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Fair Pay For Chief Executive Officers: Maximizing Firm Value By Minimizing Income Disparity, James D. Cox Jan 2006

Fair Pay For Chief Executive Officers: Maximizing Firm Value By Minimizing Income Disparity, James D. Cox

Faculty Scholarship

This article links the growing income disparity in America to a possible metric that can be used to better assess the appropriate level of executive compensation. The article reviews the intellectual, commercial, cultural, and judicial forces that have each contributed toward the significant rise in executive compensation. Of particular note is the unqualified failure of courts and outside directors to provide meaningful supervision of executive compensation. This failure in part reflects the failure of society to develop guidance regarding what is the appropriate level of compensation for executives of public companies. The article concludes by reviewing evidence that income disparity …

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Neo-Strategicon: Modernized Principles Of War For The 21st Century, Charles J. Dunlap Jr. Jan 2006

Neo-Strategicon: Modernized Principles Of War For The 21st Century, Charles J. Dunlap Jr.

Faculty Scholarship

No abstract provided.

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Trade, Law And Product Complexity, Katharina Pistor, Daniel Berkowitz, Johannes Moenius Jan 2006

Trade, Law And Product Complexity, Katharina Pistor, Daniel Berkowitz, Johannes Moenius

Faculty Scholarship

How does the quality of national institutions that enforce the rule of law influence international trade? Anderson and Marcouiller argue that bad institutions located in the importer’s country deter international trade because they enable economic predators to steal and extort rents at the importer’s border. We complement this research and show how good institutions located in the exporter’s country enhance international trade, in particular, trade in complex products whose characteristics are difficult to fully specify in a contract. We argue that both exporter and importer institutions affect international as well as domestic transaction costs in complex and simple product markets. …

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Arthur Taylor Von Mehren, 10. August 1922 - 17. January 2006, Ralf Michaels, Giesela Rühl Jan 2006

Arthur Taylor Von Mehren, 10. August 1922 - 17. January 2006, Ralf Michaels, Giesela Rühl

Faculty Scholarship

No abstract provided.

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Does The Plaintiff Matter?: An Empirical Analysis Of Lead Plaintiffs In Securities Class Actions, James D. Cox, Randall S. Thomas, Dana Kiku Jan 2006

Does The Plaintiff Matter?: An Empirical Analysis Of Lead Plaintiffs In Securities Class Actions, James D. Cox, Randall S. Thomas, Dana Kiku

Faculty Scholarship

With the enactment of the Private Securities Litigation Reform Act of 1995 (PSLR) the U.S. Congress introduced sweeping substantive and procedural reforms for securities class actions. A central provision of the Act is the lead plaintiff provision, which creates a rebuttable presumption that the investor with the largest financial interest in a securities fraud class action should be appointed the lead plaintiff for the suit. The lead plaintiff provision was adopted to encourage a class member with a large financial stake to become the class representative. Congress expected that such a plaintiff would actively monitor the conduct of a securities …

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The Promise (And Limits) Of Neuroeconomics, Jedediah Purdy Jan 2006

The Promise (And Limits) Of Neuroeconomics, Jedediah Purdy

Faculty Scholarship

Neuroeconomics - the study of brain activity in people engaged in tasks of reasoning and choice - looks set to be the next behavioral economics: a set of findings about how people make decisions that casts both light and doubt on widely accepted premises about rationality and social life. This essay explains what is most exciting about the new field and lays out some specific research tasks for it. By enabling researchers to view the mind at work, neuroeconomics calls into question the value of a methodological premise of twentieth-century empiricism, sometimes called positivism or behaviorism: that people are black …

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The Public Responsibility Of Structured Finance Lawyers, Steven L. Schwarcz Jan 2006

The Public Responsibility Of Structured Finance Lawyers, Steven L. Schwarcz

Faculty Scholarship

Lawyers, increasingly, are scrutinized as to their public responsibility when companies fail, particularly where the lawyer's involvement with the failed company is nontraditional and, arguably, intertwined with the failure. One of the least traditional roles of lawyers today is as counsel in structured finance transactions. This article focuses on the public responsibility of lawyers involved in these transactions.

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Public Symbol In Private Contract: A Case Study, Mitu Gulati, Anna Gelpern Jan 2006

Public Symbol In Private Contract: A Case Study, Mitu Gulati, Anna Gelpern

Faculty Scholarship

This Article revisits a recent shift in standard form sovereign bond contracts to promote collective action among creditors. Major press outlets welcomed the shift as a milestone in fighting financial crises that threatened the global economy. Officials said it was a triumph of market forces. We turned to it for insights into contract change and crisis management. This article is based on our work in the sovereign debt community, including over 100 interviews with investors, lawyers, economists, and government officials. Despite the publicity surrounding contract reform, in private few participants described the substantive change as an effective response to financial …

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Breach Of Fiduciary Duty: On Justifiable Expectations Of Loyalty And Their Consequences, Deborah A. Demott Jan 2006

Breach Of Fiduciary Duty: On Justifiable Expectations Of Loyalty And Their Consequences, Deborah A. Demott

Faculty Scholarship

This paper covers three distinct but inter-related topics. These are: (1) the functions served by characterizing breach of fiduciary duty as a tort; (2) how best to define a fiduciary relationship in light of the range of situations in which one party is subject to a fiduciary duty to another; and (3) implications and questions that follow from the fact that many contemporary fiduciaries are organizations that assign individual employees or other agents to act on behalf of clients to whom the organization itself owes fiduciary duties. The paper begins by examining how breach of fiduciary duty is characterized by …

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Better Regulation In Europe, Jonathan B. Wiener Jan 2006

Better Regulation In Europe, Jonathan B. Wiener

Faculty Scholarship

"Better Regulation" is afoot in Europe. After several transatlantic conflicts over regulatory topics such as the precautionary principle, genetically modified foods, and climate change, Europe and America now appear to be converging on the analytic basis for regulation. In a process of hybridization, European institutions are borrowing "Better Regulation" reforms from both the US approach to regulatory review using benefit-cost analysis and from European member states' initiatives on administrative costs and simplification; in turn the European Commission is helping to spread these reforms among the member states. In many respects, the Better Regulation initiative promises salutary reforms, such as wider …

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The King Of Rockingham County And The Original Bridge To Nowhere, Barak D. Richman Jan 2006

The King Of Rockingham County And The Original Bridge To Nowhere, Barak D. Richman

Faculty Scholarship

This chapter, reveals the story -- the clash of personalities, the economic tensions, and the political significance -- behind Rockingham County v. Luten Bridge Co. Since its publication in 1929, the opinion has proceeded to leave an impression on generations of law students. Luten Bridge, a staple in most contracts casebooks, is known today as the paradigmatic case that demonstrates the duty to mitigate damages in contract law, whereby a nonbreaching party is not compensated for performance that occurs after the other party announces an intention to breach. This chapter takes on three objectives: it identifies the case's original importance, …

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“Opening-Up” The Wto: What Does It Mean For China?, Joost H. B. Pauwelyn Jan 2006

“Opening-Up” The Wto: What Does It Mean For China?, Joost H. B. Pauwelyn

Faculty Scholarship

Text of speech delivered at China University of Political Science and Law (CUPL), Beijing, October 9; Tsinghua Law School, Beijing, October 10; Wuhan University, WTO Center, October 12; Fudan University, Shanghai, October 13, 2006

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Presidential Signing Statements And Executive Power, Curtis A. Bradley, Eric A. Posner Jan 2006

Presidential Signing Statements And Executive Power, Curtis A. Bradley, Eric A. Posner

Faculty Scholarship

A recent debate about the Bush administration's use of presidential signing statements has raised questions about their function, legality, and value. We argue that presidential signing statements are legal and that they provide a useful way for the president to disclose his views about the meaning and constitutionality of legislation. In addition, basic tenets of positive political theory suggest that signing statements do not undermine the separation of powers or the legislative process and that, under certain circumstances, they can provide relevant evidence of statutory meaning. Although President Bush has raised many more constitutional challenges within his signing statements than …

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Some Modest Uses Of Transnational Legal Perspectives In First-Year Constitutional Law, Neil S. Siegel Jan 2006

Some Modest Uses Of Transnational Legal Perspectives In First-Year Constitutional Law, Neil S. Siegel

Faculty Scholarship

In this essay, Prof. Siegel identifies several uses of transnational perspectives in first-year constitutional law: (1) comparing American constitutional arrangements to those in other countries; (2) teaching international law and foreign legal experiences when relevant to U.S. litigation in the "war on terror"; and (3) examining the U.S. Supreme Court's invocations of foreign legal practices. These uses are illustrated with examples from doctrinal areas that are covered in his course. While each use serves a distinct pedagogical purpose, cumulatively they underscore the increasing importance of transnational legal perspectives in U.S. constitutional law. He concludes, however, with a cautionary note. Selectivity …

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Book Review, Joost H. B. Pauwelyn Jan 2006

Book Review, Joost H. B. Pauwelyn

Faculty Scholarship

Reviewing Deborah Z. Cass, The Constitutionalization of the World Trade Organization: Legitimacy, Democracy, and Community in the International Trading System (Oxford University Press, 2005)

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A Field Of Green? The Past And Future Of Ecosystem Services, James Salzman Jan 2006

A Field Of Green? The Past And Future Of Ecosystem Services, James Salzman

Faculty Scholarship

In recent years, interest in ecosystem services has exploded. From cover stories in the New York Times and The Economist, websites connecting buyers and sellers of ecosystem services, and the comprehensive UN-sponsored Millennium Assessment - a report on the state of the world's ecosystem services - to a statement by the U.S. Secretary of Agriculture calling for "a future where credits for clean water, greenhouse gases, or wetlands can be traded as easily as corn or soybeans," the ecosystem services approach has firmly arrived in the environmental policy world. But what does this approach entail and where is it going? …

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How Community Institutions Create Economic Advantage: Jewish Diamond Merchants In New York, Barak D. Richman Jan 2006

How Community Institutions Create Economic Advantage: Jewish Diamond Merchants In New York, Barak D. Richman

Faculty Scholarship

This paper argues that Jewish merchants have historically dominated the diamond industry because of their ability to reliably implement diamond credit sales. Success in the industry requires enforcing executory agreements that are beyond the reach of public courts, and Jewish diamond merchants enforce such contracts with a reputation mechanism supported by a distinctive set of industry, family, and community institutions. An industry arbitration system publicizes promises that are not kept. Intergenerational legacies induce merchants to deal honestly through their very last transaction, so that their children may inherit valuable livelihoods. And ultra-Orthodox Jews, for whom participation in their communities is …

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Evidence History, The New Trace Evidence And Rumblings In The Future Of Proof, Robert P. Mosteller Jan 2006

Evidence History, The New Trace Evidence And Rumblings In The Future Of Proof, Robert P. Mosteller

Faculty Scholarship

This paper is in two parts. The first part is about developments in the rules of evidence and particularly about developments in the federal rules of evidence, which has had a major impact on evidence rules in many states. This part turns out to be largely about the past because my sense is that the impact of changes in the formal rules of evidence, which were substantial, are largely historic. To be sure future changes in the formal rules, particularly those that may be made as a result of the Supreme Court’s decision in Crawford v. Washington (2004) that dramatically …

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A Conversation Among Deans, Katharine T. Bartlett, Edward Rubin, W. H. Knight Jan 2006

A Conversation Among Deans, Katharine T. Bartlett, Edward Rubin, W. H. Knight

Faculty Scholarship

On March 10, 2006, the Harvard Journal of Law & Gender, Harvard Civil Rights-Civil Liberties Law Review, and Harvard Law Review co-sponsored a conference, "Results: Legal Education, Institutional Change, and a Decade of Gender Studies," to address the number of student experience studies that detail women's lower performance in and dissatisfaction with law school. Rather than advocate for a particular set of responses to the different experiences of men and women in legal education , this conference sought to foster a discussion about the institutional challenges these patterns highlight. As a means of accomplishing this end, law school deans from …

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Parsing The Commander In Chief Power: Three Distinctions, Curtis A. Bradley Jan 2006

Parsing The Commander In Chief Power: Three Distinctions, Curtis A. Bradley

Faculty Scholarship

No abstract provided.

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The Assault On The Constitution: Executive Power And The War On Terrorism, Erwin Chemerinsky Jan 2006

The Assault On The Constitution: Executive Power And The War On Terrorism, Erwin Chemerinsky

Faculty Scholarship

The Bush administration has made unprecedented claims of unchecked executive power. The Constitution reflects a simple model that two branches of government should have to be involved in virtually all major government actions. The Bush administration, however, has claimed the ability to detain individuals, to engage in electronic eavesdropping, and to authorize torture even in violation of federal statutes. The solution must be for courts to reject these broad claims of presidential authority.

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The Role Of Empirical Evidence In Evaluating The Wisdom Of The Sarbanes-Oxley Act, James D. Cox Jan 2006

The Role Of Empirical Evidence In Evaluating The Wisdom Of The Sarbanes-Oxley Act, James D. Cox

Faculty Scholarship

No abstract provided.

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A Model Mass Tort: The Ppa Experience, Francis Mcgovern, Barbara J. Rothstein, Sara Jael Dion Jan 2006

A Model Mass Tort: The Ppa Experience, Francis Mcgovern, Barbara J. Rothstein, Sara Jael Dion

Faculty Scholarship

Abstract not available

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A Model State Mass Tort Settlement Statute, Francis Mcgovern Jan 2006

A Model State Mass Tort Settlement Statute, Francis Mcgovern

Faculty Scholarship

Abstract not available

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A Proposed Settlement Rule For Mass Torts, Francis Mcgovern Jan 2006

A Proposed Settlement Rule For Mass Torts, Francis Mcgovern

Faculty Scholarship

Abstract not available

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Mediation Of The Snake River Basin Adjudication, Francis Mcgovern Jan 2006

Mediation Of The Snake River Basin Adjudication, Francis Mcgovern

Faculty Scholarship

No abstract provided.

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The American Transformation Of Waste Doctrine: A Pluralist Interpretation, Jedediah Purdy Jan 2006

The American Transformation Of Waste Doctrine: A Pluralist Interpretation, Jedediah Purdy

Faculty Scholarship

No abstract provided.

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The Limits Of Courage And Principle, Jedediah Purdy Jan 2006

The Limits Of Courage And Principle, Jedediah Purdy

Faculty Scholarship

Reviewing Michael Ignatieff, The Lesser Evil: Political Ethics in an Age of Terror (2004)

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“Judicial Hellholes:” Medical Malpractice Claims, Verdicts, And The “Doctor Exodus” In Illinois, Neil Vidmar, Kara Mackillop Jan 2006

“Judicial Hellholes:” Medical Malpractice Claims, Verdicts, And The “Doctor Exodus” In Illinois, Neil Vidmar, Kara Mackillop

Faculty Scholarship

No abstract provided.

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The Sometimes-Taxation Of The Returns To Risk-Bearing Under A Progressive Income Tax, Lawrence A. Zelenak Jan 2006

The Sometimes-Taxation Of The Returns To Risk-Bearing Under A Progressive Income Tax, Lawrence A. Zelenak

Faculty Scholarship

No abstract provided.

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