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Full-Text Articles in Law

Legal Regimes And Political Particularism: An Assessment Of The "Legal Families" Theory From The Perspectives Of Comparative Law And Political Economy, John W. Cioffi, D. Gordon Smith Dec 2009

Legal Regimes And Political Particularism: An Assessment Of The "Legal Families" Theory From The Perspectives Of Comparative Law And Political Economy, John W. Cioffi, D. Gordon Smith

BYU Law Review

The “legal families” theory of corporate law and ownership structures pioneered by Rafael La Porta, Florencio Lopez-deSilanes, Andrei Shleifer, and Robert Vishny provides one of the most influential accounts of why “law matters” in shaping economic organization and outcomes. However, the empirical bases and theoretical logic of the theory contain serious flaws and limitations. First, as has been pointed out by a number of critics engaged in this revision, the legal origins literature contains numerous problematic characterizations of substantive law that expose the serious problems of quantitative operationalization of legal rules as a mode of comparative legal analysis. Second, the ...


Regulatory Theory, Matthew D. Adler Dec 2009

Regulatory Theory, Matthew D. Adler

Faculty Scholarship at Penn Law

This chapter reviews a range of topics connected to the justification of government regulation, including: the definition of “regulation”; welfarism, Kaldor-Hicks efficiency, and the Pareto principles; the fundamental theorems of welfare economics and the “market failure” framework for justifying regulation, which identifies different ways in which the conditions for those theorems may fail to hold true (such as externalities, public goods, monopoly power, and imperfect information); the Coase theorem; and the different forms of regulation.


State Finance In Times Of Crisis, Brian Galle, Jonathan Klick Sep 2009

State Finance In Times Of Crisis, Brian Galle, Jonathan Klick

Faculty Scholarship at Penn Law

As recent events illustrate, state finances are pro-cyclical: during recessions, state revenues crash, worsening the effects of economic downturns. This problem is well-known, yet persistent. We argue here that, in light of predictable federalism and political economy dynamics, states will be unable to change this situation on their own. Additionally, we note that many possible federal remedies may result in worse problems, such as creating moral hazard that would induce states to take on excessively risky policy, both fiscal and otherwise. Thus, we argue that policy makers should consider so-called “automatic” stabilizers, such as are found in the federal tax ...


Future Generations: A Prioritarian View, Matthew D. Adler Sep 2009

Future Generations: A Prioritarian View, Matthew D. Adler

Faculty Scholarship at Penn Law

Should we remain neutral between our interests and those of future generations? Or are we ethically permitted or even required to depart from neutrality and engage in some measure of intergenerational discounting? This Article addresses the problem of intergenerational discounting by drawing on two different intellectual traditions: the social welfare function (“SWF”) tradition in welfare economics, and scholarship on “prioritarianism” in moral philosophy. Unlike utilitarians, prioritarians are sensitive to the distribution of well-being. They give greater weight to well-being changes affecting worse-off individuals. Prioritarianism can be captured, formally, through an SWF which sums a concave transformation of individual utility, rather ...


Where Concerned Citizens Perceive Police As More Responsive To Troublesome Teen Groups: Theoretical Implications For Political Economy, Incivilities And Policing, Christopher Salvatore, Ralph B. Taylor, Christopher Kelly Aug 2009

Where Concerned Citizens Perceive Police As More Responsive To Troublesome Teen Groups: Theoretical Implications For Political Economy, Incivilities And Policing, Christopher Salvatore, Ralph B. Taylor, Christopher Kelly

Department of Justice Studies Faculty Scholarship and Creative Works

The current investigation extends previous work on citizens' perceptions of police performance. It examines the origins of between-community differences in concerned citizens' judgments that police are responding sufficiently to a local social problem. The problem is local unsupervised teen groups, a key indicator for both the revised systemic social disorganization perspective and the incivilities thesis. Four theoretical perspectives predict ecological determinants of these shared judgments. Less perceived police responsiveness is anticipated in lower socioeconomic status (SES) police districts by both a political economy and a stratified incivilities perspective; more predominantly minority police districts by a racialized justice perspective; and in ...


The Relation Between Regulation And Class Actions: Evidence From The Insurance Industry, Eric Helland, Jonathan Klick Mar 2009

The Relation Between Regulation And Class Actions: Evidence From The Insurance Industry, Eric Helland, Jonathan Klick

Faculty Scholarship at Penn Law

Standard law and economics models imply that regulation and litigation serve as substitutes. We test this by looking at the incidence of insurance class actions as a function of measures of regulatory enforcement. We also look specifically at whether states with clear regulatory standards regarding the use of OEM parts experience less litigation over this issue. We find no evidence of substitution between regulation and litigation. We also examine the possibility that litigation is more frequent in states where regulators are more likely to be captured by industry interests, finding no support for this hypothesis either. Instead, litigation is more ...


Bankruptcy Or Bailouts?, Kenneth M. Ayotte, David A. Skeel Jr. Mar 2009

Bankruptcy Or Bailouts?, Kenneth M. Ayotte, David A. Skeel Jr.

Faculty Scholarship at Penn Law

The usual reaction if one mentions bankruptcy as a mechanism for addressing a financial institution’s default is incredulity. Those who favor the rescue of troubled financial institutions, and even those who prefer that their assets be promptly sold to a healthier institution, treat bankruptcy as anathema. Everyone seems to agree that nothing good can come from bankruptcy. Indeed, the Chapter 11 filing by Lehman Brothers has been singled out by many the primary cause of the severe economic and financial contraction that followed, and proof that bankruptcy is disorderly and ineffective. As a result, ad-hoc rescue lending to avoid ...


The Misdirection Of Resources And The Current Recession, Mario J. Rizzo Feb 2009

The Misdirection Of Resources And The Current Recession, Mario J. Rizzo

Mario Rizzo

An analysis of the deficiencies of the stimulus pakage of February, 2009 from the point of view of a microeconomist.


The Need For Better Analysis Of High Capacity Services, George S. Ford, Lawrence J. Spiwak Jan 2009

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 ...


Explicando Los Ciclos Políticos Latinoamericanos, Jose Luis Sardon Jan 2009

Explicando Los Ciclos Políticos Latinoamericanos, Jose Luis Sardon

Jose Luis Sardon

Diferentes autores han señalado que los países latinoamericanos están atrapados en ciclos políticos de gobiernos autoritarios y democracias desestructuradas. En el presente artículo se argumenta que ello se debe a que dichos países utilizan el sistema de representación proporcional para la elección de sus legislaturas. Ello no solo genera mayor gasto público, impuesto y corrupción sino que impide consolidar un sistema de partidos. Por tanto, para hacer sostenibles los procesos de consolidación democrática de estos países, se requiere cambiar dicho sistema y la apelación a la democracia y al pluralismo como único principio de organización social en el que dicho ...


Ministry Of Defense And Support For The Armed Forces Of The Islamic Republic Of Iran V. Elahi, Case Note, Ariel Meyerstein Jan 2009

Ministry Of Defense And Support For The Armed Forces Of The Islamic Republic Of Iran V. Elahi, Case Note, Ariel Meyerstein

Ariel Meyerstein, JD, PhD

No abstract provided.


La Economía Que Devuelve España A Los Españoles, Mario Šilar Jan 2009

La Economía Que Devuelve España A Los Españoles, Mario Šilar

Mario Šilar

No abstract provided.


The Irreduceable Moral Nature Of Human Action, Mario Šilar, José María Torralba Jan 2009

The Irreduceable Moral Nature Of Human Action, Mario Šilar, José María Torralba

Mario Šilar

No abstract provided.


Diabolical Frivolity Of Neoliberal Fundamentalism, Sefik Tatlic Jan 2009

Diabolical Frivolity Of Neoliberal Fundamentalism, Sefik Tatlic

Sefik Tatlic

Today, we cannot talk just about plain control, but we must talk about the nature of the interaction of the one who is being controlled and the one who controls, an interaction where the one that is “controlled” is asking for more control over himself/herself while expecting to be compensated by a surplus of freedom to satisfy trivial needs and wishes. Such a liberty for the fulfillment of trivial needs is being declared as freedom. But this implies as well the freedom to choose not to be engaged in any kind of socially sensible or politically articulated struggle.


Bonds, Stocks Or Dollars? Do Voters Care About Capital Markets In Brazil And Mexico, Anthony Petros Spanakos, Lucio Remuzat Renno Junior Jan 2009

Bonds, Stocks Or Dollars? Do Voters Care About Capital Markets In Brazil And Mexico, Anthony Petros Spanakos, Lucio Remuzat Renno Junior

Department of Political Science and Law Faculty Scholarship and Creative Works

How does vote intention in presidential elections vary according to the economic conditions of a country, especially indicators of the financial market? Does the state of the economy, both its fundamentals as well as capital market, affect variation in candidates’ percentage of vote intention in national polls? This paper tests how economic indicators influence vote intention in presidential elections in two emerging markets: Brazil and Mexico. The presidential elections of 1994, 1998, 2002, and 2006 in Brazil and 2000 and 2006 in Mexico are analyzed using all poll returns for each electoral period and corresponding economic data. The paper finds ...


Notes On A Geography Of Knowledge, Michael J. Madison Jan 2009

Notes On A Geography Of Knowledge, Michael J. Madison

Articles

Law and knowledge jointly occupy a metaphorical landscape. Understanding that landscape is essential to understanding the full complexity of knowledge law. This Article identifies some landmarks in that landscape, which it identifies as forms of legal practice: several recent cases involving intellectual property licenses, including the recent patent law decision in Quanta v. LG Electronics and the open source licensing decision in Jacobsen v. Katzer. The Article offers a preliminary framework for exploring the territories of knowledge practice in which those legal landmarks appear.


The University As Constructed Cultural Commons, Michael J. Madison, Brett M. Frischmann, Katherine J. Strandburg Jan 2009

The University As Constructed Cultural Commons, Michael J. Madison, Brett M. Frischmann, Katherine J. Strandburg

Articles

This paper examines commons as socially constructed environments built via and alongside intellectual property rights systems. We sketch a theoretical framework for examining cultural commons across a broad variety of institutional and disciplinary contexts, and we apply that framework to the university and associated practices and institutions.


Another Voice For The 'Dialogue': Federal Courts As A Litigation Course, Arthur D. Hellman Jan 2009

Another Voice For The 'Dialogue': Federal Courts As A Litigation Course, Arthur D. Hellman

Articles

The traditional course in "Federal Courts" - built on the model established by the great Hart and Wechsler casebook - focuses on issues of federalism, separation of powers, and institutional competence. That focus provides a powerful intellectual model for organizing the materials that make up the field of study, and it is hard to imagine anyone teaching a Federal Courts course today without drawing heavily on that model. But the traditional model is deficient in one important respect. Most of the students who take a Federal Courts course do so because they think it will help them to practice law more effectively ...


Of Coase And Comics, Or, The Comedy Of Copyright, Michael J. Madison Jan 2009

Of Coase And Comics, Or, The Comedy Of Copyright, Michael J. Madison

Articles

This Essay responds to There’s No Free Laugh (Anymore): The Emergence of Intellectual Property Norms and the Transformation of Stand-Up Comedy, by Dotan Oliar and Christopher Sprigman. It argues that case studies of disciplines and domains that may be governed by intellectual property regimes are invaluable tools for comparative analysis of the respective roles of law and other forms of social order. The Essay examines the case of stand-up comedy under a lens that is somewhat broader than the one used by the authors of the original study, one that takes into account not only the social norms of ...


Dream Palaces Of Law: Western Constructions Of The Muslim Legal World, Haider Ala Hamoudi Jan 2009

Dream Palaces Of Law: Western Constructions Of The Muslim Legal World, Haider Ala Hamoudi

Articles

Western distortions of the Muslim East nearly always take the same form, irrespective of who in the West is doing the distorting. One common theme can be generally gleaned from any projections of the Muslim East in the West, in any Western country, among nearly every community, including, and perhaps especially, our own academic community. This is the perception of the near ubiquitous role of Islam and, more germane to my remarks, Islamic law, of a historic, medieval kind, in governing the legal order of Muslim states, including Iraq, in a manner that can be entirely distorting. In these brief ...


Top Cop Or Regulatory Flop? The Sec At 75, Jill E. Fisch Jan 2009

Top Cop Or Regulatory Flop? The Sec At 75, Jill E. Fisch

Faculty Scholarship at Penn Law

In their forthcoming article, Redesigning the SEC: Does the Treasury Have a Better Idea?, Professors John C. Coffee, Jr., and Hillary Sale offer compelling reasons to rethink the SEC’s role. This article extends that analysis, evaluating the SEC’s responsibility for the current financial crisis and its potential future role in regulation of the capital markets. In particular, the article identifies critical failures in the SEC’s performance in its core competencies of enforcement, financial transparency, and investor protection. The article argues that these failures are not the result, as suggested by the Treasury Department Blueprint, of a balkanized ...


Problems Of Equity And Efficiency In The Design Of International Greenhouse Gas Cap-And-Trade Schemes, Jason S. Johnston Jan 2009

Problems Of Equity And Efficiency In The Design Of International Greenhouse Gas Cap-And-Trade Schemes, Jason S. Johnston

Faculty Scholarship at Penn Law

This article argues that international greenhouse gas (GHG) cap-and-trade schemes suffer from inherent problems of enforceability and verifiability that both cause significant inefficiencies and create inevitable tradeoffs between equity and efficiency. A standard result in the economic analysis of international GHG cap and trade schemes is that an allocation of initial permits that favors poor, developing countries (making such countries net sellers in equilibrium) may be necessary not only to further redistributive goals but also the efficiency of the GHG cap and trade scheme. This coincidence of equity and efficiency is, however, unlikely to be realized under more realistic assumptions ...


Confronting The Circularity Problem In Private Securities Litigation, Jill E. Fisch Jan 2009

Confronting The Circularity Problem In Private Securities Litigation, Jill E. Fisch

Faculty Scholarship at Penn Law

Many critics argue that private securities litigation fails effectively either to deter corporate misconduct or to compensate defrauded investors. In particular, commentators reason that damages reflect socially inefficient transfer payments—the so-called circularity problem. Fox and Mitchell address the circularity problem by identifying new reasons why private litigation is an effective deterrent, focusing on the role of disclosure in improving corporate governance. The corporate governance rationale for securities regulation is more powerful than the authors recognize. By collecting and using corporate information in their trading decisions, informed investors play a critical role in enhancing market efficiency. This efficiency, in turn ...


The Legal Origins Theory In Crisis, Lisa Fairfax Jan 2009

The Legal Origins Theory In Crisis, Lisa Fairfax

Faculty Scholarship at Penn Law

The Legal Origins Theory purports to predict how countries respond to economic and social problems. Specifically, the legal origins of the United States should strongly influence the manner it approaches economic problems and its approach should be distinct from the response of civil law countries. If the theory is accurate, America's legal tradition should have a profound impact on its response to the crisis. This Article seeks to test the boundaries of the theory by assessing whether it could have predicted the manner the U.S. responded to the current economic crisis. After analyzing the U.S. response to ...


Bankruptcy Boundary Games, David A. Skeel Jr. Jan 2009

Bankruptcy Boundary Games, David A. Skeel Jr.

Faculty Scholarship at Penn Law

For the past several decades, Congress has steadily expanded the exclusion of securities market operations from core bankruptcy protections. This Article focuses on three of the most important of these issues: the exclusion of brokerage firms from Chapter 11; the protection of settlement payments from avoidance as preferences or fraudulent conveyances; and the exemption of derivatives from the automatic stay and other basic bankruptcy provisions. In Parts I, II and III of the Article, I consider each of the issues in turn, showing that each has had serious unintended consequences. Both Drexel Burnham and Lehman Brothers evaded the brokerage exclusion ...


Making Property Productive: Reorganizing Rights To Real And Equitable Estates In Britain, 1660 To 1830, Gary Richardson Dec 2008

Making Property Productive: Reorganizing Rights To Real And Equitable Estates In Britain, 1660 To 1830, Gary Richardson

Gary Richardson

Between 1660 and 1830, Parliament passed thousands of Acts restructuring rights to real and equitable estates. These estate Acts enabled individuals and families to sell, mortgage, lease, exchange and improve land previously bound by inheritance rules and other legal legacies. The loosening of these legal constraints facilitated the reallocation of land and resources towards higher-value uses. Data reveal correlations between estate Acts, urbanization and economic development during the decades surrounding the Industrial Revolution.


Flying Passports Of Convenience, Karl T. Muth Dec 2008

Flying Passports Of Convenience, Karl T. Muth

Karl T Muth

This paper proposes an economic alternative to the legal construct of citizenship that currently dominates international law.


Ripe Standing Vines And The Jurisprudential Tasting Of Matured Legal Wines – And Law & Bananas: Property And Public Choice In The Permitting Process, Donald J. Kochan Dec 2008

Ripe Standing Vines And The Jurisprudential Tasting Of Matured Legal Wines – And Law & Bananas: Property And Public Choice In The Permitting Process, Donald J. Kochan

Donald J. Kochan

From produce to wine, we only consume things when they are ready. The courts are no different. That concept of “readiness” is how courts address cases and controversies as well. Justiciability doctrines, particularly ripeness, have a particularly important role in takings challenges to permitting decisions. The courts largely hold that a single permit denial does not give them enough information to evaluate whether the denial is in violation of law. As a result of this jurisprudential reality, regulators with discretion have an incentive to use their power to extract rents from those that need their permission. Non-justiciability of permit denials ...