Law Commons^™

Pillars Of Civilization: Attorneys And Arbitration, Robert S. Clemente, Karen Kupersmith

Fordham Journal of Corporate & Financial Law

No abstract provided.

Banking Supervision And Government Policy: Capital Standards Regulation, James V. Houpt

Fordham Journal of Corporate & Financial Law

No abstract provided.

Perpetuation Of Segregation: Toward A New Historical And Legal Interpretation Of Redlining Under The Fair Housing Act, 32 J. Marshall L. Rev. 617 (1999), Charles L. Nier Iii

UIC Law Review

No abstract provided.

Commentary On Financial Privacy, Lynn M. Lopucki

UF Law Faculty Publications

My three criticisms are this: First, Peter frames the problem as privacy versus government surveillance, thus ignoring the best solution to the problem, which is to make more information public. Second, Peter exaggerates the human need for privacy by presenting the need as immutable and essentially coextensive with embarrassment. People do not need nearly the privacy they think they do. Third, if Peter’s broad view of privacy holds, then you can forget about the information age.

"The Environmental Impacts Of International Finance Corporation Lending And Proposals For Reform: A Case Study Of Conservation And Oil Development In The Guatemalan Petén", Ian A. Bowles, Amy B. Rosenfeld, Cyril F. Kormos, Conrad C.S. Reining, James D. Nations, Thomas T. Ankersen

UF Law Faculty Publications

This Article presents a case study of lending by the International Finance Corporation (IFC), the private-sector lending arm of the World Bank Group, in the oil and gas sector in Guatemala. The case study emphasizes the need for additional environmental reform at IFC. With two separate loans in 1994 and 1996, IFC supported the activities of a small international oil company that was operating within a national park in the northern Guatemalan Petdn, an area of rich tropical forests and globally important wetlands. The company's operations had been "grandfathered"in to the park upon its creation in 1990. Funding from IFC …

Precedent-Setting Ngo Campaign Saves The World Bank's Inspection Panel, Daniel Bradlow

Human Rights Brief

No abstract provided.

Taking Future Claims Seriously: Future Claims And Successor Liability In Bankruptcy, Frederick Tung

Faculty Scholarship

Treatment of contingent tort liabilities when a business is sold presents a particular challenge for corporate and bankruptcy law. In this article, I focus on the precarious position of future tort claimants-those who may be harmed by a manufacturer's defective product after the manufacturer has sold its business and disappeared. By the time the future claimant's injury occurs, she may be left with no means of recovery. While the article focuses primarily on the bankruptcy sale context, a discussion of the nonbankruptcy context provides important background.

In the article, I make two claims. First, I address recent proposals suggesting that …

Looking At Communities And Markets, Lan Cao

Faculty Publications

No abstract provided.

The Contribution Of The Fund Profile To Investor Education, James A. Fanto

Faculty Scholarship

No abstract provided.

Documentary Credit Law And Practice In The Global Information Age, Jacqueline D. Lipton

Articles

Documentary letters of credit have historically been an important and popular method of payment in international trading transactions. In fact, they have been described as the "life-blood of international commerce." A number of uniform international practices have developed for their use, many of which are codified in international rules such as the UCP 500. However, in the global information age, as the nature of international commerce changes, so too must the operation of such payment mechanisms. With the increase in electronic trading, the "documentary" nature of these credits may require some revision. This paper examines ways in which the law …

The Role Of Legal Doctrine In The Decline Of The Islamic Waqf: A Comparison With The Trust, Jeffrey Schoenblum

Vanderbilt Law School Faculty Publications

The Waqf and the trust have an ancient, intertwined history. However, whereas the Waqf has largely remained a static institution, the trust has proven remarkably flexible and responsive to changing conditions affecting intergenerational management of family wealth and its preservation. While there is a temptation to find clones in legal constructs of different cultures, care must be exercised to avoid simplistic or superficial generalizations. This is true of the Waqf and the trust. It would be intriguing to find comparable wealth administration and preservation constructs in these two great systems of law. This is simply not the case with the …

The Scope Of Private Securities Litigation: In Search Of Liability Standards For Secondary Defendants, Jill E. Fisch

All Faculty Scholarship

Recent federal court decisions have struggled to apply the Supreme Court's decision in Central Bank v. First Interstate to determine when outside professionals should be held liable as primary violators under section IO(b) of the Securities Exchange Act. In keeping with the Court's current interpretive methodology, Central Bank and its progeny employ a textualist approach. In this Article, Professor Fisch argues that literal textualism is an inappropriate approach for interpreting the federal securities laws generally and misguided in light of legislative developments post-dating the Central Bank decision. Instead, Professor Fisch advocates an approach that weighs Congress 's recent endorsement of …

Assignments Of International Interests In Mobile Equipment And Related Receivables Under The Unidroit Convention: When Should The Tail Wag The Dog?, Charles W. Mooney Jr.

All Faculty Scholarship

No abstract provided.

The Market Revolution In Bank And Insurance Firm Governance: Its Logic And Limits, David A. Skeel Jr.

All Faculty Scholarship

No abstract provided.

The Genius Of The 1898 Bankruptcy Act, David A. Skeel Jr.

All Faculty Scholarship

No abstract provided.

How Successful Was The Revision Of Ucc Article 9?: Reflections Of The Reporters, Steven L. Harris, Charles W. Mooney Jr.

All Faculty Scholarship

No abstract provided.

The Community Reinvestment Act: Questionable Premises And Perverse Incentives, Vincent D. Rougeau, Keith N. Hylton

Journal Articles

Having just passed the twentieth anniversary of the enactment of the Community Reinvestment Act ("CRA" or "Act"), this is an appropriate time to take stock of the effectiveness of the legislation and to consider whether it continues to be useful as a tool for addressing the problems of neighborhood decline and discrimination in the lending market. Although discrimination in lending and the decline of certain inner-city neighborhoods is a problem that the CRA has not been able to solve, most observers would agree that the situation has improved since the mid-1970s. In particular, there has been notable progress toward the …

The Recent Asian Financial Crises: Possible Lessons And Implications For South Africa, Joseph J. Norton

Faculty Journal Articles and Book Chapters

No abstract provided.

The Efficient Norm For Corporate Law: A Neotraditional Interpretation Of Fiduciary Duty, Thomas A. Smith

Michigan Law Review

To economically oriented corporate law professors, distinguishing between directors' fiduciary duty to shareholders and a duty to the corporation1 itself smacks of reification - treating the fictional corporate entity as if it were a real thing. Now the orthodox view among corporate law scholars is that the corporate fiduciary duty is a norm that requires firm managers to "maximize shareholder value." Giving the corporation itself any serious role in the analysis of fiduciary duty, the thinking goes, obscures scientific insight with bad legal metaphysics. Some recent scholarship and legislation, such as constituency statutes, have challenged this "shareholder primacy" view. Contestants …

Shedding Some Light On Lending: The Effect Of Expanded Disclosure Laws On Home Mortgage Marketing, Lending And Discrimination In The New York Metropolitan Area, Richard D. Marsico

Articles & Chapters

No abstract provided.

Verification Institutions In Financing Transactions, Ronald J. Mann

Faculty Scholarship

One of the most common problems in commercial transactions is the resolution of information asymmetries, situations in which one party to the transaction knows more about a relevant fact than the other party. The natural response of the disadvantaged party is to attempt to investigate the transaction for itself – to investigate the matter with "due diligence" – but often such an investigation will be expensive and, however diligently undertaken, leave the truth of the matter uncertain. A law-centered approach to the problem would call for the development of warranties and covenants that the party with superior information would give …

Secured Credit And Software Financing, Ronald J. Mann

Faculty Scholarship

Software is a relatively new type of business asset, but already has taken on a central role in all sectors of the economy; when any asset brings such a crucial value to businesses, the desire for lending based on that asset cannot be far behind. Unfortunately, the existing academic literature contains no sustained examination of software-related lending.

Because the software industry is in its infancy, the existing empirical evidence is inadequate to support any understanding of it. Accordingly, I undertook a series of twenty-nine informal interviews with industry participants, including lenders in both the Massachusetts Route 128 corridor and Silicon …

Does Venture Capital Require An Active Stock Market?, Ronald J. Gilson, Bernard S. Black

Faculty Scholarship

The United States has both an active venture capital industry and well-developed stock markets. Japan and Germany have neither. We argue here that this is no accident – that venture capital can flourish especially – and perhaps only – if the venture capitalist can exit from a successful portfolio company through an initial public offering (IPO), which requires an active stock market. Understanding the link between the stock market and the venture capital market requires understanding the contractual arrangements between entrepreneurs and venture capital providers especially the importance of exit by venture capitalists and the opportunity, present only if IPO …

Precedent-Setting Ngo Campaign Saves The World Bank's Inspection Panel, Daniel D. Bradlow

Articles in Law Reviews & Other Academic Journals

This article, after describing the stakes in the ongoing debate about the operating procedures of the World Bank's Inspection Panel (Panel), explains the causes of this controversy. Thereafter it discusses the evolution of the pro­posal of the Working Group of the Bank's Board of Directors to correct the problems in the Panel's operating procedures. It suggests that, if the Board has the political will to adopt it, the final proposal of the Working Group has the potential to create a Panel procedure that is effective, independent, and impartial. The reason for this possibility is that the Bank, in an innovative …

The Limits Of Discipline: Ownership And Hard Budget Constraints In The Transition Economies, Roman Frydman, Cheryl W. Gray, Marek P. Hessel, Andrzej Rapaczynski

Faculty Scholarship

This paper, based on a large sample of mid-sized manufacturing firms in the Czech Republic, Hungary and Poland, argues that the imposition of financial discipline is not sufficient to remedy ownership and governance-related deficiencies of corporate performance. The study offers three main conclusions. First, we find that state enterprises represent a higher credit risk both because of their inferior economic performance and because of their lesser willingness or propensity to meet their payment obligations. Second, the brunt of the state firms' lower creditworthiness is borne by their state creditors, as state enterprises deflect the higher risk away from private creditors. …

Japan's Experience With Deposit Insurance And Failing Banks: Implications For Financial Regulatory Design?, Curtis J. Milhaupt

Faculty Scholarship

This Article examines three decades of Japanese experience with deposit insurance andfailing banks, and analyzes the implications of that experience for bank safety net reform in other countries. To date, the literature and policy debate on deposit insurance have been heavily colored by U.S. banking history and have focused almost exclusively on explicit deposit protection schemes. Analysis of Japan's safety net experience suggests that (a) deposit insurance, for all its flaws, is superior to the real-world alternative-implicit government protection of depositors and discretionary regulatory intervention in bank distress, (b) a well-designed explicit deposit insurance system that includes a credible bank …

Making Something Out Of Nothing: The Law Of Takings And Phillips V. Washington Legal Foundation, Michael A. Heller, James E. Krier

Faculty Scholarship

Phillips v. Washington Legal Foundation held that interest on principal amounts deposited into IOLTA accounts is the property of the various clients who handed over the money but expressed no view as to whether the Texas IOLTA program worked a taking, or, if it did, whether any compensation was due. The debates among the justices about the meaning of private property, argued in terms of contextual and conceptual severance, are unlikely to prove fruitful. We elaborate a better approach in terms of the underlying purposes of just compensation. We conclude that efficiency and justice are best served by uncoupling matters …

The Community Reinvestment Act: Questionable Premises And Perverse Incentives, Vincent D. Rougeau, Keith N. Hylton

Vincent D. Rougeau

Having just passed the twentieth anniversary of the enactment of the Community Reinvestment Act ("CRA" or "Act"), this is an appropriate time to take stock of the effectiveness of the legislation and to consider whether it continues to be useful as a tool for addressing the problems of neighborhood decline and discrimination in the lending market. Although discrimination in lending and the decline of certain inner-city neighborhoods is a problem that the CRA has not been able to solve, most observers would agree that the situation has improved since the mid-1970s. In particular, there has been notable progress toward the …

Review, International Banking By Michael P. Malloy

Patricia A. McCoy

No abstract provided.

The Shareholder Derivative Suit In Arkansas, Mary E. Matthews

Mary E Matthews

The Arkansas authorities governing derivative claims deviate from the authorities governing direct claims to a greater extent than is necessary. Three statutes govern shareholder derivative suits in Arkansas: the 1965 Arkansas Business Corporation Act (the 1965 ABCA); Arkansas Rule of Civil Procedure 23.1 (Rule 23.1); and the 1987 Arkansas Business Corporation Act (1987 ABCA). While the statutes occasionally conflict with Rule 23.1, the general goal is to prevent “strike suits.” Further, the Arkansas Supreme Court’s interpretation of the authorities suggests conflicts will be resolved in favor of the Rule. These statutes provide procedural restrictions for shareholder derivative suits. There are …