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Articles 1 - 3 of 3
Full-Text Articles in Law
The Limits Of Smart Contracts, Jens Frankenreiter
The Limits Of Smart Contracts, Jens Frankenreiter
Ira M. Millstein Center for Global Markets and Corporate Ownership
This essay investigates the potential of smart contracts to replace the legal system as an infrastructure for transactions. It argues that (contract) law remains relevant for most transactions even if they are entirely structured by way of smart contract. The reason for this is that the power of smart contracts to create and enforce obligations against attempts by the legal system to thwart their execution is limited. These limitations are most relevant for obligations to perform certain actions outside the blockchain, but also apply to other obligations contingent on facts outside the records stored on the blockchain.
Informed Trading And Cybersecurity Breaches, Joshua Mitts, Eric L. Talley
Informed Trading And Cybersecurity Breaches, Joshua Mitts, Eric L. Talley
Faculty Scholarship
Cybersecurity has become a significant concern in corporate and commercial settings, and for good reason: a threatened or realized cybersecurity breach can materially affect firm value for capital investors. This paper explores whether market arbitrageurs appear systematically to exploit advance knowledge of such vulnerabilities. We make use of a novel data set tracking cybersecurity breach announcements among public companies to study trading patterns in the derivatives market preceding the announcement of a breach. Using a matched sample of unaffected control firms, we find significant trading abnormalities for hacked targets, measured in terms of both open interest and volume. Our results …
Introduction To The Symposium On Cyber Attribution, Monica Hakimi
Introduction To The Symposium On Cyber Attribution, Monica Hakimi
Faculty Scholarship
This symposium explores some of the legal issues surrounding the attribution of cyber conduct to states. Relative to states’ other activities, cyber conduct poses particularly thorny attribution challenges. States that engage in such conduct often use technology to obscure their identities or the full effects of their operations. The attribution challenges in turn raise difficult questions about how victim states should be allowed to respond — whether in kind, with other retorsions or countermeasures, with kinetic force, or by doing nothing at all. For example, how confident must a victim state be that it has correctly identified the source of …