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Full-Text Articles in Law
Voice Without Say: Why Capital-Managed Firms Aren’T (Genuinely) Participatory, Justin Schwartz
Voice Without Say: Why Capital-Managed Firms Aren’T (Genuinely) Participatory, Justin Schwartz
Justin Schwartz
Why are most capitalist enterprises of any size organized as authoritarian bureaucracies rather than incorporating genuine employee participation that would give the workers real authority? Even firms with employee participation programs leave virtually all decision-making power in the hands of management. The standard answer is that hierarchy is more economically efficient than any sort of genuine participation, so that participatory firms would be less productive and lose out to more traditional competitors. This answer is indefensible. After surveying the history, legal status, and varieties of employee participation, I examine and reject as question-begging the argument that the rarity of genuine …
A Theory Without A Movement, A Hope Without A Name: The Future Of Marxism In A Post-Marxist World, Justin Schwartz
A Theory Without A Movement, A Hope Without A Name: The Future Of Marxism In A Post-Marxist World, Justin Schwartz
Justin Schwartz
Just as Marx's insights into capitalism have been most strikingly vindicated by the rise of neoliberalism and the near-collapse of the world economy, Marxism as social movement has become bereft of support. Is there any point in people who find Marx's analysis useful in clinging to the term "Marxism" - which Marx himself rejected -- at time when self-identified Marxist organizations and societies have collapsed or renounced the identification, and Marxism own working class constituency rejects the term? I set aside bad reasons to give on "Marxism," such as that the theory is purportedly refuted, that its adoption leads necessarily …
Neoliberalism And The Law: How Historical Materialism Can Illuminate Recent Governmental And Judicial Decision Making, Justin Schwartz
Neoliberalism And The Law: How Historical Materialism Can Illuminate Recent Governmental And Judicial Decision Making, Justin Schwartz
Justin Schwartz
Neoliberalism can be understood as the deregulation of the economy from political control by deliberate action or inaction of the state. As such it is both constituted by the law and deeply affects it. I show how the methods of historical materialism can illuminate this phenomenon in all three branches of the the U.S. government. Considering the example the global financial crisis of 2007-08 that began with the housing bubble developing from trade in unregulated and overvalued mortgage backed securities, I show how the repeal of the Glass-Steagall Act, which established a firewall between commercial and investment banking, allowed this …
A Comparison Of Anti-Manipulation Rules In U.S. And Eu Electricity And Natural Gas Markets: A Proposal For A Common Standard, Shaun D. Ledgerwood, Dan Harris
A Comparison Of Anti-Manipulation Rules In U.S. And Eu Electricity And Natural Gas Markets: A Proposal For A Common Standard, Shaun D. Ledgerwood, Dan Harris
Shaun D. Ledgerwood
In this paper, we describe the development and current status of anti-manipulation rules as they apply to wholesale electricity and natural gas markets in the United States and the European Union, including the institutions that are responsible for overseeing these rules. We then compare and contrast these jurisdictions to discuss similarities, differences, and potential gaps in coverage within and across their internal markets. We note that while the behavior prohibited by the U.S. and EU statutes is remarkably similar, there is in fact no common standard for defining market manipulation. The absence of a common EU/U.S. framework for examining manipulative …
Threats Escalate: Corporate Information Technology Governance Under Fire, Lawrence J. Trautman
Threats Escalate: Corporate Information Technology Governance Under Fire, Lawrence J. Trautman
Lawrence J. Trautman Sr.
In a previous publication The Board’s Responsibility for Information Technology Governance, (with Kara Altenbaumer-Price) we examined: The IT Governance Institute’s Executive Summary and Framework for Control Objectives for Information and Related Technology 4.1 (COBIT®); reviewed the Weill and Ross Corporate and Key Asset Governance Framework; and observed “that in a survey of audit executives and board members, 58 percent believed that their corporate employees had little to no understanding of how to assess risk.” We further described the new SEC rules on risk management; Congressional action on cyber security; legal basis for director’s duties and responsibilities relative to IT governance; …
Where Did Mill Go Wrong? Why The Capital-Managed Rather Than The Labor-Managed Enterprise Is The Predominant Organizational Form In Market Economies, 73 Ohio State L.J. 219 (2012, Justin Schwartz
Justin Schwartz
In this Article, I propose a novel law and economics explanation of a deeply puzzling aspect of business organization in market economies. Why are virtually all firms organized as capital-managed and -owned (capitalist) enterprises rather than as labor-managed and -owned cooperatives? Over 150 years ago, J.S. Mill predicted that efficiency and other advantages would eventually make worker cooperatives predominant over capitalist firms. Mill was right about the advantages but wrong about the results. The standard explanation is that capitalist enterprise is more efficient. Empirical research, however, overwhelmingly contradicts this. But employees almost never even attempt to organize worker cooperatives. I …
What's Good In Theory May Be Flawed In Practice: Potential Legal Consequences Of Poor Implementation Of A Theoretical Sample, Melanie S. Williams, A. Lynn Phillips, G. Michael Phillips
What's Good In Theory May Be Flawed In Practice: Potential Legal Consequences Of Poor Implementation Of A Theoretical Sample, Melanie S. Williams, A. Lynn Phillips, G. Michael Phillips
Melanie S. Williams
The article discusses the problem of the use in litigation of statistical sampling. Sample-based research is increasingly used in cases as diverse as products liability, antitrust, intellectual property, and criminal law, among others. Sample-based research provides objective evidence upon which decisions, damages and liability may rest. Despite its importance, however, statistical evidence is often misused and misunderstood by attorneys who may be unfamiliar with the underlying form of analysis. The paper explores common errors when using litigative samples, comments upon best practices for the use in law of sample-based research, and demonstrates the importance of sound statistical sampling and data …
Collective Choice, Justin Schwartz
Collective Choice, Justin Schwartz
Justin Schwartz
This short nontechnical article reviews the Arrow Impossibility Theorem and its implications for rational democratic decisionmaking. In the 1950s, economist Kenneth J. Arrow proved that no method for producing a unique social choice involving at least three choices and three actors could satisfy four seemingly obvious constraints that are practically constitutive of democratic decisionmaking. Any such method must violate such a constraint and risks leading to disturbingly irrational results such and Condorcet cycling. I explain the theorem in plain, nonmathematical language, and discuss the history, range, and prospects of avoiding what seems like a fundamental theoretical challenge to the possibility …
Capture In Financial Regulation" Can We Channel It Toward The Common Good?, Lawrence G. Baxter
Capture In Financial Regulation" Can We Channel It Toward The Common Good?, Lawrence G. Baxter
Lawrence G. Baxter
“Regulatory capture” is central to regulatory analysis yet is a troublesome concept. It is difficult to prove and sometimes seems refuted by outcomes unfavorable to powerful interests. Nevertheless, the process of bank regulation and supervision fosters a closeness between regulator and regulated that would seem to be conducive to “capture” or at least to fostering undue sympathy by regulators for the companies they oversee. The influence of very large financial institutions has also become so great that financial regulation appears to have become excessively distorted in favor of these entities and to the detriment of many other legitimate interests, including …
Lessons From Single-Company Event Studies: The Importance Of Controlling For Company-Specific Events, Scott D. Hakala
Lessons From Single-Company Event Studies: The Importance Of Controlling For Company-Specific Events, Scott D. Hakala
Scott D Hakala
Single-company event studies are commonly employed in applied practice, such as in analyzing market efficiency, reliance, and damages in securities litigation. However, the presence of significant company-specific events among the observations used to estimate the market model results in significantly biased, overstated standard errors (a well-known omitted variables problem) and less reliable coefficient estimates in such studies. This is a frequently over-looked or neglected issue that renders the statistical inferences in single-company event studies employing using more traditional event study techniques biased and often unreliable. This paper demonstrates through simulation and actual examples that, even allowing for errors in implementation, …
Relational Contract Theory And Management Contracts: A Paradigm For The Application Of The Theory Of The Norms, Michael Diathesopoulos
Relational Contract Theory And Management Contracts: A Paradigm For The Application Of The Theory Of The Norms, Michael Diathesopoulos
Michael Diathesopoulos
This paper examines management contracts as a paradigm for the application of relational contracts theory and especially of the theory of contractual and relational norms. This theory, deriving from Macauley's implications, but structured and analysed by I.R. MacNeil gives us a framework for the explanation and understanding of contractual obligations and business relations' rules and practice. After presenting the key literature about the norms theory and especially defining the content of MacNeil's norms, we define management contracts as relations, characterised by a high relational element and we explain why, investigating all their features, which make them a suitable object for …
What Determines Professionals’ Bankruptcy Fees: An Empirical Investigation, Gijs Van Dijk, Martin Gramatikov
What Determines Professionals’ Bankruptcy Fees: An Empirical Investigation, Gijs Van Dijk, Martin Gramatikov
Martin Gramatikov
Countries have adopted different approaches to compensate bankruptcy trustees for winding up the estate. The approaches vary from state trustees to funding mechanisms where bankruptcy trustees receive a fixed fee, to a system where their fees depend on the size of the assets. Few studies have addressed the cost-effectiveness of the different approaches. This study contributes to this topic by examining the fees of the winding up, including an analysis of the determinants of these fees. After analyzing 289 Dutch bankruptcies consisting of short-term and medium-term cases, we find substantial differences in the mean hourly remuneration fees of bankruptcy trustees. …
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
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.
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
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.
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
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.
The Need For Better Analysis Of High Capacity Services, George S. Ford, Lawrence J. Spiwak
The Need For Better Analysis Of High Capacity Services, George S. Ford, Lawrence J. Spiwak
GEORGE S FORD
In 1999, the Federal Communications Commission (“FCC”) began to grant incumbent local exchange carriers (“LECs”) pricing flexibility on special access services in some Metropolitan Statistical Areas (“MSAs”) when specific evidence of competitive alternatives is present. The propriety of that deregulatory move by the FCC has been criticized by the purchasers of such services ever since. Proponents of special access price regulation rely on three central arguments to support a retreat to strict price regulation: (1) the market(s) for special access and similar services is unduly concentrated; (2) rates of return on special access services, computed using FCC ARMIS data, are …
Taxing Shared Economies Of Scale, Brad Borden
Taxing Shared Economies Of Scale, Brad Borden
Bradley T. Borden
Economies of scale exist if long-run average costs decline as output rises. All else being equal, the decline in average costs should lead to greater profitability, making economies of scale attractive to businesses. Nobel laureate George Stigler recognized that economies of scale should help determine the optimum size of a firm. To obtain economies of scale and optimum firm size, parties may integrate resources or grant access to resources without integrating. Such arrangements create shared economies of scale. Tax law must consider the effects of shared economies of scale and address them. In particular, the varying degrees of scale-sharing raise …
The Case In Favour Of The European Private Company A Competitive Alternative For Smes?, Paolo Santella
The Case In Favour Of The European Private Company A Competitive Alternative For Smes?, Paolo Santella
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
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
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
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
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
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
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
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.
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
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.
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
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.
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
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.
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
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.
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Powerpoint), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
A Comparative Analysis Of The Legal Obstacles To Institutional Investor Activism In Europe And In The Us (Powerpoint), Paolo Santella, Enrico Baffi, Carlo Drago, Dino Lattuca
Carlo Drago
No abstract provided.