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China, Business Law, And Finance -- Accession To The World Trade Organization, Joseph Vining
China, Business Law, And Finance -- Accession To The World Trade Organization, Joseph Vining
Law & Economics Working Papers Archive: 2003-2009
China's entry into the world economy will affect not just how we act but how we think. It will affect especially what "business," "business law," and "business corporation" come to mean both in a transnational setting and in American law. The nature of American business law today still stands in the way of a wholly profit-maximizing approach to law or the world in general. But there is strong pressure, consistent with a general tendency in Western thought, to make business and corporate decision-making entirely manipulative and calculating and to eliminate the force of human value from it. This Youde Lecture …
Do Investors In Controlled Firms Value Insider Trading Laws? International Evidence, Laura N. Beny
Do Investors In Controlled Firms Value Insider Trading Laws? International Evidence, Laura N. Beny
Law & Economics Working Papers Archive: 2003-2009
This article characterizes insider trading in controlled firms as an agency problem. Using a standard agency model of corporate value diversion through insider trading by a controlling shareholder, I derive testable hypotheses about the relationship between corporate value and insider trading laws. The article tests these hypotheses using cross-sectional data on firms from a group of developed countries. The results show that stringent insider trading laws and enforcement are associated with greater corporate valuation among firms in common law countries, a result that is consistent with the claim that insider trading laws can mitigate agency costs. In contrast, insider trading …
Procedural Incrementalism: A Model For International Bankruptcy, John A. E. Pottow
Procedural Incrementalism: A Model For International Bankruptcy, John A. E. Pottow
Law & Economics Working Papers Archive: 2003-2009
From Parmalat to Yukos, the pace of cross-border bankruptcy filings has been accelerating. Scholarly attention and policy reform have increasingly focused on the financial distress of enterprises with assets and creditors dispersed throughout multiple jurisdictions. Yet despite ongoing globalization and economic integration, insolvency law has remained stubbornly resistant to treaties and other international efforts to design some form of unified, global regime for resolving private financial defaults. Part of the reason progress remains so elusive is that two competing paradigms of international bankruptcy – universalism and territorialism – continue to divide academics and policymakers alike. Proposed treaties premised on one …
International Tax As International Law, Reuven S. Avi-Yonah
International Tax As International Law, Reuven S. Avi-Yonah
Law & Economics Working Papers Archive: 2003-2009
The purpose of this article is to introduce to the international lawyer the somewhat different set of categories (e.g., residence and source rather than nationality and territoriality) employed by international tax lawyers, and explain the reasons for some of the differences. At the same time, it attempts to persuade practicing international tax lawyers and international tax academics that their field is indeed part of international law, and that it would help them to think of it this way. For example, knowledge of the Vienna Convention on the Law of Treaties would help international tax lawyers in interpreting tax treaties, and …
Employment Market Institutions And Japanese Working Hours, Mark West
Employment Market Institutions And Japanese Working Hours, Mark West
Law & Economics Working Papers Archive: 2003-2009
Why do Japanese workers work such long hours? Beginning with a series of cases in the 1950s, Japanese courts drastically curtailed firms’ abilities to dismiss workers. As a consequence of the inability to dismiss workers legally, large Japanese firms hired a smaller number of workers than were necessary to fulfill capacity without overtime. Employers rely on the working hours of this undersized cadre of workers, carefully screened to rule out the slothful, as a buffer. In bad times, the size of the work force makes dismissal unnecessary. In good times, workers are forced to work long hours. While these court …