Law Commons^™

Priority For The Worse Off And The Social Cost Of Carbon, Matthew D. Adler, David Anthoff, Valentina Bosetti, Greg Garner, Klaus Keller, Nicolas Treich

Faculty Scholarship

The social cost of carbon (SCC) is a monetary measure of the harms from carbon emission. Specifically, it is the reduction in current consumption that produces a loss in social welfare equivalent to that caused by the emission of a ton of CO2. The standard approach is to calculate the SCC using a discounted-utilitarian social welfare function (SWF)—one that simply adds up the well-being numbers (utilities) of individuals, as discounted by a weighting factor that decreases with time. The discounted-utilitarian SWF has been criticized both for ignoring the distribution of well-being, and for including an arbitrary preference for earlier generations. …

The Sovereign-Debt Listing Puzzle, Elisabeth De Fontenay, Josefin Meyer, Mitu Gulati

Faculty Scholarship

The claim that stock exchanges perform certification and monitoring roles in securities offerings is pervasive in the legal and financial literatures. This article tests the validity of this “bonding hypothesis” in the sovereign-bond market—one of the oldest and largest securities markets in the world. Using data on sovereign-bond listings for the entire post-World War II period, we provide the first comprehensive report on sovereigns’ historical listing patterns. We then test whether a sovereign bond issue’s listing jurisdiction affects its yield at issuance, as the bonding hypothesis would predict. We find little evidence of bonding in today’s sovereign-debt market. Instead, we …

Executive Federalism Comes To America, Jessica Bulman-Pozen

Faculty Scholarship

This Article proposes a different way of thinking about contemporary American governance, looking to an established foreign practice. Executive federalism – “processes of intergovernmental negotiation that are dominated by the executives of the different governments within the federal system” – is pervasive in parliamentary federations, such as Canada, Australia, and the European Union. Given the American separation of powers arrangement, executive federalism has been thought absent, even “impossible,” in the United States. But the partisan dynamics that have gridlocked Congress and empowered both federal and state executives have generated a distinctive American variant.

Viewing American law and politics through the …

Early Prerogative And Administrative Power: A Response To Paul Craig, Philip A. Hamburger

Faculty Scholarship

What does English experience imply about American constitutional law? My book, Is Administrative Law Unlawful?, argues that federal administrative power generally is unconstitutional. In supporting this conclusion, the book observes that eighteenth-century Americans adopted their constitutions not only with their eyes on the future, but also looking over their shoulder at the past – especially the English past. This much should not be controversial. There remain, however, all sorts of questions about how to understand the English history and its relevance for early Americans.

In opposition to my claims about American law, Paul Craig lobs three critiques from across the …

Vermeule Unbound, Philip A. Hamburger

Faculty Scholarship

My book asks Is Administrative Law Unlawful? Adrian Vermeule answers “No.” In support of his position, he claims that my book does not really make arguments from the U.S. Constitution, that it foolishly denounces administrative power for lacking legislative authorization, that it grossly misunderstands this power and the underlying judicial doctrines, and ultimately that I argue “like a child.”

My book actually presents a new conception of administrative power, its history, and its unconstitutionality; as Vermeule has noted elsewhere, it offers a new paradigm. Readers therefore should take seriously the arguments against the book. They also, however, should recognize that …

Meyer, Pierce, And The History Of The Entire Human Race: Barbarism, Social Progress, And (The Fall And Rise Of) Parental Rights, Jeffrey Shulman

Georgetown Law Faculty Publications and Other Works

Long before the Supreme Court’s seminal parenting cases took a due process Lochnerian turn, American courts had been working to fashion family law doctrine on the premise that parents are only entrusted with custody of the child, and then only as long as they meet their fiduciary duty to take proper care of the child. With its progressive, anti-patriarchal orientation, this jurisprudence was in part a creature of its time, reflecting the evolutionary biases of the emerging fields of sociology, anthropology, and legal ethnohistory. In short, the courts embraced the new, “scientific” view that social “progress” entails the decline and, …

The State Courts Centre For Dispute Resolution: Serving The Society With Quality Dispute Resolution Services, Dorcas Quek Anderson

Research Collection Yong Pung How School Of Law

Court Alternative Dispute Resolution (“ADR”) has its origins in a 1994 pilot project in the Subordinate Courts (as it was known then) to have selected District Judges assist in resolving civil disputes using ADR processes. Within two decades, Court ADR has been extended to the entire gamut of cases filed in court, including civil claims, minor criminal offences and family disputes. Court ADR services, which have been known as “Court Dispute Resolution”, have become integral to the delivery of justice in the State Courts. As the Honourable The Chief Justice Sundaresh Menon has observed, ADR has been promoted as the …

Corporate Reorganisation Of China's Listed Companies: Winners And Losers, Zinian Zhang

Research Collection Yong Pung How School Of Law

This article is the first empirical study investigating the corporate reorganisation of Chinese domestically-listed companies. Through examining these cases, it challenges the assertion made by most of these corporate reorganisation plans and by Chinese state-run media reports that creditors and general public shareholders were the major beneficiaries. Through an analysis of the data generated from all forth-three such cases, this articles reveals that: First, unsecured creditors could have, on average, received 61.37% more of their claims if the fundamental value distribution principle, the absolute priority norm, could have been complied with in these reorganisations; Second, if the general-public-shareholder-protection scheme issued …

The Illegality Defence In Corporate Law Claims Against Directors And Officers, Wai Yee Wan

Research Collection Yong Pung How School Of Law

If a company incurs substantial fines or other pecuniary losses as a result of its unlawful conduct, can the company obtain an indemnity from its director/officer for having caused the company to incur such fines and losses? In particular, can the director/officer utilise the defence of illegality, notwithstanding that he has breached his duties owed to the company? The illegality defence, which raises the twin issues of the relationship between the unlawful act to the corporate claim and the attribution of the unlawful act to the company, has been the subject of detailed analysis recently in England, Singapore and Hong …

No U-Turn Needed On The Elected Presidency, Tan K. B. Eugene

Research Collection Yong Pung How School Of Law

SMU Associate Professor of Law Eugene Tan cited the commentary "Let's talk about policy failures and the elected presidency" by Professor Kishore Mahbubani, where the latter argued that Singapore’s policy of an elected presidency should be revisited, and perhaps "the time has come to do a U-turn", stop having direct elections and go back to the previous practice of having Parliament elect the president. While Associate Prof Tan noted that Prof Mahbubani's concern is legitimate, he emphasised that the way forward is not a U-turn, but rather, a collective effort to determine how we can reduce the likelihood of electing …

Going Beyond Exams In Educating A Nation, Tan K. B. Eugene

Research Collection Yong Pung How School Of Law

Today’s the start of the new school year for thousands of students in Singapore: A new beginning, especially for those transitioning from primary to secondary schools. School is such a significant part of our lives, especially in today’s knowledge-based economy.