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Full-Text Articles in Law

Regulating New Tech: Problems, Pathways, And People, Cary Coglianese Dec 2021

Regulating New Tech: Problems, Pathways, And People, Cary Coglianese

Faculty Scholarship at Penn Law

New technologies bring with them many promises, but also a series of new problems. Even though these problems are new, they are not unlike the types of problems that regulators have long addressed in other contexts. The lessons from regulation in the past can thus guide regulatory efforts today. Regulators must focus on understanding the problems they seek to address and the causal pathways that lead to these problems. Then they must undertake efforts to shape the behavior of those in industry so that private sector managers focus on their technologies’ problems and take actions to interrupt the causal pathways ...


Diversifying Nuclear Technology: A Technical Analysis On Small Modular Reactors And Its Impact On Nuclear Energy Policy, Carolina Lugo Mejia, Marcos Lugo May 2021

Diversifying Nuclear Technology: A Technical Analysis On Small Modular Reactors And Its Impact On Nuclear Energy Policy, Carolina Lugo Mejia, Marcos Lugo

Helm's School of Government Conference

The energy policy debate in the United States has revolved around the diversification of energy sources while promoting advantageous economic profits. One drive for this has been the discussion of anthropogenic, environmental endangerment concerns (Vlassopoulous 2011, 104). However, despite the environmental concerns, the U.S. has for some time only relied on one type of energy source—fossil fuels. Fossil fuels are categorized as natural gas, coal, petroleum, and other gases responsible (U.S. Energy Administration 2019). Natural gas is responsible for 38.4%, coal for 23.4%, petroleum for 0.4%, and other gases for 0.3% of the ...


Stalking The Wild X Patent, Barbara J. Hampton May 2021

Stalking The Wild X Patent, Barbara J. Hampton

Journal of the Patent and Trademark Resource Center Association

For most of the history of the patent office, recorded patents were used primarily to enforce the patent holder’s rights during the life of the patent and to evaluate prior art, in determining patentability. The limits of manual indexes and hand counts of entries made more sophisticated analyses impractical. Recently, a number of researchers have begun to apply scientometric methods to assess trends and causation in patterns of innovation in the United States by organizing data elements from patent documents. Although most patents are now searchable, fully digital records, the records of the earliest patents (1790–1836) were incinerated ...


Increasing Investment In Stem Education For Females: Policy Considerations, Becky Harris, Andrea Dassopoulos, Daniel Sahl, Anna Starostina Apr 2021

Increasing Investment In Stem Education For Females: Policy Considerations, Becky Harris, Andrea Dassopoulos, Daniel Sahl, Anna Starostina

UNLV Gaming Research & Review Journal

During this difficult economic time, as policy makers decide how to use their limited resources to help prepare the rising generation for the demands of an ever-changing workforce, aligning K-12 educational priorities with higher education and economic development can help maximize public dollar investments in STEM education, particularly when females are given access to STEM and STEM-related education and programs. Smart public policy initiatives can help increase the representation of women in the technology, research and development, and innovation departments.

The purpose of this article is to provide policy recommendations that could help increase gender diversity and participation in STEM ...


Leases As Forms, David A. Hoffman, Anton Strezhnev Feb 2021

Leases As Forms, David A. Hoffman, Anton Strezhnev

Faculty Scholarship at Penn Law

We offer the first large scale descriptive study of residential leases, based on a dataset of ~170,000 residential leases filed in support of over ~200,000 Philadelphia eviction proceedings from 2005 through 2019. These leases are highly likely to contain unenforceable terms, and their pro-landlord tilt has increased sharply over time. Matching leases with individual tenant characteristics, we show that unlawful terms are surprisingly likely to be associated with more expensive leaseholds in richer, whiter parts of the city. This result is linked to landlords' growing adoption of shared forms, originally created by non-profit landlord associations, and more recently ...


Smart Contracts: Will Fintech Be The Catalyst For The Next Global Financial Crisis?, Randall Duran, Paul Griffin Jan 2021

Smart Contracts: Will Fintech Be The Catalyst For The Next Global Financial Crisis?, Randall Duran, Paul Griffin

Research Collection School Of Computing and Information Systems

Purpose: This paper aims to examine the risks associated with smart contracts, a disruptive financial technology (FinTech) innovation, and assesses how in the future they could threaten the integrity of the global financial system. Design/methodology/approach: A qualitative approach is used to identify risk factors related to the use of new financial innovations, by examining how over-the-counter (OTC) derivatives contributed to the Global Financial Crisis (GFC) which occurred during 2007 and 2008. Based on this analysis, the potential for similar concerns with smart contracts are evaluated, drawing on the failure of The DAO on the Ethereum blockchain, which involved ...


Is The Digital Economy Too Concentrated?, Jonathan Klick Nov 2020

Is The Digital Economy Too Concentrated?, Jonathan Klick

Faculty Scholarship at Penn Law

Concentration in the digital economy in the United States has sparked loud criticism and spurred calls for wide-ranging reforms. These reforms include everything from increased enforcement of existing antitrust laws, such as challenging more mergers and breaking up firms, to an abandonment of the consumer welfare standard. Critics cite corruption and more systemic public choice problems, while others invoke the populist origins of antitrust to slay the digital Goliaths. On the other side, there is skepticism regarding these arguments. This chapter continues much of that skepticism.


Innovative Boards: Exploring The Curvilinear Relationship Of Firm Innovation With Information Diversity, Dynamic Capability Diversity And Governance Diversity Of The Board Of Directors, And Understanding The Critical Moderating Effect Of Board Size On This Relationship, Ajay Makhija Aug 2020

Innovative Boards: Exploring The Curvilinear Relationship Of Firm Innovation With Information Diversity, Dynamic Capability Diversity And Governance Diversity Of The Board Of Directors, And Understanding The Critical Moderating Effect Of Board Size On This Relationship, Ajay Makhija

Dissertations and Theses Collection (Open Access)

The role and effectiveness of Board of directors in fostering innovation is an area of keen interest for both academics and professionals. Heterogeneity research suggests that diverse groups consider a broader range of perspectives and hence are able to foster creativity and drive innovation. The focus of most prior research on board diversity has largely been on gender, and the outcomes have been generally inconclusive. In addition, previous research efforts have focused on the RBV (Resource based view) in terms of the board role and also in explaining the diversity relationship with innovation. This study extends the diversity, governance and ...


Rethinking The Regulatory Sandbox For Financial Innovation: An Assessment Of The Uk And Singapore, Christopher Chen Jan 2020

Rethinking The Regulatory Sandbox For Financial Innovation: An Assessment Of The Uk And Singapore, Christopher Chen

Research Collection School Of Law

After the UK launched the first regulatory sandbox regime in 2016, the approach was quickly transplanted to numerous other countries as a means of promoting innovation, improving competition and enhancing financial inclusion. However, it remains unclear whether the approach can effectively achieve the relevant policy goals and thus justify the differential regulatory treatment. This chapter provides a broad overview of the regulatory sandbox regime and examines its potential benefits and problems. The chapter then provides some empirical evidence by analyzing the sandboxes awarded in the UK and Singapore between 2016 and 2018 with the aim of identifying what the businesses ...


The Law And Finance Of Initial Coin Offerings, Aurelio Gurrea-Martinez, Nydia Remolina Oct 2019

The Law And Finance Of Initial Coin Offerings, Aurelio Gurrea-Martinez, Nydia Remolina

Research Collection School Of Law

This chapter analyzes the legal and financial aspects of Initial Coin Offerings (ICOs). Section I examines the concept, features, and structure of an ICO. Section II analyzes the different regulatory approaches to deal with ICOs. Section III provides an overview of some of the accounting and financial challenges ICOs generate. Section VI focuses on the corporate governance aspects of ICOs. Section V analyzes how ICOs may raise issues related to money laundering, and how regulators and policymakers can deal with these problems. Section VI provides an overview of the challenges of ICOs from the perspective of privacy law and data ...


Redefining Leadership In The Age Of The Sdgs: Accelerating And Scaling Up Delivery Through Innovation And Inclusion, Phumzile Mlambo-Ngcuka, Rangita De Silva De Alwis Aug 2019

Redefining Leadership In The Age Of The Sdgs: Accelerating And Scaling Up Delivery Through Innovation And Inclusion, Phumzile Mlambo-Ngcuka, Rangita De Silva De Alwis

Faculty Scholarship at Penn Law

In 2015 the United Nations adopted seventeen Sustainable Development Goals (SDGs) to promote prosperity while protecting the environment. Our research examines how the SDGs, considered the grandest vision for sustainable development for the world, can be accelerated by ambitious leaders in the field of innovation. Through careful selection based on the type of industry, scale, impact, and diversity, we study a cohort of bold leaders who are shaping a brave new world. In turn, the urgent charge of the SDGs provides a platform and an innovation lab to incubate new ideas for inclusion and technologies.


Innovation Agents, Mirit Eyal-Cohen May 2019

Innovation Agents, Mirit Eyal-Cohen

Washington and Lee Law Review

The standard narrative of entrepreneurship is one of self-employed creative individuals working out of their garage or independently owned start-up companies. Intrapreneurship— where employees are responsible for being alert to new opportunities inside firms—is another model for developing innovations. Relatively little is known, however, about the latter process through which large, complex firms engage in groundbreaking corporate entrepreneurship.

This Article’s focus is on these types of innovation agents. It provides a thorough account of the positive and negative spillovers of intrapreneurial firms while making the following key points: First, intrapreneurial companies utilize their economies of scale, scope, and ...


Intellectual Property: Ownership And Protection In A University Setting, Cynthia L. Dahl Jan 2019

Intellectual Property: Ownership And Protection In A University Setting, Cynthia L. Dahl

Faculty Scholarship at Penn Law

Before an academic entrepreneur may protect or commercialize an invention, they must understand if they own the rights to it. This short chapter helps the inventor to consider the various scenarios that occur in a university setting. It advises the inventor how to seek a waiver from the university if they believe they are the true owner of the invention. If the facts indicate that the invention should be owned by the university, the chapter also discusses how a university decides to formally protect the invention through patent or copyright. Finally, the chapter advises the inventor how to stay involved ...


Intellectual Property: Commercializing In A University Setting, Cynthia L. Dahl Jan 2019

Intellectual Property: Commercializing In A University Setting, Cynthia L. Dahl

Faculty Scholarship at Penn Law

If an academic entrepreneur wants to commercialize their invention, they must first clarify who owns the invention, and then decide on the best commercialization possibility. This short chapter describes the various scenarios that might occur in a university setting. In most cases, a university will own the invention created by its researchers and faculty because of their employment. A university may then either license out the entrepreneur’s invention to a third-party company to further develop and commercialize, or may license the invention back to the entrepreneur so that they may commercialize it themselves through a start-up. Such license agreements ...


Tech, Regulatory Arbitrage, And Limits, Elizabeth Pollman Jan 2019

Tech, Regulatory Arbitrage, And Limits, Elizabeth Pollman

Faculty Scholarship at Penn Law

Regulatory arbitrage refers to structuring activity to take advantage of gaps or differences in regulations or laws. Examples include Facebook modifying its terms and conditions to reduce the exposure of its user data to strict European privacy laws, and Uber and other platform companies organizing their affairs to categorize workers as non-employees. This essay explores the constraints and limits on regulatory arbitrage through the lens of the technology industry, known for its adaptiveness and access to strategic resources. Specifically, the essay explores social license and the bundling of laws and resources as constraining forces on regulatory arbitrage, and the legal ...


Corporate Disobedience, Elizabeth Pollman Jan 2019

Corporate Disobedience, Elizabeth Pollman

Faculty Scholarship at Penn Law

Corporate law has long taken a dim view of corporate lawbreaking. Corporations can be chartered only for lawful activity. Contemporary case law characterizes intentional violations of law as a breach of the fiduciary duties of good faith and loyalty. While recognizing that rule breaking raises significant social and moral concerns, this Article suggests that corporate law and academic debate have overlooked important aspects of corporate disobedience. This Article provides an overview of corporate disobedience and illuminates the role that it has played in entrepreneurship and legal change. Corporations violate laws for a variety of reasons, including as part of efforts ...


Startup Governance, Elizabeth Pollman Jan 2019

Startup Governance, Elizabeth Pollman

Faculty Scholarship at Penn Law

Although previously considered rare, over three hundred startups have reached valuations over a billion dollars. Thousands of smaller startups aim to follow in their paths. Despite the enormous social and economic impact of venture-backed startups, their internal governance receives scant scholarly attention. Longstanding theories of corporate ownership and governance do not capture the special features of startups. They can grow large with ownership shared by diverse participants, and they face issues that do not fit the dominant principal-agent paradigm of public corporations or the classic narrative of controlling shareholders in closely held corporations.

This Article offers an original, comprehensive framework ...


Intellectual Property Issues For Startups Participating In Entrepreneurship Support Programs In Wisconsin, Nathaniel S. Hammons Jan 2018

Intellectual Property Issues For Startups Participating In Entrepreneurship Support Programs In Wisconsin, Nathaniel S. Hammons

Marquette Intellectual Property Law Review

Wisconsin is not known as a bastion of startup activity. Yet the startup scene has changed significantly since the turn of the century, and the pace of change has been accelerating. In 2001, only eight early-stage Wisconsin companies raised capital, totaling less than $53 million. In 2016, by way of comparison, 137 early-stage Wisconsin companies raised more than $276 million in investment capital. As someone familiar with the state might surmise, more than half of the deals closed in 2016 were in the Madison area, home to the University of Wisconsin-Madison and large employers in information technology, healthcare, and life ...


The Coalition Model, A Private-Public Strategic Innovation Policy Model For Encouraging Entrepreneurship And Economic Growth In The Era Of New Economic Challenges, Anat Alon-Beck Jan 2018

The Coalition Model, A Private-Public Strategic Innovation Policy Model For Encouraging Entrepreneurship And Economic Growth In The Era Of New Economic Challenges, Anat Alon-Beck

Washington University Global Studies Law Review

Innovation driven entrepreneurial firms have an important role in contributing to job creation, generating technological innovation, and stimulating the United States economy. However, there is recently a notable decline in emerging growth entrepreneurial activity in the United States. The Coalition Model proposes ways to maximize opportunities for industry, academia, and government to collaborate and build sustainable relationships, to help convert the current challenges in the U.S. market into opportunities.

Designing a new innovation strategy will lead the United States in generating innovation, technology, and economic growth, as well as help the federal government harness new approaches for institutional change ...


Antitrust And The Design Of Production, Herbert J. Hovenkamp Jan 2018

Antitrust And The Design Of Production, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Both economics and antitrust policy have traditionally distinguished “production” from “distribution.” The former is concerned with how products are designed and built, the latter with how they are placed into the hands of consumers. Nothing in the language of the antitrust laws suggests much concern with production as such. Although courts do not view it that way, even per se unlawful naked price fixing among rivals is a restraint on distribution rather than production. Naked price fixing assumes a product that has already been designed and built, and the important cartel decision is what should be each firm’s output ...


Teva And The Process Of Claim Construction, Lee Petherbridge Ph.D., R. Polk Wagner Jan 2018

Teva And The Process Of Claim Construction, Lee Petherbridge Ph.D., R. Polk Wagner

Faculty Scholarship at Penn Law

In Teva Pharmaceuticals USA, Inc. v. Sandoz, Inc., the Supreme Court addressed an oft-discussed jurisprudential disconnect between itself and the U.S. Court of Appeals for the Federal Circuit: whether patent claim construction was “legal” or “factual” in nature, and how much deference is due to district court decisionmaking in this area. In this Article, we closely examine the Teva opinion and situate it within modern claim construction jurisprudence. Our thesis is that the Teva holding is likely to have only very modest effects on the incidence of deference to district court claim construction but that for unexpected reasons the ...


Reasonable Patent Exhaustion, Herbert J. Hovenkamp Jan 2018

Reasonable Patent Exhaustion, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

A lengthy tug of war between the Supreme Court and the Federal Circuit Court of Appeals may have ended when the Supreme Court held that the sale of a patented article exhausts the patentee seller’s rights to enforce restrictions on that article through patent infringement suits. Further, reversing the Federal Circuit, the parties cannot bargain around this rule through the seller’s specification of conditions stated at the time of sale, no matter how clear. No inquiry need be made into the patentee’s market power, anticompetitive effects, or other types of harms, whether enforcement of the condition is ...


The Actavis Inference: Theory And Practice, Aaron S. Edlin, C. Scott Hemphill, Herbert J. Hovenkamp, Carl Shapiro Oct 2017

The Actavis Inference: Theory And Practice, Aaron S. Edlin, C. Scott Hemphill, Herbert J. Hovenkamp, Carl Shapiro

Aaron Edlin

In FTC v. Actavis, Inc., the Supreme Court considered "reverse payment" settlements of patent infringement litigation. In such a settlement, a patentee pays the alleged infringer to settle, and the alleged infringer agrees not to enter the market for a period of time. The Court held that a reverse payment settlement violates antitrust law if the patentee is paying to avoid competition. The core insight of Actavis is the Actavis Inference: a large and otherwise unexplained payment, combined with delayed entry, supports a reasonable inference of harm to consumers from lessened competition.This paper is an effort to assist courts ...


Activating Actavis, Aaron Edlin, C. Scott Hemphill, Herbert J. Hovenkamp, Carl Shapiro Oct 2017

Activating Actavis, Aaron Edlin, C. Scott Hemphill, Herbert J. Hovenkamp, Carl Shapiro

Aaron Edlin

In Federal Trade Commission v. Actavis, Inc., the Supreme Court provided fundamental guidance about how courts should handle antitrust challenges to reverse payment patent settlements. The Court came down strongly in favor of an antitrust solution to the problem, concluding that “an antitrust action is likely to prove more feasible administratively than the Eleventh Circuit believed.” At the same time, Justice Breyer’s majority opinion acknowledged that the Court did not answer every relevant question. The opinion closed by “leav[ing] to the lower courts the structuring of the present rule-of-reason antitrust litigation.”This article is an effort to help ...


Actavis And Error Costs: A Reply To Critics, Aaron S. Edlin, C. Scott Hemphill, Herbert J. Hovenkamp, Carl Shapiro Oct 2017

Actavis And Error Costs: A Reply To Critics, Aaron S. Edlin, C. Scott Hemphill, Herbert J. Hovenkamp, Carl Shapiro

Aaron Edlin

The Supreme Court’s opinion in Federal Trade Commission v. Actavis, Inc. provided fundamental guidance about how courts should handle antitrust challenges to reverse payment patent settlements. In our previous article, Activating Actavis, we identified and operationalized the essential features of the Court’s analysis. Our analysis has been challenged by four economists, who argue that our approach might condemn procompetitive settlements.As we explain in this reply, such settlements are feasible, however, only under special circumstances. Moreover, even where feasible, the parties would not actually choose such a settlement in equilibrium. These considerations, and others discussed in the reply ...


Licensing Contracts: Control Rights, Options And Timing, Pascale Crama, Bert De Reyck, Niyazi Taneri Apr 2017

Licensing Contracts: Control Rights, Options And Timing, Pascale Crama, Bert De Reyck, Niyazi Taneri

Research Collection Lee Kong Chian School Of Business

Research and development (R&D) collaborations, common in high-tech industries, are challenging to manage due to technical and market risks as well as incentive problems. We investigate how control rights, options, payment terms and timing allow the innovator to capture maximum value from its R&D collaborations with a marketer. Our study reveals a counterintuitive result; the innovator may, under certain conditions, prefer to grant launch control rights or buy-out options to the marketer despite the fact that both terms restrict its downstream actions. We demonstrate that a menu of contracts is not necessary to address the adverse selection problem as the menu can be replicated by a single option contract. We show that timing, through renegotiation or delayed contracting, as well as the careful allocation of control rights and options can have a significant influence on the value of collaborative R&D. We provide recommendations on the optimal contract structure and ...


Solving Ethical Puzzles To Unlock University Technology Transfer Client Work For An Intellectual Property Legal Clinic, Cynthia L. Dahl Jan 2017

Solving Ethical Puzzles To Unlock University Technology Transfer Client Work For An Intellectual Property Legal Clinic, Cynthia L. Dahl

Faculty Scholarship at Penn Law

Intellectual property (IP) and technology legal clinics are experiencing an unprecedented surge in popularity. Before 2000 there were only five such clinics, but by 2016 there were seventy-four, with fifty added since 2010 alone. As law schools are approving new IP clinics and as practitioners are developing syllabi, there is an increasing need to share knowledge about models that work and how to avoid pitfalls.

One potentially fertile – but traditionally underutilized -- source of client work for an IP and technology clinic is the university technology transfer office (“TTO”), the department that protects, markets, and licenses all university intellectual property. Through ...


Standing Voting Instructions: Empowering The Excluded Retail Investor, Jill E. Fisch Jan 2017

Standing Voting Instructions: Empowering The Excluded Retail Investor, Jill E. Fisch

Faculty Scholarship at Penn Law

Despite the increasing importance of shareholder voting, regulators have paid little attention to the rights of retail investors who own approximately 30% of publicly traded companies but who vote less than 30% of their shares. A substantial factor contributing to this low turnout is the antiquated mechanism by which retail investors vote. The federal proxy voting rules place primary responsibility for facilitating retail voting in the hands of custodial brokers who have limited incentives to develop workable procedures, and current regulatory restrictions impede market-based innovation that incorporate technological innovations.

One of the most promising such innovations is standing voting instructions ...


Patent Pools And Related Technology Sharing, Erik Hovenkamp, Herbert J. Hovenkamp Jan 2017

Patent Pools And Related Technology Sharing, Erik Hovenkamp, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

A patent "pool" is an arrangement under which patent holders in a common technology commit their patents to a single holder, who then licenses them out to the original patentees and perhaps also to outsiders. The payoffs include both revenue earned as a licensor, and technology acquired by pool members as licensees. Public effects can also be significant. For example, technology sharing of complementary patents can improve product quality and variety. In some information technology markets pools can prevent patents from becoming a costly obstacle to innovation by clearing channels of technology transfer. By contrast, a pool's aggregate output ...


Intellectual Property Rights And The Ascent Of Proprietary Innovation In Agriculture, Matthew S. Clancy, Giancarlo Moschini Jan 2017

Intellectual Property Rights And The Ascent Of Proprietary Innovation In Agriculture, Matthew S. Clancy, Giancarlo Moschini

CARD Working Papers

Biological innovations in agriculture did not enjoy protection by formal intellectual property rights (IPRs) for a long time, but the recent trend has been one of considerable broadening and strengthening of these rights. We document the nature of these IPRs and their evolution, and provide an assessment of their impacts on innovation. We integrate elements of the institutional history of plant IPRs with a discussion of the relevant economic theory and a review of applicable empirical evidence. Throughout, we highlight how the experience of biological innovation mirrors, or differs from, the broader literature on IPRs and innovation. We conclude with ...