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Full-Text Articles in Law

Government Governance And The Need To Reconcile Government Regulation With Board Fiduciary Duties, Lisa Fairfax Jan 2011

Government Governance And The Need To Reconcile Government Regulation With Board Fiduciary Duties, Lisa Fairfax

Faculty Scholarship at Penn Law

Corporate governance scandals inevitably raise concerns about the extent to which corporate directors failed in their responsibility to monitor the corporation and its managers, especially in terms of the latter's’ misdeeds. Corporate governance reforms strive to shore up directors' roles by seeking to ensure that boards have sufficient incentives to engage in effective oversight and to hold the boards more accountable. The current financial crisis has ushered in an era of significant government reform of the financial system and involvement in corporate governance matters. Such involvement has increased board of directors' responsibilities but has not reconciled those responsibilities with ...


Federalism, Variation, And State Regulation Of Franchise Termination, Jonathan Klick, Bruce Kobayashi, Larry Ribstein Jan 2009

Federalism, Variation, And State Regulation Of Franchise Termination, Jonathan Klick, Bruce Kobayashi, Larry Ribstein

Faculty Scholarship at Penn Law

This article discusses and expands on our recent work examining the effects of franchise-termination laws. In a prior article, we examined empirically the effect of franchise-termination laws on the level of franchise activity. Our analysis improved upon the prior literature in two major ways. First, our work exploited two new sources of panel data to provide new empirical evidence on the effect of franchise termination laws. Second, our analysis examined variation in states’ restrictions on the ability of franchisors and franchisees to contract around a particular state’s regulation. We found that the effects of termination laws on the overall ...


Unentrapped, William W. Bratton Jan 2009

Unentrapped, William W. Bratton

Faculty Scholarship at Penn Law

No abstract provided.


Can Regulation Of Insider Trading Be Effective?, Alexandre Padilla Jun 2005

Can Regulation Of Insider Trading Be Effective?, Alexandre Padilla

ExpressO

While there is a very prolific literature showing that the regulation of insider trading is by and large ineffective when it comes to discourage individuals from trading on non-public information, almost no work has been done on whether insider trading regulation can be effective. This paper attempts to fill that gap by investigating whether the regulation of insider trading can be effective. First, we show why insider trading regulation cannot be effective. Second, we see to what extend the empirical studies are consistent with our analysis.


The New Federal Regulation Of Corporate Governance, Jill E. Fisch Jan 2004

The New Federal Regulation Of Corporate Governance, Jill E. Fisch

Faculty Scholarship at Penn Law

No abstract provided.


Is There A Role For Lawyers In Preventing Future Enrons?, Jill E. Fisch, Kenneth M. Rosen Jan 2003

Is There A Role For Lawyers In Preventing Future Enrons?, Jill E. Fisch, Kenneth M. Rosen

Faculty Scholarship at Penn Law

Following the collapse of the Enron Corporation, the ethical obligations of corporate attorneys have received increased scrutiny. The Sarbanes-Oxley Act of 2002, enacted in response to calls for corporate reform, specifically requires the Securities and Exchange Commission to address the lawyer’s role by requiring covered attorneys to “report up” evidence of corporate wrongdoing to key corporate officers, and, in some circumstances, to the board of directors. Failure to “report up” subjects a lawyer to liability under federal law.

This Article argues that the reporting up requirement reflects a second-best approach to corporate governance reform. Rather than focusing on the ...


Effect Of Regulation On Banking: California 1879-1929, Lynne Doti, Richard Runyon Jan 1996

Effect Of Regulation On Banking: California 1879-1929, Lynne Doti, Richard Runyon

Economics Faculty Articles and Research

California had a virtually unregulated banking environment until the first comprehensive banking regulations were passed in 1905. These regulations, and subsequent changes in 1909, required reserves and paid-up capital. Several tests of commonly accepted measures of safety, such as bank reserves, paid-up capital, bank failures, and real estate loans that resulted in foreclosure, are compared for selected years before and after the regulations. Results do not clearly demonstrate that regulation enhanced the safety of individual banks, but do support the conclusion that regulation enhanced the safety of the banking system as a whole.


An Economic Analysis Of Trade Measures To Protect The Global Environment, Howard F. Chang Jan 1995

An Economic Analysis Of Trade Measures To Protect The Global Environment, Howard F. Chang

Faculty Scholarship at Penn Law

In this article, Professor Howard Chang addresses the role of trade restrictions in supporting policies to protect the global environment and proposes a more liberal treatment of these environmental trade measures than that adopted by dispute-settlement panels of the General Agreement on Tariffs and Trade (GATT). The GATT Secretariat has recommended that countries like the United States rely on "carrots" rather than "sticks" in order to induce the participation of other countries in multilateral environmental agreements. Professor Chang defends the use of sticks on the ground that they encourage more restrained exploitation of the environment pending a multilateral agreement. First ...


Frankenstein's Monster Hits The Campaign Trail: An Approach To Regulation Of Corporate Political Expenditures, Jill E. Fisch Jan 1991

Frankenstein's Monster Hits The Campaign Trail: An Approach To Regulation Of Corporate Political Expenditures, Jill E. Fisch

Faculty Scholarship at Penn Law

No abstract provided.


Developments In Law - Toxic Waste Litigation, Howard F. Chang Jan 1986

Developments In Law - Toxic Waste Litigation, Howard F. Chang

Faculty Scholarship at Penn Law

No abstract provided.