Digital Commons Network^™

Creating Effective Broadband Network Regulation, Daniel L. Brenner

Daniel L. Brenner

ABSTRACT: The Internet is central to the business and pastimes of Americans. Calls for increased regulation are ongoing, inevitable, and often justified. But calls for “network neutrality” or “nondiscrimination” assume with little hesitation federal agency competence to give predictable and accurate meaning to these terms and create regulations to implement them. This article’s chief contribution to Internet policy debate is to focus attention on the likelihood of successful FCC Internet regulation -- a key assumption of some advocates. The article analyzes three characteristics that hobble the FCC, the likeliest federal agency to provide prescriptive rules. First, the record for the …

The Coase Theorem And Arthur Cecil Pigou, Herbert J. Hovenkamp

All Faculty Scholarship

In "The Problem of Social Cost" Ronald Coase was highly critical of the work of Cambridge University Economics Professor Arthur Cecil Pigou, presenting him as a radical government interventionist. In later work Coase's critique of Pigou became even more strident. In fact, however, Pigou's Economics of Welfare created the basic model and many of the tools that Coase's later work employed. Much of what we today characterize as the "Coase Theorem," including the relevance of transaction costs, externalities, and bilateral monopoly, was either stated or anticipated in Pigou's work. Further, Coase's extreme faith in private bargaining led him to fail …

Discovering The Role Of The Firm: The Separation Criterion And Corporate Law, Daniel F. Spulber

Daniel F Spulber

Professor Daniel F. Spulber presents a theory of the firm based on the ability to separate the objectives of the firm from those of its owners. He introduces a separation criterion which defines a firm as a transaction institution such that the consumption objectives of the institution’s owners can be separated from the objectives of the institution itself. The separation criterion provides a bright line distinction between firms and other types of transaction institutions. Firms under this criterion include profit-maximizing sole proprietorships, corporations, and limited-liability partnerships. Institutions that are not classified as firms include contracts, clubs, workers’ cooperatives, buyers’ cooperatives, …

The Case In Favour Of The European Private Company A Competitive Alternative For Smes?, Paolo Santella

Paolo Santella

No abstract provided.

The Nonpecuniary Costs Of Sarbanes Oxley, Nicholas V. Vakkur

Nicholas v Vakkur

Sarbanes Oxley is widely considered the most comprehensive economic regulation since the New Deal. While research has evaluated its financial costs, relatively little is known about the non-financial impact of the law upon firms. We develop six hypotheses regarding the non-financial impact of Sarbanes Oxley, incorporating learning from a comprehensive literature review across multiple disciplines. To evaluate this theory, an original survey was developed and implemented on a random sample of Fortune 500 firms (n = 206). An ordered probit model was used to quantify the results. While many economists consider business surveys to be at least as important as …

A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca

Paolo Santella

No abstract provided.

Una Comparazione Tra Le Reti Di Amministratori Nelle Principali Società Quotate In Italia, Francia E Gran Bretagna (Powerpoint Format), Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi

Paolo Santella

No abstract provided.

A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca

Carlo Drago

No abstract provided.

I Fondi Pensione Italiani: Attivismo E Governance By Francesco Bripi And Cristina Giorgiantonio: Discussione (Powerpoint Format), Paolo Santella, Carlo Drago

Paolo Santella

No abstract provided.

Stabilization Activity In Italian Ipos By Dimitri Borienko And Stefano Lombardo: Discussion (Powerpoint Format), Carlo Drago, Paolo Santella

Paolo Santella

No abstract provided.

Stabilization Activity In Italian Ipos By Dimitri Borienko And Stefano Lombardo: Discussion (Powerpoint Format), Carlo Drago, Paolo Santella

Carlo Drago

No abstract provided.

I Fondi Pensione Italiani: Attivismo E Governance By Francesco Bripi And Cristina Giorgiantonio: Discussione (Powerpoint Format), Paolo Santella, Carlo Drago

Carlo Drago

No abstract provided.

The Italian Chamber Of Lords Sits On Listed Company Boards. An Empirical Analysis Of Italian Listed Company Boards From 1998 To 2006 - Presentation (Powerpoint Format), Paolo Santella, Carlo Drago, Andrea Polo

Paolo Santella

No abstract provided.

I Own The Pipes, You Call The Tune. The Net Neutrality Debate And Its (Ir)Relevance For Europe, Andrea Renda

Andrea Renda

The debate of the so-called “net neutrality” has been under the spotlight in the US for many years, whereas many believed it would not become an issue in Europe. However, over the past few months the need to revise the current regulatory framework to encourage investment in all-IP networks has led to greater attention for net neutrality and its consequences for investment and competition. After the Commission adopted a “light-touch” approach to the issue at the end of 2007, the European Parliament has started to reconsider the issue, and it is reportedly considering a move towards more pro-neutrality rules. This …

Una Comparazione Tra Le Reti Di Amministratori Nelle Principali Societa Quotate In Italia, Francia E Gran Bretagna, Paolo Santella, Carlo Drago, Andrea Polo, Enrico Gagliardi

Carlo Drago

The purpose of the present paper is to contribute to the empirical literature on country interlocks by illustrating and analysing the interlocking directorships in the first 40 Italian, French and British Blue Chips as of December 2007 (Italy)/March 2008 (France and uk). The theoretical literature identify two possible explanations for interlocking directorships, on the one hand the collusion among players in the same market or in general among enterprises that have business relations among themselves; on the other hand the interest for enterprises to have on their boards bankers, suppliers, and clients so as to reduce information asymmetries. Our findings …

Institutional Arrangements, Property Rights And The Endogenity Of Comparative Advantage, Nita Ghei

Nita Ghei

Comparative advantage is determined not merely by exogenous factor endowments. Institutional arrangements, and security of property rights, affect comparative advantage and the pattern of trade as well. Developing countries would be better off using their scarce institutional capital on securing property rights rather than trying to pick “winners” using strategic trade policy.

Vote For Charity's Sake, Aaron S. Edlin, Andrew Gelman, Noah Kaplan

Aaron Edlin

In a battleground state like Colorado or New Mexico, voting in the presidential election may be equivalent to giving $30,000 - $50,000 to others in expected value, and as such is an extremely efficient form of charity.

A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca

Paolo Santella

No abstract provided.

The Network-Firm As A Single Real Entity: Beyond The Aggregate Of Distinct Legal Entities, By Virgile Chassagnon. Discussion, Carlo Drago

Carlo Drago

No abstract provided.

A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Pdf Format), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca

Carlo Drago

No abstract provided.

Fighting Cartels: Some Economics Of Council Regulation 1/2003 (Ec), By Birgit E. Will And Dieter Schmidtchen: Discussion, Carlo Drago

Carlo Drago

No abstract provided.

Changing The Paradigm Of Stock Ownership From Concentrated Towards Dispersed Ownership? Evidence From Brazil And Consequences For Emerging Countries, Erica Gorga

Cornell Law Faculty Working Papers

This paper analyzes micro-level dynamics of changes in ownership structures. It investigates a unique event: changes in ownership patterns currently taking place in Brazil. It builds upon empirical evidence to advance theoretical understanding of how and why concentrated ownership structures can change towards dispersed ownership.

Commentators argue that the Brazilian capital markets are finally taking off. The number of listed companies and IPOs in the Sao Paulo Stock Exchange (Bovespa) has greatly increased. Firms are migrating to Bovespa’s special listing segments, which require higher standards of corporate governance. Companies have sold control in the market, and the stock market has …

The Harry Potter Lexicon And The World Of Fandom: Fan Fiction, Outsider Works, And Copyright, Aaron Schwabach

Aaron Schwabach

Fan fiction, long a nearly invisible form of outsider art, has grown exponentially in volume and legal importance in the past decade. Because of its nature, authorship, and underground status, fan fiction stands at an intersection of issues of property, sexuality, and gender. This article examines three disputes over fan writings, concluding with the recent dispute between J.K. Rowling and Steven Vander Ark over the Harry Potter Lexicon, which Rowling once praised and more recently succeeded in suppressing. The article builds on and adds to the emerging body of scholarship on fan fiction, concluding that much fan fiction is fair …

Pro Bono Publico As A Conscience Good, Deborah A. Schmedemann

Deborah Schmedemann

Pro bono work performed by American lawyers serves a critical role in the American civil justice system. This paper seeks to explain pro bono through the lens of social science research into volunteering, in particular the economic concept of a conscience good. The paper presents the results of an empirical study involving over 1,100 law students and lawyers. The results include data on lawyers’ motivations to perform pro bono, the impact of various pro bono rules and invitations to perform pro bono, the satisfactions of pro bono work, emotions triggered by pro bono work and pro bono clients, and the …

Clitoridectomy And The Economics Of Islamic Marriage & Divorce Law, Ryan M. Riegg

Ryan M. Riegg

Rolling Equilibriums At The Pre-Commons Frontier: Identifying Patently Efficient Royalties For Complex Products, F. Russell Denton

F. Russell Denton

Patent pricing problems have roiled industry in recent years. The biggest challenge may be splintered in-licensing of dozens or even thousands of patents for a single behemoth product, where ubiquitous overlaps in invention utility frustrate rational splitting of royalties. That issue is especially daunting for software, computer chips and biotechnology. Judicial remedies are no better: courts have been unable to streamline or standardize the analysis for infringement dam-ages under the prevailing Georgia-Pacific rule. The historic weakness of financial science for intangible assets, along with cherry picking by parties, hobbles G-P’s 15-factor analysis. The universal fog in allocating royalties creates license …

Statistical String Theory For Courts: If The Data Don't Fit..., David F. Babbel

David F Babbel

The primary purpose of this article is to provide courts with an important new tool for applying the correct probability distribution to a given legal question. This tool is path-breaking and will have an extensive impact on how a wide variety of cases are decided. In areas as diverse as criminal prosecutions and civil lawsuits alleging securities fraud, courts must assess the relevance and reliability of statistical data and the inferences drawn therefrom. But, courts and expert witnesses often make mistaken assumptions about what probability distributions are appropriate for their analyses. Using the wrong probability distribution can lead to invalid …

Nudging For Liberty: Values In Libertarian Paternalism, Michael S. Mcpherson, Matthew A. Smith

Michael S. McPherson

In their recent book, Nudge, Richard Thaler and Cass Sunstein argue persuasively that default rules, framing effects, etc., can be used to promote people's welfare. Through a range of empirical examples, we show that it is possible and often preferable to promote values other than welfare. For example, in certain situations default rules can be used to promote people’s exercise of liberty, the equality between citizens, or any other number of values. The core of the paper is showing that these examples do not devolve into welfare, and thereby enhancing the range of options open to policy makers.

The Resilience Of Law, Joseph Vining

Law & Economics Working Papers Archive: 2003-2009

The development of "law and economics" over the last half-century has expanded and reinforced a perception among academic lawyers that law itself is a social science. During the same period social science has moved closer to the discipline of natural science and the presuppositions and methods of its thought and work. This essay explores why law is not and cannot be a social science, and why there are grounds for hope in a future for democracy grounded in the rule of law.

China, Business Law, And Finance -- Accession To The World Trade Organization, Joseph Vining

Law & Economics Working Papers Archive: 2003-2009

China's entry into the world economy will affect not just how we act but how we think. It will affect especially what "business," "business law," and "business corporation" come to mean both in a transnational setting and in American law. The nature of American business law today still stands in the way of a wholly profit-maximizing approach to law or the world in general. But there is strong pressure, consistent with a general tendency in Western thought, to make business and corporate decision-making entirely manipulative and calculating and to eliminate the force of human value from it. This Youde Lecture …