendment governs the inquiry here, and find that authorities violate the Fourth Amendment when law enforcement collect cell site location data without first obtaining a warrant.

The Court has recognized that public expectations of privacy are relevant to the Fourth Amendment. A growing body of social science research shows that a majority …

Constructing An International Community, Monica Hakimi

Articles

What unites states and other global actors around a shared governance project? How does the group—what I will call an “international community”—coalesce and stay engaged in the enterprise? A frequent assumption is that an international community is cemented by its members’ commonalities and depleted by their intractable disagreements. This article critiques that assumption and presents, as an alternative, a theory that accounts for the combined integration and discord that actually characterize most global governance associations. I argue that conflict, especially conflict that manifests in law, is not necessarily corrosive to an international community. To the contrary, it often is a …

Private Enforcement Of Company Law And Securities Regulation In Korea, Hwa-Jin Kim

Book Chapters

This chapter offers a brief overview of the private enforcement of corporate law and securities regulation in Korea, with particular reference to the current legislative efforts in the Korean National Assembly and recent court cases. This chapter also talks about Korea’s ill-fated and misguided adoption of the fraud-on-the-market theory in securities fraud litigation.

Confirmation Bias, Patrick Barry

Articles

Supreme Court confirmation hearings are vapid. Supreme Court confirmation hearings are pointless. Supreme Court confirmation hearings are harmful to a citizenry already cynical about government. Sentiments like these have been around for decades and are bound to resurface each time a new nomination is made. This essay, however, takes a different view. It argues that Supreme Court confirmation hearings are a valuable form of cultural expression, one that provides a unique record of as the theater critic Martin Esslin might say, a nation thinking about itself in public.

Quentin Skinner, The Foundations Of Modern Political Thought, Donald J. Herzog

Book Chapters

"In The Foundations of Modern Political Thought, Quentin Skinner has three aims: creating a sort of reference book for hundreds of primary texts in multiple languages, illuminating a more general historical theme using late medieval and early modern political texts, and giving us a history of political thought with a genuinely historical character. Skinner allows us to see political theorists creatively wrestling with difficult political problems of their day, and attempting to solve them through their writing. Skinner’s critics, however, cannot shake the sense that placing these texts in historical contexts robs them of some of their profundity and value …

Business Tax Burdens And Tax Reform, James R. Hines Jr.

Articles

Tax reforms affect economic performance by changing incentives for business formation, expansion, and operation. The United States has the highest corporate tax rate among OECD countries in 2017, and despite offering significant additional deductions, exclusions, and tax credits, imposes the heaviest tax burdens. This paper offers a new measure of corporate tax burdens based on information in tax expenditure budgets; this measure implies that the burden of U.S. corporate taxation in 2017 is equivalent to that produced by a corporate tax rate between 31.2-34.6% without additional deductions, exclusions, or tax credits. Efficient design of a business tax system encourages activities …

Stock Market Futurism, Merritt Fox, Gabriel Rauterberg

Articles

The U.S. stock market is undergoing extraordinary upheaval. The approval of the application of the Investors Exchange (IEX) to become the nation's newest stock exchange, including its famous "speed bump," was one of the SEC's most controversial decisions in decades. Other exchanges have proposed a raft of new innovations in its wake. This evolving equity market is a critical piece of national infrastructure, but the regulatory scheme for its institutions is increasingly frayed. In particular, current regulation draws sharp distinctions among different kinds of markets for trading stocks, treating stock exchanges as self-regulatory organizations immune from private civil litigation, while …

The Forfeiture Of Coverage Defenses Rule: An Economic Analysis, Tom Baker, Ezra Friedman, Kyle D. Logue

Law & Economics Working Papers

In liability insurance, the duty to defend is broader than the duty to cover. Thus it is possible that an insurer that has a duty to defend a suit may not have the duty to cover the policyholder's liabilities in the suit. However, if the penalty for a breach of the duty to defend is limited to actual legal costs spent by the defendant, the insurer may have an incentive to refuse to defend, even when the duty to defend is clear. This occurs because the insurer will not internalize the consequences of an inadequate defense when it ultimately can …