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Articles 1 - 20 of 20
Full-Text Articles in Law
Rules, Principles, And The Accounting Crisis In The United States, William W. Bratton
Rules, Principles, And The Accounting Crisis In The United States, William W. Bratton
All Faculty Scholarship
The Sarbanes-Oxley Act and the Securities Exchange Commission move too quickly ·when they prod the Financial Accounting Standards Board, the standard setter for US GAAP, to move immediately to a principles-based system. Priorities respecting reform of corporate reporting in the US need to be ordered more carefully. Incentive problems impairing audit performance should be solved first through institutional reform insulating the audit from the negative impact of rent-seeking and solving adverse selection problems otherwise affecting audit practice. So long as auditor independence and management incentives respecting accounting treatments remain suspect. the US reporting system holds out no actor plausibly positioned …
Pari Passu And A Distressed Sovereign's Rational Choices, William W. Bratton
Pari Passu And A Distressed Sovereign's Rational Choices, William W. Bratton
All Faculty Scholarship
No abstract provided.
Econometric Analyses Of U.S. Abortion Policy: A Critical Review, Jonathan Klick
Econometric Analyses Of U.S. Abortion Policy: A Critical Review, Jonathan Klick
All Faculty Scholarship
No abstract provided.
The Past, Present And Future Of Debtor-In-Possession Financing, David A. Skeel Jr.
The Past, Present And Future Of Debtor-In-Possession Financing, David A. Skeel Jr.
All Faculty Scholarship
Chapter 11's distinctive post-petition financing rules trace their ancestry back to the origins of large scale corporate reorganization in America in the nineteenth century. In this sense, post-petition financing has always been with us. But in the past decade, the role of the financers has changed. After a century in the shadows, post-petition lenders have stepped onto center stage. The DIP loan agreement has become the single most important governance lever in many large Chapter 11 cases. Why have these formerly bashful financers suddenly started hogging the spotlight? I argue in this article that the generous terms offered to DIP …
The Unfulfilled Promise Of Korean Telecommunications Reform, Christopher S. Yoo
The Unfulfilled Promise Of Korean Telecommunications Reform, Christopher S. Yoo
All Faculty Scholarship
The deployment of telecommunications services in Korea represents one of the great technological success stories of the developing world. In a remarkably brief period, the penetration of local telephone service, wireless telephony, and broadband technologies has soared to among the highest levels in the world. The history of Korean telecommunications thus provides a useful case study for other developing countries seeking to expand and modernize their telecommunications infrastructures. At first blush, the explosive growth of telecommunications services has appeared to go hand in hand with the liberalization of Korea's telecommunications markets. A review of the history of Korean telecommunications reform …
Vultures Or Vanguards?: The Role Of Litigation In Sovereign Debt Restructuring, Jill E. Fisch, Caroline M. Gentile
Vultures Or Vanguards?: The Role Of Litigation In Sovereign Debt Restructuring, Jill E. Fisch, Caroline M. Gentile
All Faculty Scholarship
The market for sovereign debt differs from the market for corporate debt in several important ways including the risk of opportunistic default by sovereign debtors, the importance of political pressures, and the presence of international development organizations. Moreover, countries are subject to neither liquidation nor standardized processes of debt reorganization. Instead, negotiations between a sovereign debtor and its creditors lead to a voluntary restructuring of the sovereign's debt. One of the greatest difficulties in restructuring claims against sovereign debtors is balancing the interests of the majority of the creditors with those of minority creditors. Holdout creditors serve as a check …
Functional Law And Economics: The Search For Value-Neutral Principles Of Lawmaking, Francesco Parisi, Jonathan Klick
Functional Law And Economics: The Search For Value-Neutral Principles Of Lawmaking, Francesco Parisi, Jonathan Klick
All Faculty Scholarship
No abstract provided.
Copyright And Product Differentiation, Christopher S. Yoo
Copyright And Product Differentiation, Christopher S. Yoo
All Faculty Scholarship
Existing economic analyses generally frame copyright as presenting a conflict between promoting efficient levels of access to creative works on the one hand and providing sufficient incentives to support their creation on the other. The supposed irreconcilability of the access-incentives tradeoff has led most scholars to regard copyright as a necessary evil and to advocate limiting copyright protection to the lowest level still sufficient to support creation of the work. In this Article, Professor Christopher Yoo breaks with the conventional wisdom and proposes a new approach to copyright law based on the economics of product differentiation. This differentiated products approach …
Inside The Black Box: How Should A Sovereign Bankruptcy Regime Be Structured?, Patrick Bolton, David A. Skeel Jr.
Inside The Black Box: How Should A Sovereign Bankruptcy Regime Be Structured?, Patrick Bolton, David A. Skeel Jr.
All Faculty Scholarship
No abstract provided.
Racial Dimensions Of Credit And Bankruptcy, David A. Skeel Jr.
Racial Dimensions Of Credit And Bankruptcy, David A. Skeel Jr.
All Faculty Scholarship
No abstract provided.
Sovereign Debt Reform And The Interest Of Creditors, William W. Bratton, G. Mitu Gulati
Sovereign Debt Reform And The Interest Of Creditors, William W. Bratton, G. Mitu Gulati
All Faculty Scholarship
No abstract provided.
Insuring Liability Risks, Tom Baker
Insuring Liability Risks, Tom Baker
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Recent dramatic increases in prices for medical liability insurance, directors and officers insurance, and other lines of commercial liability insurance, together with the exit of some insurers from those lines of business, has placed liability insurance on the public agenda. At the same time, asbestos and environmental losses continue to mount under general liability insurance policies sold long ago, when no one could have predicted the extent or cost of such losses. In combination, these and other related events have raised serious concerns about the insurability of liability risks and have prompted calls for dramatic efforts to roll back the …
The Role Of Government In Corporate Governance, Cary Coglianese, Elizabeth K. Keating, Michael L. Michael, Thomas J. Healey
The Role Of Government In Corporate Governance, Cary Coglianese, Elizabeth K. Keating, Michael L. Michael, Thomas J. Healey
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Numerous corporate scandals in the past several years have fueled widespread debate over proposals for government action. The central challenge for government is how to restore corporate integrity and market confidence without overreacting and stifling the dynamism that underlies a strong economy. To examine this challenge, the Center for Business and Government's Regulatory Policy Program organized a conference in May 2004 on The Role of Government in Corporate Governance. The conference brought together government officials, business leaders, and academic researchers to discuss three fundamental public policy issues raised by recent corporate abuses. First, who should regulate corporate management - government …
The Role Of Politics And Policy In Television Regulation, Christopher S. Yoo
The Role Of Politics And Policy In Television Regulation, Christopher S. Yoo
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This article is a reply to Thomas Hazlett’s commentary on my article entitled, “Rethinking the Commitment to Free, Local Television.” Although politics and public choice theory represent an important approach for analyzing government actions, economic policy still exercises some influence over the regulation of television. On the one hand, we agree that the regulatory preference of free television and local programming is more a reflection of political considerations than economic policy and that the importance of promoting communities of interest over geographic communities, and the potential for new services such as Digital Audio Radio Services to benefit consumers. On the …
The New Federal Regulation Of Corporate Governance, Jill E. Fisch
The New Federal Regulation Of Corporate Governance, Jill E. Fisch
All Faculty Scholarship
No abstract provided.
Would Mandating Network Neutrality Help Or Hurt Broadband Competition? A Comment On The End-To-End Debate, Christopher S. Yoo
Would Mandating Network Neutrality Help Or Hurt Broadband Competition? A Comment On The End-To-End Debate, Christopher S. Yoo
All Faculty Scholarship
No abstract provided.
Gaming Delaware, William W. Bratton
Selling Mayberry: Communities And Individuals In Law And Economics, Gideon Parchomovsky, Peter Siegelman
Selling Mayberry: Communities And Individuals In Law And Economics, Gideon Parchomovsky, Peter Siegelman
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The small village of Cheshire, Ohio was recently acquired in its entirety by the firm whose giant power plant, located at the edge of town, caused it serious pollution problems. Although the plant was worth substantially more than the town, this was not a simple Coasean bargain. This paper combines an ethnographic methodology with theoretical insights from law and economics to present an empirical and theoretic challenge to the standard account of nuisance disputes. We explore the transaction in detail and explain what prevented collective action and holdout problems that are usually thought to hinder bargaining with groups. Specifically, we …
Welfare Reform And Economic Freedom: Low-Income Mothers' Decisions About Work At Home And In The Market, Dorothy E. Roberts
Welfare Reform And Economic Freedom: Low-Income Mothers' Decisions About Work At Home And In The Market, Dorothy E. Roberts
All Faculty Scholarship
No abstract provided.
Of Predatory Lending And The Democratization Of Credit: Preserving The Social Safety Net Of Informality In Small-Loan Transactions, Regina Austin
Of Predatory Lending And The Democratization Of Credit: Preserving The Social Safety Net Of Informality In Small-Loan Transactions, Regina Austin
All Faculty Scholarship
No abstract provided.