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Full-Text Articles in Law

Going Public, Selling Stock, And Buying Liquidity, Richard A. Booth Nov 2007

Going Public, Selling Stock, And Buying Liquidity, Richard A. Booth

Working Paper Series

It is a well known anomaly of corporation finance that initial public offerings (IPOs) tend to be underpriced. That is, it appears that shares tend to be offered at a price that is below what the market would bear. Scholars have offered several explanations, most of which focus on various sorts of underwriter opportunism (and insider acquiescence therein). But it is difficult to believe that competition among underwriters does not force offerings to be made at the highest possible price, particularly in view of the numerous alternatives to traditional underwriting methods that have arisen in recent years. The persistence of …


What Is A Business Crime?, Richard A. Booth Nov 2007

What Is A Business Crime?, Richard A. Booth

Working Paper Series

Criminal prosecution has been used with increasing frequency recently in connection with a variety of business failures and other financial offenses. Indeed, it appears that there are few such offenses that cannot be prosecuted criminally even though they also give rise to civil remedies. While some such offenses seem to be quite serious frauds, others seem to be as minor as getting the accounting rules wrong. Thus, the question addressed in this essay is how to define a business crime and what should be the proper role of criminal prosecution in connection with business offenses. I start with the proposition …


Locating Authority In Law, And Avoiding The Authoritarianism Of 'Textualism', Patrick Mckinley Brennan Oct 2007

Locating Authority In Law, And Avoiding The Authoritarianism Of 'Textualism', Patrick Mckinley Brennan

Working Paper Series

Much modern jurisprudence attempts to move the locus of authority away from people with authority in order to locate it instead, for example, in rules or texts. This article argues that authority, wherever it exists, is a quality of the actions of persons. The article mounts this argument by showing how Justice Scalia's textualism is the legal analogue of a largely discredited form of "Christian positivism," one that leads to a form of authoritarianism. The article goes on to argue that authorianism can be avoided only by individuals' and their communities' becoming authoritative, including in the making and enforcement of …


Market Triumphalism, Electoral Pathologies, And The Abiding Wisdom Of First Amendment Access Rights, Gregory P. Magarian Oct 2007

Market Triumphalism, Electoral Pathologies, And The Abiding Wisdom Of First Amendment Access Rights, Gregory P. Magarian

Working Paper Series

Forty years ago, Professor Jerome Barron made the classic case that the First Amendment requires not merely protection of speech against government interference but provision of access to the means of mass communication. The Supreme Court in the ensuing decades has largely rejected Barron’s approach. In this article, Professor Magarian defends Barron’s case for access rights against the two theoretical critiques that have underwritten its doctrinal rejection. The libertarian critique attacks the normative underpinnings of access rights, maintaining that the First Amendment insulates market-driven distributions of expressive opportunities. Professor Magarian demonstrates that politically progressive and conservative libertarian critics of access …


International Law's Lessons For The Law Of The Lakes, Joseph W. Dellapenna Oct 2007

International Law's Lessons For The Law Of The Lakes, Joseph W. Dellapenna

Working Paper Series

The eight Governors of the Great Lakes States signed a proposed new compact for the Great Lakes and St. Lawrence basin on December 13, 2005, and they joined with the Premiers of Ontario and Québec in a parallel agreement on the same topic on the same day. Neither document is legally binding—the proposed new compact because it has not yet been ratified by any state nor consented to by Congress; the parallel agreement because it is not intended to be legally binding. Both documents are designed to preclude the export of water from the Great Lakes-St. Lawrence basin apart from …


What's In A Name Or, Better Yet, What's It Worth?: Cities, Sports Teams And The Right Of Publicity, Mitchell J. Nathanson Oct 2007

What's In A Name Or, Better Yet, What's It Worth?: Cities, Sports Teams And The Right Of Publicity, Mitchell J. Nathanson

Working Paper Series

This article examines the harm that accompanies real and threatened in-market relocations of professional sports teams and proposes a federal statutory remedy that will protect the interest of city residents given the reality that city governments have demonstrated their inability to adequately protect their electorate through contract law alone. Although, as this article discusses, there have been myriad bills proposed by Congress in response to several high profile out-of-market sports franchise relocations (mostly those involving NFL teams and mostly during the 1990’s), in-market relocations have historically occurred much more frequently, inflicting similar harms to the spurned city residents. Moreover, as …


The Prose And The Passion, Penelope J. Pether Oct 2007

The Prose And The Passion, Penelope J. Pether

Working Paper Series

This essay takes the late Robert Cover's insight that “No set of legal institutions or prescriptions exists apart from the narratives that locate it and give it meaning,” and thus that “For every constitution there is an epic” as the starting point for a reading of Australian legal and literary texts about the relationship of the nation and “outsiders,” as between constitutional subjects and texts. Ranging from “legal faction” texts Evil Angels (about the “Dingo Baby” case) and Dark Victory (about the Tampa incident) and The Castle, Rob Sitch's filmic satire on the Australian takings clause and the landmark Native …


Using The Unidroit Principles To Fill Gaps In The Cisg, John Y. Gotanda Oct 2007

Using The Unidroit Principles To Fill Gaps In The Cisg, John Y. Gotanda

Working Paper Series

The United Nations Convention on the International Sale of Goods (CISG) sets forth only a basic framework for the recovery of damages, thereby giving a court of tribunal broad authority to determine an aggrieved party’s loss based on circumstances of the particular case. Unfortunately, the lack of specificity has resulted in much litigation, and seemingly conflicting results. To remedy this problem, some have argued that the gaps in the CISG damages provisions should be filled with the UNIDROIT Principles of International Commercial Contracts. In this paper, I argue that the gap-filling rules of CISG preclude the UNIDROIT Principles from being …


Retail Investor Remedies Under Rule 10b-5, Jennifer O'Hare Oct 2007

Retail Investor Remedies Under Rule 10b-5, Jennifer O'Hare

Working Paper Series

This paper assesses the private remedies available under Rule 10b-5 to retail investors who have been defrauded by false corporate disclosures. After comparing the treatment received by retail investors to the treatment received by institutional investors, I identify several areas in which the federal securities laws disfavor retail investors who have been defrauded by false corporate disclosures, including the creation of a two-tiered system of investor remedies for securities fraud. Institutional investors are permitted to pick and choose which law and forum offers them the most attractive chance for recovery, but retail investors typically do not have this opportunity. They …


It's Really About Sex: Same-Sex Marriage, Lesbigay Parenting, And The Psychology Of Disgust, Richard E. Redding Oct 2007

It's Really About Sex: Same-Sex Marriage, Lesbigay Parenting, And The Psychology Of Disgust, Richard E. Redding

Working Paper Series

The effects of gay and lesbian parenting on children has been the touchstone issue in much of the recent state litigation on same sex marriage, with opponents of same sex marriage arguing that there is a rational basis for denying marriage rights to gays and lesbians because the central purpose of marriage is procreation and childrearing, but that children are harmed or disadvantaged when raised by gay or lesbian parents. To interrogate this claim, I critique the social science research that informs the concerns frequently expressed about the possible negative effects of lesbigay parenting on children's emotional, psychosocial, and sexual …


A Study Of Interest, John Y. Gotanda Aug 2007

A Study Of Interest, John Y. Gotanda

Working Paper Series

In recent years, a number of tribunals, mainly those deciding investment disputes, have re-examined traditional practices concerning the awarding of interest, particularly whether interest should be awarded at market rates and on a compounded basis. However, many tribunals deciding transnational contracts disputes continue to follow the practice of applying national laws on interest, which often results in the application of domestic statutory interest rates calling for a fixed rate of interest to accrue on a simple as opposed to compound basis. These statutory rates often do not change to reflect economic conditions and thus may under compensate or over compensate …


Jesus’ Legal Theory—A Rabbinic Interpretation, Chaim Saiman Aug 2007

Jesus’ Legal Theory—A Rabbinic Interpretation, Chaim Saiman

Working Paper Series

This article locates the ancient debates between Jesus and the Talmudic rabbis within the discourse of contemporary legal theory. By engaging in a comparative reading of both Gospel and rabbinic texts, I show how Jesus and his rabbinic interlocutors sparred over questions we now conceptualize as the central concerns of jurisprudence. Whereas the rabbis approach theological, ethical and moral issues through an analytical, lawyerly interpretation of a dense network of legal rules, Jesus openly questions whether law is the appropriate medium to structure social relationships and resolve interpersonal conflicts. Through an examination of Talmudic sources, this paper argues the controversies …


Credibility: A Fair Subject For Expert Testimony?, Anne Poulin Jul 2007

Credibility: A Fair Subject For Expert Testimony?, Anne Poulin

Working Paper Series

This article explores the ways in which experts can assist the jury to assess the credibility of other witnesses and suggests analytical approaches to such expert testimony. The article argues that the courts should be more receptive to expert testimony bearing on witness credibility and engage in a more nuanced consideration of the role played by proffered expert testimony and how the role of the evidence affects its admissibility. Doing so should lead the courts to embrace the promise of the modern rules of evidence and permit experts to assist juries as they assess credibility.


Freakonomics And The Tax Gap: An Applied Perspective, Leslie Book Jul 2007

Freakonomics And The Tax Gap: An Applied Perspective, Leslie Book

Working Paper Series

Over the past thirty years, a significant amount of research from a variety of social science disciplines has considered tax compliance. Economists, psychologists, and sociologists have contributed to the discussion, offering research and, at times, conflicting explanations regarding whether a person is likely to comply with his obligation to file an accurate tax return. The unifying theme among this research is a search for explanatory reasons which are the factors that lead to non-compliance. In broad terms, the economic models of tax compliance assume rational behavior, and that people will coldly consider compliance from the perspective as to whether the …


Patent Injunctions And The Problem Of Uniformity Cost, Michael W. Carroll Jul 2007

Patent Injunctions And The Problem Of Uniformity Cost, Michael W. Carroll

Working Paper Series

In eBay v. MercExchange, the Supreme Court correctly rejected a one-size-fits-all approach to patent injunctions. However, the Court's opinion does not fully recognize that the problem of uniformity in patent law is more general and that this problem cannot be solved through case-by-case analysis. This Essay provides a field guide for implementing eBay using functional analysis and insights from a uniformity-cost framework developed more fully in prior work. While there can be no general rule governing equitable relief in patent cases, the traditional four factor analysis for injunctive relief should lead the cases to cluster around certain patterns that often …


Restitution In America: Why The U.S. Refuses To Join In The Global Restitution Party, Chaim Saiman Jul 2007

Restitution In America: Why The U.S. Refuses To Join In The Global Restitution Party, Chaim Saiman

Working Paper Series

In the past generation, restitution law has emerged as global phenomenon. From its Oxbridge home restitution migrated to the rest of the Commonwealth, and ongoing Europeanization projects have brought the common law of restitution into contact with the Romanist concept of unjust enrichment, further internationalizing this movement. In sharp contrast to the Commonwealth, in the United States, scholarly interest in restitution, in terms of books, articles, treatises, symposia and courses on restitution is meager, at best. Similarly, while restitution, equity and tracing cases receive considerable treatment at the highest levels of the English judiciary, U.S. courts do not seem interested …


The Missing Link Between Insider Trading And Securities Fraud, Richard A. Booth May 2007

The Missing Link Between Insider Trading And Securities Fraud, Richard A. Booth

Working Paper Series

In a recent article, I argued that diversified investors - the vast majority of investors - would prefer that securities fraud class actions under the 1934 Act and Rule 10b-5 be dismissed in the absence of insider trading or similar offenses during the fraud period. See Richard A. Booth, The End of the Securities Fraud Class Action as We Know It, 4 Berk. Bus. L. J. 1 (2007), http://ssrn.com/abstract=683197. In this article, I draw on the classic case, SEC v. Texas Gulf Sulfur Company, to show that the federal courts originally viewed securities fraud as inextricably connected to insider trading …


Creative Commons As Conversational Copyright, Michael W. Carroll Apr 2007

Creative Commons As Conversational Copyright, Michael W. Carroll

Working Paper Series

Copyright law's default settings inhibit sharing and adaptation of creative works even though new digital technologies greatly enhance individuals' capacity to engage in creative conversation. Creative Commons licenses enable a form of conversational copyright through which creators share their works, primarily over the Internet, while asserting some limitation on user's right with respect to works in the licensed commons. More specifically, this chapter explains the problems in copyright law to which Creative Commons licenses respond, the methods chosen, and why the machine-readable and public aspects of the licenses are specific examples of a more general phenomenon in digital copyright law …


Interpreting Immunity, Chaim Saiman Apr 2007

Interpreting Immunity, Chaim Saiman

Working Paper Series

This paper offers an examination and critique of the Supreme Court’s doctrine of qualified immunity—the immunity from constitutional tort liability granted to government officials in cases in which the tort was not “clearly established” by prior case law. Currently, courts must engage in a two-pronged inquiry: first, whether the official’s conduct was unconstitutional, and second, whether the unconstitutionality was clearly established. This paper argues that while the first question presents a standard case of common law interpretation and analysis, the second inquiry forces courts to approach the body of constitutional tort law as if it were a legislated code. However, …


Legal Theology: The Turn To Conceptualism In Nineteenth-Century Jewish Law, Chaim Saiman Apr 2007

Legal Theology: The Turn To Conceptualism In Nineteenth-Century Jewish Law, Chaim Saiman

Working Paper Series

This Article is a first-ever attempt to introduce the Briskers—an influential school of late nineteenth century Talmudic interpreters—to the legal academy. The paper describes how at the very moment that secularization and assimilation undermined the traditional legitimizing narratives of Jewish law, the Briskers fused law, theology and science to offer an alternate “scientific” vision of halakha (Jewish law). By recasting the multitude of detailed rules comprising halakha into a system of autonomous legal constructs, the Briskers revolutionized Jewish self-understanding of the halakhic system, and developed a jurisprudence that was able to counteract the social, institutional and intellectual upheavals represented by …


Harmonizing Plural Societies: The Cases Of Lasallians, Families, Schools – And The Poor, Patrick Mckinley Brennan Apr 2007

Harmonizing Plural Societies: The Cases Of Lasallians, Families, Schools – And The Poor, Patrick Mckinley Brennan

Working Paper Series

The modern state characteristically assumes or asserts a monopoly over “group persons” and their right to exist; group persons are said to exist at the pleasure or concession of the state. According to Catholic social teaching, by contrast, these unities of order -- such as church and family, as well as corporations and schools and the like -- are, at least in potency, ontologically prior to the state. Such group persons both constitute conditions of the possibility of human flourishing and, correlatively, impose limitations on the “sovereign” state. Such group persons are not mere concessions of an unbounded state: They …


A Quandary In Law? A (Qualified) Catholic Denial, Patrick Mckinley Brennan Apr 2007

A Quandary In Law? A (Qualified) Catholic Denial, Patrick Mckinley Brennan

Working Paper Series

A contribution to the second law review symposium dedicated to Steven Smith’s Law’s Quandary (Harvard 2004), this paper asks whether the “quandary” in which Smith finds modern law and jurisprudence is not, at least in part, the consequence of misunderstanding the classical natural law jurisprudence. The paper advances an interpretation of natural law according to which the natural law is the human person’s “participation” in the eternal law itself, with literally cosmic consequences for how we understand the ends and measures of human lawmaking. Mounting an argument against Justice Scalia’s thesis that “God applies the natural law,” the paper goes …


The Federalist And The Lessons Of Rome, Louis J. Sirico Jr. Apr 2007

The Federalist And The Lessons Of Rome, Louis J. Sirico Jr.

Working Paper Series

Since the time of the Constitution’s framing, our intellectual canon has shifted so that the classical era is no longer central to our learning. This shift may impede our understanding of the Framers and their work. We may fail to grasp a historical analogy and, even more, fail to appreciate the full meaning of a core document in our history. This Article assists today’s reader in gaining the knowledge necessary for an informed understanding of The Federalist’s references to ancient Rome. The Article explains each significant reference to Rome by providing a richly textured historical background for the reference. The …


The Jurisprudence Of Colliding First Amendment Interests: From The Dead End Of Neutrality To The Open Road Of Participation Enhancing Review, Gregory P. Magarian Apr 2007

The Jurisprudence Of Colliding First Amendment Interests: From The Dead End Of Neutrality To The Open Road Of Participation Enhancing Review, Gregory P. Magarian

Working Paper Series

No abstract provided.