Law Commons^™

Paying For Advice: The Role Of The Remuneration Consultant In U.K. Listed Companies, Ruth Bender

Vanderbilt Law Review

Compensation consultants are an integral part of the process of determining executive pay in large listed companies. This study reports interview-based research with protagonists in setting executive compensation in twelve FTSE 350 companies and addresses why the consultants are used, what they do, and how they are perceived.

Consultants have several important roles. Firstly, they act as experts, providing market data and advising on plan design and implementation. Because of this role, they not only guide their clients as to the requirements of the market, they also help create those selfsame market practices and norms. They also have a role …

In Search Of Guidance: An Examination Of Past, Present, And Future Adjudications Of Domestic Violence Asylum Claims, Barbara R. Barreno

Vanderbilt Law Review

L-R- is a Mexican woman who applied for asylum in the United States in 2005. She is one of countless victims of gender-based violence, which in recent decades has become a matter of international concern and which policymakers around the world have taken steps to combat. The United States has been among the nations that have made eliminating gender-based violence a priority by passing such legislation as the Violence Against Women Act ("VAWA") and by creating two special forms of visas for victims of domestic violence. While great strides have been taken to protect immigrant women who are already in …

Unreliable Securities For Retirement Income Security: Certifying The Erisa Stock-Drop Class, Lauren N. Fromme

Vanderbilt Law Review

Catherine Stevens had built her retirement savings "a dollar at a time over a lifetime of hard work" when it was "reduced to virtually zero" at Enron's collapse. "I feel very strongly that we have all been wronged," she said. Her plans for a secure future had been destroyed. Almost eight years after Enron's failure, stories like Catherine's persist, and employee retirement income security remains as comforting as an imaginary friend. A falling stock market in the wake of financial finagling leaves many employee retirement plans dangerously insecure. Employees like Catherine who bet their futures on their company's stock have …

The Limited Diagnosticity Of Criminal Trials, Dan Simon

Vanderbilt Law Review

Few political institutions play as palpable, ubiquitous, and solemn a role in the U.S. public life as the criminal justice system. The task of determining the defendant's criminal liability with a high degree of certitude is performed through the ritualized and highly proceduralized adjudicative process, with the trial at its core. The United States Supreme Court has portrayed the criminal trial as a "decisive and portentous" and "paramount" event. Trials are considered "the central institution of law as we know it," the "crown jewel" of the legal system. Amidst its multiple purposes, an essential objective of the criminal trial is …

Localism And Capital Punishment, Stephen F. Smith

Vanderbilt Law Review

No abstract provided.

On Saving The Death Penalty: A Comment On Adam Gershowitz's Statewide Capital Punishment, Eric Berger

Vanderbilt Law Review

No abstract provided.

Antitrust Merger Efficiencies In The Shadow Of The Law, Daniel D. Sokol, James A. Fishkin

Vanderbilt Law Review

No abstract provided.

Gaming The Past: The Theory And Practice Of Historic Baselines In The Administrative State, J.B. Ruhl, James Salzman

Vanderbilt Law Review

In 1988, candidate George H. W. Bush was in a tight race for the presidency, behind in the polls to the Democratic challenger, Michael Dukakis. Stung by the D+ grade given by the League of Conservation Voters, Bush was searching for a way to claw back some of the environmental vote.' He saw an opening in wetlands. Perceived as worthless swamps and wasted development opportunities for most of our nation's history, conversion of wetlands for agricultural and urban land uses has resulted in a staggering loss of resources. Beginning in the 1970s, however, views started to change, with growing recognition …

The Inauthentic Claim, Anthony J. Sebok

Vanderbilt Law Review

"It is revolting to have no better reason for a rule of law than that so it was laid down in the time of Henry IV. It is still more revolting if the grounds upon which it was laid down have vanished long since, and the rule simply persists from blind imitation of the past." -Oliver Wendell Holmes'

This Article takes a critical look at the persistence of legal doctrines that prohibit or limit property rights in litigation. The Article focuses on prohibitions on assignment and maintenance. Assignment of personal injury tort claims is prohibited throughout the United States, while …

Hope-Fulfilling Or Effectively Chilling? Reconciling The Hate Crimes Prevention Act With The First Amendment, Carter T. Coker

Vanderbilt Law Review

Living on a meager disability pension and without means of transportation, forty-nine-year-old African American James Byrd, Jr. of Jasper, Texas thought he had caught a break when three white men offered him a ride home on June 6, 1998. The following morning, police found Byrd's torso in the middle of the road, his head and arm in a ditch a mile away, and a three-mile trail of blood staining the road. That racial animus was the motivation for Byrd's torture, dragging, and death was hardly in dispute. Two of the three perpetrators were members of white supremacist organizations and bore …

The Mercer Girls Guide To Immigration, Jennifer M. Chacon

Vanderbilt Law Review

No abstract provided.

Designing Populations: Lessons In Power And Population Production From Nineteenth-Century Immigration Law, Juliet Stumph

Vanderbilt Law Review

No abstract provided.

Some Thoughts On The Evolution Of Executive Equity Compensation, Herwig Schlunk

Vanderbilt Law Review

No abstract provided.

Merging In The Shadow Of The Law: The Case For Consistent Judicial Efficiency Analysis, Jamie H. Moffitt

Vanderbilt Law Review

This Article examines current judicial interpretation of Section 7 of the Clayton Act through the lens of negotiation theory. The research exposes a gap between how courts state they are analyzing efficiency claims in Section 7 Clayton Act enforcement actions and what they are actually doing. During periods of lax antitrust enforcement, this pattern is not readily visible, since almost all proposed merger and acquisition ("M&A") deals are approved. With a shift to more aggressive antitrust policy, however, it is critical that merger review include appropriate weighing of transaction-generated efficiencies-something missing from courts' current antitrust analysis. Although only a small …

Another Can Of "Crawford" Worms: Certificates Of Nonexistence Of Public Record And The Confrontation Clause, Keith Hollingshead-Cook

Vanderbilt Law Review

The Confrontation Clause of the Sixth Amendment to the U.S. Constitution provides that "[i]n all criminal prosecutions, the accused shall enjoy the right .. . to be confronted with the witnesses against him."' When the Supreme Court decided Crawford v. Washington in 2004, it established a new standard for assessing the scope of this right and determining when hearsay is admissible as trial evidence against a criminal defendant. Rather than basing decisions regarding a defendant's right to confrontation on a judicial inquiry into the reliability of a particular statement, an approach typified by the Court's earlier decision of Ohio v. …

Admitting Guilt By Professing Innocence: When Sentence Enhancements Bases On "Alford" Pleas Are Unconstitutional, Anne D. Gooch

Vanderbilt Law Review

A few days before Christmas in 1994, in Vineland, New Jersey, Charles Apprendi, Jr. was drunk. At 2:04 a.m., he fired several shots from a .22 caliber gun into the home of an African-American family in his neighborhood. By 3:05 a.m., he had been arrested and had admitted that he was the shooter. Apprendi was interrogated for several hours after these events. At 6:04 a.m., he apparently stated that he committed the crime because the victims were black, but he later retracted this statement. Apprendi was indicted on twenty-three counts in connection with the shooting, and eventually pleaded guilty to …

The Pragmatic Incrementalism Of Common Law Intellectual Property, Shyamkrishna Balganesh

Vanderbilt Law Review

Intellectual property is today thought to be principally of statutory origin. Discussions of the subject invariably revolve around a close scrutiny of the federal statutes involved. Indeed, the frequency with which Congress amends the patent and copyright statutes seems to leave little doubt that it alone determines intellectual property's precise content and coverage.' Nevertheless, there exists a rather robust body of state law that is almost entirely the creation of state courts and is directed at creating entitlements in information, ideas, expression, goodwill, one's image, and other related intangibles. These rights regimes are in turn collectively referred to as "common …

How To Kill The Scapegoat: Addressing Offshore Tax Evasion With A Special View To Switzerland, Niels Jensen

Vanderbilt Law Review

It began with headlines of nearly $20 billion in hidden assets, 52,000 secret bank accounts, confidential informants, court proceedings, and a $780 million fine.' The Union Bank of Switzerland ("UBS") controversy, with all its dramatic appeal, attracted international attention and brought taxation issues to the forefront of public debate. As the scope of tax evasion activities involving UBS began to unfold, U.S. authorities on numerous fronts mobilized against international tax haven abuse-a problem much broader in scope than the scandal at hand.

In order to attract foreign capital to their respective markets, many countries have enacted favorable tax laws with …

The Puzzle Of Brandeis, Privacy, And Speech, Neil M. Richards

Vanderbilt Law Review

The Right to Privacy' and his dissent in Olmstead v. United States. In The Right to Privacy, Brandeis and Samuel Warren argued that intrusion into and public disclosure of private affairs by the press was deeply hurtful, and that the common law should be read to recognize a tort remedy for such violations. Their short article is considered by scholars to have established not just the privacy torts but the field of privacy law itself. Brandeis is also famous (though less so) for his Olmstead dissent-a document which introduced modern concepts of privacy into constitutional law, and ultimately led not …

Common Agency And The Public Corporation, Paul Rose

Vanderbilt Law Review

Under the standard agency theory applied to corporate governance, active monitoring of manager-agents by empowered shareholder-principals will reduce agency costs created by management shirking and expropriation of private benefits. But while shareholder power may result in reduced managerial expropriation, an analysis of how that power is often exercised in public corporation governance reveals that it can also produce significant costs: influential shareholders may extract private benefits from the corporation, incur and impose lobbying expenses, and pressure corporations to adopt inapt corporate governance structures. These costs strain the simple principal-agent model on which shareholder empowerment is based. This Article offers an …

Transforming The Allocation Of Deal Risk Through Reverse Termination Fees, Afra Afsharipour

Vanderbilt Law Review

Acquisition agreements are peppered with various provisions designed to mitigate, allocate, or address the ramifications of deal risk. The potential for deal risk is particularly pronounced in acquisition transactions involving public companies, which generally entail a significant interim period between the date of the signing of the acquisition agreement and the date of the completion of the transaction. Allocation of deal risk is a vital component of deals where millions, if not billions, of dollars are at stake for buyers and sellers, as well as their shareholders and stakeholders. Perhaps the most obvious deal risk is of one party abandoning …

Shotgun Weddings: Director And Officer Fiduciary Duties In Government-Controlled And Partially-Nationalized Corporations, David M. Barnes

Vanderbilt Law Review

Corporate law considers the affairs of a corporation to be private activity. The prevailing concept of the firm is a nexus of private contract rights among participants in an economic enterprise. But for many U.S. auto and financial services corporations, the events of the fall of 2008 and the winter of 2009 turned this presumption on its head. The U.S. government's $700 billion bailout injected an alien actor-the United States Treasury-into this once-private enterprise. The bailout enabled the Treasury to take a direct equity stake in many of the nation's struggling auto and financial services corporations. In the fall of …

Erie And Federal Criminal Courts, Wayne A. Logan

Vanderbilt Law Review

State and federal courts have long engaged in intersystemic adjudication,' interpreting and applying the constitutions, lawS, and regulations of one another's governments. Perhaps the best known instance in the civil litigation realm occurs with federal diversity jurisdiction, where, as a result of Erie Railroad Co. v. Tompkins, federal courts resolve federal civil claims on the basis of state substantive laws.

With criminal laws, however, the phenomenon has been and remains less apparent. This is in significant part due to the principle that such laws embody sovereign normative preferences, susceptible to neither enforcement nor jurisprudential control by other governments. Nevertheless, some …

Trimming The "Judicial Oak": Rule 10b5-2(B)(1), Confidentiality Agreements, And The Proper Scope Of Insider Trading Liability, Ryan M. Davis

Vanderbilt Law Review

In recent years the Securities and Exchange Commission, commonly known as the SEC, has been involved in a number of high- profile suits that have attracted a good deal of media attention. Among those prosecuted by the Commission are hedge fund billionaire and Galleon Group founder Raj Rajaratnam, investment/Ponzi- scheme guru Bernie Madoff, television host and magazine publisher Martha Stewart, and colorful Dallas Mavericks owner Mark Cuban. Although such notable suits may simply be the SEC's attempt to justify its own existence and role in the market it polices in light of the financial disasters of the past decade, these …

"Workers Of God": The Holy See's Liability For Clerical Sexual Abuse, Jacob W. Neu

Vanderbilt Law Review

In the 1970s, no Boston priest was more electrifying than Paul Richard Shanley. Ordained in 1960, he sought and received from his bishop, Boston cardinal Humberto Medeiros, a mission to minister to "sexual minorities" in 1970 and became a well-known Boston "street priest."' Wearing jeans and smoking Kool cigarettes, he gathered about him runaway gay teenagers and advocated fiercely for gay rights. Yet one of the boys drawn to him was the same one Shanley would be convicted of sexually abusing in 2005. In a civil suit seeking damages from the Archdiocese of Boston for its role in hiding Shanley's …

Taking Great Cases: Lessons From The "Rosenberg" Case, Brad Snyder

Vanderbilt Law Review

The most watched case of the 1952 Supreme Court Term was not Brown v. Board of Education, but the case of convicted atomic spies Julius and Ethel Rosenberg. Sentenced to death in April 1951 for passing atomic secrets to the Soviets, the Rosenbergs dominated the news and divided the country. Their case came at the height of Cold War America's obsession with Communism. Senator Joe McCarthy and the House Un-American Activities Committee were exposing alleged Communists in the federal government and Hollywood, and the U.S. military was fighting the Korean War to try to stop the spread of Communism abroad. …

Street Shootings: Covert Photography And Public Privacy, Nancy D. Zeronda

Vanderbilt Law Review

Street photographers, like snipers, pride themselves on stealth.' Camouflaged in nondescript clothing, they wander the streets undetectable, armed, and on the hunt. When they find their mark, they act quickly. As the famous twentieth-century street photographer Henri Cartier-Bresson described: "The creative act lasts but a brief moment, a lightning instant of give-and-take, just long enough for you to level the camera and to trap the fleeting prey in your little box." While methods of "trapping prey" vary from shooter to shooter, the mission remains the same-staying as covert as possible and catching an unknowing subject in a candid pose. In …

Breach Is For Suckers, Tess Wilkinson-Ryan, David A. Hoffman

Vanderbilt Law Review

This Article presents results from three experiments offering evidence that parties see breach of contract as a form of exploitation that makes disappointed promisees into "Suckers." In psychology, being a sucker turns on a three-part definition: betrayal, inequity, and intention. We used web-based questionnaires to test the effect of each of the three factors separately. Our results support the hypothesis that when breach of contract cues an exploitation schema, people become angry, offended, and inclined to retaliate even when retaliation is costly. This theory offers a useful advance because it explains why victims of breach demand more than similarly situated …

Arbitration Clauses In Ceo Employment Contracts: An Empirical And Theoretical Analysis, Randall Thomas, Erin O'Hara, Kenneth Martin

Vanderbilt Law Review

A bill currently pending in Congress would render unenforceable mandatory arbitration clauses in all employment contracts. Some perceive these provisions as employer efforts to deprive employees of important legal rights. Company CEOs are firm employees, and, unlike most other firm employees, they can actually negotiate their employment contracts, very often with attorney assistance. Moreover, many CEO employment contracts are publicly available, so they can be examined empirically. In this paper, we ask whether CEOs bargain to include binding arbitration provisions in their employment contracts. After exploring the theoretical arguments for and against including such provisions in these agreements, we use …

Big Tobacco, Medicaid-Covered Smokers, And The Substance Of The Master Settlement Agreement, Gregory W. Traylor

Vanderbilt Law Review

In 1994, executives from "Big Tobacco"-industry leaders Philip Morris, R.J. Reynolds, Brown and Williamson Tobacco, and Lorillard-appeared before Congress and denied that nicotine is addictive despite internal documents disclosing a long history of industry-wide awareness about the addictive nature of the drug. One executive even denied that smoking causes death despite the well- established scientific consensus to the contrary. Worse still, tobacco companies had consciously targeted children as young as fourteen-years-old in their advertising schemes. In an internal R.J. Reynolds memorandum to Vice President of Marketing C.A. Tucker, J.F. Hind wrote: "To ensure increased and longer-term growth for CAMEL FILTER, …