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Articles 1 - 30 of 157
Full-Text Articles in Law
Tit For Tat: How Will Other Countries React To The Tax Cuts And Jobs Act?, Reuven S. Avi-Yonah, Gianluca Mazzoni
Tit For Tat: How Will Other Countries React To The Tax Cuts And Jobs Act?, Reuven S. Avi-Yonah, Gianluca Mazzoni
Law & Economics Working Papers
The Tax Cuts and Jobs Act of 2017 (TRA17) represents the most comprehensive reform of US international tax rules since 1962. An important question in evaluating TRA17 is how US trading partners will respond to its provisions. In general, US trading partners may take steps to negate the competitive advantage gained by the US from the lower rate of corporate tax, expensing and the “patent box”. They may also take advantage of the participation exemption and the cross-crediting feature of GILTI to increase taxes on US multinationals. Finally, they are likely to copy the BEAT and apply it to US …
Should I Stay Or Should I Go? Gender Gaps In The Lateral Market For Sec Lawyers, Stephen J. Choi, G. Mitu Gulati, Adam C. Pritchard
Should I Stay Or Should I Go? Gender Gaps In The Lateral Market For Sec Lawyers, Stephen J. Choi, G. Mitu Gulati, Adam C. Pritchard
Law & Economics Working Papers
This article examines the gender gap in the lateral market for government lawyers. Using data on lawyers from the Enforcement Division of the Securities and Exchange Commission (SEC), from 2004 to 2016, we find the following: First, gender gaps in pay and promotion appear to be minimal. Second, and confounding the first finding, we find significant gaps in assignments, with men receiving the more challenging and career-enhancing projects. Third, men are more likely than women to move laterally; and when they do, are more likely than the women to move to lucrative private sector jobs.
The Triumph Of Beps: Us Tax Reform And The Single Tax Principle, Reuven S. Avi-Yonah
The Triumph Of Beps: Us Tax Reform And The Single Tax Principle, Reuven S. Avi-Yonah
Law & Economics Working Papers
The Tax Cut and Jobs Act (TRA17) as passed by the House on November 16 and by the Senate on December 2, 2017, contains multiple provisions that incorporate the principles of the OECD/G20 Base Erosion and Profit Shifting (BEPS) into domestic US tax law. Together with the changes in the 2016 model US tax treaty, these provisions mean that the US is following the EU and China in implementing BEPS and in particular its underlying principle, the single tax principle (i.e., all income should be subject to tax once: passive income at the residence state rate and active income at …
Were The 1982 Merger Guidelines Old News?, Alan J. Meese, Sarah L. Stafford
Were The 1982 Merger Guidelines Old News?, Alan J. Meese, Sarah L. Stafford
Faculty Publications
This paper examines the impact of the 1982 Department of Justice Merger Guidelines on the stock market prices of publicly traded firms in the United States. We argue that those Guidelines were perceived by the market as a real change in enforcement policy that would result in substantial deregulation of mergers throughout the economy. We conduct an event study of S&P 500 firms to test this hypothesis and find evidence of a significant positive effect on the stock prices of firms in moderately concentrated industries subject to antitrust regulation, the firms for which the 1982 Guidelines articulate a substantially less …
A Destination-Based Cash Flow Tax Can Be Structured To Comply With World Trade Organization Rules, Itai Grinberg
A Destination-Based Cash Flow Tax Can Be Structured To Comply With World Trade Organization Rules, Itai Grinberg
Georgetown Law Faculty Publications and Other Works
This paper briefly outlines alternative approaches to enacting a destination-based cash flow tax that are more clearly compatible with the World Trade Organization rules than the approach that has previously been described in the literature. The first structural alternative involves expanding the universe of businesses subject to the tax by clearly defining both the base of the new U.S. business tax and its tax nexus requirement as domestic consumption, and thereafter treating foreign importers and other sellers equivalently, rather than imposing a deduction disallowance or an import tax. The second alternative involves adopting a business activities tax, and then enacting …
Macroeconomic Modeling Of Tax Policy: A Comparison Of Current Methodologies, Itai Grinberg, Alan J. Auerbach, Thomas A. Barthold, Nicholas Bull, W. Gavin Elkins, Pamela J. Moomau, Rachel Moore, Benjamin Page, Brandon Pecoraro, Kyle Pomerleau
Macroeconomic Modeling Of Tax Policy: A Comparison Of Current Methodologies, Itai Grinberg, Alan J. Auerbach, Thomas A. Barthold, Nicholas Bull, W. Gavin Elkins, Pamela J. Moomau, Rachel Moore, Benjamin Page, Brandon Pecoraro, Kyle Pomerleau
Georgetown Law Faculty Publications and Other Works
The macroeconomic effects of tax reform are a subject of significant discussion and controversy. In 2015, the House of Representatives adopted a new “dynamic scoring” rule requiring a point estimate within the budget window of the deficit effect due to the macroeconomic response to certain proposed tax legislation. The revenue estimates provided by the staff of the Joint Committee on Taxation (JCT) for major tax bills often play a critical role in Congressional deliberations and public discussion of those bills. The JCT has long had macroeconomic analytic capability, and in recent years, responding to Congress’ interest in macrodynamic estimates for …
An Unsung Success Story: A Forty-Year Retrospective On U.S. Communications Policy, Christopher S. Yoo
An Unsung Success Story: A Forty-Year Retrospective On U.S. Communications Policy, Christopher S. Yoo
All Faculty Scholarship
Looking backwards on the occasion of Telecommunications Policy’s fortieth anniversary reveals just how far U.S. communications policy has come. All of the major challenges of 1976, such as promoting competition in customer premises equipment, long distance, and television networking, have largely been overcome. Moreover, new issues that emerged later, such as competition in local telephone service and multichannel video program distribution, have also largely been solved. More often than not, the solution has been the result of structural changes that enhanced facilities-based competition rather than agency-imposed behavioral requirements. Moreover, close inspection reveals that in most cases, prodding by the courts …
Once More, With Feeling: The 'Tax Cuts And Jobs' Act And The Original Intent Of Subpart F, Reuven S. Avi-Yonah, Nir Fishbien
Once More, With Feeling: The 'Tax Cuts And Jobs' Act And The Original Intent Of Subpart F, Reuven S. Avi-Yonah, Nir Fishbien
Law & Economics Working Papers
For the first time since 1913, Congress is considering abandoning the principle that US residents should be subject to tax on all income “from whatever source derived.” Specifically, the House proposed tax reform legislation, the so-called “Tax Cuts and Jobs Act”, would completely exempt from US taxation dividends from “Controlled Foreign Corporations”. This is therefore a good occasion for considering the reasons we tax such dividends in the first place.
In the course of investigating the Stanley Surrey papers at the Harvard Law School Library, we discovered a remarkable report that support the view that the main impetus behind Subpart …
What A Difference Thirty Years Make: A Comparison Of The Tax Reforms Of 1986, 2014 And 2017, Reuven S. Avi-Yonah
What A Difference Thirty Years Make: A Comparison Of The Tax Reforms Of 1986, 2014 And 2017, Reuven S. Avi-Yonah
Law & Economics Working Papers
This paper compares the Tax Cuts and Jobs Act of 2017, as passed by the House (TRA17H) and under consideration by the Senate (TRA17S) with two major previous efforts at comprehensive tax reform: The Tax Reform Act of 1986 (TRA86) and the draft tax reform proposed by former Ways and Means Chair David Camp (R-MI) (TRA14). It shows that TRA14 was quite similar to TRA86, but that TRA17 is very different than both. Congress should abandon TRA17 and go back to considering TRA14 on a bipartisan basis.
International Investment Law Through The Lens Of Global Justice, Steven Ratner
International Investment Law Through The Lens Of Global Justice, Steven Ratner
Law & Economics Working Papers
The last decade has witnessed a series of criticisms from states, NGOs, and scholars of international investment law’s rules and procedures. Running in parallel, and for a longer period, political philosophers have developed theories about what would constitute a just international economic order. Yet international law and philosophy have not directly engaged with one another regarding the justice of international investment law. This article attempts to breach that gap by analyzing the key critiques of investment law from the perspective of theories of global justice. Philosophical approaches are useful for appraising investment law because they offer a rigorous framework for …
China And The Future Of The International Tax Regime, Reuven S. Avi-Yonah, Haiyan Xu
China And The Future Of The International Tax Regime, Reuven S. Avi-Yonah, Haiyan Xu
Law & Economics Working Papers
The International tax regime (ITR) has been transformed after the Great Recession of 2008-2009. The G20/Organization for Economic Cooperation and Development (OECD)’s Base Erosion and Profit Shifting (BEPS) project (2013-2015) has fundamentally changed the ITR, giving new life to the single tax principle (income should be taxed once, i.e. no double taxation and no double non taxation).
Reaction to BEPS has varied dramatically between the EU and the US, the two largest markets in the world. In the EU BEPS is taken very seriously, as shown for example by the new Anti Tax Avoidance Directives that implement the single tax …
Slicing And Dicing: The Structural Problems Of The Tax Reform Framework, Reuven S. Avi-Yonah
Slicing And Dicing: The Structural Problems Of The Tax Reform Framework, Reuven S. Avi-Yonah
Law & Economics Working Papers
The “Unified Framework for Fixing Our Broken Tax Code” (the “Framework”) released by the “Big Six” group of Treasury, White House and Congressional leaders on September 27 has been the focus of a lot of commentary. Most of the comments have focused on the distributive aspects of the plan and on the proposed rate structure, as well as the impact on revenues and the federal deficit. In this comment, I plan to focus instead on the structural aspects of the plan and in particular on the various new lines that it draws, because these are more likely to be lasting.
Twenty-Five Years On — The Establishment And Application Of Corporate Fiduciary Duties In Prc Law, Nicholas C. Howson
Twenty-Five Years On — The Establishment And Application Of Corporate Fiduciary Duties In Prc Law, Nicholas C. Howson
Law & Economics Working Papers
This chapter analyzes the development of corporate fiduciary law and principles in the law of the People’s Republic of China from the early 1990s to date. The story starts with a short history of the contested advent of explicitly law-based corporate fiduciary duties into the PRC legal system after 1978, with an in depth consideration of the concurrent “legal construction” and “corporatization without privatization” programs implemented by China’s post-Mao administrations in the two decades following. In that regard, at least three development paths are described and explained — academic, regulatory and judicial/jurisprudential. Then the paper details how the substantive legal …
Optimal Remedies For Patent Infringement, Keith N. Hylton, Mengxi Zhang
Optimal Remedies For Patent Infringement, Keith N. Hylton, Mengxi Zhang
Faculty Scholarship
This paper derives optimal remedies for patent infringement, examining damages awards and injunctions. The fundamental optimality condition that applies to both awards and injunctions equates the marginal static cost of intellectual property protection with the marginal “dynamic” benefit from the innovation thereby induced. When the social value of the patent is sufficiently high, the optimal award induces socially efficient investment by giving the innovator the entire social value of her investment.
Antitrust Policy And Inequality Of Wealth, Herbert J. Hovenkamp
Antitrust Policy And Inequality Of Wealth, Herbert J. Hovenkamp
All Faculty Scholarship
Why would anyone want to use antitrust law as a wealth distribution device when far more explicit statutory tools are available for that purpose? One feature of antitrust is its open-textured, nonspecific statutes that are interpreted by judges. As a result, using antitrust to redistribute wealth may be a way of invoking the judicial process without having to go to Congress or a state legislature that is likely to be unsympathetic. Of course, a corollary is that someone attempting to use antitrust law to redistribute wealth will have to rely on the existing antitrust statutes rather than obtaining a new …
Digital Surveillance And Preventive Policing, Manuel A. Utset
Digital Surveillance And Preventive Policing, Manuel A. Utset
Scholarly Publications
No abstract provided.
Data Collection And The Regulatory State, Hillary Green, James Cooper, Ahmed Ghappour, Felix Wu
Data Collection And The Regulatory State, Hillary Green, James Cooper, Ahmed Ghappour, Felix Wu
Articles
The following remarks were given on January 27, 2017 during the Connecticut Law Review's symposium, "Privacy, Security & Power: The State of Digital Surveillance."
Conclusion - Between "Law In Books" And "Law In Action", Nicholas C. Howson, H. Huang
Conclusion - Between "Law In Books" And "Law In Action", Nicholas C. Howson, H. Huang
Book Chapters
Any attempt to comprehensively analyse the enforcement of corporate law and securities regulation is difficult, not only because there are so many distinct national systems in play, but also because, we need to examine both formal enforcement mechanisms and the way in which such mechanisms are applied in practice. If nothing else, the expert analyses presented in the foregoing chapters of this book confirm that with respect to enforcement issues a rather large gap does exist between what Roscoe Pound memorably called 'law in books' and 'law in action'.
The Role And Future Of Sovereign Wealth Funds: A Trade And Investment Perspective, Locknie Hsu
The Role And Future Of Sovereign Wealth Funds: A Trade And Investment Perspective, Locknie Hsu
Research Collection Yong Pung How School Of Law
Sovereign wealth funds ("SWFs") have been greeted with bothenthusiasm and suspicion. In one respect, they have been called "white knights," where they step in to inject financing to troubledentities.' In others, they have been called "Trojan horses" and"chameleons."
Amending Corporate Charters And Bylaws, Albert H. Choi, Geeyoung Min
Amending Corporate Charters And Bylaws, Albert H. Choi, Geeyoung Min
All Faculty Scholarship
Recently, courts have embraced the contractarian theory that corporate charters and bylaws constitute a “contract” between the shareholders and the corporation and have been more willing to uphold bylaws unilaterally adopted by the directors. This paper examines the contractarian theory by drawing a parallel between amending charters and bylaws, on the one hand, and amending contracts, on the other. In particular, the paper compares the right to unilaterally amend corporate bylaws with the right to unilaterally modify contract terms, and highlights how contract law imposes various limitations on the modifying party’s discretion. More generally, when the relationship of contracting parties …
The Tax Treatment Of Tokens: What Does It Betoken?, David J. Shakow
The Tax Treatment Of Tokens: What Does It Betoken?, David J. Shakow
All Faculty Scholarship
Digital tokens have been used to raise substantial amounts of money. But little attention has been paid to the tax consequences surrounding their issuance and sale. There are significant potential tax liabilities lurking in the use of digital tokens. But, because of the anonymity inherent in the blockchain structures used for the issuance of tokens and payments for them, there is a significant question as to whether those tax liabilities will ever be collected.
Tiny Homes For The Homeless: A Return To Politically Engaged Community Economic Development Law?, Lisa T. Alexander
Tiny Homes For The Homeless: A Return To Politically Engaged Community Economic Development Law?, Lisa T. Alexander
Faculty Scholarship
The evolution of community economic development (CED) over the past several decades has witnessed dramatic growth in scale and complexity. New approaches to development and related lawyering, and to philosophies underlying these approaches, challenge us to reimagine the framework of CED. From the early days of community development corporations to today’s sophisticated tools of finance and organization, this evolution reflects “why law matters” in pursuit of economic justice and opportunity. Change is visible in new approaches to enterprise development and novel grassroots initiatives that comprise a virtual “sharing economy,” as well as intensified advocacy around low-wage work and efforts to …
The Forfeiture Of Coverage Defenses Rule: An Economic Analysis, Tom Baker, Ezra Friedman, Kyle D. Logue
The Forfeiture Of Coverage Defenses Rule: An Economic Analysis, Tom Baker, Ezra Friedman, Kyle D. Logue
Law & Economics Working Papers
In liability insurance, the duty to defend is broader than the duty to cover. Thus it is possible that an insurer that has a duty to defend a suit may not have the duty to cover the policyholder's liabilities in the suit. However, if the penalty for a breach of the duty to defend is limited to actual legal costs spent by the defendant, the insurer may have an incentive to refuse to defend, even when the duty to defend is clear. This occurs because the insurer will not internalize the consequences of an inadequate defense when it ultimately can …
The Forfeiture Of Coverage Defenses Rule: An Economic Analysis, Tom Baker, Ezra Friedman, Kyle D. Logue
The Forfeiture Of Coverage Defenses Rule: An Economic Analysis, Tom Baker, Ezra Friedman, Kyle D. Logue
All Faculty Scholarship
In liability insurance, the duty to defend is broader than the duty to cover. Thus it is possible that an insurer that has a duty to defend a suit may not have the duty to cover the policyholder's liabilities in the suit. However, if the penalty for a breach of the duty to defend is limited to actual legal costs spent by the defendant, the insurer may have an incentive to refuse to defend, even when the duty to defend is clear. This occurs because the insurer will not internalize the consequences of an inadequate defense when it ultimately can …
The Fiction Of Locally Owned Mom And Pop Car Dealers: Some Data On Franchised Automobile Distribution In The State Of Michigan, Daniel A. Crane
The Fiction Of Locally Owned Mom And Pop Car Dealers: Some Data On Franchised Automobile Distribution In The State Of Michigan, Daniel A. Crane
Law & Economics Working Papers
No abstract provided.
The Ncaa And The Rule Of Reason, Herbert J. Hovenkamp
The Ncaa And The Rule Of Reason, Herbert J. Hovenkamp
All Faculty Scholarship
This brief essay considers the use of antitrust’s rule of reason in assessing challenges to rule making by the NCAA. In particular, it looks at the O’Bannon case, which involved challenges to NCAA rules limiting the compensation of student athletes under the NCAA rubric that protects the “amateur” status of collegiate athletes. Within that rubric, the Ninth Circuit got the right answer.
That outcome leads to a broader question, however: should the NCAA’s long held goal, frequently supported by the courts, of preserving athletic amateurism be jettisoned? Given the dual role that colleges play, that is a complex question, raising …
The Agency Problems Of Institutional Investors, Scott Hirst, Lucian A. Bebchuk, Alma Cohen
The Agency Problems Of Institutional Investors, Scott Hirst, Lucian A. Bebchuk, Alma Cohen
Faculty Scholarship
We analyze how the rise of institutional investors has transformed the governance landscape. While corporate ownership is now concentrated in the hands of institutional investors that can exercise stewardship of those corporations that would be impossible for dispersed shareholders, the investment managers of these institutional investors have agency problems vis-à-vis their own investors. We develop an analytical framework for examining these agency problems and apply it to study several key types of investment managers.
We analyze how the investment managers of mutual funds - both index funds and actively managed funds - have incentives to under-spend on stewardship and to …
Stock Market Reactions To India's 2016 Demonetization: Implications For Tax Evasion, Corruption, And Financial Constraints, Dhammika Dharmapala, Vikramaditya Khanna
Stock Market Reactions To India's 2016 Demonetization: Implications For Tax Evasion, Corruption, And Financial Constraints, Dhammika Dharmapala, Vikramaditya Khanna
Law & Economics Working Papers
On November 8, 2016, the Indian government made a surprise announcement that certain currency notes (representing 86% of the currency then in circulation) would no longer be legal tender (although they could be deposited in banks over a limited period). The stated reason for this sudden “demonetization” was to combat tax evasion and corruption associated with “unaccounted-for” cash. We compute abnormal returns for firms on the Indian stock market around this event, and compare patterns of abnormal returns for different subsamples of firms defined by industry, ownership structure, and other characteristics. There is little evidence that sectors thought to be …
Law, Social Welfare, And Net Neutrality, Keith N. Hylton
Law, Social Welfare, And Net Neutrality, Keith N. Hylton
Faculty Scholarship
Net neutrality generates wealth transfers from one type of internet content provider to another. In theory, these transfers might be socially desirable, and could be justified on the basis of informational externalities similar to those cited to justify fair use in copyright law. In practice, however, the conditions that justify fair use do not hold where net neutrality operates. Moreover, the internal subsidization required by net neutrality generates a regressive transfer. The welfare gains that might come from controlling anticompetitive abuse or government coercion through implementation of net neutrality can be achieved by alternative policies with less harmful consequences.
China's 'Corporatization Without Privatization' And The Late 19th Century Roots Of A Stubborn Path Dependency, Nicholas C. Howson
China's 'Corporatization Without Privatization' And The Late 19th Century Roots Of A Stubborn Path Dependency, Nicholas C. Howson
Law & Economics Working Papers
This Article analyzes the contemporary program of “corporatization without privatization” in the People’s Republic of China (PRC) directed at China’s traditional state-owned enterprises (SOEs) through a consideration of long ago precursor enterprise establishments—starting from the last Chinese imperial dynasty’s creation of “government promoted/supervised-merchant financed/operated” (guandu shangban) firms in the latter part of the nineteenth century. While analysts are tempted to see PRC corporations with listings on international exchanges that dominate the global economy and capital markets as expressions of “convergence,” this Article argues that such firms in fact show deeply embedded aspects of path dependency unique to the Chinese context …