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On The Design Of Efficient Priority Rules For Secured Creditors: Empirical Evidence From A Change In Law, Clas Bergström, Theodore Eisenberg, Stefan Sundgren

Cornell Law Faculty Publications

This article assesses the effect of a reduction in secured creditor priority on distributions and administrative costs in liquidating bankruptcy cases by reporting the first empirical study of the effect of a priority change. Priority reform had redistributive effects in liquidating bankruptcy. As expected, average payments to general unsecured creditors were significantly higher after the reform than before the reform and payments to secured creditors decreased. Reform did not increase the size of the pie to be distributed in bankruptcy. Nor did it increase the direct costs of bankruptcy.

Introduction To Comparative Legal Cultures: The Civil Law And The Common Law On Evidence And Judgment (Oral Presentation Of The Book By Antoine Garapon & Ioannis Papadopoulos, Juger En Amerique Et En France : Culture Judiciaire Française Et Common Law, Ioannis Papadopoulos

Cornell Law Faculty Working Papers

This book is the fruit of a basic idea, namely that comparative law is meaningless if it is regarded as the sole study of juxtaposed legal systems, regardless of their cultural dimension. The book’s main aim is to identify and analyze the basic cultural differences between the two great legal traditions of the West, the Continental and the Anglo-American one, through a thorough examination of the trial, and of judicial institutions more widely, as these are organized in France and the United States. For that purpose, after an introduction to the concept of legal culture and the basic notions of …

Taxation Of Spin-Off – U.S. And German Corporate Tax Law, Stefan W. Suchan

Cornell Law School J.D. Student Research Papers

Corporate law provides for a transaction commonly referred to as “spin-off”. The corporate enterprise is divided in (at least) two corporations. The stock of a controlled subsidiary will be distributed pro rata by a parent corporation to its shareholders which end up owning a brother/sister pair of corporate enterprises.

The Internal Revenue Code (IRC) in § 355 provides special rules for the distribution of stock and securities of a controlled corporation. The transaction is known as a “D reorganization”, if such a distribution follows the transfer by a corporation of all or a part of its assets to another corporation, …

Post-Enron: U.S. And German Corporate Governance, Stefan W. Suchan

Cornell Law School J.D. Student Research Papers

Only five years after Henry Hansmann and Reinier Kraakmann announced "the End of History of Corporate Law" – borrowing the words of Francis Fukuyama–, this observation seems at least questionable. Following two major failures of the “American Model” with the bankruptcy of Enron and WorldCom, the question of the "right" Corporate Governance regime is again under discussion.

Legislators around the globe assume that further development of Corporate Governance is necessary. There is consent for the need of improvement, but no clear answer on how to improve. A first step to solving the arising problems might be to evaluate the reasons …

On International And Interdisciplinary Legal Ethics Scholarship, W. Bradley Wendel

Cornell Law Faculty Publications

"Legal Ethics is an international and interdisciplinary journal dedicated to the field of legal ethics." The mission statement of this journal poses three concise challenges for scholars in this discipline: To define the domain of legal ethics, to study it from a perspective that is valid across jurisdictional boundaries, and to incorporate the insights of related disciplines. As befits an emerging and exciting field, lawyers and university faculty throughout the English- speaking common-law world have begun to engage with all three of these problems. The book reviews section of Legal Ethics has highlighted the publication of many of the …

What Future Democracy?, Aziz Rana

Cornell Law Faculty Publications

The threat posed by Aids to the development of democracy in Africa plays no part in current discussions of the impact of the disease.