Digital Commons Network^™

Leverhulme Lecture: The Future Of Securitization, Steven L. Schwarcz

Faculty Scholarship

Lecture given November 11, 2010, the third of three delivered by Prof. Schwarcz as Leverhulme Visiting Professor of Law, Oxford University.

The securitization of subprime mortgage loans is widely viewed as a root cause of the financial crisis. This lecture balances the costs and benefits of securitization, focusing on what went wrong and on what needs to be fixed to curtail securitization’s abuses and make it viable again as an important financing tool. Finally, the lecture examines alternatives to securitization, focusing on covered bonds and comparing and contrasting covered bonds and securitization.

Leverhulme Lecture: Regulating Complexity In Financial Markets, Steven L. Schwarcz

Faculty Scholarship

Lecture given November 9, 2010, the second of three delivered by Prof. Schwarcz as Leverhulme Visiting Professor of Law, Oxford University.

Complexity is the greatest challenge to 21st Century financial regulation, having the potential to impair markets and investments in several interrelated ways. Furthermore, complexity can cause failures that individual market participants cannot, or will not have incentive to, remedy. These failures are driven by information uncertainty, misalignment of interests and incentives among market participants, and nonlinear feedback and tight coupling that result in sudden unexpected market changes. These are the same types of failures that engineers have long faced …

Debt-Financed Consumption And A Hybrid Income-Consumption Tax, Lawrence A. Zelenak

Faculty Scholarship

The debate between proponents of income taxation and proponents of consumption taxation has focused almost exclusively on the differing treatment of savings under the two tax bases. This is odd, given that income and consumption tax bases also differ in their treatment of debt-financed consumption. This Essay addresses the largely-ignored question of the taxation of debt-financed consumption. It contends that a strong case can be made in favor of a hybrid income-consumption tax base under which taxation is triggered by the earlier of consumption or income, so that both debt-financed consumption and saved income are included in the tax base. …

Rethinking Reliance On Eyewitness Confidence, Neil Vidmar, James E. Coleman Jr., Theresa A. Newman

Faculty Scholarship

No abstract provided.

Professionals Or Politicians: The Uncertain Empirical Case For An Elected Rather Than Appointed Judiciary, Mitu Gulati, Stephen J. Choi, Eric A. Posner

Faculty Scholarship

Conventional wisdom holds that appointed judges are superior to elected judges because appointed judges are less vulnerable to political pressure. However, there is little empirical evidence for this view. Using a data set of state high court opinions,we construct measures for three aspects of judicial performance: effort, skill, and independence. The measures permit a test of the relationship between performance and the four primary methods of state high court judge selection: partisan election, non-partisan election, merit plan, and appointment. Appointed judges write higher quality opinions than elected judges do, but elected judges write more opinions, and the evidence suggests that …

On Not Being “Not An Originalist”, H. Jefferson Powell

Faculty Scholarship

No abstract provided.

Further Reflections On Not Being “Not An Originalist”, H. Jefferson Powell

Faculty Scholarship

No abstract provided.

What Does It Take To Make A Federal System? On Constitutional Entrenchment, Separate Spheres, And Identity, Ernest A. Young

Faculty Scholarship

No abstract provided.

The Consequences Of Congress’S Choice Of Delegate: Judicial And Agency Interpretations Of Title Vii, Margaret H. Lemos

Faculty Scholarship

Although Congress delegates lawmaking authority to both courts and agencies, we know remarkably little about the determinants-and even less about the consequences-of the choice between judicial and administrative process. The few scholars who have sought to understand the choice of delegate have used formal modeling to illuminate various aspects of the decision from the perspective of the enacting Congress. That approach yields useful insight into the likely preferences of rational legislators, but tells us nothing about how (or whether) those preferences play out in the behavior of courts and agencies. Without such knowledge, we have no way of testing the …

Government Of Sudan V. Sudan’S People’S Liberation Movement/Army (“Abyei Arbitration”), Coalter G. Lathrop

Faculty Scholarship

No abstract provided.

Dispute Regarding Navigational And Related Rights (Costa Rica V. Nicaragua), Coalter G. Lathrop

Faculty Scholarship

No abstract provided.

The Humanity Of Law, H. Jefferson Powell

Faculty Scholarship

No abstract provided.

Book Review, Matthew D. Adler

Faculty Scholarship

Reviewing, N. Scott Arnold, Imposing Values: An Essay on Liberalism and Regulation (2009)

Stepping Stone Or Stumbling Block: Incrementalism And National Climate Change Legislation, Rachel Brewster

Faculty Scholarship

This Article examines the effects of incremental domestic legislation on international negotiations to limit greenhouse gas emissions. Mitigating the effects of climate change is a global public good, which, ultimately, only an international agreement can provide. The common presumption (justified or not) is that national legislation is a step forward to an international agreement. This Article analyzes how national legislation can create a demand for international action but can also preempt or frustrate international efforts. The crucial issue, which has been largely ignored thus far, is how incremental steps at the domestic level alter international negotiations. This paper identifies four …

Fragmentation In Mental Health Benefits And Services: A Preliminary Examination Into Consumption And Outcomes, Barak D. Richman, Daniel Grossman, Frank Sloan

Faculty Scholarship

In this chapter, we examine consumption patterns and health outcomes within a health insurance system in which mental health benefits are administered under a carved-out insurance plan. Using a comprehensive dataset of health claims, including insurance claims for both mental and physical health services, we examine both heterogeneity of consumption and variation in outcomes. Consumption variation addresses the regularly overlooked question of how equal insurance and access does not translate into equitable consumption. Outcomes variation yields insights into the potential harms of disparate consumption and of uncoordinated care. We find that even when insurance and access are held constant, consumption …

Perfluorodecalin Enhances In Vivo Confocal Microscopy Resolution Of Arabidopsis Thaliana Mesophyll, George R. Littlejohn, João D. Gouveia, Christoph Edner, Nicholas Smirnoff, John Love

School of Biological and Marine Sciences

No abstract provided.

Preparing To Teach In Higher Education., Mp Fuller, Am Lee, M Pettigrove

School of Biological and Marine Sciences

No abstract provided.

Integrating Action And Language Through Biased Competition., E Symes, M Tucker, G Ottoboni

School of Psychology

Several recent psychological investigations have demonstrated that planning an action biases visual processing. Symes et al. (2008) for example, reported faster target detection for a changing object amongst several non-changing objects following the planning of a target-congruent grasp. The current experimental work investigated how this effect might compare to, and indeed integrate with, effects of language cues. Firstly a cuing effect was established in its own right using the same change-detection scenes. Sentences cued object size (e.g., "Start looking for a change in the larger objects"), and these successfully enhanced detection of size-congruent targets. Having thereby established two effective sources …

Codification Of Statements On Standards For Accounting And Review Services As Of January 2010, Numbers 1 To 19, American Institute Of Certified Public Accountants. Accounting And Review Services Committee

AICPA Professional Standards

No abstract provided.

The Cross-Dressing Case For Bathroom Equality, Jennifer Levi, Daniel Redman

Faculty Scholarship

This Article offers a new set of arguments for transgender equality based on a little-known series of cases in which courts declined to enforce cross-dressing laws against transgender defendants. As shown below, the arguments brought by the defenders of these laws closely mirror the arguments brought today in favor of bathroom discrimination. The Authors discuss both the bathroom and cross-dressing debates in historical context, draw out the underlying reasoning in the two sets of cases,and argue that the reasoning that supports bathroom discrimination is as flawed as the reasoning behind criminal cross-dressing laws. The analysis also suggests that, just as …

Optimizing Pdf Searchability With Google, Barbara West, Pat Newcombe, Steve Bobowicz

Faculty Scholarship

The Authors recount how they optimized pdf searchability of faculty scholarship on Digital Commons--an institutional repository. They used Adobe Professional to ensure the PDFs were searchable via the full text.

Aicpa Technical Practice Aids As Of June 1, 2010, American Institute Of Certified Public Accountants (Aicpa)

Guides, Handbooks and Manuals

No abstract provided.

The Causation Standard In Federal Employment Law: Gross V. Fbl Financial Services, Inc., And The Unfulfilled Promise Of The Civil Rights Act Of 1991, Michael C. Harper

Faculty Scholarship

This article analyzes and recommends a Congressional response to the Supreme Court’s 2009 decision in Gross v. FBL Financial Services, Inc.. The article places the Gross decision’s choice of a causation standard for disparate treatment causes of action in historical context by comparing that choice with that made by Congress for Title VII in § 107 of the Civil Rights Act of 1991, and criticizes the Court’s activist refusal to follow its own Title VII precedent. Stressing the lower courts’ misinterpretation of § 107, both before and after the Court’s own interpretation of this section in 2003 in Desert Palace, …

Dworkin's Two Principles Of Dignity: An Unsatisfactory Nonconsequentialist Account Of Moral Duties, Kenneth Simons

Faculty Scholarship

In his ambitious and wide-ranging new book, Justice for Hedgehogs, Ronald Dworkin offers an alternative to consequentialist theories of law, political morality, moral duties, and personal ethics. Respect for human dignity, he says, entails two requirements: self-respect, i.e., taking the objective importance of your own life seriously; and authenticity, i.e., accepting a personal responsibility for identifying what counts as success in your own life. For Dworkin, these two principles of dignity do triple duty. First, as a matter of personal ethics, they provide guidance about what we should do in order to live well. Second, they elucidate the rights that …

The Education And Licensing Of Attorneys And Advocates In South Africa, Peggy Maisel

Faculty Scholarship

This article explores the current organization of the South African bar and describes the legal education system and the licensing requirements for both attorneys and advocates, as well as those for foreign attorneys. Interspersed throughout the article are discussions of the system’s strengths and weaknesses, particularly in light of the transformation required after the end of apartheid, including some of the key challenges still facing South Africa.

Government Speech 2.0, Helen Norton, Danielle K. Citron

Faculty Scholarship

New expressive technologies continue to transform the ways in which members of the public speak to one another. Not surprisingly, emerging technologies have changed the ways in which government speaks as well. Despite substantial shifts in how the government and other parties actually communicate, however, the Supreme Court to date has developed its government speech doctrine – which recognizes “government speech” as a defense to First Amendment challenges by plaintiffs who claim that the government has impermissibly excluded their expression based on viewpoint – only in the context of disputes involving fairly traditional forms of expression. In none of these …

Burying The Constitution Under A Tarp, Gary S. Lawson

Faculty Scholarship

The Emergency Economic Stabilization Act of 2008, a.k.a. 'the bank bailout bill,' engendered a fair degree of political controversy during and after its enactment but relatively little constitutional controversy. That is unfortunate, and at least a bit puzzling, because, as a matter of original meaning, the statute raises important constitutional questions along at least four dimensions: it is questionable whether Congress had theenumerated power to authorize the Treasury Department to purchase securities, the specific authorizations were sufficiently vague to raise serious questions under the nondelegation doctrine, the expansion of thepowers of the Secretary of the Treasury under the statute make …

Conditional Spending And Compulsory Maternity, Nicole Huberfeld

Faculty Scholarship

More than 45 million Americans are uninsured, and even more are seeking government assistance accessing healthcare, rendering the conditions placed on government spending a timely and significant issue. Federal funding often demands a sacrifice of the recipient, meaning that Congress can condition the receipt of federal funds on certain statutory prerequisites. Given the demand to expand the nation's major public healthcare programs, it is important to reconsider the Supreme Court's Spending Clause jurisprudence. The Court's major decisions regarding conditional spending have facilitated a disconnect that analytically separates the individual from the conditional spending program, a divide that has allowed Congress …

The Ethics Of Melancholy Citizenship, Robert L. Tsai

Faculty Scholarship

As a body of work, the poetry of Langston Hughes presents a vision of how members of a political community ought to comport themselves, particularly when politics yield few tangible solutions to their problems. Confronted with human degradation and bitter disappointment, the best course of action may be to abide by the ethics of melancholy citizenship. A mournful disposition is associated with four democratic virtues: candor, pensiveness, fortitude, and self-abnegation. Together, these four characteristics lead us away from democratic heartbreak and toward political renewal. Hughes’s war-themed poems offer a richly layered example of melancholy ethics in action. They reveal how …

Health Reform: What's Insurance Got To Do With It? Recognizing Health Insurance As A Separate Species Of Insurance, Wendy K. Mariner

Faculty Scholarship

Health insurance can be, and to a large extent already is, a separate species of insurance. This article describes the different views of insurance that made health reform contentious. It argues that the goals of health reform are incompatible with conventional views of insurance. Nonetheless, reforming health insurance to achieve those goals does not require as dramatic shift as some might think, because health insurance has already become primarily a means of paying for health care, rather than a simple risk spreading device for specified losses.