Digital Commons Network^™

The Folklore Of Investor Capitalism, John C. Coffee Jr.

Faculty Scholarship

Ideally, Thurman Arnold should review this book. In his The Folklore of American Capitalism, Arnold dissected the ideology and rationalizations by which the business community of an earlier day defended its legitimacy and perquisites. Michael Useem, a sociologist at the Wharton School, also has an interest in the ideology of the business community: how corporate managers view the new institutional investors, how they justify resistance, and the tensions and inconsistencies between their critiques of money managers and their own behavior. This is an underutilized perspective (which law and economics inherently tends to overlook), and Useem is at his best …

Searching For Negotiability In Payment And Credit Systems, Ronald J. Mann

Faculty Scholarship

The casual observer of the legal academy would assume that negotiability is a legal principle of foundational importance to our nation's payment and credit systems. All of the obvious indicators support that assumption. Among other things, the 1980s witnessed a major effort by the American Law Institute and the National Conference of Commissioners on Uniform State Laws to update and revise the relevant provisions of the Uniform Commercial Code. Similarly, negotiability continues to occupy a safe position in law school curricula, as prominent academics at our most elite schools continue to write casebooks focusing on negotiability. Most recently, for example, …

Back Matter

Journal of Aviation/Aerospace Education & Research

No abstract provided.

Professionalism And The Corporate Culture Of Aviation Education, Charles (Chuck) R. Moren

Journal of Aviation/Aerospace Education & Research

Those of us who are in some way affiliated with a university-based professional-pilot preparation program boast about our ability to prepare our graduates for careers as professional pilots employed by major air carriers. Some of us even talk about subjects such as crew resource management and imply that the corporate culture at any air carrier can have a significant effect on the safety and efficiency of flight operations. If this is true, then we must recognize that the corporate culture of our educational institutions has a significant effect on the professional preparation of our graduates.

Front Matter

Journal of Aviation/Aerospace Education & Research

No abstract provided.

Student And Instructor Perceptions Of Effective Instructional Methods In A University Aviation Human Factors Course, Lorelie E. Miller, Jose R. Ruiz, Susan E. Sharp

Journal of Aviation/Aerospace Education & Research

Aviation human factors instructors employed by University Aviation Association (UAA) member institutions and aviation flight students from Southern Illinois University at Carbondale (SIUC) were asked to rank nine teaching methods according to perceived effectiveness in each of four subject areas: flight physiology, flight psychology, aeronautical decision-making (ADM), and crew resource management (CRM). Responses were compiled into two categories, students and instructors. Analysis using the Spearman's rank correlation coefficient indicated that students and instructors generally agreed on teaching methods they considered appropriate to the four subject areas.

Magnetic Field Decay In Single Radio Pulsars: A Statistical Study, Soma Mukherjee, Ajit Kembhavi

Physics & Astronomy Faculty Publications

We report on an extensive statistical study of single radio pulsar properties, which we undertook to estimate the decay timescale of pulsar magnetic fields. We synthesized a population of pulsars using assumed theoretical distributions of age, initial magnetic field, period of rotation, position, luminosity, and dispersion measure, taking into account the new distance model for pulsars as well as new velocity estimates. We also took into account the selection effects that characterize pulsar observations. We compared the simulated population with the observed single pulsar population using one- and two-dimensional Kolmogorov-Smirnov tests to obtain a lower bound of ∼160 Myr on …

Congressional Reviews Of Agency Regulations, Daniel Cohen, Peter L. Strauss

Faculty Scholarship

On March 29, 1996, President Clinton signed Public Law 104-121, the Contract with America Advancement Act of 1996. Title II, the Small Business Regulatory Enforcement Fairness Act of 1996 ("Act"), among other things, added a new chapter 8 to Title 5 of the United States Code. Chapter 8 requires congressional review of agency regulations. Beginning March 29, 1996, all federal agencies, including independent agencies, are required to submit each final and interim final rule for review by Congress and to the General Accounting Office (GAO) before the final or interim final rule can take effect (hereinafter final and interim final …

The Truth About Secured Financing, Robert E. Scott

Faculty Scholarship

The debate over the social value of secured credit (and the appropriate priority for secured claims in bankruptcy) is entering its nineteenth year. Yet the continuing publication of succeeding generations of articles exploring the topic have yielded precious little in the way of an emerging scholarly consensus about the nature and function of secured credit. Put simply, we still do not have a theory, of finance that explains why firms sometimes (but not always) issue secured debt rather than unsecured debt or equity. Moreover (and perhaps because of the lack of any plausible general theory), we lack any persuasive empirical …

The Evolution Of Adolescence: A Developmental Perspective On Juvenile Justice Reform, Elizabeth S. Scott, Thomas Grisso

Faculty Scholarship

The legal response to juvenile crime is undergoing revolutionary change, and its ultimate shape is uncertain. The traditional juvenile court, grounded in optimism about the potential for rehabilitation of young offenders, has long been the target of criticism, and even its defenders have been forced to acknowledge that it has failed to meet its objectives. Beginning in the late 1960s, when the Supreme Court introduced procedural regularity to delinquency proceedings in In re Gault, courts and legislatures began to slowly chip away at the foundations of the juvenile justice system. Recent developments have accelerated and intensified that process, as …

Employees, Pensions, And The New Economic Order, Jeffrey N. Gordon

Faculty Scholarship

The "New Economic Order" in the United States is a regime of trade liberalization, a robust market in corporate control, and labor market flexibility. Among the consequences over the 1980-1995 period is a divergence between the growth rate of corporate profits and stocks prices, which have increased by approximately 250% in real terms, and wages, which have barely increased at all, except for the top quintile. Contrary to popular belief employees have not significantly participated through their pension funds in this stock market appreciation. In the historically dominant defined benefit pension plan, the sponsoringfirm, not the employee, is the residual …

Old Chief V. United States: Stipulating Away Prosecutorial Accountability?, Daniel Richman

Faculty Scholarship

Earlier this year, in Old Chief v. United States, the Supreme Court finally resolved a circuit split on a nagging evidentiary issue: When a defendant charged with being a convicted felon in possession of a firearm offers to satisfy one of the statute's elements by stipulating to the existence of a prior felony conviction, may the government decline the stipulation and prove the existence and the nature of that prior felony?

The question of evidence law resolved in Old Chief is not particularly earth-shattering. Indeed, while the Court divided five to four on the issue, neither Justice Souter's opinion …

Territoriality, Risk Perception, And Counterproductive Legal Structures: The Case Of Waste Facility Siting, Michael B. Gerrard

Faculty Scholarship

The siting of hazardous and nuclear waste facilities has proven to be a task of enormous difficulty in our federal system. In this Article, the Author argues that one of the major causal factors for this difficulty is that the legal regime surrounding waste facility siting decisions is not structured in a manner sensitive to the human factors involved. The siting of a hazardous waste facility is likely to generate a negative community response where the imposition of externally made decisions and externally generated wastes fails to take into account the innate human trait of territoriality. Territoriality is a powerful …

Does Public Choice Theory Justify Judicial Activism After All?, Thomas W. Merrill

Faculty Scholarship

Some legal scholars have argued that public choice theory justifies certain kinds of judicial activism. Others have said it does not. Given the present state of the debate, it would appear that those finding no necessary support for judicial activism have the stronger argument. I will suggest, however, that if we tweak the analysis a little further, it may turn out that public choice theory provides limited support for judicial activism after all.

Ethics, Professionalism, And Meaningful Work, William H. Simon

Faculty Scholarship

Much of the anxiety and dissatisfaction associated with legal ethics arises from the categorical quality of the bar's dominant norms. These norms take the form of relatively inflexible rules insensitive to all but a few of the circumstances of the cases they govern. Hence they often require the lawyer to take actions that contribute to injustice or to refrain from actions that would avert injustice.

For example, many lawyers believe that a criminal defender is obliged to impeach a truthful complaining witness even though the only immediate purpose of this tactic is to encourage the trier to draw a mistaken …

Recent Legislation: Constitutional Law – Congress Imposes New Restrictions On Use Of Funds By The Legal Services Corporation – Omnibus Consolidated Rescissions And Appropriations Act Of 1996, Pub. L. No. 104-134, 110 Stat. 1321, Benjamin L. Liebman

Faculty Scholarship

Fierce political battles have raged about the Legal Services Corporation (LSC) for much of its twenty-three year history. Critics have attacked LSC for pursuing a "radical agenda" and for "engaging in dubious litigation that is of no real benefit to poor people," while supporters have termed LSC "the one program in the entire war on poverty that made a difference" and have decried the "campaign to deny the right of legal representation to the poor." Last year, in the Omnibus Consolidated Rescissions and Appropriations Act of 1996 (OCRAA), Congress reduced LSC funding by thirty percent – to $278 million in …

Deregulatory Takings, Breach Of The Regulatory Contract, And The Telecommunications Act Of 1996, William J. Baumol, Thomas W. Merrill

Faculty Scholarship

Professors Baumol and Merrill reply to Deregulatory Takings and Breach of the Regulatory Contract, published last year in this Review, which argued that the price incumbents may charge potential competitors for bottleneck facilities under the Telecommunications Act of 1996 should be based not on forward-looking costs but on historical costs. Professors Baumol and Merrill contend that pricing with reference to historical costs would depart from the principles called for by economic analysis for efficient pricing and they further argue that neither the Takings Clause nor the regulatory contract precludes the use of forward-looking costs in setting prices. If a taking …

Explaining The Pattern Of Secured Credit, Ronald J. Mann

Faculty Scholarship

Granting collateral to secure loans is a prominent feature of the U.S. economy, but, surprisingly, we do not understand how borrowers and lenders decide whether to engage in a secured or an unsecured transaction. In this Article, Professor Mann argues that existing theories of secured lending are inadequate because the theories' predictions have not been tested against empirical data. To understand the actual pattern of secured credit, Professor Mann interviewed more than twenty borrowers and lenders in various sectors of the economy. Based on the evidence gathered in these interviews, as well as on preexisting empirical studies, this Article develops …

Homosexuals, Torts, And Dangerous Things, Katherine M. Franke

Faculty Scholarship

Negligent, intentional, and strict liability torts. From a canonical standpoint, whatever else one might teach, it is not a first-year torts course if these three concepts are not covered. Torts has a canon, even a Restatement. Yet a canon evolves only after some criteria of value has been established such that privileged texts can be identified according to some authoritative standard. In other words, a canon is the result of a process by which a rule of recognition identifies authoritative texts.

At what point can we say that torts became a field and an intact legal subject, the canon …

The Bylaw Battlefield: Can Institutions Change The Outcome Of Corporate Control Contests?, John C. Coffee Jr.

Faculty Scholarship

What, if anything, can institutional investors do to influence the course and outcome of corporate control contests? The traditional answer was relatively little. To be sure, institutions could tender their shares in a tender offer or vote in a proxy contest to oust the incumbent board, but such a role was essentially reactive and contingent. It required that an offer actually be made before institutions could respond on an after-the-fact basis. Similarly, institutions have occasionally conducted precatory proxy campaigns calling upon the board to redeem its poison pill, but management was free to ignore these requests (and has done so).

Back Matter

Journal of Aviation/Aerospace Education & Research

No abstract provided.

Anson Burlingame: Diplomat, Orator, Tim Brady

Journal of Aviation/Aerospace Education & Research

Like a previous article titled "Cross-Cultural Underpinnings of the Taiping Rebellion: Potential Modem Applications" (Brady, 1993), this article too is somewhat out of step with the mainstream of information normally presented in JAAER, but in this author's opinion it is an important deviation. Why? Because it looks into the essential character of an important civilization that we know very little about, the Chinese, and it provides a glimpse of what happened in the past when our two cultures came into significant contact. The relevance of this paper to aviation is that it posts warning signs as to what can happen …

Aviation Science? Collegiate Aviation? Aeronautics? Aerospace Science? Introducing Aeronology In Resolving Identity Issues, Jeffrey A. Johnson

Journal of Aviation/Aerospace Education & Research

In asking collegiate aviation educators for a term or a phrase that adequately describes their academic field, it does not take much time to discover that widespread agreement is notably absent. If we as aviation educators are unable to collectively identify ourselves and the niche we inhabit in the realm of the entire academic community, then how much more difficult will it be for the remainder of the academic community and the general public to identify us as well? There are three possible solutions for aviation educators to consider in confronting the identity problem. Educators can: (1) conclude that identity …

Front Matter

Journal of Aviation/Aerospace Education & Research

No abstract provided.

Aviation Industry Employment Data Estimates Revisited, David A. Newmyer, Robert W. Kaps, Susan E. Sharp

Journal of Aviation/Aerospace Education & Research

A wide variety of estimates of aviation industry employment data exist today. For example, a range of estimates from a low of 750,000 to a high of 2.1 million are reported in various industry publications and journals. This broad range raises questions not onIy about such data but also about the definition used to define the industry and thus used to arrive at employment numbers. In this paper, an overall 1995 aviation industry employment estimate is presented that is based on various secondary sources. The estimate incorporates various components of the civil aviation industry, including aircraft/aerospace manufacturing, airlines, general aviation, …

Back Matter

Journal of Aviation/Aerospace Education & Research

No abstract provided.

Front Matter

Journal of Aviation/Aerospace Education & Research

No abstract provided.

Medical Problems In Commercial Flight: Shortage Of Airport Medical Facilities, Norma Dowsett

Journal of Aviation/Aerospace Education & Research

Heart disease remains the leading cause of death in the United States. If the heart-attack victim is unfortunate enough to be at an airport, the prognosis for survival is exceedingly low, unless vigorous treatment begins immediately. Currently, there are only four fully staffed medical facilities operating at U.S. airport terminals, a fact that should be unacceptable. With the increase in air travel, cases of medical emergencies at the terminals and on board aircraft will inevitably increase. The rise in contagious diseases also could hamper the efficiency of aircraft flight. To save lives, to increase the expediency of emergency quarantine procedures, …

Standard Form Contracts, Avery W. Katz

Faculty Scholarship

Among legal commentators, standard form contracts have long been received with distrust, and the rules governing their interpretation have engendered considerable controversy. While economic analysis has little to say regarding the libertarian objection to standard form contracts or their relationship to personal autonomy, it can help evaluate their effects on efficiency and the distribution of the gains from trade. From such a perspective, standard forms should be analyzed like any other productive input, comparable to design, marketing, and technical support. Whether their use raises any special regulatory or policy concerns, therefore, depends on their implications for the standard litany of …

Indemnity Of Legal Fees, Avery W. Katz

Faculty Scholarship

This article surveys the effects of legal fee shifting on a variety of decisions arising before and during the litigation process. Section 2 provides a brief survey of the practical situations in which legal fee shifting does and does not arise. Section 3 analyzes the effects of indemnification on the incentives to expend resources in litigated cases. Section 4 examines how indemnification influences the decisions to bring and to defend against suit, and Section 5 assesses its effects on the choice between settlement and trial. Section 6 addresses the interaction between the allocation of legal fees and the parties' incentives …