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The Decline Of The Juvenile Death Penalty: Scientific Evidence Of Evolving Norms, Jeffery Fagan Jan 2005

The Decline Of The Juvenile Death Penalty: Scientific Evidence Of Evolving Norms, Jeffery Fagan

Faculty Scholarship

Shortly after the U.S. Supreme Court issued its decision in Atkins v. Virginia holding that the execution of mentally retarded persons violated the Eighth Amendment, legal scholars, advocates, and journalists began to speculate that the Court would next turn its attention to the question of the execution of persons who were juveniles – below eighteen years of age – at the time they committed homicide. Following the Atkins decision, four Justices expressed the view that the rationale of Atkins also supported the conclusion that execution of juvenile offenders was unconstitutional. A constitutional test of capital punishment for juveniles was inevitable.

The ...


The Post-Enron Identity Crisis Of The Business Lawyer, William H. Simon Jan 2005

The Post-Enron Identity Crisis Of The Business Lawyer, William H. Simon

Faculty Scholarship

The practices and institutions of business lawyering are undergoing a reassessment and revision as radical as anything that has occurred since the late nineteenth century, when the modern professional association and the modern corporate law firm were born. The pace of change has intensified,but its directions remain contested. The articles in this colloquium depict a corporate bar torn between competing role conceptions along a variety of dimensions.


Going-Private Decisions And The Sarbanes-Oxley Act Of 2002: A Cross-Country Analysis, Ehud Kamar, Pinar Karaca-Mandic, Eric L. Talley Jan 2005

Going-Private Decisions And The Sarbanes-Oxley Act Of 2002: A Cross-Country Analysis, Ehud Kamar, Pinar Karaca-Mandic, Eric L. Talley

Faculty Scholarship

This article investigates whether the passage and the implementation of the Sarbanes-Oxley Act of 2002 (SOX) drove firms out of the public capital market. To control for other factors affecting exit decisions, we examine the post-SOX change in the propensity of public American targets to be bought by private acquirers rather than public ones with the corresponding change for foreign targets, which were outside the purview of SOX. Our findings are consistent with the hypothesis that SOX induced small firms to exit the public capital market during the year following its enactment. In contrast, SOX appears to have had little ...


Remarks For Allan Farnsworth Memorial, Carol Sanger Jan 2005

Remarks For Allan Farnsworth Memorial, Carol Sanger

Faculty Scholarship

I first met Allan Farnsworth in 1972. I was a first year law student at the University of Michigan and we were introduced by my own Contracts professor, a young blond fellow who had just joined the faculty named Lee Bollinger. The meeting between Allan and me is what would now be called "virtual" – I bought Contracts: Cases and Materials, 2d edition. Still, the introduction turned into an intense commitment. For an entire year Farnsworth was my constant companion. I stayed up late at night with Farnsworth and come April, Farnsworth never left my side. I had never seen the ...


Allan Farnsworth, Ali Reporter, Lance Liebman Jan 2005

Allan Farnsworth, Ali Reporter, Lance Liebman

Faculty Scholarship

For my five years as Dean of Columbia Law School, I only occasion-ally worked with Professor Farnsworth. He was not a faculty member who needed the Dean's help or wanted the Dean's attention. But once he came to my office, a mischievous twinkle in his eye, to share the news that on that day, the recorded number of citations to Farnsworth on Contracts had moved into first place among all legal publications, displacing Williston.


Some Reflections On Two-Sided Markets And Pricing, Victor P. Goldberg Jan 2005

Some Reflections On Two-Sided Markets And Pricing, Victor P. Goldberg

Faculty Scholarship

We want to join Bob Pitofsky in thanking the participants in this symposium for their thoughtful contributions. The literature on two-sided markets, both analytical and policy oriented, has mushroomed and this timely set of essays represents a significant contribution. The first generation of this literature grew up around the credit card industry, largely as a result of the antitrust litigation that challenged a wide range of standard practices in that industry. However, the theoretical problems that were first uncovered in this context extend to many other activities as well. The full range of papers found in this symposium, which have ...


Global Warming As A Public Nuisance, Thomas W. Merrill Jan 2005

Global Warming As A Public Nuisance, Thomas W. Merrill

Faculty Scholarship

On July 21, 2004, eight State Attorneys General and the City of New York brought suit in federal district court in the Southern District of New York, seeking to adjudicate the issue of global warming as a public nuisance. Six large electric power producers were named as defendants. The complaint filed in Connecticut v. American Electric Power Co., as the action is styled, alleges that emissions of greenhouse gases from the defendants' plants, in particular carbon dioxide (C02), are contributing to global warming. Count I claims that these greenhouse gas emissions are an actionable public nuisance governed by federal common ...


Religious Freedom In Philadelphia, Philip A. Hamburger Jan 2005

Religious Freedom In Philadelphia, Philip A. Hamburger

Faculty Scholarship

Some controversies seem particularly significant for the development of constitutional rights. For the freedom from an establishment of religion, the most famous early debate occurred in Virginia in the mid-1780s. For the more immediate freedom of religion, however – the freedom from penalty or constraint on religion – the central historical debate is less familiar. It was in some respects merely a local quarrel, which embroiled Quakers and Revolutionaries in Philadelphia during a few tense weeks in 1775. Nonetheless, it was a revealing moment in the development of American religious liberty. At a time when Americans were struggling for equality against Britain ...


Let's Stick Together (And Break With The Past): The Use Of Economic Analysis In Wto Dispute Litigation, Petros C. Mavroidis Jan 2005

Let's Stick Together (And Break With The Past): The Use Of Economic Analysis In Wto Dispute Litigation, Petros C. Mavroidis

Faculty Scholarship

The treatment of a number of issues that are being routinely discussed in WTO dispute settlement practice could benefit substantially, were economists to be institutionally implicated in the process. As things stand, the participation of economists in dispute settlement proceedings is infrequent and erratic: for all practical purposes, it depends on the discretion of WTO adjudicating bodies. There is indirect evidence that recourse to such expertise has been made, albeit on very few occasions. Institutional reforms are necessary; otherwise, it seems unlikely that the existing picture will change in the near future. A look into ongoing negotiations on the DSU ...


How Law Affects Lending, Rainer F.H. Haselmann, Katharina Pistor, Vikrant Vig Jan 2005

How Law Affects Lending, Rainer F.H. Haselmann, Katharina Pistor, Vikrant Vig

Faculty Scholarship

The paper explores how legal change affects lending behavior of banks in twelve transition economies of Central and Eastern Europe. In contrast to previous studies, we use bank level rather than aggregate data, which allows us to control for country level heterogeneity and analyze the effect of legal change on different types of lenders. Using a differences-in-differences methodology to analyze the within country variation of changes in creditor rights protection, we find that the credit supplied by banks increases subsequent to legal change. Further, we show that collateral law matters more for credit market development than bankruptcy law. We also ...


Statutes That Are Not Static – The Case Of The Apa, Peter L. Strauss Jan 2005

Statutes That Are Not Static – The Case Of The Apa, Peter L. Strauss

Faculty Scholarship

Judges interpreting statutes evidence a certain ambivalence whether they are interpreting the texts before them as artifacts whose meaning was fixed as of their date of enactment, or as present-day texts whose meaning may be shaped by subsequent events – whether intervening judicial decisions, or the adoption of new statutes (as distinct from amendments, an easy case) whose instructions bear on the issues they present. Vermont Yankee Nuclear Power Corp. v. Natural Resources Defense Council stridently referred the meaning of the Administrative Procedure Act's rulemaking provision back to the political compromise struck at its enactment in 1946; the opinion insisted ...


An Empirical Investigation Of Liquidation Choices Of Failed High-Tech Firms, Ronald J. Mann Jan 2005

An Empirical Investigation Of Liquidation Choices Of Failed High-Tech Firms, Ronald J. Mann

Faculty Scholarship

This paper compares a dataset of failed venture-backed firms to information about the firm's liquidation choices. The first finding is that firms in California are much less likely to use the bankruptcy process than firms in other states, largely because of their ability to use a cheaper and less formal assignment for the benefit of creditors procedure. The paper explores a number of reasons why that procedure succeeds in California more than it does elsewhere, including differences in statutory support for the procedure, the sophistication of market participants in California, the close-knit venture communities in California, and unusual rules ...


Featuring The Three Tenors In La Triviata, Victor P. Goldberg Jan 2005

Featuring The Three Tenors In La Triviata, Victor P. Goldberg

Faculty Scholarship

In the "Three Tenors" case the FTC found an agreement a violation of the antitrust law despite the fact that there was no way it could be anticompetitive. The Commission failed to heed the lessons of Coase's classic paper on the nature of the firm, making a sharp distinction between activities within a firm (legal) and across firm boundaries (not legal). Analytically, there should be no distinction. The decision to integrate activities by contract rather than ownership is a matter of relative transactions costs. Since the boundaries of the firm are, ultimately, an economic decision reflecting the costs and ...


When Do American Judges Enforce Treaties?, Tim Wu Jan 2005

When Do American Judges Enforce Treaties?, Tim Wu

Faculty Scholarship

This paper advances a theory of judicial treaty interpretation and enforcement in the American legal system.

Today, the doctrine of self-execution dominates the study of judicial enforcement of treaties in U.S. courts. This paper, based on an extensive study of the record of treaty practice in U.S. courts, suggests a different analysis.

Treaty enforcement has in practice varied on who judges are asked to enforce a treaty against – the party alleged to be in breach – whether States, the Executive, or Congress. This paper shows this pattern thorough the history of U.S. treaty practice.


Liberalism And Tort Law: On The Content And Economic Efficiency Of A Liberal Common Law Of Torts, Richard S. Markovits Jan 2005

Liberalism And Tort Law: On The Content And Economic Efficiency Of A Liberal Common Law Of Torts, Richard S. Markovits

Faculty Scholarship

This Article has three parts. Part I begins by delineating the protocol one should use to determine whether a society is an immoral society, an amoral society, a goal-based society of moral integrity, or a rights-based society of moral integrity (i.e., a society that engages in a bifurcated prescriptive-moral practice that strongly distinguishes moral-rights claims (about the just) from moral-ought claims (about the good), that is committed to the lexical priority of the just over the good, and that fulfills its commitments to some hard-to-specify, requisite extent). Part I then proceeds to outline the protocol one should use to ...


Marine-Salvage Law And Marine-Peril-Related Policy: A Second-Best And Third-Best Economic-Efficiency Analysis Of The Problem, The Law, And The Classic Landes And Posner Study, Richard S. Markovits Jan 2005

Marine-Salvage Law And Marine-Peril-Related Policy: A Second-Best And Third-Best Economic-Efficiency Analysis Of The Problem, The Law, And The Classic Landes And Posner Study, Richard S. Markovits

Faculty Scholarship

This Article (1) delineates the different kinds of allocative costs that marine-peril contingencies can generate and the different kinds of marine-peril-related decisions that can generate allocative inefficiency (marine-salvage-operation investment decisions; decisions about whether to offer to attempt or to actually attempt marine rescues; decisions about the character of the marine-rescue attempts that are made; decisions by potential rescuees to accept or reject offers of marine-rescue attempts; and decisions by potential rescuees to make or reject various marine-peril-avoidance moves); (2) defines the formal meaning of "the most-allocatively-efficient response a State can make to marine-peril contingencies;" (3) explains why, standing alone, judge-prescribed ...


A Theory Of Corporate Scandals: Why The U.S. And Europe Differ, John C. Coffee Jr. Jan 2005

A Theory Of Corporate Scandals: Why The U.S. And Europe Differ, John C. Coffee Jr.

Faculty Scholarship

A wave of financial irregularity broke out in the United States in 2001-2002, culminating in the Sarbanes-Oxley Act of 2002. A worldwide stock market bubble burst over this same period, with the actual market decline on a percentage basis being somewhat more severe in Europe. Yet, no corresponding wave of financial scandals involving a similar level of companies broke out in Europe. Indeed, those scandals that did arise in Europe often had American roots (e.g., Vivendi, Ahold, Adecco, etc.). Given the higher level of public and private enforcement in the United States for securities fraud, this contrast seems perplexing ...


The Political Economy Of International Sales Law, Clayton P. Gillette, Robert E. Scott Jan 2005

The Political Economy Of International Sales Law, Clayton P. Gillette, Robert E. Scott

Faculty Scholarship

The United Nations Convention on Contracts for the International Sale of Goods, or CISG, has been adopted by more than 60 countries in an effort to harmonize the law that applies to international sales contracts. In this paper, we argue that the effort to create uniform international sales law (ISL) fails to supply contracting parties with the default terms they prefer, thus violating the normative criterion that justifies the law-making process for commercial actors in the first instance. Our argument rests on three claims. First, we contend that the process by which uniform ISL is drafted will dictate the form ...


The Past, Present, And Future Of Violent Crime Federalism, Daniel C. Richman Jan 2005

The Past, Present, And Future Of Violent Crime Federalism, Daniel C. Richman

Faculty Scholarship

The goal of this article is to show intergovernmental relations at a crossroads. For two decades, the net costs of the federal interaction with state and local governments in the criminal area were absorbed nationally, with the benefits felt locally. Now, the federal commitment to terrorism prevention, and the role federal authorities envision state and local agencies playing in this endeavor demand certain sacrifices and offer uncertain rewards. Precisely where we will go from here remains to be seen, but this, somewhat impressionistic essay is an attempt look back to where we have been and to chart the course we ...


Essay – The Author's Name As A Trademark: A Perverse Perspective On The Moral Right Of «Paternity»?, Jane C. Ginsburg Jan 2005

Essay – The Author's Name As A Trademark: A Perverse Perspective On The Moral Right Of «Paternity»?, Jane C. Ginsburg

Faculty Scholarship

The US Supreme Court in its 2003 decision in Dastar v. Twentieth Century Fox, construing the Lanham Federal Trademarks Act, deprived authors of their principal legal means to enforce attribution rights in the US. I have elsewhere criticized the Dastar Court's analysis, and have urged amending the Copyright Act to provide express recognition of the attribution right. This time, however, I propose to reconsider the foundation for the attribution right; I draw on literary and historical sources to supplement legal arguments concerning the meaning of the author's name. I will suggest that, contrary to the usual characterization of ...


Intellectual Property, Innovation, And Decentralized Decisions, Tim Wu Jan 2005

Intellectual Property, Innovation, And Decentralized Decisions, Tim Wu

Faculty Scholarship

This essay proposes a new way to assess the desirability of intellectual property rights.

Traditionally, intellectual property assignment is assessed based on a incentive/monopoly pricing tradeoff. I suggest they should be further assessed by their effects on the decision architectures surrounding the property right – their effects on how firms make product innovation decisions. The reason is that different decisional structures for product development can be are fundamental to the performance of firms, industries, and even the economy as a whole.

The organizational economics literature can help with this assessment. It makes an important and useful distinction between hierarchical (centralized ...


Takeovers In The Boardroom: Burke Versus Schumpeter, Ronald J. Gilson, Reinier Kraakman Jan 2005

Takeovers In The Boardroom: Burke Versus Schumpeter, Ronald J. Gilson, Reinier Kraakman

Faculty Scholarship

This article was written for a symposium on the occasion of the 25th anniversary of Martin Lipton's 1979 article, Takeover Bids in the Target's Boardroom. In our view, Takeover Bids is a Burkean take on a messy Schumpeterian world that, during 1980s, reached its apex in Drexel Burnham's democratization of finance through the junk bond market. But the irony is that today, long after the Delaware Supreme Court has adopted many of Lipton's views, there is a new market for corporate control that no longer poses the threats – or supports the opportunities – that the market of ...


Separation And The Function Of Corporation Law, Ronald J. Gilson Jan 2005

Separation And The Function Of Corporation Law, Ronald J. Gilson

Faculty Scholarship

This article is part of a symposium in honor of William Klein on the subject of a functional typology of corporation law. Any typology must be animated by an underlying theory whose terms dictate the lines the typology draws. Here the focus is on the level of the theory that might animate the architecture of the grid. In particular, the article addresses the separation theorem, which states the implications of complete capital markets on shareholder preferences concerning corporate investment policy. The proposition is that the presence of markets in the characteristics that determine equity value makes a radical difference in ...


Policing L.A.'S Skid Row: Crime And Real Estate Development In Downtown Los Angeles [An Experiment In Real Time], Bernard E. Harcourt Jan 2005

Policing L.A.'S Skid Row: Crime And Real Estate Development In Downtown Los Angeles [An Experiment In Real Time], Bernard E. Harcourt

Faculty Scholarship

Disorderly neighborhoods in the United States were the center of heated debate and much political initiative at the turn of the twenty-first century. Among criminal law scholars, sociologists, and students of policing, New York City drew the most attention, and presented the question whether order-maintenance policing really brought down crime and transformed disorderly neighborhoods like Times Square into high-end, commercially viable, urban communities. In this debate, the NYPD was generally the lead protagonist and crime reduction the dominant plot.

But is that right? Did the NYPD's "broken windows" policing really lead the urban renewal in New York City? Or ...


The Commercialization Of Open Source Software: Do Property Rights Still Matter?, Ronald J. Mann Jan 2005

The Commercialization Of Open Source Software: Do Property Rights Still Matter?, Ronald J. Mann

Faculty Scholarship

A major shift toward open source software is underway as companies are more critically evaluating the cost effectiveness of their IT investments, seeing the benefits of collaborative development, and looking for ways to avoid vendor lock-in. At the same time, academics and industry visionaries are criticizing the use of a traditional appropriation mechanism for innovation – the patent – by bemoaning the decisions of U.S. and foreign governments to permit software patents, the rising numbers of patents on software-related innovations (the so-called arms race build-up), and the cost and frequency of patent litigation in the software industry. The critics generally have ...


Patents, Venture Capital, And Software Start-Ups, Ronald J. Mann, Thomas W. Sager Jan 2005

Patents, Venture Capital, And Software Start-Ups, Ronald J. Mann, Thomas W. Sager

Faculty Scholarship

This paper analyzes the relation between the patenting behavior of startup firms and the progress of those firms through the venture capital cycle. Linking data relating to venture capital financing of software startup firms with data concerning the patents obtained by those firms, we find significant and robust positive correlations between patenting and several variables measuring the firm's performance (including number of rounds, total investment, exit status, receipt of late stage financing, and longevity). The data also show that (1) only about one in four venture-backed software firms acquired even one patent during the period of the study; (2 ...


Risk Management In Long-Term Contracts, Victor P. Goldberg Jan 2005

Risk Management In Long-Term Contracts, Victor P. Goldberg

Faculty Scholarship

Long-term contracts are designed to manage risk. After a brief discussion of why it is unhelpful to invoke risk aversion for analyzing serious commercial transactions between sophisticated entities, this paper focuses on adaptation to changed circumstances. In particular, it considers the options to abandon and the discretion to change quantity. It then analyzes a poorly designed contract between Alcoa and Essex showing how the parties misframed their problem and designed a long-term contract that was doomed to fail.


The Copyright Paradox, Tim Wu Jan 2005

The Copyright Paradox, Tim Wu

Faculty Scholarship

Over the last decade, writers begun to try and understand the other side of copyright, sometimes called its competition policy, communications policy, or regulatory side. This paper focuses attention on a crucial problem familiar to antitrust courts that is becoming more clearly important to copyright decisions. In both copyright and antitrust, a central question is how important intent is. Judges, stated slightly differently, face a choice between what we can characterize as the bad actor and welfarist models of deciding cases. What we can call the bad actor approach punishes alleged wrong-doers based on the mens rea of the suspect ...


Crime And Punishment In Taxation: Deceit, Deterrence, And The Self-Adjusting Penalty, Alex Raskolnikov Jan 2005

Crime And Punishment In Taxation: Deceit, Deterrence, And The Self-Adjusting Penalty, Alex Raskolnikov

Faculty Scholarship

Avoidance and evasion continue to frustrate the government's efforts to collect much needed tax revenues. This article articulates one of the reasons for this lack of success and proposes a new type of penalty that would strengthen tax enforcement while improving efficiency. The economic analysis of deterrence suggests that rational taxpayers choose among various avoidance or evasion strategies that are subject to identical statutory sanctions those that are more difficult for the government to find. I argue that many taxpayers do just that. Because probability of detection varies dramatically among different items on a tax return while nominal penalties ...


Legal Socialization Of Children And Adolescents, Jeffrey Fagan, Tom Tyler Jan 2005

Legal Socialization Of Children And Adolescents, Jeffrey Fagan, Tom Tyler

Faculty Scholarship

Research on children and the law has recently renewed its focus on the development of children's ties to law and legal actors. We identify the developmental process through which these relations develop as legal socialization, a process that unfolds during childhood and adolescence as part of a vector of developmental capital that promotes compliance with the law and cooperation with legal actors. In this paper, we show that ties to the law and perceptions of law and legal actors among children and adolescents change over time and age. We show that neighborhood contexts and experiences with legal actors shape ...