Law Commons^™

Political Risk Allocation In Egyptian Ppp Projects, Yousef Mohamed Al Amly Llm

Yousef Mohamed Al Amly LLM

Egypt has been recently suffering from several political changes since the revolution of the 25th of January and that has been jeopardizing the political stability required to encourage Investors to invest in financing infrastructures that is deemed to be crucial to help in the prosperity and welfare of the Egyptians. Therefore defining the types of political risks and efficiently allocating them is considered as one of the main keys to encourage more Investors to bid for the future coming PPP projects.

From Coase To Cooter: The Criticisms To Pigou’S Ideas, Enrico Baffi

enrico baffi

The aim of this paper is at discovering the most profound divergences between Coase and Pigou. Coase is well known for his theorem, but in his article ”The Problem of social Cost” he wants to point all the convincing criticisms to Pigou way of reasoning or, it is probably more correct to say, to Pigou’s oral tradition. I have found at least four criticisms. The last one, that states that it is impossible to have a mechanism of internalization of all social costs , is probably the least appealing but that one that has the strongest roots. I have also …

Enfoques Teóricos De Las Reglas Por Defecto En El Derecho De Contratos: Complementariedades, Coincidencias Y Contradicciones, Daniel Monroy

Daniel A Monroy C

El artículo muestra una lectura crítica en lo que respecta a la noción, las funciones y el diseño de las reglas por defecto en el derecho de contratos a partir de tres enfoques teóricos a saber: la perspectiva jurídica tradicional; la visión del Análisis Económico del Derecho (AED) en su versión clásica y; el enfoque del denominado behavioral law and economics (BL&E). El documento destaca con particular atención que en lo correspondiente a la noción y las funciones de las reglas por defecto en el derecho de contratos, existe un alto nivel de coherencia entre la perspectiva jurídica tradicional por …

Taking Outcomes Seriously, Daphna Lewinsohn-Zamir

Daphna Lewinsohn-Zamir

The goal of economic efficiency is to promote best outcomes by maximizing the satisfaction of people’s preferences. Given the crucial role of outcomes in efficiency analysis, surprisingly little attention has been devoted to the question of what an outcome actually is. Law-and-economics scholars typically disregard this issue, implicitly adopting the narrowest possible definition of outcome, namely end-results in terms of wealth. Furthermore, no attempt has been made to examine the fundamental question of what notion of outcomes individuals actually embrace.

This Article aims to fill this void by presenting an experimental study of perceptions of outcomes, conducted with both laypersons …

Revising The Law-Growth Hypothesis: A Case Study Of Reform-Era China, Alice Xie

Alice Xie

The law-growth hypothesis, which holds that the rule of law is essential to economic growth, has been a cornerstone of development and political thought for decades. China, which has broken historic records in GDP growth despite lacking the rule of law, challenges this conventional wisdom. While China has received increasing attention with respect to the hypothesis, this paper is among the first to holistically examine its economic and legal development since the onset of the post-Mao reforms. I argue that China’s legal-economic development followed three stages. First, early growth occurred through spontaneous illegal economic activity. Next, successful private sector expansion …

Contracting In The Modern World, Enrico Baffi

enrico baffi

In this paper we try explore some of the basic features of mass contracting. In our opinion, there are basically four characteristics of mass contracting: the reduced negotiations, the dissemination of standard form contracts, the presence of abusive clauses, and the recapitulation of the contract and its execution in a single act of stipulation. a) The reduction in negotiations is the result first of all of the costs that this activity requires and of the costs required to manage personalised contracts; secondly, this reduction is the consequence of the greater advantage of mass-produced goods compared to personalised goods; ) The …

Dear Sec: Please Don't Abdicate Your Jobs Act Responsibility To Make Forthcoming "Regulation A+" Exemption From Registration Available To Small Businesses, Rutheford B. Campbell Jr.

Rutheford B Campbell Jr.

Title IV of the Jobs Act amends Section 3(b) of the Securities Act of 1933 by adding a new Section 3(b)(2). This new statute requires the Commission to adopt regulations (“Section 3(b)(2) Regulations”) that provide an exemption from registration for offerings of up to $50 million. The anticipated Section 3(b)(2) Regulations are often referred to as “Regulation A+”. The name used for Title IV of the Jobs Act – “Small Company Capital Formation” – indicates that the purpose of the legislation is to provide small businesses an efficient access external capital. The provisions of Title IV also suggest Regulation A …

Contracting In The Modern World, Enrico Baffi

enrico baffi

In this paper I try explore some of the basic features of modern mass contracting. In my opinion, there are basically four characteristics of modern mass contracting: a)he reduced negotiations; b) the dissemination of standard form contracts; c) the presence of abusive clauses; d) and the recapitulation of the contract and its execution in a single act of stipulation. All the changes are the consequences in the changes of relative costs of activities: a) The reduction in negotiations is the result first of all of the costs that this activity requires and of the costs required to manage personalized contracts; …

The Problem Of Internalization Of Social Costs And The Ideas Of Ronald Coase, Enrico Baffi

enrico baffi

This work examines the influence of Coasian thought on the analysis of externalities as used by economists and legal economists. Ronald Coase, a Chicago scholar, advanced a series of criticisms of the Pigovian tax system; the theorem that bears his name is merely the best known. In his 1960 work, he sought to demonstrate that the internationalization of social costs was not always socially useful and in many casesimossible. In addition, he identified other institutional solutions to which systems can - and often do - resort. One of these solutions is to simply authorize the harmful activity without introducing mechanisms …

The Problem Of Internalization Of Social Costs And The Ideas Of Ronald Coase, Enrico Baffi

enrico baffi

This work examines the influence of Coasian thought on the analysis of externalities as used by economists and legal economists. Ronald Coase, a Chicago scholar, advanced a series of criticisms of the Pigovian tax system; the theorem that bears his name is merely the best known. In his 1960 work, he sought to demonstrate that the internationalization of social costs was not always socially useful and also difficult if not impossible to realize. In addition, he identified other institutional solutions to which systems can - and often do - resort. One of these solutions is to simply authorize the harmful …

Standard Contract Clauses As Public Goods. A New Way Of Reasoning, Enrico Baffi

enrico baffi

The aim of this work is to show how it is possible to identify market failures other than those traditionally identified by lawyers and law and economics scholars to justify the mandatory provisions of contracts between professionals and consumers and the equally mandatory provisions governing the abuse of economic dependency. This is a new approach that can be extended to other provisions and appears to rest on fairly solid microeconomic foundations. There is no doubt, however, that many criticisms can be leveled against it. Very briefly, I shall argue that the production of clauses characterized by being rather vague, indeterminate …

A Paradox In Employment: The Contradiction That Exists Between Immigration Laws And Outsourcing Practices, And Its Impact On The Legal And Illegal Minority Working Classes, Mary O'Sullivan

Mary T O'Sullivan

The drastic distinctions between the United States’ immigration and outsourcing policies have created a system where American companies are able to send unlimited jobs overseas, yet, have very restricted ability to bring workers to domestic offices and factories. Restrictive immigration policies seek to protect American jobs, while liberal outsourcing regulations permit, and encourage, employers to send jobs outside of the United States. As a result, the United States’ outsourcing policy sabotages the purpose of American immigration laws. The uncertainty of the contradiction between immigration and outsourcing policy may be the cause of unusually high unemployment numbers, particularly in the minority …

Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud At The Expense Of Investors, Charles W. Murdock

Charles W. Murdock

Summary: Janus Capital Group, Inc. v. First Derivative Traders: The Culmination of the Supreme Court’s Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud at the Expense of Investors

“Political” decisions such as Citizens United and National Federation of Independent Business (“Obamacare”) reflect the reactionary bent of several Supreme Court justices. But this reactionary trend is discernible in other areas as well. With regard to Rule 10b-5, the Court has handed down a series of decisions that could be grouped into four trilogies. The article examines the trend over the past 40 years which has become increasingly conservative and finally reactionary.

The …

Intangible Economic Loss In Louisiana, John Stanton

John Stanton

This casenote follows the development of caselaw in Louisiana addressing the problem of intangible economic loss, (i.e., pure economic loss or supply-chain liability), an issue which all jurisdictions struggle to handle consistently. In particular, the piece notes the tension between the practicality of the Robins Dry Dock prohibitory rule and the equitable nature of using the standard negligence analysis. After noting the current state of confusion, a proposed way forward is suggested that allows for meritorious claims even without a proprietary interest, but does not allow for the industry-crippling liability of which the Robins Dry Dock progeny feared.

Efficiency Themes In Tort Law From Antiquity, M Stuart Madden

M Stuart Madden

Hellenic philosophers assessed the goals of society as: (1) the protection of persons and property from wrongful harm; (2) protection of the individual’s means of survival and prosperity; (3) discouragement of self-aggrandizement to the detriment of others; and (4) elevation of individual knowledge that would carry forward and perfect such principles. Roman law was replete with proscriptions against forced taking and unjust enrichment, and included rules for ex ante contract-based resolution of potential disagreement. Customary law perpetuated these efficient economic tenets within the Western World and beyond. The common law, in turn, has nurtured many of the same ends. From …

Organizational Standards Of Care For Tackling Wrongdoings, Klaus Heine, Kateryna Grabovets

Kateryna Grabovets

Organizational misconduct has two generic sources: individual wrongdoings and coordination failures. The analysis of misconduct in organizations focuses mainly on individual wrongdoings. This paper aims at shedding more light on coordination failures as a separate trigger of organizational wrongdoing. We propose a framework which aligns insights from law and economics and organizational science to improve organizational designs with regard to error management. A main finding is that a risky activity will be associated with a steeper hierarchy than activities with a low risk profile. But the organizational design depends on other variables as well; for example, whether an innovative activity …

Providing A Foundation For Wealth For Wealth Creation And Development In Africa: The Role Of The Rule Of Law, John Mukum Mbaku

JOHN MUKUM MBAKU

PROVIDING A FOUNDATION FOR WEALTH CREATION AND DEVELOPMENT IN AFRICA: THE ROLE OF THE RULE OF LAW JOHN MUKUM MBAKU ABSTRACT This paper examines the struggle in Africa to alleviate and eventually eradicate poverty. It is argued that the most effective way for African countries to deal with poverty is to create wealth. Unfortunately, these countries have not been able to create the wealth that they need to confront poverty. This is due primarily to the fact that since independence, these countries have not been able to undertake democratic institutional reforms to create and adopt institutional arrangements that guarantee and …

How Statistical Sampling Can Solve The Conundrum Of Compensation Disclosures Under Dodd-Frank, Michael Ohlrogge

Michael Ohlrogge

One of the more controversial measures of the Dodd-Frank bill is its requirement that companies report the ratio of their CEO’s compensation to that of their median employee. Critics of this provision have claimed that for large companies with employees and subsidiaries throughout the world, compliance with this measure alone could cost millions of dollars a year, due to the difficulties in identifying the median employee. This paper demonstrates that the Securities and Exchange Commission, which is charged with implementing this provision, has the latitude to direct companies to calculate the figure using a statistical sampling procedure which would greatly …

Property And Republicanism In The Northwest Ordinance, Matthew J. Festa

Matthew J. Festa

This Article shows that individual property rights held a central place in the republican ideology of the founding era by examining the Northwest Ordinance of 1787. Between the two predominant strains of founding-era political ideology—liberalism and republicanism—the conventional view holds that individual property rights were central to Lockean liberalism, but not to the republican political tradition, where property is thought to have played more of a communitarian role as part of promoting civic virtue and the common good. Republicanism has been invoked in modern debates, and its emphases are present in current ideas such as the important new theory of …

Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud At The Expense Of Investors, Charles W. Murdock

Charles W. Murdock

Summary: Janus Capital Group, Inc. v. First Derivative Traders: The Culmination of the Supreme Court’s Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud at the Expense of Investors

“Political” decisions such as Citizens United and National Federation of Independent Business (“Obamacare”) reflect the reactionary bent of several Supreme Court justices. But this reactionary trend is discernible in other areas as well. With regard to Rule 10b-5, the Court has handed down a series of decisions that could be grouped into four trilogies. The article examines the trend over the past 40 years which has become increasingly conservative and finally reactionary.

The …

Requiting The Interest On The Float Of Wages, Employment Taxes And Other Employee Funds Collected And Withheld At The Source: The Internal Revenue Code Of 1986 Illuminated, Betty Barber

Betty Barber

REQUITING INTEREST ON THE FLOAT OF WAGES, EMPLOYMENT TAXES AND OTHER EMPLOYEE FUNDS COLLECTED AND WITHHELD AT THE SOURCE: THE INTERNAL REVENUE CODE OF 1986 ILLUMINATED Abstract The collection and withholding of employment taxes has achieved the status of a business model that capitalizes the opportunity value of the withheld funds. Rightful disposition of the interest accruing on employment taxes has eluded reasoned public discussion, which is surprising given the magnitude of this resource and its full potential. The Internal Revenue Code of 1986 designates the United States as beneficiary of withheld income taxes, Social Security and Medicare. The author …

Janus Capital Group, Inc. V. First Derivative Traders: The Culmination Of The Supreme Court’S Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud At The Expense Of Investors, Charles W. Murdock

Charles W. Murdock

Summary: Janus Capital Group, Inc. v. First Derivative Traders: The Culmination of the Supreme Court’s Reactionary Rule 10b-5 Jurisprudence Which Protects Fraud at the Expense of Investors

“Political” decisions such as Citizens United and National Federation of Independent Business (“Obamacare”) reflect the reactionary bent of several Supreme Court justices. But this reactionary trend is discernible in other areas as well. With regard to Rule 10b-5, the Court has handed down a series of decisions that could be grouped into four trilogies. The article examines the trend over the past 40 years which has become increasingly conservative and finally reactionary.

The …

Eminently Reasonable, David J. Reiss

David J Reiss

Local governments across the country are considering an innovative use of eminent domain. They propose to condemn underwater mortgages (those that exceed the fair-market value of the home) in their communities and restructure them so that home­owners can afford their payments and so that the new mortgage is for less than the fair market value of the property. If this proposal is implemented, the local government will pay the owner of mortgages of "underwater" homes the fair market value for the mortgages. The local government will then restructure each mortgage by reducing the principal amount owed to be in line …

Greater And Lesser Powers, Samuel Levin

Samuel Levin

During much of the twentieth century it was relatively stylish for lawyers, judges and justices to argue that an exercise of power was permissible because "the greater power [to do something else] necessarily includes the lesser power [to do this]." Unfortunately, sloppy and unprincipled uses that merely reflected the intuitions of those who invoked it has largely discredited the argument, although it still makes some relevant appearances.

This paper argues that there is a principled way to apply the argument: by looking to the relative harms caused by each exercise of power. However, any notion of "necessarily includes" needs to …

El Incumplimiento Eficiente: ¿Es Justo Y Necesario?, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

Se compartió la mesa con el profesor Rubén Mendez, en la presentación se debatió acerca de cómo los presupuestos básicos del incumplimiento eficiente no pueden presentarse en la realidad. En síntesis, se conversó sobre los obstáculos jurídicos y económicos que enfrenta esta figura del AED.

El Homo Economicus Y La Libertad De Contratación, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

Se compartió la mesa con el profesor Juan José Martínez, en la presentación se debatió acerco del rol que cumple el presupuesto de racionalidad en el modelo standard del análisis económico del Derecho y las acotaciones del Behavioral Law and Economics.

Museum Strategies: Leasing Antiquities, Silvia Beltrametti

Silvia Beltrametti

This is the first attempt to study leasing in the context of the international trade in cultural artifacts. This article advances a heated debate in the field of cultural heritage law, which centers on whether cultural artifacts of ancient civilizations should belong to the modern nation states from which they are excavated or to humankind in general, by proposing an alternative analytic framework based on leasing, which would make it possible for objects to circulate but at the same time stay under the ownership and jurisdiction of their respective source countries.

Si Algo Puede Salir Mal... Saldrá Mal (Y En El Peor Momento Posible): Una Rápida Revisión Ius-Económica A La Imposibilidad Contractual, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

En la presente nota se desea subrayar algunas características económicas y jurídicas de figuras que sirven como justificación para el incumplimiento contractual, tales como la imposibilidad y la excesiva onerosidad.

A Selection-Corrected Estimate Of Chevron’S Impact On Agency Deference, Griffin S. Edwards

Griffin S Edwards

The ruling in Chevron v. Natural Resources Defense Council dramatically changed how judges rule in favor of federal administrative agencies. Previous research has found both theoretically and empirically that Chevron favors agencies and their interpretation of statutes, but the magnitude of Chevron’s impact remains unclear due to possible selection issues biasing the post-Chevron world. Accounting for the possibility that incentives change both to the challenger of an agency and the agency itself post-Chevron, I estimate a break in the trend of agency deference on the date Chevron was decided. This allows me to exploit the exogenous cases that were pending …

Protecting The Innocent With A Premium For Child Safety Regulations, Jacob P. Byl

Jacob P. Byl

Federal agencies regulate many products and activities that impact the safety of children. When conducting an economic analysis of a proposed rule, agencies should put a premium on saving the lives of children when analyzing the costs and benefits of regulation. This Article uses original evidence from the infant car seat market to determine that a child-specific benefit measure should be one and a half to two times that of an adult.