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Full-Text Articles in Law

Taxes And Competitiveness, Michael S. Knoll Dec 2006

Taxes And Competitiveness, Michael S. Knoll

Faculty Scholarship at Penn Law

Around the world, the tax laws are shaped by concerns with competitiveness. This paper provides a general theory of how taxes impact competitiveness. As part of that theory, this paper also introduces the concept of tax-based competitiveness neutrality. A tax system is competitively neutral when taxes do not cause competitors to change their relative valuations of any investments. This paper then uses that theory to evaluate tax policy in two high profile and important areas. The paper begins by describing two models of competitiveness, called the conduit or new money model and the investor or old money model. The central ...


Welfare Polls: A Synthesis, Matthew D. Adler Dec 2006

Welfare Polls: A Synthesis, Matthew D. Adler

Faculty Scholarship at Penn Law

“Welfare polls” are survey instruments that seek to quantify the determinants of human well-being. Currently, three “welfare polling” formats are dominant: contingent-valuation surveys, QALY surveys, and happiness surveys. Each format has generated a large, specialized, scholarly literature, but no comprehensive discussion of welfare polling as a general enterprise exists. This Article seeks to fill that gap. Part I describes the trio of existing formats. Part II discusses the actual and potential uses of welfare polls in government decisionmaking. Part III analyzes in detail the obstacles that welfare polls must overcome to provide useful well-being information, and concludes that they can ...


Measuring Efficiency In Corporate Law: The Role Of Shareholder Primacy, Jill E. Fisch Apr 2006

Measuring Efficiency In Corporate Law: The Role Of Shareholder Primacy, Jill E. Fisch

Faculty Scholarship at Penn Law

The shareholder primacy norm defines the objective of the corporation as maximization of shareholder wealth. Law and economics scholars have incorporated the shareholder primacy norm into their empirical analyses of regulatory efficiency. An increasingly influential body of scholarship uses empirical methodology to evaluate legal rules that allocate power within the corporation. By embracing the shareholder primacy norm, empirical scholars offer normative assessments about regulatory choices based on the effect of legal rules on measures of shareholder value such as stock price, net profits, and Tobin’s Q.

This Article challenges the foundations of using the shareholder primacy norm to judge ...


Taking Compensation Private, Abraham Bell, Gideon Parchomovsky Jan 2006

Taking Compensation Private, Abraham Bell, Gideon Parchomovsky

Faculty Scholarship at Penn Law

59 Stan. L. Rev. 871 (2006)


Aggregation On The Couch: The Strategic Uses Of Ambiguity And Hypocrisy, Stephen B. Burbank Jan 2006

Aggregation On The Couch: The Strategic Uses Of Ambiguity And Hypocrisy, Stephen B. Burbank

Faculty Scholarship at Penn Law

In this Essay, Professor Burbank comments on the essays by Professors Nagareda and Issacharoff. Welcoming the opportunity to revisit the interplay between procedure and substantive law and the question of democratic accountability that Professor Nagareda’s essay presents, Professor Burbank concludes that the parts of that essay are greater than the whole. He finds that Professor Nagareda’s pursuit of unifying themes and a general normative theory leads to inconsistencies in classification between procedure and substance and to an impoverished vision of institutional legitimacy. Professor Burbank voices concern that this quest, which is also evident in the current draft of ...


Mandatory Waiting Periods For Abortions And Female Mental Health, Jonathan Klick Jan 2006

Mandatory Waiting Periods For Abortions And Female Mental Health, Jonathan Klick

Faculty Scholarship at Penn Law

No abstract provided.


Network Neutrality And The Economics Of Congestion, Christopher S. Yoo Jan 2006

Network Neutrality And The Economics Of Congestion, Christopher S. Yoo

Faculty Scholarship at Penn Law

No abstract provided.


Subsidizing Addiction: Do State Health Insurance Mandates Increase Alcohol Consumption?, Jonathan Klick, Thomas Stratmann Jan 2006

Subsidizing Addiction: Do State Health Insurance Mandates Increase Alcohol Consumption?, Jonathan Klick, Thomas Stratmann

Faculty Scholarship at Penn Law

A model of addiction in which individuals are forward looking implies that as the availability of addiction treatment options grows, individuals will consume more of an addictive good. We test this implication using cross-state variation in the adoption of mental health parity mandates that include substance abuse treatments. We examine the effects of these mandates on the consumption of alcohol and find that parity legislation leads to an increase in alcohol consumption. To account for the possible endogeneity of the adoption of mental health parity mandates, we perform an instrumental variables analysis and find that the ordinary least squares estimation ...


The Essential Role Of Securities Regulation, Zohar Goshen, Gideon Parchomovsky Jan 2006

The Essential Role Of Securities Regulation, Zohar Goshen, Gideon Parchomovsky

Faculty Scholarship at Penn Law

No abstract provided.


Supersize Pay, Incentive Compatibility, And The Volatile Shareholder Interest, William W. Bratton Jan 2006

Supersize Pay, Incentive Compatibility, And The Volatile Shareholder Interest, William W. Bratton

Faculty Scholarship at Penn Law

No abstract provided.


The Uselessness Of Public Use, Abraham Bell, Gideon Parchomovsky Jan 2006

The Uselessness Of Public Use, Abraham Bell, Gideon Parchomovsky

Faculty Scholarship at Penn Law

No abstract provided.


The "Bad Man" Goes To Washington: The Effect Of Political Influence On Corporate Duty, Jill E. Fisch Jan 2006

The "Bad Man" Goes To Washington: The Effect Of Political Influence On Corporate Duty, Jill E. Fisch

Faculty Scholarship at Penn Law

No abstract provided.


The Equilibrium Content Of Corporate Federalism, William W. Bratton, Joseph A. Mccahery Jan 2006

The Equilibrium Content Of Corporate Federalism, William W. Bratton, Joseph A. Mccahery

Faculty Scholarship at Penn Law

No abstract provided.


The Need For A Reduced Workweek In The United States, Vicki Schultz, Allison K. Hoffman Jan 2006

The Need For A Reduced Workweek In The United States, Vicki Schultz, Allison K. Hoffman

Faculty Scholarship at Penn Law

This paper argues that a reduced workweek offers a way to alleviate work-family conflict without exacerbating the sex-based division of labor in paid work and unpaid family work. We distinguish our position from two other approaches: (1) one that compensates unpaid family work directly (through such policies as traditional welfare provision, or alimony), policies we argue can discourage women from labor force attachment and contribute to sex-stereotyping and sex-segregated employment; and (2) an approach that spurs employers to accommodate workers' family responsibilities (through such policies as part-time work for parents), policies workers often avoid out of a well founded fear ...


Regulatory Responses To Investor Irrationality: The Case Of The Research Analyst, Jill E. Fisch Jan 2006

Regulatory Responses To Investor Irrationality: The Case Of The Research Analyst, Jill E. Fisch

Faculty Scholarship at Penn Law

An extensive body of behavioral economics literature suggests that investors do not behave with perfect rationality. Instead, investors are subject to a variety of biases that may cause them to react inappropriately to information. The policy challenge posed by this observation is to identify the appropriate response to investor irrationality. In particular, should regulators attempt to protect investors from bad investment decisions that may be the result of irrational behavior?

This Article considers the appropriate regulatory response to investor irrationality within the concrete context of the research analyst. Many commentators have argued that analyst conflicts of interest led to biased ...