Digital Commons Network^™

The Macroprudential Myth, Jeremy C. Kress, Jeffery Yufeng Zhang

Articles

According to conventional wisdom, the 2008 fnancial crisis fundamen- tally changed how policymakers approach fnancial regulation. Before the crisis, regulators sought to prevent individual fnancial institutions from collapsing, but this “microprudential” strategy proved inadequate to stop the market-wide meltdown. In response, policymakers purportedly turned to a new “macroprudential” approach that prioritizes the stability of the fnancial system as a whole instead of individual institutions in isolation. Regulators in the United States and abroad enthusiastically embraced macroprudential policy, implementing stress tests, capital buffers, liquidity requirements, and other supposed macroprudential tools. As the United States’ top bank regulator declared in 2015, “[W]e …

Building The Gateway: Why The Two Pillars Need Each Other., Reuven S. Avi-Yonah, Ajitesh Kir

Articles

There is a reason the OECD proposed two pillars for its gateway to a better tax future. A gateway requires both pillars, and neither can stand without the other. Pillar 2 is a fait accompli, but it needs countries to implement Pillar 1 as well because in the absence of a clear sourcing rule there is no limit to countries implementing the Qualified Domestic Minimum Top-Up Tax (QDMTT), which would turn off the other parts of Pillar 2 and potentially result in double taxation. Pillar 1 is not going forward in the absence of a Multilateral Tax Convention (MLC), but …

Meme Corporate Governance, Dhruv Aggarwal, Albert H. Choi, Yoon-Ho Alex Lee

Articles

Can retail investors revolutionize corporate governance and make public companies more responsive to social concerns? Beginning in 2021, there was a dramatic influx of retail investors into the shareholder base of “meme” stock companies such as GameStop, AMC, and Bed Bath & Beyond. Observing the unprecedented, coordinated trading among retail investors, scholars and practitioners predicted that the influx of retail investors would reduce the power of large institutional investors and democratize corporate governance. These predictions were driven by three factors: generational, with assumptions that millennial and Gen Z investors would challenge corporate management; societal, reflecting growing discontent with slow progress …

Congress And Shifting Sands In Administrative Law., Christopher J. Walker

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In recent years, we have seen an anti-administrativist turn in the federal judiciary, with the Supreme Court limiting agency power in important respects. These shifting sands in administrative law seem to be motivated, at least in part, by the Court’s perception of the rise of presidential administration and decline in legislative activity. As part of the Widener Commonwealth Law Review Judging in Administrative Law Symposium, this Essay assesses how the Court has responded to concerns about over-presidentialism and then sketches out several ways Congress can respond to reassert itself in federal lawmaking.

21st-Century Environmental Challenges And Revitalizing Epa Enforcement, David Uhlmann

Articles

This is a profound moment for environmental protection efforts in our country. Over the past half-century, under presidents of both parties, we have made great progress addressing the challenges that led to the enactment of our environmental laws during the 1970s. Our air is cleaner, our rivers and streams are healthier, and we have far fewer hazardous waste sites. We have achieved those successes because of conscientious companies across America who meet their environmental obligations and the vigilance of the U.S. Environmental Protection Agency (EPA) and the Justice Department when companies break the law and put their profits before the …

Taxation And Corporate Governance, Reuven S. Avi-Yonah, Ariel Siman

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Legal and economic scholars have examined the intersection between corporate governance and taxation; however, recent legal scholarship has generally focused on the interplay between director compensation, management measures in the face of the market for corporate control, and the double taxation of inter-corporate dividends. Other aspects of the relationship between corporate governance and taxation have received limited attention. This article aims to fill this gap in the literature. First, this paper discusses the corporate agency problem and the existing justifications for the corporate tax. Second, this paper argues that the corporate tax can be justified on the ground that it …

Applying Strict Scrutiny In Termination Of Parental Rights Proceedings: Why Alabama’S Jurisprudence Should Reshape Child Protection Practice, Christopher Church, Vivek Sankaran

Articles

“Our decision in [Pierce] holds that parents have a fundamental constitutional right to rear their children . . . . I would apply strict scrutiny to infringements of fundamental rights.” “[S]trict scrutiny leaves few survivors.” Termination of parental rights (TPR) stands as “a unique kind of deprivation” that results in the state irrevocably severing a parent’s fundamental right to care for their child. In The Ties that Bind Us, we scrutinized the child protection system’s overuse of TPR, employing clinical, empirical, and constitutional perspectives. This Article advocates for a constitutionally anchored framework aimed at enforcing strict scrutiny when considering TPR …

Feedback Loops: Fortifying Feedback, Patrick Barry

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Feedback has an Important role to play in the fight against impostor syndrome and its many toxic by-products, including isolation, dread, depression, drops in motivation, and negative self-talk. In 2013, for example, one of the American Psychological Association’s oicial publications, gradPSYCH magazine, ran a cover story called “Feel like a Fraud?” that highlighted the stabilizing power that the right kind of feedback can provide. “he thing that made so much diference was supportive, encouraging supervision,” explained a graduate student interviewed for the story.

Bank Runs During Crypto Winter, Gary B. Gorton, Jeffery Yufeng Zhang

Articles

“Crypto Winter” refers to a systemic event that occurred in the cryptocurrency ecosystem—what we call “crypto space”—in 2022. Crypto space was wracked by plummeting crypto prices, the troubles of a large crypto hedge fund, and runs on many crypto lending platforms. Several large crypto firms went bankrupt. Collectively, everyday people lost billions of dollars. And crypto investors are still feeling the aftershocks.

We begin with two observations: First, despite mass marketing campaigns to the contrary, crypto lending platforms recreated and replicated traditional banking. They were vulnerable to runs because, like all banks, they borrowed short and lent long. This is …

Cognitive Dissonance In The Antebellum South About The Lawfulness Of Slavery, Peter K. Westen

Articles

The institution of slavery, by its nature, was necessarily grounded in law. For whenever a society adjudges one class of persons as free and another as enslaved, law-like norms must exist to identify and distinguish the free from the enslaved. And whenever a society institutionalizes slavery, law-like norms must exist to establish the privileges and disabilities possessed by masters, by the enslaved, and by third persons in relation to masters and slaves. Such master-slave norms may not always be enforced. But, until societies disavow or disremember them, they constitute standards of right and wrong that master-slave societies profess to embrace. …

Channeling A Federal Right To Education Through State Constitutions And Courts, Nicole Sunderlin, Evan Caminker

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Professor Black attributes the ubiquitous adoption of education clauses in state constitutions in the immediate pre- and especially post-Reconstruction era to a “constitutional compromise” struck by Congress and the states. The State Citizenship commitment was designed to enhance the republican nature of both levels of governance by ensuring broader access to political participation through voting and broader access to public education to inform and support democratic deliberation. The education component of this commitment was uniquely secured, argues Black, through a state-federal compromise using two complementary mechanisms: first, by mandating states to embrace a state constitutional obligation to provide basic educational …

Fifty Years Of 'Cut To Grow': How Changing Narratives Around Corporate Tax Policy Have Undermined Child And Family Well-Being, Reuven S. Avi-Yonah, Emily Divito, Niko Lusiani

Articles

What follows in this report is an assessment, though not exhaustive, of the central worldviews and set of assumptions driving key US corporate tax reform moments in history—and their consequences for the well-being of children and families in the US. Though political narratives of all kinds are never cleanly chronological (and this remains true of those pertaining to corporate taxation and well-being policies), we aim to build on existing understanding of how dominant narratives come to be and how they, to the extent that they do, drive corporate tax policy outcomes in the US. Looking back over the past 50 …

Corporate Taxpayers And Frivolous Arguments, Part 2, Reuven S. Avi-Yonah

Articles

In my previous column, I discussed the Liberty Global cases and argued that the taxpayer’s positions were frivolous or lacked economic substance. I also argued that a corporate tax director who knows that a return position is frivolous or that a transaction has no economic substance should “just say no.” Until the day arrives that most tax directors take this view (I am not holding my breath), the IRS must rely on a combination of the uncertain tax position schedule and penalties under section 6662.

Answering The Right Questions In Rawat, Reuven S. Avi-Yonah

Articles

The Rawat case, which is currently before the D.C. Circuit, has generated a huge amount of commentary. The problem is that much of this commentary has focused on the partnership tax issues in the case and not on the international tax issue, which is the source of the relevant income. In my opinion, the international tax issue should be dispositive.

Should Digital Services Taxes Be Creditable?, Reuven S. Avi-Yonah

Articles

The impending collapse of pillar 1 of the OECD’s base erosion and profit-shifting 2.0 project means that many countries are likely to join Austria, France, Italy, Spain, and the United Kingdom in enacting digital services taxes. There is a moratorium on new DSTs that has been extended until the end of 2024, but any extension beyond that is unlikely because the elimination of DSTs was premised on pillar 1 coming into effect, and that cannot happen without U.S. ratification of the multilateral tax convention (MLC). It is safe to predict that there will not be 67 votes in the Senate …

Why The United States Needs A Gaar, Reuven S. Avi-Yonah

Articles

The Internal Revenue Code of 1986, as amended, has over 1 million words and more than 5,600 pages. It is by far the longest and most complicated law in the U.S. code. The regulations add over 4 million words. Why?

A Fractured Supreme Court: Select Criminal Law And Procedure Cases From The Supreme Court’S 2023-24 Term, Eve Brensike Primus, Jordan Schuler

Articles

In its 2023-2024 Term, the Supreme Court outlined the contours of when a former President of the United States would be immune from criminal prosecution; issued important decisions interpreting the scope of the Cruel and Unusual Punishments Clause, the Double Jeopardy Clause, the Confrontation Clause, and the Second Amendment right to bear arms; decided a number of important statutory interpretation cases; and continued to avoid Fourth Amendment issues, only addressing them in the context of a malicious prosecution charge. Perhaps more striking than the Court’s decisions in these cases, though, was the Justices’ lack of consensus. Of the 16 criminal …

The Steady Decline Of Club Culture In Dublin: Neoliberal Policy, Touristification And The Pandemic, Caroline Ann O'Sullivan

Articles

The public health restrictions implemented by the Irish government due to Covid-19 resulted in one of the most extensive music industry lockdowns in Europe. Dublin, however, was already experiencing a large scale contraction of club culture. Prior to the pandemic, the physical spaces that dance music and club culture thrived in over the past 40 years had greatly diminished, many being demolished to make way for hotels and upmarket student accommodation. The onset of the pandemic meant this contraction intensified, and 2021 and 2022 saw the permanent closure of a number of high-profile and pivotal venues across the city. In …

Ideological Presuppositions In Media Coverage Of Corporation Tax Policy In The Uk And Ireland: A Critical Discourse Analysis, Ciara Graham, Brendan K. O'Rourke

Articles

This paper argues that the state's capacity to tax corporations in order to fund itself is reaching crisis proportions. Following decades of trade liberalization, deregulation, and globalization, large multinational companies have been able to take advantage of tax competition between states in order to avoid taxation and offset their obligations. This crisis, arguably, has been facilitated by state actors and exacerbated by non-state actors: we explore the ways in which multi-national corporations (MNCs) manipulate their capital, assets, and supply chains to minimize their tax burdens; and we further consider the ways in which media narratives construct this issue and whether …

Truth Bounties: A Market Solution To Fake News, Yonathan A. Arbel, Michael D. Gilbert

Articles

False information poses a threat to individuals, groups, and society. Many people struggle to judge the veracity of the information around them, whether that information travels through newspapers, talk radio, TV, or social media. Concerned with the spread of misinformation and harmful falsehoods, much of the policy, popular, and scholarly conversation today revolves around proposals to expand the regulation of individuals, platforms, and the media. While more regulation may seem inevitable, it faces constitutional and political hurdles. Furthermore, regulation can have undesirable side effects and be ripe for abuse by powerful actors, public and private.

This Article presents an alternative …

Enhancing Control Room Operator Decision Making, Joseph Mietkiewicz, Ammar N. Abbas, Chidera W. Amazu, Gabriele Baldissone, Anders L. Madsen, Micaela Demichela, Maria Chiara Leva

Articles

In the dynamic and complex environment of industrial control rooms, operators are often inundated with numerous tasks and alerts, leading to a state known as task overload. This condition can result in decision fatigue and increased reliance on cognitive biases, which may compromise the decision-making process. To mitigate these risks, the implementation of decision support systems (DSSs) is essential. These systems are designed to aid operators in making swift, well-informed decisions, especially when their judgment may be faltering. Our research presents an artificial intelligence (AI)-based framework utilizing dynamic influence diagrams and reinforcement learning to develop a powerful decision support system. …

Collaborative Intelligence For Safety-Critical Industries: A Literature Review, Inês F. Ramos, Gabriele Gianini, Maria Chiara Leva, Ernesto Damiani

Articles

While AI-driven automation can increase the performance and safety of systems, humans should not be replaced in safety-critical systems but should be integrated to collaborate and mitigate each other's limitations. The current trend in Industry 5.0 is towards human-centric collaborative paradigms, with an emphasis on collaborative intelligence (CI) or Hybrid Intelligent Systems. In this survey, we search and review recent work that employs AI methods for collaborative intelligence applications, specifically those that focus on safety and safety-critical industries. We aim to contribute to the research landscape and industry by compiling and analyzing a range of scenarios where AI can be …

A Review On Machine Learning Methods For Customer Churn Prediction And Recommendations For Business Practitioners, Awais Manzoor, M. Atif Qureshi, Etain Kidney, Luca Longo

Articles

Due to market deregulation and globalisation, competitive environments in various sectors continuously evolve, leading to increased customer churn. Effectively anticipating and mitigating customer churn is vital for businesses to retain their customer base and sustain business growth. This research scrutinizes 212 published articles from 2015 to 2023, delving into customer churn prediction using machine learning methods. Distinctive in its scope, this work covers key stages of churn prediction models comprehensively, contrary to published reviews, which focus on some aspects of churn prediction, such as model development, feature engineering and model evaluation using traditional machine learning-based evaluation metrics. The review emphasises …

Mycotoxin Detection Through Colorimetric Immunoprobing With Gold Nanoparticle Antibody Conjugates, Vinayak Sharma, Bilal Javed, Hugh J. Byrne, Furong Tian

Articles

Driven by their exceptional optical characteristics, robust chemical stability, and facile bioconjugation, gold nanoparticles (AuNPs) have emerged as a preferred material for detection and biosensing applications in scientific research. This study involves the development of a simple, rapid, and cost-effective colorimetric immuno-sensing probe to detect aflatoxin B1 and zearalenone using AuNP antibody (AuNP-mAb) conjugates. Anti-toxin antibodies were attached to the AuNPs by using the physical adsorption method. The colorimetric immunosensor developed operates on the principle that the optical properties of the AuNP are very sensitive to aggregation, which can be induced by a critical high salt concentration. Although the presence …

Sex- And Gender-Specific Considerations In Mycotoxin Screening: Assessing Differential Exposure, Health Impacts, And Mitigation Strategies, Gayathree Thenuwara, Bilal Javed, Singh Baljit, Hugh J. Byrne, Furong Tian

Articles

Mycotoxins, toxic secondary metabolites produced by fungi, present significant health risks through contaminated food and feed. Despite broad documentation of their general impacts, emerging research highlights the requirement of addressing both sex- and gender-specific differences in the risk of exposure, susceptibility, and health outcomes in mycotoxin screening and mitigation strategies. Distinct biological (sex-based) and sociocultural (gender-based) factors can influence the risk of mycotoxin exposure and subsequent health impacts; women may for example exhibit specific exposures to certain mycotoxins due to physiological and hormonal differences, with increased risks during critical life stages such as pregnancy and lactation. Conversely, men may demonstrate …

A Comprehensive Review Of Food Safety Culture In The Food Industry: Leadership, Organizational Commitment, And Multicultural Dynamics, Ashwini Sadashiv Pai, Swarna Jaiswal, Amit K. Jaiswal

Articles

Food safety culture (FSC) has transitioned from a narrow compliance-based concept to a comprehensive organisational value that is essential for ensuring food safety. This review explores the pivotal roles of leadership, organisational commitment, and cultural diversity in shaping an effective FSC. It highlights how leadership style, particularly transformational leadership, can enhance employee engagement and foster a proactive safety culture. Additionally, the impact of national and organisational cultures on FSC is analysed, emphasising the challenges posed by a multicultural workforce in standardising food safety practices. This article also provides a comparative analysis of FSC across various sectors, such as meat and …

Feedback Loops: Feedback Machines, Patrick Barry

Articles

Yes, AI raises serious concerns about bias, privacy, copyright infringement, environmental sustainability, and a whole bunch of other important topics. But if you are looking for a positive use case - and a new way to approach professional development - try asking chatgpt or some other AI chatbot for feedback, especially on something you've written.

Consent Searches As Police Violence, David B. Owens

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Henderson and Krishnamurthi’s new paper—A Wolf in Sheep’s Attire: How Consent Enfeebles Our Fourth Amendment (hereinafter Sheep’s Attire)— powerfully advocates for reform to the consent doctrine. The paper is thoughtful, well-intentioned, and useful for challenging core assumptions about the law to help us evaluate how it should work. The piece is also fun to read as the authors breathe real-world insight into old doctrine. In the end, though the article flirts with a categorical rule about consent searches, and while the authors “think it categorically unreasonable for police to ask individuals to forgo their rights” in the context …

Founder Worship, Effective Altruism, And Corporate Governance, Jennifer S. Fan, Xuan-Thao Nguyen

Articles

Founders are the heart of any startup. Oftentimes, they are given considerable latitude in managing a company, particularly if they are hailed as a visionary founder in a pathbreaking new industry. Additionally, it is assumed that underpinning their actions is the desire to do good. Unfortunately, sometimes this leads to what we term founder worship where the promise of the founder and the innovation may lead to perverse outcomes because too much control is ceded to the founder and there is a lack (or sometimes complete absence of) corporate governance. When unlimited control is coupled with "do gooderism," which in …

Synthesis Of Cationic Liposome Nanoparticles Using A Thin Film Dispersed Hydration And Extrusion Method, Alessandro Cazzolla, Julie Rose Mae Mondala, Janith Wanigasekara, Joanna Carroll, Noah Daly, Brijesh Tiwari, Alan Casey, James F. Curtin

Articles

Liposome nanoparticles can carry a wide range of therapeutic molecules including small molecules and nucleic acid-based therapeutics. Potential benefits include translocation across physiological barriers, reduced systemic toxicity, and enhanced pharmacokinetic parameters such as absorption, distribution, selective release and optimal elimination kinetics. Liposome nanoparticles can be generated with a wide range of natural and synthetic lipid-based molecules that confer desirable properties depending on the desired therapeutic application Nel et al (2023), Large (2021), Elkhoury (2020). This protocol article seeks to detail the procedures involved in the production of cationic liposomes using thin-film dispersed hydration method with an estimated uniform size of …