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Allan Farnsworth, Ali Reporter, Lance Liebman Jan 2005

Allan Farnsworth, Ali Reporter, Lance Liebman

Faculty Scholarship

For my five years as Dean of Columbia Law School, I only occasion-ally worked with Professor Farnsworth. He was not a faculty member who needed the Dean's help or wanted the Dean's attention. But once he came to my office, a mischievous twinkle in his eye, to share the news that on that day, the recorded number of citations to Farnsworth on Contracts had moved into first place among all legal publications, displacing Williston.

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A Pluralist Approach To Interpretation: Wills And Contracts, Kent Greenawalt Jan 2005

A Pluralist Approach To Interpretation: Wills And Contracts, Kent Greenawalt

Faculty Scholarship

This account of legal interpretation focuses mainly on wills and contracts. It adopts a pluralist approach, one that treats a number of factors as potentially relevant and does not assume that all relevant factors necessarily reduce to one overarching inquiry that is the same whatever legal text is being interpreted.

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Let's Stick Together (And Break With The Past): The Use Of Economic Analysis In Wto Dispute Litigation, Petros C. Mavroidis Jan 2005

Let's Stick Together (And Break With The Past): The Use Of Economic Analysis In Wto Dispute Litigation, Petros C. Mavroidis

Faculty Scholarship

The treatment of a number of issues that are being routinely discussed in WTO dispute settlement practice could benefit substantially, were economists to be institutionally implicated in the process. As things stand, the participation of economists in dispute settlement proceedings is infrequent and erratic: for all practical purposes, it depends on the discretion of WTO adjudicating bodies. There is indirect evidence that recourse to such expertise has been made, albeit on very few occasions. Institutional reforms are necessary; otherwise, it seems unlikely that the existing picture will change in the near future. A look into ongoing negotiations on the DSU …

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How Law Affects Lending, Rainer F.H. Haselmann, Katharina Pistor, Vikrant Vig Jan 2005

How Law Affects Lending, Rainer F.H. Haselmann, Katharina Pistor, Vikrant Vig

Faculty Scholarship

The paper explores how legal change affects lending behavior of banks in twelve transition economies of Central and Eastern Europe. In contrast to previous studies, we use bank level rather than aggregate data, which allows us to control for country level heterogeneity and analyze the effect of legal change on different types of lenders. Using a differences-in-differences methodology to analyze the within country variation of changes in creditor rights protection, we find that the credit supplied by banks increases subsequent to legal change. Further, we show that collateral law matters more for credit market development than bankruptcy law. We also …

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Takeovers In The Boardroom: Burke Versus Schumpeter, Ronald J. Gilson, Reinier Kraakman Jan 2005

Takeovers In The Boardroom: Burke Versus Schumpeter, Ronald J. Gilson, Reinier Kraakman

Faculty Scholarship

We are delighted to participate in a 25th anniversary assessment of Martin Lipton's 1979 article, Takeover Bids in the Target's Boardroom. This is a remarkably prescient article that demonstrates an uncanny ear for an emerging issue. From his vantage point inside targets' boardrooms – and, we assume, also from inside the nearby offices of investment bankers – Lipton spotted a gathering storm on the horizon and sought to channel the emerging issue of takeover policy in a direction that accorded with his own fundamental convictions as well as the interests of his clients. As every academic knows, early intervention …

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Religious Freedom In Philadelphia, Philip A. Hamburger Jan 2005

Religious Freedom In Philadelphia, Philip A. Hamburger

Faculty Scholarship

Some controversies seem particularly significant for the development of constitutional rights. For the freedom from an establishment of religion, the most famous early debate occurred in Virginia in the mid-1780s. For the more immediate freedom of religion, however – the freedom from penalty or constraint on religion – the central historical debate is less familiar. It was in some respects merely a local quarrel, which embroiled Quakers and Revolutionaries in Philadelphia during a few tense weeks in 1775. Nonetheless, it was a revealing moment in the development of American religious liberty. At a time when Americans were struggling for equality …

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Financial Contracts And The New Bankruptcy Code: Insulating Markets From Bankrupt Debtors And Bankruptcy Judges, Edward R. Morrison, Joerg Riegel Jan 2005

Financial Contracts And The New Bankruptcy Code: Insulating Markets From Bankrupt Debtors And Bankruptcy Judges, Edward R. Morrison, Joerg Riegel

Faculty Scholarship

The reforms of 2005 yield important but subtle changes in the Bankruptcy Code's treatment of financial contracts. They might appear only to eliminate longstanding uncertainty surrounding the protections available to financial contract counterparties, especially counterparties to repurchase transactions and other derivative contracts. But the ambit of the reforms is much broader. The expanded definitions – especially the definition of "swap agreement" – are now so broad that nearly every derivative contract is subject to the Code's protection. Instead of protecting particular counterparties to particular transactions, the Code now protects any counterparty to any derivative contract. Entire markets have been insulated …

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Complexity Of School-Police Relationships Challenge Special Needs Doctrine, Joshua Gupta-Kagan Jan 2005

Complexity Of School-Police Relationships Challenge Special Needs Doctrine, Joshua Gupta-Kagan

Faculty Scholarship

On November 5, 2003, concern regarding suspected drug activity led to a massive police search of Stratford High School in the Berkeley School District, north of Charleston, South Carolina. (See Police, School District Defend Drug Raid, available at http://www.cnn.com/2003/US/South/11/07/school.raid/index.html.) Fourteen police officers assumed strategic positions inside and outside the school. Accompanied by a drug-sniffing clog, officers. Some with guns drawn, secured a school hallway and ordered more than I 00 students to get on their knees and face the wall, handcuffing at least 12 who failed to immediately obey the police orders. Alerted by the clog. police physically searched students, …

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Common Interest Developments At The Crossroads Of Legal Theory, Michael A. Heller Jan 2005

Common Interest Developments At The Crossroads Of Legal Theory, Michael A. Heller

Faculty Scholarship

What makes common interest developments (CIDs) interesting for legal theory? In my view, CIDs should provoke our interest because they operate at the intersection of two axes of contemporary legal scholarship. The first axis concerns rights allocation, what I have called the spectrum from commons to anticommons property. The second axis concerns governance institutions, which can occupy the space between private and public. These two dimensions define the theoretical field within which we create new forms of group property, and through which we solve emerging collective action dilemmas. CIDs are located at this crossroads, delicately poised between extremes on both …

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Come Together? Producer Welfare, Consumer Welfare, And Wto Rules, Petros C. Mavroidis Jan 2005

Come Together? Producer Welfare, Consumer Welfare, And Wto Rules, Petros C. Mavroidis

Faculty Scholarship

This chapter explains why the dynamic of World Trade Organization (WTO) negotiations tends to lead to the progressive liberalization of market-access barriers promoting consumer welfare. As all agreements tend to be ‘incomplete’, it is a legitimate task of WTO judges to clarify progressively the WTO requirements of nondiscriminatory treatment of like goods and of like services. The additional requirements, in the WTO Agreements on Technical Barriers to Trade and on Sanitary and Phytosanitary Standards, to base restrictive measures on the ‘necessity principle’ and on ‘scientific evidence’, offer useful ‘double checks’ for judicial identification of protectionist measures. While the WTO rules …

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Medical Error Disclosure, Mediation Skills, And Malpractice Litigation: A Demonstration Project In Pennsylvania, Carol B. Liebman, Chris Stern Hyman Jan 2005

Medical Error Disclosure, Mediation Skills, And Malpractice Litigation: A Demonstration Project In Pennsylvania, Carol B. Liebman, Chris Stern Hyman

Faculty Scholarship

In the past decade, the cost of medical malpractice insurance has skyrocketed in Pennsylvania. Physicians in high-risk specialties are reported to have moved out of the state, closed their practices, or retired, particularly in eastern Pennsylvania. Liability insurance companies have pulled out of the state. At the same time, serious medical errors continue to occur. Doctors and hospital officials, afraid of lawsuits and loss of insurance coverage, often stonewall patients and relatives, offering only barebones explanations of serious medical errors. Research shows this situation creates a vicious circle in which frustration, anger, and a search for information often motivate patients …

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Executive Compensation: If There's A Problem, What's The Remedy? The Case For "Compensation Discussion And Analysis", Jeffrey N. Gordon Jan 2005

Executive Compensation: If There's A Problem, What's The Remedy? The Case For "Compensation Discussion And Analysis", Jeffrey N. Gordon

Faculty Scholarship

High levels of executive compensation have triggered an intense debate over whether compensation results primarily from competitive pressures in the market for managerial services or from managerial overreaching. Professors Lucian Bebchuk and Jesse Fried have advanced the debate with their recent book, Pay Without Performance: The Unfulfilled Promise of Executive Compensation, which forcefully argues that current compensation levels are best explained by managerial rent-seeking, not by arm's-length bargaining designed to create the optimum pay and performance nexus. This paper expresses three sorts of reservations with their analysis and advances its own proposals. First, enhancing shareholder welfare is not, as a …

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The Une Anticommons: Why The 1996 Telecom Reforms Blocked Innovation And Investment, Michael A. Heller Jan 2005

The Une Anticommons: Why The 1996 Telecom Reforms Blocked Innovation And Investment, Michael A. Heller

Faculty Scholarship

The United States is losing its competitive edge in telecommunications partly because of FCC mistakes in fragmenting property rights in, and in the regulatory oversight of local telephone facilities and services. As with postsocialist transition, reformers created a "tragedy of the anticommons" in which too many owners and regulators each can block the others' investments and all players forego innovation. By forcing existing companies to unbundle network elements (UNEs) and sell them too cheaply, the FCC has created an industry where the players cannibalize the legacy network, divert resources to regulatory arbitrage, and have little incentive for bold new investments.

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American Exceptionalism: The Exception Proves The Rule American, Philip C. Bobbitt Jan 2005

American Exceptionalism: The Exception Proves The Rule American, Philip C. Bobbitt

Faculty Scholarship

As a statement about proof, the phrase 'the exception proves the rule' is nonsense. Proof comes from the affirmation of a meaningful proposition, and behavior that contradicts a rule can scarcely be said to confirm it. But consider instead that the word 'prove' at one time meant 'provide,' and then make the substitution. Does the exception provide the rule? Indeed it does. It tells us the boundary conditions for the application of the rule: IT' before "e" except after "c"; months have thirty or thirty-one days, excepting February. This is the case even, perhaps especially, in law: all persons born …

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Introduction By George A. Bermann, George A. Bermann Jan 2005

Introduction By George A. Bermann, George A. Bermann

Faculty Scholarship

The accountability of states and state actors on the international scene is on a forward march. The fora in which this development is playing itself out are multiple: national courts of the state actor, national courts of other states, international tribunals of a more or less public law variety, private international law tribunals, and all manner of hybrids.

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Medellin V. Dretke: Federalism And International Law, Curtis Bradley, Lori Fisler Damrosch, Martin Flaherty Jan 2005

Medellin V. Dretke: Federalism And International Law, Curtis Bradley, Lori Fisler Damrosch, Martin Flaherty

Faculty Scholarship

This evening, we're going to have, at the very least, a discussion which may blossom into a debate-we will see as the evening progresses. However one characterizes the event, we're here to discuss the Medellin v. Dretke case and, more broadly, we are going to be discussing cutting edge issues of international law, including the operation of self-executing treaties and state legal systems, the weight to be given to judgments of international courts interpreting such treaties, and the duties of state and federal judiciaries in this process, all in the context of death penalty cases. Let me give you a …

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Conflicts Of Interest In Publicly-Traded And Closely-Held Corporations: A Comparative And Economic Analysis, Zohar Goshen Jan 2005

Conflicts Of Interest In Publicly-Traded And Closely-Held Corporations: A Comparative And Economic Analysis, Zohar Goshen

Faculty Scholarship

Conflicts of interest in corporate law can be addressed by two main alternatives: a requirement of a majority of the minority vote or the imposition of duties of loyalty and fairness. A comparison of Delaware, the UK, Canada, and Israel reveals that while the conflicts of interest problem within publicly-traded corporations receives different treatment in the different jurisdictions — either a fairness rule or a majority of the minority rule — closely-held corporations receive the same treatment of an imposition of duties of loyalty and fairness. This article explains this finding, demonstrating that determining which of these rules is adopted …

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Disappearing Dilemmas: Judicial Construction Of Ethical Choice As Strategic Behavior In The Criminal Defense Context, Manuel Berrélez, Jamal Greene, Bryan Leach Jan 2005

Disappearing Dilemmas: Judicial Construction Of Ethical Choice As Strategic Behavior In The Criminal Defense Context, Manuel Berrélez, Jamal Greene, Bryan Leach

Faculty Scholarship

Imagine the following scenario: A criminal defense attorney represents a man accused of kidnapping and murdering two children in a residential neighborhood. During the course of interviewing key witnesses, the defense attorney becomes convinced that her client was present at the scene of the murder. While her client denies having been present, his alibi changes entirely from one interview to the next. The two main witnesses that the client offers to Corroborate his most recent alibi recant, suggesting to the defense attorney that both they and the defendant were actually present at the scene of the crime. Third parties confirm …

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The Law And The Non-Law, Katharina Pistor Jan 2005

The Law And The Non-Law, Katharina Pistor

Faculty Scholarship

The common theme of the articles assembled for this issue is a focus on Asian societies and their struggle with the conceptualization of "non-law" and its relation to law. This brief Comment reflects on the construction of the "non-law" as analytical categories in the four contributions. It suggests that the struggle with "non-law" reflects a deeper confusion about the role of law in ordering social relations broadly defined.' Focusing on the "non-law" assumes implicitly that "law" is a useful and well-delineated category for analyzing governance structures within and across states and thus can serve as a benchmark for analyzing "non-law." …

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Incomplete Contracts And The Theory Of Contract Design, Robert E. Scott, George G. Triantis Jan 2005

Incomplete Contracts And The Theory Of Contract Design, Robert E. Scott, George G. Triantis

Faculty Scholarship

We are delighted to accept this invitation to write a short essay on the economic theory of incomplete contracts and to illuminate its current and potential impact on the legal analysis of contracts and contract law. Economic contract theory has made significant inroads in legal scholarship over the past fifteen years, and this is a good time to take stock of its strengths and weaknesses. Several recent publications in the Yale Law Journal have offered evaluations of the contributions of contract theory.' In this essay, we offer our opinion as to its future path in legal scholarship. In particular, we …

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The Ethics Of Empire, Again, Jedediah S. Purdy Jan 2005

The Ethics Of Empire, Again, Jedediah S. Purdy

Faculty Scholarship

Noah Feldman has emerged as one of the most serious and thoughtful contributors to U.S. strategy in the age of terrorism and counterterrorism. Professor Feldman spent a good chunk of 2003 in Baghdad as a constitutional advisor to the Iraqi Governing Council, which was established under the occupation government of Ambassador Paul Bremer. Since then, Feldman has become an important commentator on U.S. policy in Iraq. Many young political operatives cycled through Iraq in 2003 and 2004, but Feldman was unusually well qualified for his position. He holds a degree in Islamic thought, speaks fluent Arabic, and specializes in the …

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The First Amendment's Original Sin, Lee C. Bollinger Jan 2005

The First Amendment's Original Sin, Lee C. Bollinger

Faculty Scholarship

Times of war place considerable stress on civil liberties, especially ones protected by the First Amendment. When the nation must gather itself to fight an enemy who is intent on killing us, it is perhaps only natural that our tolerance for the usual disorder of dissent will decline. When everyone has to sacrifice for the common good, when fellow citizens are dying in that cause, the costs of speech are visible and serious. Dissent may dissuade or discourage soldiers from fighting; sowing doubt may weaken resolve just when it's needed most; falsehoods and misinformation may lead to catastrophic shifts of …

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Rien Ne Va Plus? Distinguishing Domestic Regulation From Market Access In Gatt And Gats, Joost H. B. Pauwelyn Jan 2005

Rien Ne Va Plus? Distinguishing Domestic Regulation From Market Access In Gatt And Gats, Joost H. B. Pauwelyn

Faculty Scholarship

Depending on how one classifies market intervention, trade liberalization disciplines can be lenient or strict. Perhaps the most important distinction in this respect is that between government intervention labeled as a "market access restriction" and that defined as "domestic regulation." Both the GATT and the GATS declare market access restrictions (such as import quotas or limitations on the number of service suppliers) to be, in principle, prohibited. In contrast, domestic regulations (such as internal taxes, health standards, and safety requirements) are treated with much more deference. They are, in essence, only prohibited when discriminatory or more trade restrictive than necessary. …

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Public And Private Enforcement Of The Securities Laws: Have Things Changed Since Enron?, James D. Cox, Randall S. Thomas Jan 2005

Public And Private Enforcement Of The Securities Laws: Have Things Changed Since Enron?, James D. Cox, Randall S. Thomas

Faculty Scholarship

No abstract provided.

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Letting Billions Slip Through Your Fingers: Empirical Evidence And Legal Implications Of The Failure Of Financial Institutions To Participate In Securities Class Action Settlements, James D. Cox, Randall S. Thomas Jan 2005

Letting Billions Slip Through Your Fingers: Empirical Evidence And Legal Implications Of The Failure Of Financial Institutions To Participate In Securities Class Action Settlements, James D. Cox, Randall S. Thomas

Faculty Scholarship

In a pilot study we published two years ago, we reported that nearly two-thirds of the institutional investors with financial losses in 53 settled securities class actions fail to submit claims. As a consequence of this failure substantial sums they were entitled to receive were given to others. This article presents the results of a much more extensive investigation of the frequency with which financial institutions submit claims in settled securities class actions. We combine an empirical study of a much larger set of settlements with the results of a survey of institutional investors about their claims filing practices. Consistent …

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Open And Collaborative Research: A New Model For Biomedicine, Arti K. Rai Jan 2005

Open And Collaborative Research: A New Model For Biomedicine, Arti K. Rai

Faculty Scholarship

The advent of open source software has prompted some theoretical speculation about the applicability of open source production principles to biomedical research. This paper moves beyond theoretical analysis into an empirical examination of biomedical research projects that operate under what might be called an "open and collaborative" model. Open and collaborative projects represent a fresh approach to biomedicine in that they not only disavow its exclusionary behavior but they also reject its small-lab based structure. The paper argues that open and collaborative biomedical research represents a promising experiment. Not only has it produced software and genomic data that is usable, …

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Terrorism: The Politics Of Prosecution, Madeline Morris Jan 2005

Terrorism: The Politics Of Prosecution, Madeline Morris

Faculty Scholarship

No abstract provided.

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The Limits Of Fourth-Generation Warfare, Charles J. Dunlap Jr. Jan 2005

The Limits Of Fourth-Generation Warfare, Charles J. Dunlap Jr.

Faculty Scholarship

No abstract provided.

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The Myth Of Instrumental Rationality, Joseph Raz Jan 2005

The Myth Of Instrumental Rationality, Joseph Raz

Faculty Scholarship

My main aim is to explain the normative character of the phenomena that are commonly discussed when theoretical writers discuss instrumental rationality and instrumental reasons. The discussion will assume that there are forms of practical normativity, of practical reasons, which are not instrumental in nature. The question central to the inquiry is what, if any, normative difference does adopting or having an end make? For example, are there instrumental reasons and, if there are, how do they relate to having ends? Are instrumental reasons distinctive kinds of reasons, whose normativity differs in its underlying rationale from that of, say, moral …

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Wartime Security And Constitutional Liberty: Detainees, Erwin Chemerinsky Jan 2005

Wartime Security And Constitutional Liberty: Detainees, Erwin Chemerinsky

Faculty Scholarship

No abstract provided.

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