Digital Commons Network^™

Regulation Fd And Foreign Issuers: Globalization's Strains And Opportunities, Merritt B. Fox

Faculty Scholarship

The globalization of the market for securities has a persistent way of straining the traditional rationales for securities regulation. At the same time, the choices it forces upon us create the opportunity to better test empirically the desirability of the regulations being imposed. Regulation FD, which stands for "fair disclosure," is the most recent example where these twin effects of globalization arise. Regulation FD is arguably the most important change to the U.S. disclosure regime since the adoption of integrated disclosure almost two decades ago. Regulation FD is intended to stop the practice of "selective disclosure," whereby an issuer withholds …

An Ounce Of Prevention Is A Poor Substitute For A Pound Of Cure: Confronting The Developing Jurisprudence Of Education And Prevention In Employment Discrimination Law, Susan Bisom-Rapp

Faculty Scholarship

This article challenges a widely shared conviction that has had a tremendous impact on employer practices and, most recently, on employment discrimination jurisprudence. More specifically, the piece interrogates the belief that employee education can prevent, or at least greatly curb, invidious employment discrimination prohibited by Title VII of the Civil Rights Act and other civil rights statutes. This premise, broadly held and rarely questioned, has spawned a multi-billion dollar sexual harassment and diversity training industry staffed by consultants, attorneys, and human resource professionals, who offer programs aimed at litigation prevention. Yet, there is absolutely no empirical support for the premise …

Voting (Insincerely) In Corporate Law, Zohar Goshen

Faculty Scholarship

Voting lies at the center of collective decision-making in corporate law. While scholars have identified various problems with the voting mechanism, insincere voting — in the forms of strategic voting and conflict of interests voting — is perhaps the most fundamental. This article shows that insincere voting distorts the voting mechanism at its core, undermining its ability to determine transaction efficiency. As further demonstrated, strategic and conflict of interests problems frequently coincide with one another: voting strategically often means being in conflict, and many fact patterns present aspects of both problems. Finally, this article claims that although the two problems …

Don't Ask Us To Explain Ourselves, Don't Tell Us What To Do: The Boy Scouts' Exclusion Of Gay Members And The Necessity Of Independent Judicial Review, Taylor Flynn

Faculty Scholarship

In Boy Scouts of America v. Dale, the U.S. Supreme Court held by a five to four majority that the Boy Scouts of America is entitled to ban gay persons from membership despite New Jersey's prohibition against sexual orientation discrimination. The Dale majority sharply departed from the Court's long line of expressive association cases, in which it has rejected the claims of private clubs that application of civil rights laws to their membership policies violates their associational rights. This Author argues that by "reading" the plaintiff in Boy Scouts of America v. Dale as a cipher for gay sex, and …

Rural Low-Income Housing And Massachusetts Chapter 40b: A Perspective From The Zoning Board Of Appeals, Eric J. Gouvin

Faculty Scholarship

The Massachusetts Low and Moderate Income Housing Act ("Act") was enacted in 1969 to promote the construction of lowincome housing in restrictively zoned Massachusetts communities. It seeks to achieve its goal by providing a builder's remedy which, in effect, overrides local zoning ordinances. The local Zoning Board of Appeals ("ZBA"), in deciding whether to issue a Comprehensive Permit under the Act, must evaluate the local and regional need for low-to moderate-income housing and weigh that need against local concerns over health, safety, design, and open space conservation. This Article examines the difficulty of applying the Act in rural towns. First, …

Affordable Housing In Suburbia: The Importance But Limited Power And Effectiveness Of The State Override Tool, Sam Stonefield

Faculty Scholarship

Through this Article the Author offers a brief comparative overview and critique of the four statutes explored at the Western New England College School of Law hosted conference, titled "Increasing Affordable Housing and Mobility in Three New England States and New Jersey: Comparative Perspectives on the Occasion of the Thirtieth Anniversary of the Massachusetts Comprehensive Permit Law." The Author discusses these statutes, which address such major themes as urban decline and suburban growth, racial and economic segregation, and localism versus regionalism. The four state statutes are intertwined with these themes and with other statutes and programs that have helped to …

Brief For The Plaintiff-Appellant Lucas Rosa In The United States Court Of Appeals For The First Circuit Lucas Rosa V. Park West Bank And Trust Company On Appeal From The United States District Court For The District Of Massachusetts, Jennifer L. Levi

Faculty Scholarship

This is the brief for the Plaintiff-Appellant Lucas Rosa v. Park West Bank and Trust Company in the United States Court of Appeals for the First Circuit. This appeal is from a Final Judgment, entered October 18, 1999, that disposed of all claims in the case. This case involves an action brought pursuant to the Equal Credit Opportunity Act and Massachusetts statutes forbidding discrimination in places of public accommodation, and credit, against a bank for refusing to issue and accept a loan application from a bank customer because of the customer's sex.

"A" For Effort: Evaluating Recent State Education Reform In Response To Judicial Demands For Equity And Adequacy, Erin E. Buzuvis

Faculty Scholarship

In this Note, the Author examines measures recently enacted by New Hampshire and Vermont in response to judicial mandates for education reform. By implementing district reform measures in demographically similar environments, the reform efforts of these two states provide a valuable perspective from which to examine the education finance reform. Evaluating the experiences of these two New England states, as well as those of other states committed to education finance reform, the author contends that successful reform measures must incorporate elements of both equity and adequacy. Specifically, the Author proposes that both states' implementation of a statewide property tax is …

Choice And Boundary Problems In Logerquist, Hummert, And Kumho Tire, David H. Kaye

Faculty Scholarship

This article, part of a symposium on the opinion of the Arizona Supreme Court in Logerquist v. McVey, questions that court’s rationales for refusing to apply heightened scrutiny to psychiatric testimony about the retrieval of repressed memories. It also challenges the court’s use of a “personal observations” exception to the heightened scrutiny standard of Frye v. United States. It proposes that a better solution to problems of scientific and expert evidence would be to adopt a sliding scale that attends to the use to which the evidence is put and the degree to which it has been shown to be …

Change Of Control Board: Federal Preemption Of The Law Governing A Target's Directors, Samuel C. Thompson Jr.

Faculty Scholarship

This article sets out a proposed federal uniform standard governing the actions by the board of directors of a publicly held corporation that is the target of a change of control transaction. This proposal would apply in each of the following four merger and acquisition transactions: (1) the acquisition of a target in an arm's-length negotiated merger or acquisition; (2) the acquisition of a target in a management buyout; (3) the proposed acquisition of a target in a hostile tender offer; and (4) the acquisition by a target's controlling shareholder of the minority interests in such target in a freezeout …

The Agenda-Setter For Complex Litigation, Richard L. Marcus

Faculty Scholarship

No abstract provided.

Why The Eleventh Amendment Always Matters, Even When Transaction Costs Are Zero: A Reply To Professor Farber, Neil S. Siegel

Faculty Scholarship

No abstract provided.

Embracing The Darkness: Logerquist V. Mcvey And The Doctrine Of Ignorance Of Science Is An Excuse, David L. Faigman

Faculty Scholarship

No abstract provided.

Lessons From The Development Of Western Water Law For Emerging Water Markets: Common Law Vs. Central Planning, Andrew P. Morriss

Faculty Scholarship

The story of water in the American West shows that political intervention is unnecessary. Local institutions and rules could be the basis for a legal regime sufficient to deal with water issues that arise. The importation of central planning regimes for water can thus not only lead to the allocation of water in ways that harm the interests of indigenous peoples, but also can contribute to the destruction of customary legal systems, which themselves form a valuable part of indigenous people's cultural heritage. Failing to resist the attempts by special interests at a water grab may thus leave both the …

Reconceptualizing Federal Habeas Corpus For State Prisoners: How Should Aedpa's Standard Of Review Operate After Williams V. Taylor?, Adam N. Steinman

Faculty Scholarship

This Article aims to expand the debate over the proper standard of review that applies in state prisoner habeas corpus actions in federal court. To date, this debate has centered on whether federal habeas courts should defer to the state court's resolution of federal legal questions, or whether federal habeas courts should assess and apply federal law de novo. However, in Williams v. Taylor, 529 U.S. 362 (2000), the Supreme Court held that the Antiterrorism and Effective Death Penalty Act (AEDPA) imposes a deferential standard of review that precludes a federal habeas court from granting relief based simply on its …

Causation, Contribution And Legal Liability: An Empirical Study, Lawrence Solan, John Darley

Faculty Scholarship

No abstract provided.

Irish Legal History: An Overview And Guide To The Sources, Janet Sinder

Faculty Scholarship

No abstract provided.

Pegram's Regress: A Missed Chance For Sensible Judicial Review Of Managed Care Decisions, Michael Cahill, Peter Jacobson

Faculty Scholarship

No abstract provided.

No Law ... Abridging, Joel Gora

Faculty Scholarship

No abstract provided.

The Written Contract As Safe Harbor For Dishonest Conduct, Lawrence Solan

Faculty Scholarship

No abstract provided.

Why Laws Work Pretty Well, But Not Great: Words And Rules In Legal Intrepretation, Lawrence Solan

Faculty Scholarship

No abstract provided.

Reciprocity, Utility, And The Law Of Aggression, Anita Bernstein

Faculty Scholarship

No abstract provided.

Crystals And Mud In Bankruptcy Law: Judicial Competence And Statutory Design, Edward J. Janger

Faculty Scholarship

No abstract provided.

Pen Or Printer: Can Students Afford To Handwrite Their Exams?, Kif Augustine-Adams, Suzanne B. Hendrix, James R. Rasband

Faculty Scholarship

No abstract provided.

Do Norms Matter?: A Cross-Country Evaluation, John C. Coffee Jr.

Faculty Scholarship

This Article starts with the recognition that the average private benefits of control vary significantly across countries. But why? The simplest explanation ascribes this variation to differences in law between jurisdictions: for example, the law of jurisdiction X could privilege controlling shareholders by allowing them to extract benefits from their corporation in the form of above-market salaries or non-pro-rata payments in connection with self-dealing transactions. But, this explanation cannot fit all cases. To illustrate, if the substantive law is essentially similar between two jurisdictions while the private benefits of control appear to be significantly different, then some other explanation must …

The Acquiescent Gatekeeper: Reputational Intermediaries, Auditor Independence And The Governance Of Accounting, John C. Coffee Jr.

Faculty Scholarship

The role of "gatekeepers" as reputational intermediaries who can be more easily deterred than the principals they serve has been developed in theory, but less often examined in practice. Initially, this article seeks to define the conditions under which gatekeeper liability is likely to work – and, correspondingly, the conditions under which it is more likely to fail. Then, after reviewing the recent empirical literature on earnings management, it concludes that the independent auditor does not today satisfy the conditions under which gatekeeper liability should produce high law compliance. A variety of explanations – poor observability, implicit collusion, and high …

The Future Of The Antiquities Act, James R. Rasband

Faculty Scholarship

No abstract provided.

Reasoning With Rules, Joseph Raz

Faculty Scholarship

What is special about legal reasoning? In what way is it distinctive? How does it differ from reasoning in medicine, or engineering, physics, or everyday life? The answers range from the very ambitious to the modest. The ambitious claim that there is a special and distinctive legal logic, or legal ways of reasoning, modes of reasoning which set the law apart from all other disciplines. Opposing them are the modest, who claim that there is nothing special to legal reasoning, that reason is the same in all domains. According to them, only the contents of the law differentiate it from …

Toward Supranational Copyright Law? The Wto Panel Decision And The "Three-Step Test" For Copyright Exceptions, Jane C. Ginsburg

Faculty Scholarship

A dispute resolution panel of the World Trade Organization in June 2000 held the United States in contravention of its obligation under art. 13 of the TRIPs accord to "confine limitations or exceptions to exclusive rights to certain special cases which do not conflict with a normal exploitation of the work and do not unreasonably prejudice the legitimate interests of the right holder." In the dispute resolution proceeding, initiated by the European Union at the behest of the Irish performing rights organization, the contested exception, enacted in the 1998 "Digital Millennium Copyright Act," exempted a broad range of retail and …

Frictions As A Constraint On Tax Planning, David M. Schizer

Faculty Scholarship

The government often uses narrow tax reforms to target specific planning strategies. Sometimes the targeted transaction is stopped. But in other cases, taxpayers press on, tweaking the deal just enough to sidestep the reform. The difference often lies in transaction costs, financial accounting, and other 'frictions, " which are constraints on tax planning external to the tax law.

This Article contributes a methodology for determining whether frictions will block end runs, and illustrates the effect of frictions by comparing the constructive sale rule of section 1259 with the constructive ownership rule of section 1260. These reforms use the same statutory …