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2022

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Insurance And Enterprise: Cyber Insurance For Ransomware, Tom Baker, Anja Shortland Dec 2022

Insurance And Enterprise: Cyber Insurance For Ransomware, Tom Baker, Anja Shortland

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Selling insurance gives insurers an incentive to manage insured risks. The “insurance as governance” literature demonstrates that insurers often make insurance conditional on ex ante risk reduction or mitigation. But insurance governs in support of enterprise, not security for its own sake. Tight underwriting inhibits enterprise – not only for insured businesses but also the business of insurance. This paper highlights ex post loss reduction as a form of insurance-based governance. Drawing on interviews with industry insiders, we explore how insurers addressed the evolving problems of moral hazard, uncertainty, and correlated losses since the 1990s. We find that cyber insurance …


Dynamic Disclosure: An Exposé On The Mythical Divide Between Voluntary And Mandatory Esg Disclosure, Lisa Fairfax Nov 2022

Dynamic Disclosure: An Exposé On The Mythical Divide Between Voluntary And Mandatory Esg Disclosure, Lisa Fairfax

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In March 2022, for the first time in its history, the Securities and Exchange Commission (the “SEC”) proposed rules mandating disclosure related to climate change. The proposed rules are remarkable because heretofore many in the business community, including the SEC, vehemently resisted climate-related disclosure, based primarily on the argument that such disclosure is not material to investors. This resistance is exemplified by the current lack of any SEC disclosure mandates for climate change. The proposed rules have sparked considerable pushback including allegations that the rules violate the First Amendment, would be too costly, and focus on “social” or “political” issues …


National Pork Is A Bibb Case, Not A Pike Case, Michael S. Knoll, Ruth Mason Nov 2022

National Pork Is A Bibb Case, Not A Pike Case, Michael S. Knoll, Ruth Mason

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In October 2022, the U.S. Supreme Court heard oral argument in National Pork Producers Council v. Ross, a Ninth Circuit case out of California, dismissing a challenge to Proposition 12, which, inter alia, bans the sale of wholesome pork (without regard to where it was produced) from the offspring of breeding sows confined in a manner California voters consider “cruel.” National Pork thus puts the Court in the position of choosing between the often-criticized undue-burden strand of the dormant Commerce Clause and California’s request that the Court approve its ban on out-of-state pork not because of the products’ qualities, but …


A Butterfly In Covid: Structural Racism And Baltimore's Pretrial Legal System, Doug Colbert, Colin Starger Nov 2022

A Butterfly In Covid: Structural Racism And Baltimore's Pretrial Legal System, Doug Colbert, Colin Starger

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Summer of 2020 represented a potentially pivotal moment in the movements against mass incarceration and for racial justice. The authors commenced a study of Baltimore’s pretrial legal system just as the convergence of the COVID-19 pandemic and urgent cries of Black Lives Matter appeared to present a once-in-a-generation opportunity for meaningful decarceration. Over forty-four weekdays in June and July, the team observed bail review hearings in 509 cases and collected extensive data from the arguments and recommendations offered by the pretrial agency and prosecuting and defense attorneys. Unfortunately, the hoped-for reform failed to materialize as judges held nearly 62% of …


Racism, Abolition, And Historical Resemblance, Dorothy E. Roberts Nov 2022

Racism, Abolition, And Historical Resemblance, Dorothy E. Roberts

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No abstract provided.


Border Orientation In A Globalizing World, Beth A. Simmons, Michael R. Kenwick Oct 2022

Border Orientation In A Globalizing World, Beth A. Simmons, Michael R. Kenwick

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Border politics are a salient component of high international politics. States are increasingly building infrastructure to ‘secure’ their borders. We introduce the concept of border orientation to describe the extent to which the State is committed to the spatial display of capacities to control the terms of penetration of its national borders. Border orientation provides a lens through which to analyze resistance to globalization, growing populism, and the consequences of intensified border politics. We measure border orientation using novel, geo-spatial data on the built environment along the world’s borders and theorize that real and perceived pressures of globalization have resulted …


Gamestop And The Reemergence Of The Retail Investor, Jill E. Fisch Oct 2022

Gamestop And The Reemergence Of The Retail Investor, Jill E. Fisch

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The GameStop trading frenzy in January 2021 was perhaps the highest profile example of the reemergence of capital market participation by retail investors, a marked shift from the growing domination of those markets by large institutional investors. Some commentators have greeted retail investing, which has been fueled by app-based brokerage accounts and social media, with alarm and called for regulatory reform. The goals of such reforms are twofold. First, critics argue that retail investors need greater protection from the risks of investing in the stock market. Second, they argue that the stock market, in term, needs protection from retail investors. …


Sentencing Co-Offenders, Ehud Guttel, Ittai Paldor, Gideon Parchomovsky Oct 2022

Sentencing Co-Offenders, Ehud Guttel, Ittai Paldor, Gideon Parchomovsky

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Tort law and criminal law are the two main vehicles utilized by the state to deter wrongful behavior. Despite the many similarities between the two legal fields, they differ in their treatment of collaborations. While tort law divides liability among joint-tortfeasors, criminal law abides by a no-division rule that imposes on each co-offender the full brunt of the sanction. Thus, each of two offenders who jointly steal $1,000, will be subject to the full corresponding penalty (rather than the divided penalty for stealing $500).

This Article demonstrates that in property and financial crimes, the no-division regime of criminal law harms …


Beyond Window Dressing: Public Participation For Marginalized Communities In The Datafied Society, Michele E. Gilman Oct 2022

Beyond Window Dressing: Public Participation For Marginalized Communities In The Datafied Society, Michele E. Gilman

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We live in a datafied society in which our personal data is being constantly harvested, analyzed, and sold by public and private entities, and yet we have little control over our data and little voice in how it is used. In light of the impacts of algorithmic decision-making systems—including those that run on machine learning and artificial intelligence—there are increasing calls to integrate public participation into the adoption, design, and oversight of these tech tools. Stakeholder input is particularly crucial for members of marginalized groups, who bear the disproportionate harms of data-centric technologies. Yet, recent calls for public participation have …


Neutralizing The Atmosphere, Shelley Welton Oct 2022

Neutralizing The Atmosphere, Shelley Welton

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“Net zero” has rapidly become the new organizing paradigm of climate change law. In the past few years, thousands of countries, companies, states, and cities have developed pledges that promise by a set date—typically around 2050—that any carbon they emit will be counterbalanced by capturing an equal amount of carbon out of the atmosphere. Collectively, these pledges now cover more than 91% of the global economy. This widespread adoption of scientifically aligned climate policy appears on its surface like a cause for celebration. However, concerns are mounting. To date, critiques of net zero have centered on what this Feature terms …


Beyond Guantanamo: Restoring The Rule Of Law To The Law Of War, Claire Oakes Finkelstein, Harvey Rishikof Sep 2022

Beyond Guantanamo: Restoring The Rule Of Law To The Law Of War, Claire Oakes Finkelstein, Harvey Rishikof

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In June 2021, CERL assembled a working group to address the difficult legal and policy questions that arise in anticipation of renewed attempts to close the Guantánamo detention facility. The CERL 2021 Working Group on Guantánamo Bay is co-chaired by Claire Finkelstein, a professor of criminal and national security law at the University of Pennsylvania and CERL’s faculty director, and Harvey Rishikof, former convening authority for the commissions and a visiting professor of national security law at Temple University. The group comprises over thirty national security and counterterrorism experts, retired military officers, lawyers, former Department of Justice officials, psychologists, psychiatrists, …


Solving The Congressional Review Act’S Conundrum, Cary Coglianese Sep 2022

Solving The Congressional Review Act’S Conundrum, Cary Coglianese

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Congress routinely enacts statutes that require federal agencies to adopt specific regulations. When Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, for example, it mandated that the Securities and Exchange Commission (SEC) adopt an anti-corruption regulation requiring energy companies to disclose payments they make to foreign governments. Although the Dodd-Frank Act specifically required the SEC to adopt this disclosure requirement, the agency’s eventual regulation was also, like other administrative rules, subject to disapproval by Congress under a process outlined in a separate statute known as the Congressional Review Act (CRA).

After the SEC issued its …


Purpose Proposals, Jill E. Fisch Sep 2022

Purpose Proposals, Jill E. Fisch

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Repurposing the corporation is the hot issue in corporate governance. Commentators, investors and increasingly issuers, maintain that corporations should shift their focus from maximizing profits for shareholders to generating value for a more expansive group of stakeholders. Corporations are also being called upon to address societal concerns – from climate change and voting rights to racial justice and wealth inequality.

The shareholder proposal rule, Rule 14a–8, offers one potential tool for repurposing the corporation. This Article describes the introduction of innovative proposals seeking to formalize corporate commitments to stakeholder governance. These “purpose proposals” reflect a new dynamic in the debate …


Qualifying Prosecutorial Immunity Through Brady Claims, Paul Heaton, Brian M. Murray, Jon B. Gould Sep 2022

Qualifying Prosecutorial Immunity Through Brady Claims, Paul Heaton, Brian M. Murray, Jon B. Gould

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This Article considers the soundness of the doctrine of absolute immunity as it relates to Brady violations. While absolute immunity serves to protect prosecutors from civil liability for good-faith efforts to act appropriately in their official capacity, current immunity doctrine also creates a potentially large class of injury victims—those who are subjected to wrongful imprisonment due to Brady violations—with no access to justice. Moreover, by removing prosecutors from the incentive-shaping forces of the tort system that are thought in other contexts to promote safety, absolute immunity doctrine may under-incentivize prosecutorial compliance with constitutional and statutory requirements and increase criminal justice …


Board Committee Charters And Esg Accountability, Lisa Fairfax Sep 2022

Board Committee Charters And Esg Accountability, Lisa Fairfax

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We are currently witnessing a sharp increase in corporate attention on environmental, sustainability, and governance (“ESG”). The steep rise in corporate focus on ESG has prompted considerable criticism, not only from those concerned about how best to ensure that corporations are held accountable for their ESG commitments, but also from those who strenuously insist that corporate commitment to ESG is merely rhetorical or otherwise merely a passing fad. In an effort to shed light on the concerns around ESG accountability, and gain perspective about the potential illusory or short-term nature of ESG, I conducted my own survey of the committee …


Brief Of Professor Tobias B. Wolff As Amicus Curiae In Support Of Respondents In U.S. Supreme Court Case 303 Creative Llc V. Elenis, Tobias Barrington Wolff Aug 2022

Brief Of Professor Tobias B. Wolff As Amicus Curiae In Support Of Respondents In U.S. Supreme Court Case 303 Creative Llc V. Elenis, Tobias Barrington Wolff

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This amicus brief, filed in support of the Colorado anti-discrimination law in 303 Creative v. Elenis, is the product of about ten years of work on these First Amendment issues as a scholar and advocate. Its arguments rest on a core proposition: When a business sells goods and services in the public marketplace, it is not a street corner speaker engaging in a personal act of expression, it is a vendor engaged in commerce. Customers do not pay for the privilege of promoting a commercial vendor’s own personal message, they pay for goods and services chosen by them and …


Are All Risks Created Equal? Rethinking The Distinction Between Legal And Business Risk In Corporate Law, Adi Libson, Gideon Parchomovsky Aug 2022

Are All Risks Created Equal? Rethinking The Distinction Between Legal And Business Risk In Corporate Law, Adi Libson, Gideon Parchomovsky

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Should corporate legal risk be treated similarly to corporate business risks? Currently, the law draws a clear-cut distinction between the two sources of risk, permitting the latter type of risk and banning the former. As a result, fiduciaries are shielded from personal liability in the case of business risk and are entirely exposed to civil and criminal liability that arises from legal risk-taking. As corporate law theorists have underscored, the differential treatment of business and legal risk is highly problematic from the perspective of firms and shareholders. To begin with, legal risk cannot be completely averted or eliminated. More importantly, …


Selling Antitrust, Herbert J. Hovenkamp Aug 2022

Selling Antitrust, Herbert J. Hovenkamp

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Antitrust enforcers and its other defenders have never done a good job of selling their field to the public. That is not entirely their fault. Antitrust is inherently technical, and a less engaging discipline to most people than, say, civil rights or criminal law. The more serious problem is that when the general press does talk about antitrust policy it naturally gravitates toward the fringes, both the far right and the far left. Extreme rhetoric makes for better press than the day-to-day operations of a technical enterprise. The extremes are often stated in overdramatized black-and-white terms that avoid the real …


Turning Participation Into Power: A Water Justice Case Study, Jaime A. Lee Aug 2022

Turning Participation Into Power: A Water Justice Case Study, Jaime A. Lee

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This Article offers a revamped model of participatory governance—the Constituent Empowerment Model (CE Model)—which affirmatively shifts power to the voices of marginalized constituents so that they can influence governmental policy. The CE Model focuses on three concepts necessary to produce this shift in power to those who are traditionally unheard: operationalized (feasibly realized) participation; constituent primacy; and structural accountability. To illustrate how a CE system might be constructed, this Article examines a model recently adopted in the city of Baltimore, Maryland, that is designed to shift the balance of power between the water utility and its customers. Baltimore offers a …


Building Better Compliance, Cary Coglianese Aug 2022

Building Better Compliance, Cary Coglianese

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A response to Dorothy Lund & Natasha Sarin: "Corporate Crime and Punishment: An Empirical Study"


President Biden's Executive Order On Competition: An Antitrust Analysis, Herbert J. Hovenkamp Jul 2022

President Biden's Executive Order On Competition: An Antitrust Analysis, Herbert J. Hovenkamp

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In July, 2021, President Biden signed a far ranging Executive Order directed to promoting competition in the American economy. This paper analyzes issues covered by the Order that are most likely to affect the scope and enforcement of antitrust law. The only passage that the Executive Order quoted from a Supreme Court antitrust decision captures its antitrust ideology well – that the Sherman Act:

rests on the premise that the unrestrained interaction of competitive forces will yield the best allocation of our economic resources, the lowest prices, the highest quality and the greatest material progress, while at the same time …


Youth And Families Matter: Reconstructing The System One Youth At A Time From The Expertise Of Youth Advocates, Marcia Hopkims, Kara Finck, British Christopher, Duane Price, Anthony Simpson, Ishale Watson Jul 2022

Youth And Families Matter: Reconstructing The System One Youth At A Time From The Expertise Of Youth Advocates, Marcia Hopkims, Kara Finck, British Christopher, Duane Price, Anthony Simpson, Ishale Watson

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A group of youth advocates were tasked with discussing their experiences in the child welfare system as children and their perspectives on reforming the system. Informed by their experiences in foster care and work with the Juvenile Law Center, the youth advocates addressed issues of racism, reform, abolition, and child well-being. They concluded that meaningful reform of the child welfare system mandates a radical realignment of power to provide full participation, collaboration, and shared decision-making authority to families impacted by the child welfare system.


Expanding Civil Rights To Combat Digital Discrimination On The Basis Of Poverty, Michele E. Gilman Jul 2022

Expanding Civil Rights To Combat Digital Discrimination On The Basis Of Poverty, Michele E. Gilman

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Low-income people suffer from digital discrimination on the basis of their socio-economic status. Automated decision-making systems, often powered by machine learning and artificial intelligence, shape the opportunities of those experiencing poverty because they serve as gatekeepers to the necessities of modern life. Yet in the existing legal regime, it is perfectly legal to discriminate against people because they are poor. Poverty is not a protected characteristic, unlike race, gender, disability, religion or certain other identities. This lack of legal protection has accelerated digital discrimination against the poor, fueled by the scope, speed, and scale of big data networks. This Article …


Diversity And Reimagining The Internal-External Dichotomy, Elizabeth Pollman Jul 2022

Diversity And Reimagining The Internal-External Dichotomy, Elizabeth Pollman

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In Duty and Diversity, two distinguished voices in business law, Professor Chris Brummer and former Chief Justice of the Delaware Supreme Court Leo E. Strine, Jr., make the case that corporate law provides “critical tools” to support corporations in taking effective action to help reduce racial and gender inequality. Specifically, they argue that “the pursuit of Diversity, Equity, and Inclusion is solidly authorized by the operation of traditional corporate law principles and can even be easily squared with the views of those who embrace what has come to be known as ‘shareholder primacy.’ ”Examining demographics in corporate boards and executive …


Pandemic Governance, Yanbai Andrea Wang, Justin Weinstein-Tull Jun 2022

Pandemic Governance, Yanbai Andrea Wang, Justin Weinstein-Tull

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The COVID-19 pandemic created an unprecedented need for governance by a multiplicity of authorities. The nature of the pandemic—globally communicable, uncontrolled, and initially mysterious—required a coordinated response to a common problem. But the pandemic was superimposed atop our decentralized domestic and international governance structures, and the result was devastating: the United States has a death rate that is eighteenth highest in the world, and the pandemic has had dramatically unequal impacts across the country. COVID-19’s effects have been particularly destructive for communities of color, women, and intersectional populations.

This Article finds order in the chaos of the pandemic response by …


Confronting Complexity With Regulatory Excellence: Recommendations In The Wake Of The Philadelphia Refinery Explosion, Cary Coglianese Jun 2022

Confronting Complexity With Regulatory Excellence: Recommendations In The Wake Of The Philadelphia Refinery Explosion, Cary Coglianese

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Following the June 2019 explosion at the Philadelphia Energy Solutions (PES) refinery, the city of Philadelphia now confronts major challenges associated with the future of the refinery site. Whether the site is reopened as a refinery or other chemical-processing operation, or redeveloped for other uses, the city will face challenges endemic to all kinds of public policy issues: complexity, uncertainty, dynamism, tradeoffs, and value choices. This testimony, delivered to the City of Philadelphia Refinery Advisory Group’s Environment Committee, offers three main suggestions to help guide Philadelphia officials in dealing with the future of the PES refinery site. First, city officials …


Municipal Fiber In The United States: A Financial Assessment, Christopher S. Yoo, Jesse Lambert, Timothy P. Pfenninger Jun 2022

Municipal Fiber In The United States: A Financial Assessment, Christopher S. Yoo, Jesse Lambert, Timothy P. Pfenninger

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Despite growing interest in broadband provided by municipally owned and operated fiber-to-the-home networks, the academic literature has yet to undertake a systematic assessment of these projects’ financial performance. To fill this gap, we utilize municipalities’ official reports to offer an empirical evaluation of the financial performance of every municipal fiber project in the U.S. operating in 2010 through 2019. An analysis of the actual performance of the resulting fifteen-project panel dataset reveals that none of the projects generated sufficient nominal cash flow in the short run to maintain solvency without infusions of additional cash from outside sources or debt relief. …


Empire And Politics In Eastern And Western Civilizations, Mortimer N.S. Sellers Jun 2022

Empire And Politics In Eastern And Western Civilizations, Mortimer N.S. Sellers

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To speak of “empire” today is to evoke the history of China and of Rome, two great empires that vastly influenced the culture and development of half the globe. The whole world has been touched by their powerful examples, so that even someone writing, as I do, in a distant corner of North America, feels the history and influence of the Roman and Chinese empires every day. Nor are they unique. Something like “empire” has arisen wherever there was wealth and stability to support it. Rome and China had numerous rivals in the East and West who aspired to empire …


Antitrust Liability For False Advertising: A Response To Carrier & Tushnet, Susannah Gagnon, Herbert J. Hovenkamp Jun 2022

Antitrust Liability For False Advertising: A Response To Carrier & Tushnet, Susannah Gagnon, Herbert J. Hovenkamp

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This reply briefly considers when false advertising can give rise to antitrust liability. The biggest difference between tort and antitrust liability is that the latter requires harm to the market, which is critically dependent on actual consumer response. As a result, the biggest hurdle a private plaintiff faces in turning an act of false advertising into an antitrust offense is proof of causation – to what extent can a decline in purchase volume or other market rejection be specifically attributed to the defendant’s false claims? That requirement dooms the great majority of false advertising claims attacked as violations of the …


A Lesson From Startups: Contracting Out Of Shareholder Appraisal, Jill E. Fisch Jun 2022

A Lesson From Startups: Contracting Out Of Shareholder Appraisal, Jill E. Fisch

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Appraisal is a controversial topic. Policymakers have debated the goals served by the appraisal remedy, and legislatures have repeatedly revised appraisal statutes in an effort to meet those goals while minimizing the cost and potential abuse associated with appraisal litigation. Courts have struggled to determine the most appropriate valuation methodology and the extent to which that methodology should depend on case-specific factors. These difficulties are exacerbated by variation in the procedures by which mergers are negotiated and the potential for conflict-of-interest transactions.

Private ordering offers a market-based alternative to continued legislative or judicial efforts to refine the appraisal remedy. Through …