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Full-Text Articles in Law
Judicial Review Of Agency Benefit-Cost Analysis, W. Kip Viscusi, Caroline Cecof
Judicial Review Of Agency Benefit-Cost Analysis, W. Kip Viscusi, Caroline Cecof
Vanderbilt Law School Faculty Publications
This Article evaluates judicial review of agency benefit-cost analysis ("BCA") by examining a substantial sample of thirty-eight judicial decisions on agency actions that implicate BCA. Essentially, the Administrative Procedure Act tasks federal courts with ensuring that federal agency action is reasonable. As more agencies use BCA to justify their rulemakings, the court's duty often requires judges to evaluate the reasonableness of agency BCAs. In this Article, we discuss the challenges that trigger judicial review of agency BCAs and the standards that govern the review. We then present specific examples of how courts analyze BCAs. Overall, we find many examples of …
Agreement In Principle: A Compromise For Activist Shareholders From The Uk Stewardship Code, David W. Roberts
Agreement In Principle: A Compromise For Activist Shareholders From The Uk Stewardship Code, David W. Roberts
Vanderbilt Journal of Transnational Law
Equity ownership in the United States and Europe is now highly concentrated in the hands of institutional investors, which gives rise to new problems of agency and corporate governance. These large investment intermediaries, such as mutual funds, specialize in maximizing beneficial owner value based on short-term performance benchmarks but lack the expertise and incentive to actively engage corporate boards on business strategy and governance matters. Instead, institutional investors are "rationally reticent," meaning that they are willing to respond to governance proposals but not to propose them. Activist shareholders may offer an endogenous solution to address "latent activism" in institutional intermediaries …
Purposivism In The Executive Branch: How Agencies Interpret Statutes, Kevin M. Stack
Purposivism In The Executive Branch: How Agencies Interpret Statutes, Kevin M. Stack
Vanderbilt Law School Faculty Publications
After decades of debate, the lines of distinction between textualism and purposivism have been carefully drawn with respect to the judicial task of statutory interpretation. Far less attention has been devoted to the question of how executive branch officials approach statutory interpretation. While scholars have contrasted agencies interpretive practices from those of courts, they have not yet developed a theory of agency statutory interpretation. This Article develops a purposivist theory of agency statutory interpretation on the ground that regulatory statutes oblige agencies to implement the statutes they administer in that manner. Regulatory statutes not only grant powers but also impose …
The Interpretive Dimension Of Seminole Rock, Kevin M. Stack
The Interpretive Dimension Of Seminole Rock, Kevin M. Stack
Vanderbilt Law School Faculty Publications
A lively debate has emerged over the deferential standard of review courts apply when reviewing an agency's interpretation of its own regulations. That standard, traditionally associated with Bowles v. Seminole Rock & Sand Co. and now more frequently attributed to Auer v. Robbins, states that a court must accept an agency's interpretation of its own regulations unless the interpretation is "plainly erroneous or inconsistent with the regulation." This Article argues that a court's choice of method for interpreting regulations” including how it determines which agency interpretations are inconsistent with the regulation ” may be just as important, if not more …