Digital Commons Network^™

Corporations, Markets, And Courts, Jeffrey N. Gordon

Faculty Scholarship

The times they are a changin'. Vanguard firms of the 1980s takeover boom have announced associate layoffs and salary freezes because business is down. Bankruptcy and corporate reorganization are the hot new specialties as reflected in law school class size and law firm entrepreneurialism. Acquisition activity has fallen dramatically from the halcyon days of the 1980s. The gargantuan headline-grabbing hostile bid is now rare. In particular, the "boot-strap, bust-up" highly leveraged transaction that so engaged the passions of corporate managers and raiders now seems part of the history of corporate finance rather than its future.

Many forces have played a …

A Normative Theory Of Public Law Remedies, Susan Sturm

Faculty Scholarship

The remedial process in public law litigation is a practice in search of a theory. Courts are actively engaged in attempting to remedy violations of constitutional and statutory norms in complex organizational settings. The traditional adversary conception of adjudication has proven inadequate to the task of structuring remedies and promoting compliance in these settings. In response, lawyers, judges, and litigants are employing a variety of innovative roles and processes that do not conform to the accepted adjudicative ideal. Remedial activity in public law litigation frequently entails negotiation, informal dialogue, ex parte communication, broad participation by actors who are not formally …

Pyrrhic Victories And Glorious Defeats: Why Defendants Are Winning And Plaintiffs Are Losing The Struggle Over Actual Malice And Fictionalized Quotation, Richard A. Gonzales

Faculty Scholarship

This article reviews Masson v. New Yorker Magazine, a case of fabricated quotations. The article looks first at the legal background and Supreme Court's development of the actual malice standard. An analysis of the problem through journalistic ethics and investigation of the difficulties confronting libel plaintiffs will follow. Finally, the comment explores the misquotation problem from both a legal and a journalistic perspective.

How The Proxy Rules Discourage Constructive Engagement: Regulatory Barriers To Electing A Minority Of Directors, Ronald J. Gilson, Lilli A. Gordon, John Pound

Faculty Scholarship

During the 1980s, both sides of the hostile takeover controversy viewed proxy contests in terms that bordered on the mythical. Those made uneasy by the takeover phenomenon, especially management, held out proxy contests as an alternative, almost utopian mechanism through which a civilized debate about corporate strategy and structure could be held. As the Delaware Supreme Court put it, "[if the stockholders are displeased with the actions of their elected representatives [in blocking a hostile takeover], the powers of corporate democracy are at their disposal to turn the board out.” In contrast, those who believed that takeovers were necessary to …

Anonymous Bank Accounts: Narco-Dollars, Fiscal Fraud, And Lawyers, William W. Park

Faculty Scholarship

This Article will focus on how lawyers in countries with a tradition of bank secrecy have played a part in maintaining their clients’ anonymity vis-a-vis bankers. For comparative purposes ` the Article will also comment on the banker’s interest in knowing his or her customer’s identity in a tax context, particularly when the customer claims the benefits of income tax treaties. My modest purpose is to help us all to be more aware of the divergent ethical implications of bank account anonymity

Economic Rents And Essential Facilities, Keith N. Hylton

Faculty Scholarship

This paper presents an economic analysis of the essential facility doctrine of antitrust. According to this doctrine, a firm or group of firms that possesses exclusive access to a cost-reducing facility must be prepared to share such access on fair terms with competitors.

The Economic Theory Of Politics And Legal Interpretation In The United States, Jack M. Beermann

Faculty Scholarship

No abstract provided.

Interest Group Politics And Judicial Behavior: Macey's Public Choice, Jack M. Beermann

Faculty Scholarship

The economic theory of government has lately gained the acceptance in legal circles that it has long enjoyed in political science and economics. The economic theory, also known as "public choice," analyzes and explains government action and private political activity according to the basic assumption of economics, that individuals respond to economic incentives in their environments in a self-interested manner. The economic theory is thus useful descriptively, to explain diverse political phenomena, and prescriptively, to help formulate reform strategy.

Restricting Doctor–Patient Conversations In Federally Funded Clinics, George J. Annas

Faculty Scholarship

We have come to accept, as a matter of both law and medical ethics, that open and honest discussion is crucial to the doctor–patient relationship. We accordingly deplore the practice in Plato's Greece whereby, for slaves, "verbal communication between healer and patient was reduced to a minimum." But restricting conversation between doctor and patient has now become a matter of government policy, again distinguishing patients according to economic class.

Itsfea's Effect On Either An Implied Cause Of Action For Damages By Contemporaneous Traders Or An Action For Damages Or Rescission By The Party In Privity With The Inside Trader, William K.S. Wang

Faculty Scholarship

No abstract provided.

Abstention And The Constitutional Limits Of The Judicial Power Of The United States, Calvin R. Massey

Faculty Scholarship

No abstract provided.

Shareholder Initiative: A Social Choice And Game Theoretic Approach To Corporate Law, Jeffrey N. Gordon

Faculty Scholarship

When it comes to specific business matters, it seems that an objecting shareholder can do no more than offer a "precatory" resolution that provides shareholder advice on the issue. Adoption of such a resolution obviously sends a strong signal to management, as do informal contacts by important shareholders, that a management seeking to avoid a control contest may be well-advised to heed. Nevertheless, management can ignore such expressions of shareholder. preference and, indeed, can pursue policies and extraordinary transactions that it knows shareholders would reject. Thus for the large public corporation the pattern of delegation gives management virtually unbounded decisionmaking …

Does "Unlawful" Mean "Criminal"?: Reflections On The Disappearing Tort/Crime Distinction In American Law, John C. Coffee Jr.

Faculty Scholarship

What sense does it make to insist upon procedural safeguards in criminal prosecutions if anything whatever can be made a crime in the first place?
—Professor Henry M. Hart, Jr.

My thesis is simple and can be reduced to four assertions. First, the dominant development in substantive federal criminal law over the last decade has been the disappearance of any clearly definable line between civil and criminal law. Second, this blurring of the border between tort and crime predictably will result in injustice, and ultimately will weaken the efficacy of the criminal law as an instrument of social control. Third, …

Section 20(D) Of The Securities Exchange Act: Congress, The Supreme Court, The Sec And The Process Of Defining Insider Trading, Steve Thel

Faculty Scholarship

No abstract provided.

The Privacy Obstacle Course: Hurding Barriers To Transnational Financial Services, Joel R. Reidenberg

Faculty Scholarship

This article addresses the challenge to transnational financial services resulting from national regulation of information processing. National laws around the world seek to define fair information practices for the private sector and contain prohibitions on data transfers to foreign destinations that lack sufficient privacy protection. The effect of these laws for the financial services industry is significant because financial services depend on personal information. The article argues that the international attempts to harmonize information practice standards and the national efforts to regulate information processing encourage divergence of national standards for financial services. It argues that regulatory flexibility and customization is …

The Future Of Legal Ethics, Geoffrey C. Hazard Jr.

Faculty Scholarship

No abstract provided.

Devolution Or Disunion: The Constitution After Meech Lake, Calvin R. Massey

Faculty Scholarship

No abstract provided.

Sword Or Shield: The Past And Future Impact Of Western Legal Thought On American Indian Sovereignty (Reviewing Robert A. Williams Jr., The American Indian In Western Legal Thought (1990)), Kevin J. Worthen

Faculty Scholarship

No abstract provided.

The Religious, The Secular, And The Antithetical, Frederick Mark Gedicks

Faculty Scholarship

No abstract provided.

Sunstein, Statutes, And The Common Law – Reconciling Markets, The Communal Impulse, And The Mammoth State, Peter L. Strauss

Faculty Scholarship

Professor Cass Sunstein's new book, After the Rights Revolution: Reconceiving the Regulatory State, builds upon, and in important ways seeks to integrate, much of Professor Sunstein's work over the past several years. He has been one of our most prolific and influential writers on issues of governmental structure, approaching the subject both from more or less conventional administrative law perspectives and from the constitutional perspectives of separation of powers. His work has dealt with a tension often addressed in the literature, that between the eighteenth-century Madisonian constitutional engine of limited, internally checked government and the realities of our sprawling …

Bondholder Coercion: The Problem Of Constrained Choice In Debt Tender Offers And Recapitalizations, John C. Coffee Jr., William A. Klein

Faculty Scholarship

The past decade saw the flourishing of risky, high-yield corporate debt, often called "junk" bonds. Too many companies took on too much debt, and the chickens are now coming home to roost as these bonds have begun to default with increasing frequency.The magnitude of the problem is potentially enormous; by one estimate, $318 billion of debt has either defaulted already or trades at yields indicating the market's skepticism that it will be repaid on maturity.

Facing the prospect of default, corporate issuers are seeking to restructure or recapitalize their financial structures at a correspondingly increased pace. The market force driving …

The Whole Truth?: How Rules Of Evidence Make Lawyers Deceitful, Bruce A. Green

Faculty Scholarship

No abstract provided.

Liquidity Versus Control: The Institutional Investor As Corporate Monitor, John C. Coffee Jr.

Faculty Scholarship

Within academia, paradigm shifts occur regularly, some more important than others. As the takeover wave of the 1980s ebbs, a significant shift now appears to be in progress in the way the public corporation is understood. Above all, the new thinking emphasizes that political forces shaped the modern corporation. While the old paradigm saw the structure of the corporation as the product of a Darwinian competition in which the most efficient design emerged victorious, this new perspective sees political forces as constraining that evolutionary process and possibly foreclosing the adoption of a superior organizational form. Thus, my colleague Professor Mark …

Morality As Interpretation, Joseph Raz

Faculty Scholarship

With the growing interest in interpretation as an activity essential in the study of the arts and of society it was inevitable that the question of the relation between morality and interpretation would attract considerable interest. Given that moral views and arguments are expressed in language, are essentially language bound, there is no doubt that the understanding of moral views and argument involves, at least at times, interpretation (of arguments and propositions, etc.). The same can be said of physics. The question is whether morality is interpretative in a way in which physics is not. Some writers have claimed that …

The Meaning Of Dissent, Lee C. Bollinger

Faculty Scholarship

There is, and has always been, an abiding tension in first amendment theory. At times, freedom of speech is conceived as having a very practical purpose – as implementing a system designed for yielding truth, or good public policy. Thus, Zechariah Chafee wrote that the first amendment protects the "social interest in the attainment of truth, so that the country may not only adopt the wisest course of action but carry it out in the wisest way," and Alexander Meiklejohn spoke frequently of the first amendment as a practical plan for a self-governing society, engendering "wise decisions." This vision of …

Radiative Kaon Capture On Deuterium And The Λn Scattering Lengths, William J. Fickinger, D. K. Robinson

Faculty Scholarship

The photon spectrum from K-d→Λnγ at rest has been measured for the first time. We obtained the branching ratio, in the end-point region, of (1.89±0.12±0.28)×10-3 where the first error is statistical and the second is systematic. We have found that the shape of the photon energy spectrum is consistent with the distribution calculated by Workman and Fearing with Λn scattering lengths and effective ranges predicted by the Nijmegen group.

Conflict Of Laws (1990), Sharon N. Freytag, James P. George, Michelle E. Mccoy

Faculty Scholarship

Conflicts of laws occur when foreign elements appear in a lawsuit. Nonresident litigants, incidents in sister states or foreign countries, and lawsuits from other jurisdictions represent foreign elements that may create problems of judicial jurisdiction, choice of law, or recognition of foreign judgments, respectively. This Article reviews Texas conflicts of law during the Survey period from late 1988 through 1989, discussing cases from Texas state and federal courts. The Article excludes cases involving federal-state conflicts, criminal law, intrastate matters such as subject matter jurisdiction and venue, and conflicts in time, such as the applicability of prior or subsequent law within …

Academic Freedom: A Bibliography, Janet Sinder

Faculty Scholarship

No abstract provided.

Toward A Jurisprudence Of Benefits: The Norms Of Copyright And The Problem Of Private Censorship, Wendy J. Gordon

Faculty Scholarship

For many years copyright was a backwater of the law. Perceived as an esoteric and narrow field beset by hypertechnical formalities, the discipline and its practitioners were largely isolated from scholarly and case law developments in other areas. There were exceptions, of course. Well before the explosion of intellectual property litigation in the last twenty years, persons such as Zechariah Chafee, Jr. and Judge Learned Hand brought a wealth of learning and broad perspective to copyright. But by and large copyright looked only to itself for guidance.

Doctrinal Collapse In Products Liability: The Empty Shell Of Failure To Warn, Aaron Twerski, J. A. Henderson

Faculty Scholarship

No abstract provided.