Digital Commons Network^™

Personal Connections, Financial Advisors And M&A Outcomes, Dobrina Jandik, Tomas Jandik, Weineng Xu

Finance Faculty Publications and Presentations

Personal connections (based on prior employment, educational, or social club membership overlaps) between top executives and board members of the bidding firm and those of the bidder financial advisor affect Mergers and Acquisition (M&A) outcomes. M&A deals where bidder top managers share past personal work-related connections with their advisors are associated with 1.7% lower bidder announcement returns compared to the returns for deals without such connections. We also show M&A deals advised by personally connected financial advisors are more likely to be completed but take longer to get finalized. Last, when connections exist, the bidder CEO receives a higher cash …

The Artificial Intelligence Solution To The Patent Obviousness Problem, Max Oppenheimer

Articles

Seeking a patent requires surrendering trade secrets. The decision whether to seek patent protection or maintain a trade secret is a pivotal one for innovators. A critical impediment to a rational decision lies in uncertainty as to whether a patent will be granted once the trade secret has been surrendered, and a particular source of uncertainty arises because of the unpredictability of the application of the “obviousness” standard for patentability. This Article explores the history and application of obviousness determinations and proposes the use of artificial intelligence to increase objectivity and predictability into this critical phase of patent prosecution. After …

Gee Marriages, Carter County Genealogical Society

Carter County Genealogy Collection

A collection of marriages regarding the Gee family in Carter County, Kentucky.

Stamper, James W. - Volume 3, Carter County Genealogical Society, Betty Stamper Wellman

Carter County Genealogy Collection

Genealogy of the James W. and Sarah (Moore) Stamper family in Carter County, Kentucky.

James is the father of William 'Tater Bill' and John R. 'Pewter John' Stamper.

Special-Purpose Governments, Conor Clarke, Henry Hansmann

Scholarship@WashULaw

When one thinks of government, what comes to mind are familiar general-purpose entities like states, counties, and cities. But more than half of the 90,000 governments in the United States are strikingly different: They are “special-purpose” governments that do one thing, such as supply water, fight fire, or pick up the trash. These entities have expanded far more rapidly than any other form of government. Yet they remain understudied, and they present at least two puzzles. First, special-purpose governments are difficult to distinguish from entities that are typically regarded as business organizations—such as consumer cooperatives—and thus underscore the nebulous border …

The Illusion Of Inclusion: The False Promise Of The New Governance Project For Content Moderation, Brenda Dvoskin

Scholarship@WashULaw

Because private companies now control the most prominent communication platforms, the most pressing question in the field of content moderation is how to ensure that the governance of public discourse responds to public values. The prevailing approach, given that the state cannot regulate speech directly, is that state regulation can be substituted with audited self-regulation, broad stakeholder participation, and negotiated rulemaking. In this model, which this article refers to as the “new governance model for content moderation,” companies include advocates as representatives of the public in their processes to govern online speech. Ideally, they negotiate policy goals and share responsibility …

The Employment Benefits Of Law Clinics And Externships, Robert R. Kuehn

Scholarship@WashULaw

One of the reasons law students enroll in a law clinic or externship is the belief that the experience will improve their marketability. In a nationwide survey asking what was driving demand for their courses, 94% of externship directors and 66% of law clinic directors said it was, in part, because students believe those courses improve employment opportunities. Surveys of recent law graduates and employers show that students' perceptions of the positive impact of a clinic or externship experience on their job opportunities upon graduation are well founded. Research shows that clinics and externships do aid graduates in obtaining their …

Tortious Interference Revisited, Danielle D'Onfro, Cathy Hwang

Scholarship@WashULaw

Tortious interference with contract has bedeviled legal commentators for over a century. It can provide relief in some situations where straightforward contract breach cannot reach. But these claims have also been derided for threatening competition, at-will employment, free speech, and important guardrails on other private law claims. The doctrine is also difficult to square with theories of efficient contract breach and the long-held view that contracts on their own are not property interests.

Perhaps because of its intellectual awkwardness, tortious interference claims were relatively rare until the twenty-first century. In the last twenty years, the doctrine has exploded in popularity, …

Safe Sex In The Age Of Big Tech Feminism, Brenda Dvoskin, Thomas E. Kadri

Scholarship@WashULaw

Lawmakers and technology companies are regulating online sexuality in the name of feminism. Whereas libertarian ideals dominated early debates about internet governance, “safety” became a rallying cry to regulate online activity in the age of Big Tech. As these regulatory paradigms now clash once again, one trend remains: legislators across the political spectrum and companies around the world are devising interventions that purportedly keep people—and especially women—safe from the risks of online sexuality. Through law and technology, they are targeting everything from privacy invasions to unwanted messages to sexual deepfakes. We call this regulatory and ideological trend Big Tech feminism. …

Algorithmic Governance And Nondiscrimination Rights In The Workplace, Pauline Kim

Scholarship@WashULaw

This chapter analyzes existing legal responses to the problem of discriminatory algorithms in the workplace. As firms increasingly rely on algorithms or automated decision systems, a type of artificial intelligence, to manage their workforces, concerns have grown that these tools can systematically exclude historically disadvantaged groups. One response is to rely on traditional anti-discrimination law. These laws clearly prohibit certain forms of algorithmic discrimination; however, the complex, opaque nature of algorithms makes identifying and proving discriminatory harms challenging. Another response looks to broader frameworks of data protection and algorithmic regulation to protect against workplace discrimination. These initiatives are promising, but …

Venturing Into Health, Rachel Sachs

Scholarship@WashULaw

In recent years, the landscape of venture capital (VC) investment in healthcare technologies has been altered by the introduction of new types of VC firms: those that have emerged from hospital systems and health insurers. However, the legal literature has not yet analyzed these new VC firms, the role they may play in healthcare innovation, and how innovation law and policy ought to consider their involvement. Hospital system and health insurer VC firms operate very differently than do traditional VC firms, even those that have historically developed healthcare specializations. Instead of simply investing capital into start-up firms, hospital system and …

A New Framework For Drug Pricing Law And Policy, Rachel Sachs

Scholarship@WashULaw

Scholars and policymakers have expressed concern about the impact of high prescription drug costs on patients and healthcare budgets. This Article presents a new theoretical framework for evaluating both the problem to be addressed by drug pricing reforms as well as the efficacy of potential solutions. In seeking to solve “the drug pricing problem,” our legal system has given primacy to competition rather than regulation to drive down drug prices. This Article disaggregates the broader concept of “the drug pricing problem” into four steps, each of which must be addressed and each of which elevates different institutional actors to key …

The Other Delaware Effect, Jens Frankenreiter

Scholarship@WashULaw

This paper examines the effects of Delaware’s 2015 ban on fee-shifting provisions in corporate charters and bylaws, a significant legislative intervention in corporate law aimed at curbing managerial powers. The Delaware Supreme Court had approved these provisions just one year earlier as part of a series of measures aimed at curbing shareholder litigation. Because of their perceived substantial potential to reduce wasteful litigation, the Delaware legislature’s ban led many to predict an exodus of corporations from Delaware and the continued spread of fee-shifting provisions in other states.

Contrary to these predictions, this study finds that the ban did not trigger …

Disentangling Safety And Accountability In Criminal Justice Policy, Benjamin Levin

Scholarship@WashULaw

In this Article, I argue that the U.S. criminal system and debates about criminal justice reform reflect an elision of two largely distinct social functions: ensuring public safety and imposing accountability for harmful conduct. Despite deep disagreement about the specifics, most commentators seem to accept that these are both important social functions. Abolitionists claim that the criminal system doesn’t keep people safe and provide accountability. Instead, it harms—and perhaps is meant to harm—people from marginalized communities and protects the interest of socially dominant groups. Reformers contend that the criminal system can and should serve the safety and/or accountability interests, but …

Abolish What?, Benjamin Levin

Scholarship@WashULaw

From leading academic journals to popular press outlets, abolitionist activism and scholarship have earned airtime in national debates about criminal justice reform. But what is "abolition?" When scholars, lawyers, and activists talk about abolition, they seem to mean very different, even conflicting, things. In this Essay, I focus on a core question that might divide different abolitionists-and different critics of abolition: what is to be abolished? Abolitionists argue that it's critically important to abolish something, while critics of abolition insist that something is necessary to a well-functioning society. Yet, it's not always clear what that something is-both for abolitionists and …

Crimes Against Humanity And Customary International Law, Leila Nadya Sadat

Scholarship@WashULaw

A draft text of a treaty on the prevention and punishment of crimes against humanity was finally sent to negotiations by the U.N. General Assembly on December 4, 2024, after six long years of advocacy by States and civil society. Questions remain, however, with regard to how crimes against humanity will be defined in the new treaty. On the one hand, some States have embraced a definition of crimes against humanity that tracks Article 7 of the Rome Statute of the International Criminal Court (“ICC”). Other States have rejected Article 7 as the basis for the new treaty, but theirs …

Measuring Income And Income Inequality, Conor Clarke, Wojciech Kopczuk

Scholarship@WashULaw

Income inequality is important, but attempts to measure it arrive at strikingly different conclusions. Why? We use recent disputes over measuring United States income inequality to return to first principles about both the income concept and inequality measurement. We emphasize two broad points. First, no measure of the income distribution is truly comprehensive, or could attempt to be comprehensive without making controversial choices. We document the practical and conceptual problems that the standard ideal—comprehensive Haig-Simons income—raises. Second, much of the controversy in this area turns on the many tradeoffs between starting with individual tax data versus more expansive income concepts. …

How New Lawyers Value Law School Experiential Training, Robert R. Kuehn

Scholarship@WashULaw

While the legal academy continues to debate the appropriate role of experiential training in preparing graduates for practice, one group consistently embraces its value: newly-licensed lawyers. In repeated surveys over the past twenty years, early career lawyers, as well as experienced attorneys, report that law clinic, externship, and simulation courses play an important role in legal education. The research summarized herein demonstrates that newly-licensed lawyers highly value their law school experiential courses, deem them important in their transition to practice, and believe their legal education did not sufficiently prepare them for practice.

Incitement, Enthusiasm, And The Dangers Of Negligent Protest, John D. Inazu

Scholarship@WashULaw

This Article explores the murky line between protected speech and assembly on the one hand, and harmful incitement on the other. On the occasion of the 100th anniversary of Oliver Wendell Holmes’s dissent in Gitlow v. New York, it explores Holmes’s famous dictum that “every idea is an incitement” as a conceptual starting point. By analyzing the relational and temporal dynamics between speaker and listener, the Article highlights how meaning and effect are often shaped by the listener’s agency and other circumstances beyond the control of the speaker. Two contemporary cases illustrate these dynamics. The first is the Fifth Circuit …

Ten Years And Ten Miles: Reflecting On "Ferguson", Benjamin Levin

Scholarship@WashULaw

This Essay serves as the introduction to a symposium on the ten-year anniversary of Michael Brown's death in Ferguson, Missouri and the subsequent protests and uprisings across the country. The authors look back on the past decade—their own experiences and our experiences as a nation—to consider the impacts of the Ferguson uprisings and the landscape of criminal justice and racial justice advocacy, scholarship, and teaching today. In this Essay, I provide a brief introduction to the Volume and essays that follow. In Part I, I situate the Ferguson uprisings in the broader context of activism responsive to racial injustice in …

Ai Ethics, Law, And Policy, Pauline Kim, Ryan Durrie

Scholarship@WashULaw

AI technologies promise many benefits, but they can also have significant negative impacts on human health, safety, well-being, and fundamental rights. This chapter explores the different governance tools that have been considered for guiding developments in AI in socially beneficial ways, examining the relevance of ethics, law, and policy. Each of these approaches offer tools to address these concerns; however, each has limitations, and none provides a complete solution in itself. Statements of ethical principles can articulate high-level values and goals to guide behavior but are usually quite vague and difficult to operationalize. They also lack any enforcement mechanism. In …

It’S Not Too Late For States Parties To Fulfill The Promise Of The International Criminal Court: Three Actions They Should Take Now, Leila Nadya Sadat

Scholarship@WashULaw

What to do about a world in which atrocity crimes appear to be occurring with increasing and alarming frequency? Wars are prosecuted using scorched earth tactics that involve the commission of war crimes and crimes against humanity, credible allegations of genocide have been leveled at States in several corners of the globe, and acts and wars of aggression, which will be the subject of discussion at the upcoming International Criminal Court (ICC) Review in July, are on the rise.

The United Nations and other international institutions seem powerless to prevent or contain the violence, and the ICC, which was created …

The Click-And-Commit World Order, Melissa (M.J.) Durkee

Scholarship@WashULaw

This essay explores the rise of a new model of global governance: the “click-and-commit world order,” characterized by digitally mediated pledging platforms through which a wide array of actors—states, corporations, cities, NGOs, and individuals—publicly commit to addressing global problems through non-binding promises. In contrast to traditional treaty-making, these pledging platforms offer a decentralized, voluntary framework for international cooperation that relies on public declarations rather than negotiated obligations.

Within the U.N. system, this mode of governance developed within the United Nations Global Compact and the Paris Climate Agreement, where bottom-up pledges were institutionalized within formal and informal international structures. The internet …

The Original Function Of Tax Apportionment, Conor Clarke, Peter J. Wiedenbeck

Scholarship@WashULaw

The Constitution’s requirement that direct taxes be apportioned by state population is both confounding and important. At best, tax apportionment is regarded as reflecting the unique federalism concerns of the Founding; at worst, it is viewed as a tainted product of the constitutional compromise over slavery. And, in light of the Supreme Court’s decision in Moore v. United States (2024)—which refused to rule out that apportionment might be required for taxes on unrealized gains—tax apportionment is the subject of renewed legal and scholarly interest.

We consider one historical dimension of tax apportionment that has not been developed elsewhere: its original …

Lessons Learned From The Trump Rule Of Law Stress Test: Beware Bad Faith Actors, Brian Z. Tamanaha

Scholarship@WashULaw

The second Trump Administration has engaged in a vast swath of actions that press against the outer boundaries of legality. These actions provide a unique opportunity to identify potential vulnerabilities and expose how the rule of law can be undermined. While I will elucidate well-known points along the way, my primary aim is to bring out aspects of the rule of law that usually go unnoticed or under the radar. After setting out basic aspects of the rule of law, I cover three topics: 1) adhering to the truth, 2) pretextual arguments, and 3) flooding the field with actions and …

Brief In Support Of Respondents As Amici Curiae, Donald J. Trump, President Of The United States, Et Al. V. Rebecca Kelly Slaughter, Et. Al, No. 25-332, Andrea Scoseria Katz, Jonathan Gienapp

Scholarship@WashULaw

In the years since this Court’s decision in Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. 197 (2020), legal historians—including originalists—have unearthed a rich body of evidence challenging the conventional wisdom concerning the scope of the President’s removal powers at the Founding. Revisiting not only the Framers’ intellectual influences, but also their driving philosophical concerns and political incentives, this scholarship explains that removal authority was not understood to be vested exclusively in the President as a matter of settled constitutional law, but rather was permissibly exercised by various actors in various ways, intentionally not settled by the …

Separation-Of-Powers Lochnerism, Andrea Scoseria Katz

Scholarship@WashULaw

One hundred and twenty years ago, the Supreme Court handed down one of the single most notorious opinions ever rendered, striking down a New York labor law for violating a right to contract found nowhere in the text of the Constitution. The era of Lochner v. NY (1905) is well past us, but not the judicial impulses that gave rise to the case. With a new champion in the Roberts Court, Lochnerism is alive and well, deployed in a new context to redefine the relationships between the President, Congress, federal agencies, and the courts. Bringing together two lines of case-law-on …

Disagreement And Historical Argument Or How Not To Think About Removal, Andrea Scoseria Katz, Noah A. Rosenblum, Jane Manners

Scholarship@WashULaw

Scholars have debated the reach of the President’s power to remove government officers for over one hundred years. This old fight is now suddenly urgent as President Trump asserts far-reaching powers to control the federal bureaucracy and the Supreme Court transforms Unitary Executive Theory into caselaw. Yet the scholarly case for an indefeasible presidential removal power has never been weaker.

This Essay continues an ongoing conversation about how to read some critical early republic evidence about removal. It briefly recapitulates the stakes of the disagreement before offering in-depth analyses of developments in Pennsylvania removal practice, including a reading of the …

International Space Law Under The Trump Administration: Commerce And Security, Melissa (M.J.) Durkee

Scholarship@WashULaw

Early themes of the second Trump administration's orientation toward international space law include military assertiveness, privatization, and nominal diplomatic engagement. These themes carry significant implications for international space law. They pressure longstanding international legal ambiguities, widen existing geopolitical divisions, and raise questions about how public-private interdependence will shape state responsibility and the development of norms in space. This essay was prepared for a special issue of the American Journal of International Law that offers an introduction and overview of the U.S. government's actions across a wide range of international legal issues in the first six months of President Trump's second …

Rational Gridlock, Scott Baker, Michael D. Gilbert

Scholarship@WashULaw

We examine the design of lawmaking institutions when advocates have agenda setting power and there is randomness in the status quo laws eligible for reform. The institutional designer maximizes voter welfare. We find that the optimal arrangement consists of two lawmaking institutions that must agree to enact any reforms. The institutions do not share preferences with one another or with the median voter. As a result, gridlock arises: the institutions reject some reforms that the median voter favors. However, when reform succeeds, it tends to be modest in scope and to more closely track what the median voter prefers. The …