Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Government bonds (3)
- Public debts (3)
- Bonds (2)
- Debt relief (2)
- Agency (1)
-
- Antitrust law (1)
- Authority (1)
- Bailouts (Government policy) (1)
- Bankruptcy (1)
- Bonds--Law and legislation (1)
- Commercial policy (1)
- Conflict of laws (1)
- Contracts (International law) (1)
- Debtor and creditor (1)
- Default (Finance) (1)
- Department of Justice (1)
- Eurozone (1)
- Export sales contracts (1)
- International commercial arbitration (1)
- International finance (1)
- Juristic transactions (1)
- Lawyers (1)
- Mexico (1)
- Reputation (1)
- Trusts and trustees (1)
- United States (1)
Articles 1 - 7 of 7
Full-Text Articles in Law
A People’S History Of Collective Action Clauses, Mark C. Weidemaier, Mitu Gulati
A People’S History Of Collective Action Clauses, Mark C. Weidemaier, Mitu Gulati
Faculty Scholarship
For two decades, collective action clauses (CACs) have been part of the official-sector response to sovereign debt crisis, justified by claims that these clauses can help prevent bailouts and shift the burden of restructuring onto the private sector. Reform efforts in the 1990s and 2000s focused on CACs. So do efforts in the Eurozone today. CACs have even been suggested as the cure for the US municipal bond market. But bonds without CACs are still issued in major markets, so reformers feel obliged to explain why they know better. Over time, a narrative has emerged to justify pro-CAC reforms. It …
The Fiduciary Character Of Agency And The Interpretation Of Instructions, Deborah A. Demott
The Fiduciary Character Of Agency And The Interpretation Of Instructions, Deborah A. Demott
Faculty Scholarship
This chapter in a forthcoming book justifies the conventional characterization of common-law agency as a fiduciary relationship. An agent serves as the principal’s representative in dealings with third parties and facts about the world, situating the agent as an extension of the principal for legally-salient purposes. A principal’s power to furnish instructions to the agent is the fundamental mechanism through which the principal exercises control over the agent, a requisite for an agency relationship. The agent’s fiduciary duty to the principal provides a benchmark for the agent’s interpretation of those instructions. The chapter draws on philosophical literature on the identity …
Lawyers: Gatekeepers Of The Sovereign Debt Market?, Michael Bradley, Irving De Lira Salvatierra, Mitu Gulati
Lawyers: Gatekeepers Of The Sovereign Debt Market?, Michael Bradley, Irving De Lira Salvatierra, Mitu Gulati
Faculty Scholarship
The claim that lawyers act as gatekeepers or certifiers in financial transactions is widely discussed in the legal literature. There has, however, been little empirical examination of the claim. We test the hypothesis that law firms have replaced investment banks as the gatekeepers of the market for sovereign debt. Our results suggest that hiring outside law firms sends a negative signal to the market regarding the pending issuance; a finding that is inconsistent with the thesis that outside law firms primarily play a certification role in the sovereign debt market.
The Unidroit Principles As Global Background Law, Ralf Michaels
The Unidroit Principles As Global Background Law, Ralf Michaels
Faculty Scholarship
After twenty years of existence, it becomes apparent that the role actually played by the UNIDROIT Principles of International Commercial Contracts (PICC) is quite different from the one originally intended. This article first presents nine surprising findings concerning the actual use of the PICC, as it can be assessed on the basis of published opinions, legislation, and scholarship. It then uses these findings to suggest that the PICC should not be viewed as a code or even a non-state law. Instead, their nature is that of a Restatement of global general contract law, and their function is that of a …
Non-State Law In The Hague Principles On Choice Of Law In International Contracts, Ralf Michaels
Non-State Law In The Hague Principles On Choice Of Law In International Contracts, Ralf Michaels
Faculty Scholarship
Article 3 of the Hague Principles on Choice of Law in International Contracts is the first quasi-legislative text on choice of law to allow explicitly for the choice of non-state law also before state courts. This paper, forthcoming in a Festschrift, puts the provision into a broader context, discusses their drafting history and particular issues involved in their interpretation. It also provides a critical evaluation. Article 3 does not respond to an existing need, and its formulation, the fruit of a compromise between supporters and opponents of choosing non-state law, makes the provision unsuccessful for state courts and arbitrators alike.
Santa Anna And His Black Eagle: The Origins Of Pari Passu?, Benjamin Chabot, Mitu Gulati
Santa Anna And His Black Eagle: The Origins Of Pari Passu?, Benjamin Chabot, Mitu Gulati
Faculty Scholarship
One of the most debated issues in international finance is the meaning of the pari passu clause in sovereign bonds. The clause is ubiquitous; it is in almost every single foreign-law sovereign bond out there. Yet, almost no one seems to agree on its meaning. One way to cut the Gordian knot is to track down the origins of the clause. Modern lawyers may have simply copied the clause from the documents of their predecessors without understanding its meaning. But surely the people who first drafted the clause knew what it meant. Four enterprising students at Duke Law School may …
Elhauge On Tying: Vindicated By History, Barak D. Richman, Steven W. Usselman
Elhauge On Tying: Vindicated By History, Barak D. Richman, Steven W. Usselman
Faculty Scholarship
No abstract provided.