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Articles 1 - 17 of 17
Full-Text Articles in Law
State Finance In Times Of Crisis, Brian Galle, Jonathan Klick
State Finance In Times Of Crisis, Brian Galle, Jonathan Klick
All Faculty Scholarship
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 …
The Environmental Deficit: Applying Lessons From The Economic Recession, Christine Klein
The Environmental Deficit: Applying Lessons From The Economic Recession, Christine Klein
Christine A. Klein
In 2007, the nation entered a financial downturn unprecedented since the Great Depression of the 1930s. A period of national introspection followed, including memorable moments such as Federal Chairman Alan Greenspan’s gut-wrenching admission that his “whole intellectual edifice” had collapsed during the summer of 2007. Although prescriptions for financial rescue varied widely in the details, a surprisingly-broad consensus began to emerge as to the underlying pathology of the crisis. This Essay focuses on three underlying errors: rejecting rules through deregulation, trivializing risk through overly-optimistic analyses, and recklessly borrowing and lending money. Those powerful lessons, accepted by a stunned nation in …
Trading Places: Securities Regulation, Market Crisis, And Network Risk, Olufunmilayo B. Arewa
Trading Places: Securities Regulation, Market Crisis, And Network Risk, Olufunmilayo B. Arewa
Olufunmilayo B. Arewa
The rising power of traders has fundamentally transformed financial market networks and risks. Further, the increased complexity of traded securities and trading strategies within financial networks has magnified shortcomings of existing industry risk management practices as well as dominant regulatory regimes. Financial markets are ultimately places where people trade. Broader social and technological changes have altered the nature of trading activities in financial markets. Innovations in technology, financial instruments, and trading strategies have increased financial market efficiency but have also transformed sources of financial market risks. Financial market networks heighten the need for fundamental rethinking of financial market regulation and …
Insufficient Activity And Tort Liability: A Rejoinder, David Gilo, Ehud Guttel
Insufficient Activity And Tort Liability: A Rejoinder, David Gilo, Ehud Guttel
Michigan Law Review First Impressions
In our article, Negligence and Insufficient Activity, we proposed that tort scholarship has overlooked the risk that injurers will behave strategically in setting their activity levels. Whereas the standard literature has predicted that injurers who are subject to a negligence regime will often invest efficiently in care but choose excessive activity levels, we showed that they may do exactly the opposite: injurers may deliberately restrict their activity to avoid investments in socially desirable precaution. After reviewing the conditions that may give rise to the risk of insufficient activity, we examined the ways in which the legal system can minimize the …
Activity Levels Under The Hand Formula: A Comment On Gilo And Guttel, Richard A. Epstein
Activity Levels Under The Hand Formula: A Comment On Gilo And Guttel, Richard A. Epstein
Michigan Law Review First Impressions
A response to David Gilo & Ehud Guttel, Negligence and Insufficient Activity: The Missing Paradigm in Torts, 108 Mich. L. Rev. 277 (2009). Within the law and economics field, there often surfaces a near hypnotic attraction to the Hand formula as the one and only tool that drives tort law toward economic efficiency. Hand's intuition was, of course, that the test for efficiency requires a balancing of three variables. The burden of taking particular precautions is compared to the expected loss from some activity, which in turn consists of the likelihood of some particular harm multiplied by its anticipated severity. …
Another Theory Of Insufficient Activity Levels, Mark Grady
Another Theory Of Insufficient Activity Levels, Mark Grady
Michigan Law Review First Impressions
A response to David Gilo & Ehud Guttel, Negligence and Insufficient Activity: The Missing Paradigm in Torts, 108 Mich L. Rev. 277 (2009). Professors David Gilo and Ehud Guttel have written an important article on the tendency of the negligence rule to produce inefficiently low activity levels. In Negligence and Insufficient Activity: The Missing Paradigm in Torts, the authors claim insufficient activity to be the "missing paradigm" in tort theory. Although I agree with Gilo and Guttel that this missing paradigm is central to negligence doctrine, I disagree with them about how insufficient activity levels arise.
Insufficient Analysis Of Insufficient Activity, Kenneth S. Abraham
Insufficient Analysis Of Insufficient Activity, Kenneth S. Abraham
Michigan Law Review First Impressions
A response to David Gilo & Ehud Guttel, Negligence and Insufficient Activity: The Missing Paradigm in Torts, 108 Mich L. Rev. 277 (2009). In Negligence and Insufficient Activity: The Missing Paradigm in Torts, David Gilo and Ehud Guttel argue that negligence law encourages inefficiently high and low levels of activity because negligence law ordinarily does not take activity levels into account. They suggest that the law should impose liability for failing to take safety precautions-even where precautions would not be cost-justified-whenever the threat of this liability negates the incentive for an actor to choose an insufficient level of activity. Until …
Dilution Of Liability And Multiple Tortfeasors In The Context Of Liability For Unrequested Precautions, Assaf Jacob
Dilution Of Liability And Multiple Tortfeasors In The Context Of Liability For Unrequested Precautions, Assaf Jacob
Michigan Law Review First Impressions
A Response to Ariel Porat, Private Production of Public Goods: Liability for Unrequested Benefits, 108 Mich. L. Rev. (2009). One of the more intriguing questions in tort law is the case of joint and several tortfeasors and the dilution-of-liability puzzle. When harm materializes and there are multiple potential tortfeasors, the law tends to limit the number of joint tortfeasors, focusing the final burden on a small number of actors. This limitation is achieved by several legal mechanisms, such as a no duty rule, a narrow interpretation of negligence, a restrictive implementation of the causal link (be it the but for …
International Harmonization Of Regulation Of Nanomedicine, Gary E. Marchant, Douglas J. Sylvester, Kenneth W. Abbott, Tara Lynn Danforth
International Harmonization Of Regulation Of Nanomedicine, Gary E. Marchant, Douglas J. Sylvester, Kenneth W. Abbott, Tara Lynn Danforth
Gary E. Marchant
Nanomedicine holds enormous promise for the improved prevention, detection and treatment of disease. Yet, at the same time, countervailing concerns about the potential safety risks of nanotechnologies generally, and nanomedical products specifically, threaten to derail or at least delay the introduction and commercial viability of many nanomedicine applications. All around the globe, national governments are struggling with balancing these competing benefits and risks of nanotechnology in the medical and other sectors. It is becoming increasingly clear that reasonable, effective and predictable regulatory structures will be critical to the successful implementation of nanotechnology. The question examined in this paper is whether …
Hedging To Safety: A Political Economy Of Derivatives, Risk And Agriculture In The Developing World, Sasha Coler Breger Bush
Hedging To Safety: A Political Economy Of Derivatives, Risk And Agriculture In The Developing World, Sasha Coler Breger Bush
Electronic Theses and Dissertations
It has become common for researchers and international development institutions to recommend the use of derivative instruments to developing country farmers and policymakers as a means of insuring agricultural incomes against the threats posed by volatile global commodity prices. Despite such enthusiasm, very little research to date examines whether or not derivative instruments actually can deliver income support to agricultural producers who face commodity price risk. This dissertation evaluates these recommendations, focusing upon the potential income security benefits of hedging with futures instruments for coffee farmers in Mexico, Brazil and Uganda during the 1998-2002 coffee crisis. The three-part quantitative and …
When 'Good' Corporate Governance Makes 'Bad' (Financial) Firms: The Global Crisis And The Limits Of Private Law, Nicholas C. Howson
When 'Good' Corporate Governance Makes 'Bad' (Financial) Firms: The Global Crisis And The Limits Of Private Law, Nicholas C. Howson
Articles
In the aftermath of the global financial crisis of 2008–2009, investors, analysts, legislators, and pundits have spotlighted “good” or “improved” corporate governance as a remedy for all that presently ails us. It is one remedy in a long wish list that includes tougher requirements for risk capital, liquidity, and leverage; compensation and bonus reform; reimposition ofthe Glass-Steagall-like separation of bank “utility” and “casino” functions; the downsizing or breakup of institutions deemed “too big to fail;” enhanced consumer protection; securities law liability for secondary violators (like credit rating agencies); direct taxation of proprietary trading; “macroprudential” regulation; and new transparency requirements for …
Live Performance, Copyright, And The Future Of The Music Business, Mark F. Schultz
Live Performance, Copyright, And The Future Of The Music Business, Mark F. Schultz
University of Richmond Law Review
No abstract provided.
Determining If Mandatory Arbitration Is “Fair”: Asymmetrically Held Information And The Role Of Mandatory Arbitration In Modulating Uninsurable Contract Risks, Paul B. Marrow
NYLS Law Review
No abstract provided.
Crises, Congress, And Cognitive Biases: A Critical Examination Of Food And Drug Legislation In The United States, Sharon B. Jacobs
Crises, Congress, And Cognitive Biases: A Critical Examination Of Food And Drug Legislation In The United States, Sharon B. Jacobs
Publications
No abstract provided.
Managing Risks Associated With The Jbcc(Principal Building Agreement) From Thesouth African Contractor’S Perspective, Ayman Ahmed Ezzat Othman, Nishani Harinarain
Managing Risks Associated With The Jbcc(Principal Building Agreement) From Thesouth African Contractor’S Perspective, Ayman Ahmed Ezzat Othman, Nishani Harinarain
Architectural Engineering
Construction is a complex and risky business. It is a time-consuming process involving a multitude of organisations with different objectives and skills. In addition, increasing client expectations coupled with the technological development of materials and equipment made the construction industry subject to more risks than any other industry. Contracts are essential tools for organising the relationship between involved parties and managing associated risk. For years the South African construction industry had a very poor reputation in managing construction risks. In order to improve the image of the South African construction industry and to assist contractors to develop their proper risk …
The Use Of Force Against States That Might Have Weapons Of Mass Destruction, Matthew C. Waxman
The Use Of Force Against States That Might Have Weapons Of Mass Destruction, Matthew C. Waxman
Michigan Journal of International Law
This Article argues that the most difficult future crises for which this legal debate is most consequential will not resemble those described by Prime Minister Thatcher or Director ElBaradei. Rather, in confronting potentially hostile and aggressive states believed to pose a WMD threat, decisionmakers contemplating the use of force will face an intelligence picture that is open to reasonable debate (contra Thatcher) and irresolvable to high levels of certainty (contra ElBaradei). This paper examines how competing legal approaches deal with this epistemic problem.
Letting Good Deeds Go Unpunished: Volunteer Immunity Laws And Tort Deterrence, Jill R. Horwitz, Joseph Mead
Letting Good Deeds Go Unpunished: Volunteer Immunity Laws And Tort Deterrence, Jill R. Horwitz, Joseph Mead
Articles
Does tort law deter risky behavior in individuals? We explore this question by examining the relationship between tort immunity and volunteering. During the 1980s and 1990s, nearly every state provided some degree of volunteer immunity. Congress followed with the 1997 Volunteer Protection Act. This article analyzes these acts, identifying three motivations for them: the chilling effects of tort liability, limits on liability insurance, and moral concerns. Using data from the Independent Survey’s Giving and Volunteering surveys, we then identify a large and positive correlation between immunity and volunteering. We next consider the implications of the findings for tort theory and …