Business Commons^™

Digital Market Manipulation, Ryan Calo

Articles

In 1999, Jon Hanson and Douglas Kysar coined the term “market manipulation” to describe how companies exploit the cognitive limitations of consumers. For example, everything costs $9.99 because consumers see the price as closer to $9 than $10. Although widely cited by academics, the concept of market manipulation has had only a modest impact on consumer protection law.

This Article demonstrates that the concept of market manipulation is descriptively and theoretically incomplete, and updates the framework of the theory to account for the realities of a marketplace that is mediated by technology. Today’s companies fastidiously study consumers and, increasingly, personalize …

Myspace, Inc. V. Graphon Corp.: Ignoring The Basic Premise That 101 Must Come Before 102 And 103, Emmanuel A. Fishelman

Journal of Business & Technology Law

No abstract provided.

Unions And Democracy: When Do Nonmembers Have Voting Rights?, Melanie Stallings Williams, Dennis A. Halcoussis

Journal of Business & Technology Law

No abstract provided.

Locality V. Online Travel Company: Does The Bell Finally Toll For Quill Corp. V. North Dakota, Jaan Rannik

Journal of Business & Technology Law

No abstract provided.

Judge Rakoff V. The Securities And Exchange Commission: Are "Neither Admit Nor Deny" Settlement Agreements In Securities Cases In The Public Interest?, Daniel T. Hubbell

Transactions: The Tennessee Journal of Business Law

“DPAs [(Deferred Prosecution Agreements)] have had a truly transformative effect on particular companies and, more generally, on corporate culture across the globe,” declared Lanny Breuer, the head of the Criminal Division of the U.S. Department of Justice (DOJ) on September 13, 2012.2 Deferred prosecution agreements (DPAs) and non-prosecution agreements (NPAs) are settlement agreements between a prosecutor and a defendant in which the prosecutor agrees to either defer or forego prosecution in return for the defendant’s cooperation in an ongoing investigation or prosecution, as well as an agreement to comply with the requirements of the settlement. Rather than forcing prosecutors to …

Corporate Governance Theory And Review Of Board Decisions, Christopher M. Bruner

Scholarly Works

No abstract provided.

Putting The Securities Laws To The Test: The Long-Standing Approach To Federal Securities Regulation Is Not Working, Elisabeth De Fontenay

Faculty Scholarship

No abstract provided.

Private Equity Firms As Gatekeepers, Elisabeth De Fontenay

Faculty Scholarship

Notwithstanding the considerable attention private equity receives, there continues to be substantial confusion about what private equity does and whether this creates value. Calls for more aggressive regulation of the industry reflect a skeptical view of private equity as—at best—a zero-sum game, in which profits are generated only at the expense of other constituencies. The standard defense of private equity points to its corporate governance advantages as a source of value. This Article identifies an overlooked and increasingly important way in which private equity creates value: private equity firms act as gatekeepers in the debt markets. As repeat players, private …

Transnational Regulatory Regimes In Finance: A Comparative Analysis Of Their (Dis-)Integrative Effects, Katharina Pistor

Faculty Scholarship

Financial markets have become increasingly interconnected with financial intermediaries and instruments linking local and national markets to form regional or even global ones. The global financial crisis of 2008 demonstrated once more that financial interdependence can be both a blessing and a curse. It facilitates the movement of capital and the expansion of credit, and as such promotes economic development in good times; however, in bad times it transmits liquidity shortages throughout the system triggering financial crises and economic recessions where credit expansion earlier fuelled expansion and growth. A critical question therefore is how to structure the governance of transnational …

Does Board Independence Reduce The Cost Of Debt?, Michael Bradley, Dong Chen

Faculty Scholarship

Using the passage of the Sarbanes-Oxley Act and the associated change in listing standards as a natural experiment, we find that while board independence decreases the cost of debt when credit conditions are strong or leverage low, it increases the cost of debt when credit conditions are poor or leverage high. We also document that independent directors set corporate policies that increase firm risk. These results suggest that, acting in the interest of shareholders, independent directors are increasingly costly to bondholders with the intensification of the agency conflict between these two stakeholders.

Mitt Romney, The 47% Percent, And The Future Of The Mass Income Tax, Lawrence A. Zelenak

Faculty Scholarship

No abstract provided.

The Monitor-Client Relationship, Veronica Root

Faculty Scholarship

After the government discovers wrongdoing by a corporation, the corporation and the government often enter into an agreement stating that the corporation will retain a “monitor.” A corporate compliance monitor, unlike the gatekeeper, is not charged with “monitoring” the corporation in an attempt to detect and prevent wrongdoing. A monitor, unlike the probation officer, is not solely charged with ensuring that the corporation complies with a previously determined set of requirements. Instead, a corporate compliance monitor is responsible for (i) investigating the extent of the wrongdoing already detected and reported to the government, (ii) discovering the cause of the corporation’s …

2014 California's Lanterman Act 45 Years Later: A Study Of Service Recipients' And Providers' Experiences With The Law's Legacies, Caster Family Center For Nonprofit And Philanthropic Research, The Nonprofit Institute, University Of San Diego

Legislation

The California Disability Services Association (CDSA), an association of community-based nonprofit and for-profit organizations that provide assistance to people with intellectual and developmental disabilities, decided in 2013 that it was time to take a close-up look at the impact of the legislation 45 years after the act became law. It collaborated with the University of San Diego’s Caster Family Center for Nonprofit and Philanthropic Research (the Caster Center) to conduct a focus group study exploring perceptions of, and experiences with, disability services in California.

Education And Training Of Specialist Sexual Offence Investigators In Victoria, Australia From 2009 To 2011, Jennifer Anne Turnley

Theses: Doctorates and Masters

The topic of training specifically designed for investigators of sexual offences has received little attention from academic researchers to date. Previous studies have not described training provided to police investigators of sexual offences in Australia. This thesis developed Turnley’s Framework for the Examination of Police Training in Sexual Assault Investigation, to examine and describe a Sexual Offences and Child Abuse Investigative Teams (SOCIT) Course, provided to Victorian Police from 2009 to 2011. This entailed triangulation of findings from non-participant observations of one SOCIT Course, with quantitative and qualitative data sourced though an in-depth interview with course trainers; feedback sheets voluntarily …

Order On Defendant's Motion To Dismiss (Mary Ann Digan Et Al.), Elizabeth E. Long

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

Export Controls: A Contemporary History, Bert Chapman

Libraries Faculty and Staff Presentations

Provides highlights of my recently published book Export Controls: A Contemporary History. Describes the roles played by multiple U.S. Government agencies and congressional oversight committees in this policymaking arena including the Commerce, Defense, State, and Treasury Departments. It also reviews the roles played by international government organizations such as the Missile Technology Control Regime, export oriented businesses, and research intensive universities.

Escaping Entity-Centrism In Financial Services Regulation, Anita Krug

All Faculty Scholarship

In the ongoing discussions about financial services regulation, one critically important topic has not been recognized, let alone addressed. That topic is what this Article calls the “entity-centrism” of financial services regulation. Laws and rules are entity-centric when they assume that a financial services firm is a stand-alone entity, operating separately from and independently of any other entity. They are entitycentric, therefore, when the specific requirements and obligations they comprise are addressed only to an abstract and solitary “firm,” with little or no contemplation of affiliates, parent companies, subsidiaries, or multi-entity enterprises. Regulatory entity-centrism is not an isolated phenomenon, as …

Order On Defendants' Motion For Partial Summary Judgment (North Star Jefferson, Llc Et Al.), Elizabeth E. Long

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

Order On Georgia-Pacific's Motion And Memorandum To Exclude Damages (Ezgreen Assoc. Llc), John J. Goger

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

How The Mob (Museum) Was Won: Building A History Of Organized Crime In The U.S., Michael Green

UNLV Gaming Research & Review Journal

No abstract provided.

Report On The 15th International Conference On Gambling & Risk Taking, Dean M. Macomber

UNLV Gaming Research & Review Journal

No abstract provided.

Building The First Gaming Master’S Program: An Industry Perspective, Toni Repetti, Soyeon Jung

UNLV Gaming Research & Review Journal

The gaming industry has dramatically expanded not only domestically and internationally, but further to the online market. This growth has caused the industry to be more complicated than ever, and face massive challenges, competition, and opportunity. Consequently, there is a need for more qualified candidates in the gaming industry. Few gaming degrees are offered at a university level and more importantly, there is currently no master’s program in gaming management in the United States. Results of this survey of 201 industry professionals show that the majority would be interested in a master’s in gaming with most preferring an online of …

Casino Games And The Central Limit Theorem, Ashok Singh, Anthony F. Lucas, Rohan J. Dalpatadu, Dennis J. Murphy

UNLV Gaming Research & Review Journal

The central limit theorem, in simple terms, states that the probability distribution of the mean of a random sample, for most probability distributions, can be approximated by a normal distribution when the number of observations in the sample is 'sufficiently' large. Most applied statistics books recommend using the normal approximation for the probability distribution of the sample mean when the number of observations exceeds 30. It is commonly known in the discipline of statistics that larger samples will be needed when the underlying probability distribution is heavily skewed. However, the minimum number of samples needed for the CLT to yield …

Mapping The Online Gambling E-Servicescape: A Conceptual Model, Brett L. Abarbanel

UNLV Gaming Research & Review Journal

A conceptual model is proposed that examines the potential influence of an online casino’s atmospheric cues and functional qualities on consumer behavioral response. A stimulus-organism-response (S-O-R) model, often used to frame other servicescape research, is adapted as the basis of the theory that the online casino environment will influence the organismic effects of cognitive and affective states, which in turn influence gamblers’ approach or avoidance behavioral intentions. Theorized elements of the virtual stimulus include high and low task-relevant cues, financial trust, and gambling value. Personal and situational factors, as well as demographic characteristics, are proposed to moderate the relationship between …

Impact Of The 2003 Illinois Gaming Tax Rate Increase On Marketing Spending, Mikael B. Ahlgren, Sarah Tanford, Ashok Singh

UNLV Gaming Research & Review Journal

The purpose of this research is to investigate a potential consequence related to the 2003 Illinois Gaming Tax rate restructuring. Specifically, did the assessment of a higher gaming tax rate in the state of Illinois negatively impact promotional spending by an Illinois riverboat operator in an attempt to limit revenues and avoid incurring a higher tax rate? Data were contributed by a major Illinois riverboat operator and the researchers utilized an Autoregressive Integrated Moving Average (ARIMA) method for analysis of the data. The findings demonstrate that this particular operator reduced promotional spending when confronted with increases in gaming tax rates. …

Front Matter And Faculty Notes

Transactions: The Tennessee Journal of Business Law

No abstract provided.

A More Realistic Approach To Directors' Duties, Michelle M. Harner

Transactions: The Tennessee Journal of Business Law

No abstract provided.

Legal Form, Style, And Etiquette For Email, George W. Kuney

Transactions: The Tennessee Journal of Business Law

No abstract provided.

Proposed Subordination Provisions For Master Trust Indenture, Taylor K. Wirth

Transactions: The Tennessee Journal of Business Law

No abstract provided.

Using An Interviewing, Counseling, Negotiating, And Drafting Simulation In The First Year Legal Writing Program, Kirsten A. Dauphinais

Transactions: The Tennessee Journal of Business Law

No abstract provided.