Digital Commons Network^™

Flows, Financing Decisions, And Institutional Ownership Of The U.S. Equity Market, Alon Brav, Dorothy S. Lund, Lin Zhao

Faculty Scholarship

This Article analyzes the relationship between flows to institutional investment managers, corporate financing decisions, and institutional ownership of U.S. public equity. In so doing, it provides new evidence about the drivers of institutional investor growth in equity ownership over the past two decades. Contrary to conventional narrative, we find that equity capital flows into the “Big Three” investment managers have slowed in recent years, with substantial differences between each institution. We also present a framework to understand how fund characteristics and corporate actions such as stock buybacks and equity issuances combine to shape the evolution of institutional ownership, including that …

Disconsents, Daryl J. Levinson, David E. Pozen

Faculty Scholarship

Consent is an indispensable standard and organizing principle in any liberal legal order that prizes self-directed autonomy, self-identified preferences, and collective agreement. Yet consent’s capacity to advance those values has become increasingly uncertain in a society beset by power imbalances, information asymmetries, and multiple forms of polarization. In this Article, we document how the rise of neoliberalism has led to greater reliance on consent throughout U.S. law, while at the same time leading to greater doubts about its moral efficacy and empirical feasibility. Connecting and generalizing pathologies of consent-based regulation that have been identified within myriad domains, the Article identifies …

Campus Crises And The Limits Of Title Vi, Suzanne B. Goldberg, Olatunde C.A. Johnson

Faculty Scholarship

This Piece examines the deployment of Title VI of the Civil Rights Act of 1964 as a mechanism for regulating campus conflict following the 2023 to 2024 campus protests and seeks to reset the discourse in light of the statute’s history, doctrine, and role in higher education. Title VI is an important tool for addressing identity-based harassment, epithets, and violence between students, but it is neither designed nor effective as a tool for negotiating clashes between universities’ cornerstone commitments to robust debate and an optimal learning environment for all students. In converting the statute from a source of protection against …

"Activist" Versus "Passive" Investors: A Closer Look At Proxy Contests And The Contemporary Balance Of Advantage, John C. Coffee Jr.

Faculty Scholarship

The era of the hostile takeover has clearly given way to the era of the proxy contest led by an activist hedge fund. Today, a record number of such contests are underway, and they have changed the board composition at many U.S. companies and caused a record number of CEO resignations. But there is a mystery here: when activist funds negotiate for changes with target managements, they often obtain meaningful changes in the board of directors and corporate policies. However, when activists attempt a proxy contest, they have generally been unsuccessful, winning only a small number of seats in a …

Religious Riders And The Sherman Act, Bailey Sanders

Faculty Scholarship

Can corporations engage in anticompetitive behavior on the basis of religious belief? While the answer may seem like an obvious no, in fact this question has largely been overlooked. It has hovered at the margins of the debate over religious exemptions: Proponents of religious exemptions have essentially argued that there is no harm in providing such exemptions to businesses because a competitive market will ensure consumers who might be denied services or goods by a religious firm can still obtain those goods and services elsewhere. But what if religiously minded businesses act in ways that are specifically designed to limit …

Are Private Equity Funds Liable For Anticompetitive Acquisitions?, Aslihan Asil, Paulo Henrique Alcantara Ramos, Amanda Starc, Thomas Wollmann

Faculty Scholarship

Private equity acquisitions grew tenfold over the past two decades. Over the same period, their focus shifted from financial engineering to industry consolidation, raising antitrust concerns. Heightening these concerns, privately backed acquisitions of competitors historically escaped detection by federal antitrust authorities in their incipiency because they fell below the reporting thresholds of the Premerger Notification Program. However, academic studies and agency investigations are now unearthing these transactions. Most salient is a recent complaint filed by the Federal Trade Commission challenging a series of acquisitions stretching back ten years.

In the wave of litigation that is likely to follow this “groundbreaking” …

Purpose-Driven Compliance, Veronica Root Martinez

Faculty Scholarship

Whether it is a small brokerage firm in Ann Arbor, Michigan, a private university in Cambridge, Massachusetts, or a multinational conglomerate head-quartered in New York City, organizations understand that they are required to fulfill a range of compliance obligations. Compliance programs today tend to have two important characteristics in common. First, the notion that perfect compliance is an impossible goal is a key component of the understandings and expectations of many firms’ compliance programs. Second, organizations have almost uniformly adopted compliance programs in areas where enforcement activity has been significant—like in the areas of antibribery and anticorruption, anti-money laundering, antitrust, …

The Effect Of Provider Diversity On Racial Health Disparities: Evidence From The Military, Michael Frakes, Jonathan Gruber

Faculty Scholarship

We assess the relationship between the racial diversity of medical providers and racial health disparities in the use of preventive care and in patient outcomes. We use unique data from the Military Health System, where we observe providers as patients so that we can identify their race, and where moves across bases change exposure to provider race in a plausibly exogenous fashion. We consider patients with four chronic, deadly, but manageable illnesses, where the relationship with the provider may have the most direct impact on health. We find striking evidence that provider racial diversity leads to reduced disparities in maintenance …

The Eighth Amendment And Prison Staff-To-Sentenced Prisoner Sexual Violence, Matthew Lyskawa

Faculty Scholarship

In this Article, I provide the first comprehensive account of lower federal courts’ Eighth Amendment prison conditions jurisprudence regarding prison staff-to-sentenced prisoner sexual violence. I show that lower federal courts are systematically misunderstanding and misapplying Supreme Court case law in this context. The result is that sexually victimized prisoners must meet extremely burdensome doctrinal standards unique to sexual violence claims. Lower federal courts would faithfully follow Supreme Court precedent if they applied the excessive force standard to sexual assault claims and the conditions of confinement standard to sexual harassment claims. However, a faithful application of Supreme Court case law does …

Llm-Assisted Legal Propositions Identification From Party Arguments In The U.S. Supreme Court Briefs, Heng Zheng, Alex Zhang

Faculty Scholarship

Merits briefs are central to U.S. litigation, serving as the primary means for parties to present arguments and persuade judges. Legal propositions in these merits briefs are the atomic units of arguments, whose relationships evolve throughout litigation and inform court decisions and precedent. Large language models (LLMs) have been applied to legal document review, but there is limited evidence on their ability to identify legal propositions in merits briefs. Given the labor-intensive nature of the task, we evaluate a human-AI collaborative approach to identifying legal propositions in the U.S. Supreme Court merits briefs, in which legal annotators review and revise …

Cumulative Burdens On Second Amendment Rights, Joseph Blocher, Hayley Lawrence

Faculty Scholarship

No abstract provided.

Mahmoud V. Taylor: Cause Or Effect Of Disruptions In Public Schools?, Richard B. Katskee, Ira C. Lupu

Faculty Scholarship

Mahmoud v. Taylor represents an extraordinary departure from long-standing constitutional norms about the rights of parents of children in public schools. In Mahmoud, the Supreme Court upheld a Free Exercise Clause claim by parents in Montgomery County, Maryland, who sought to have their children (grades K–5) excused from readings that contain LGBTQ characters and themes. The majority opinion by Justice Alito rests on a highly controversial reading of Wisconsin v. Yoder.

Part I of the paper provides the doctrinal and historical backdrop to Mahmoud, which reflects the acute tension between a once-narrow understanding of Yoder and the post-Obergefell backlash against …

Applying History As Law: The Role Of Historical Facts In Implementing Constitutional Doctrine, Joseph Blocher, Brandon L. Garrett

Faculty Scholarship

The U.S. Supreme Court has long relied on historical evidence in constitutional cases, but recent years have seen a major change in how it does so: not only to interpret the meaning of constitutional text, but to establish doctrinal tests that call for historical evidence to be used in the application of those tests going forward. Broadly speaking, originalism has moved from the realm of legal interpretation to that of law declaration and then to law application. This transformation in the legal significance of history raises important questions for originalism as a practice of constitutional adjudication, not simply a theory …

Resistance, Collaboration, And Ethnic Bias: Evidence On Social Cohesion In Wartime Ukraine, Janina Dill, Marnie Howlett, Carl Müller-Crepon, Mara Revkin

Faculty Scholarship

Interstate wars can rally societies around the flag, but they can also divide them based on individuals’ behavior and identities. Building on fieldwork in wartime Ukraine, we study the importance of collaboration and resistance, ethnic identity, and the interaction between behavior and identity. We examine how such divisions affect Ukrainians’ attitudes toward each other with two conjoint experiments (N=2,513). When choosing among potential neighbors, respondents prefer individuals who resisted over collaborators. However, two identity attributes—ethnic descent and exposure to Russian occupation of Ukrainian territory—activate biases that behavior alone does not fully overcome. Furthermore, we find that respondents value resistance less …

Living Constitutionalism, Originalism, And The Sixteenth Amendment, Donald B. Tobin, Alex Tobin

Faculty Scholarship

No abstract provided.

A Public Trust Theory Of Government Information, Sharon Sandeen

Faculty Scholarship

In the sixth century, the Roman Emperor Justinian declared that certain resources should be for the benefit of all of mankind, thereby planting the seeds of what is referred to as the public trust doctrine. Two core ideas behind the doctrine, which have evolved and expanded over time, are: (1) there are certain critical resources that should be available for all to use; and (2) governments that own or control those resources should preserve and manage them for the public good.

As insightful as Justinian was, his vision was naturally constrained by the times in which he lived, which was …

Export Controls As Intellectual Property Regulation, Doni Bloomfield

Faculty Scholarship

Export-control laws have long regulated information created outside of the U.S. government. Legal scholars have paid little attention to these national-security laws, and have not recognized that the government uses them specifically to assert a right to suppress information held in patent applications and trade secrets. In this Article, I present a new history of the relationship between export controls and intellectual property to show how the government regulates IP transfers, and how the state uses IP laws to national-security ends. Export-control laws regulate IP by controlling how people in the United States and beyond can share or use inventive …

Gamification: The Viability Of Using Genai To Create Games To Teach Legal Concepts, Nicole Belbin

Faculty Scholarship

This Essay examines whether generative artificial intelligence (GenAI) can lower the technical, time, and cost barriers that have limited the use of game-based learning (GBL) in legal education. It first considers the science of learning, focusing on spaced practice, retrieval practice, and concrete examples, and explains how GBL can incorporate these strategies. It then evaluates four general-purpose GenAI tools—Perplexity, Gemini, ChatGPT, and Claude—by testing their ability to state legal rules accurately and create games that teach personal jurisdiction.

The results demonstrate both GenAI’s promise and its limitations. Although all four tools incorporated core concepts of general jurisdiction, each omitted at …

Cold Comfort: Japan’S “Comfort Women” Litigation Under Transnational Law, Timothy Webster

Faculty Scholarship

Transnational human rights litigation has emerged as a powerful tool to remediate state and corporate abuses. Courts, however, rarely evince the same enthusiasm for these lawsuits as practitioners, scholars, and activists. For the past thirty-five years, “comfort women,” or survivors of wartime sexual exploitation, have used transnational litigation to seek redress from the Japanese government. Yet they have lost nearly all their cases. This Article uses ten “comfort women” lawsuits from Japan to test the limits of transnational human rights litigation. While judges rarely found for the comfort women, their verdicts nonetheless advanced the redress issue by showing the illegality …

Peeking Inside The Black Box: Discovery In Fair Housing Act Cases Arising From Ai Decision Making, Jessica Mahon Scoles

Faculty Scholarship

In today’s real estate market, more housing decisions are being automated. If artificial intelligence renders a biased decision, will the person impacted have any legal recourse? Commentators have expressed concern that the proprietary nature of AI will allow defendants in discrimination lawsuits to avoid discovery, effectively shielding their decision making from judicial scrutiny. This article examines whether AI and algorithm-related information is the discovery black box that some fear it to be.

Addressing the issue in the context of Fair Housing Act (FHA) litigation, the article argues that concerns about access to AI and algorithm-related discovery are overstated. In real …

2026 Supplement To The Corporations Curriculum - Caremark: The Board's Duty Of Oversight Regarding Work Force Safety And Sexual Misconduct, Sarah Haan

Faculty Scholarship

No abstract provided.

Searches And Seizures Of The Unhoused, Shawn E. Fields

Faculty Scholarship

The United States recorded its largest ever unhoused population in 2024. Acute affordable housing shortages and climate-fueled natural disasters have exacerbated a decades-long unaddressed humanitarian crisis, straining resources in cities and rural areas alike. In response, state and local governments have pivoted to a more punitive approach to houselessness. Draconian "anti-camping" ordinances subject houseless people to fines or arrests while police destroy their property in encampment "sweeps," disconnecting the unhoused from critical social structures. Quality-of-life laws criminalize basic biological functions in public. New York, California, and other states have expanded the reach of involuntary civil commitment procedures, forcibly hospitalizing and …

Why Constitutional Argument Matters, Philip C. Bobbitt

Faculty Scholarship

The program for this symposium promised that I would be discussing the “descriptive grammar of constitutional law.” To put my purpose less benignly, I should say that I mean to attack the practice of limiting what I will call “modal analysis” to its descriptive virtues. Part of that attack will be the claim that courts and their commentators should pay closer attention to the modal requirements of the fundamental forms of constitutional discourse, but not because straying from this is a kind of grammatical faux pas. After all, if the system I have urged for constitutional analysis — the system …

Outside Counsel Guidelines: Power, Ideology, And The Evolution Of The Corporate Bar, Bruce A. Green, Eli Wald

Faculty Scholarship

Outside Counsel Guidelines (“OCGs”), terms of the lawyer–client relationship imposed by corporations, are a significant development in the practice of law by large corporate law firms (“BigLaw”). Among the most controversial OCGs are those that expand on law firms’ fiduciary obligations, thereby restricting their future clientele. The organized bar maintains that rules of professional conduct should restrict lawyers’ acquiescence to these OCGs because they limit clients’ access to legal services and undermine lawyers’ independence without advancing corporate clients’ legitimate interests.

This Article shows why the bar’s effort has (very recently) deservedly failed: corporate clients have a legitimate interest in demanding …

Why Are Executions Becoming Crueler?, Deborah W. Denno

Faculty Scholarship

Since the modern death penalty era, this country’s six execution methods have become crueler over time. This article details the execution procedures adopted across death penalty states up to the end of 2025, analyzing their societal and cultural underpinnings and explaining how they were implemented, including their shared flaws, unscientific origins and protocols, and reliance on untrained, unqualified, or unknown executioners. While legislatures and courts claim that states move from one technique to the next to enhance greater humaneness, history shows that such switches are primarily propelled by constitutional challenges to a state’s particular technique. In theory, rendering a state’s …

Should Statutory Interpretation And Contract Interpretation Be Harmonized?, Ethan J. Leib

Faculty Scholarship

This paper develops four case studies about how states have harmonized or separated their statutory interpretation regimes and their contract interpretation regimes.  After exploring the choices of Texas, Alaska, New York, and Alabama—all of which take different approaches to their lumping or splitting—the paper seeks to make state courts more aware of what their options are; to help states think about whether their commitments to formalism or contextualism make sense to apply in both domains; and to help them evaluate their meta-choices about whether to bring their interpretive regimes closer together or further apart.

Risky Business, Atinuke O. Adediran

Faculty Scholarship

Corporate law scholarship and doctrine have largely operated on the assumption that corporate shareholders are interested in financial goals, while corporate stakeholders—such as employees, consumers, and local communities—are interested in social and environmental goals, like diversity and inclusion and climate change. Because of this assumption, the law largely requires a corporation to disclose information it considers to be “financially material” to shareholders—that is significant enough to impact the company’s financial position—including factors it considers to be financially risky.

Financial materiality is so embedded in corporate law doctrine that even if an issue is about social and environmental concerns, financial materiality …

The Regulation Of Technological Innovation In Financial Services: A Comparative Approach With Respect To Digital Assets And Artificial Intelligence, Howell E. Jackson, Katja Langenbucher

Faculty Scholarship

No abstract provided.

The International Order, International Law, And The Definition Of Security, Harlan G. Cohen

Faculty Scholarship

As economic security has seemingly moved to the center of American and European foreign policy, both the United States and the European Union have broadened their interpretation of international law rules governing security, coercion, and intervention. But these interpretations are not exactly new, echoing developing state interpretations of international law that developed states had long ago seemingly rejected. How are these once moribund interpretations of security, force, and coercion being brought back to life?

This article argues that these interpretative shifts highlight the role of the international order as an interpretative mechanism within international law. Borrowing from the work of …

Transparency As A Regulatory Duty, Olivier Sylvain

Faculty Scholarship

This symposium piece offers a simple survey of transparency measures addressed to deepfakes and other related consumer harms, as well as the constitutional problems they present.