Law Commons^™

Investors' Paradox, Anita Krug

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For the first time in an era, new investment products for smaller ("retail ") investors are emerging. These products are mutual funds that engage in the types of trading and investment activities that have long been the province of sophisticated investors. Accordingly, the new funds (called "alternative funds") promise to reduce the gulf between retail investors and their sophisticated counterparts, in terms of portfolio diversification and investment results.This Article describes the complex mix of factors that spawned alternative funds and critically evaluates the funds' potential, the first scholarly work to do so. It additionally unearths the paradox that impedes the …

How Much Should We Spend To Protect Privacy?: Data Breaches And The Need For Information We Do Not Have, Richard Warner, Robert Sloan

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A cost/benefit approach to privacy confronts two tradeoff issues. One is making appropriate tradeoffs between privacy and many goals served by the collection, distribution, and use of information. The other is making tradeoffs between investments in preventing unauthorized access to information and the variety of other goals that also make money, time, and effort demands. Much has been written about the first tradeoff. We focus on the second. The issue is critical. Data breaches occur at the rate of over three a day, and the aggregate social cost is extremely high. The puzzle is that security experts have long explained …

Brief For 72 Professors Of Intellectual Property Law As Amici Curiae In Support Of Respondents In Oil States Energy V. Greene's Energy, Gregory Reilly, Mark Lemley, Arti Rai

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This is a brief of 72 IP professors opposing the claim in Oil States that the IPR procedure is unconstitutional.Petitioner argues that only a court – indeed, only a jury – has the power to decide that the United States Patent and Trademark Office erred in granting a patent. That argument flies in the face of the history of patent law and this Court’s precedents.Patents are a creature of statute: as early as 1834, this Court specifically recognized that there is no “natural” or common law right to a patent. Rather, under its Article I power to establish a patent …

Communitizing Transnational Regulatory Concerns, Sungjoon Cho, Cecilia Suh, Jacob Radecki

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The conventional, rationalist view explains that a state will only assent to international regulation if such regulation directly serves the state’s interest. In contrast, nascent transnational regulatory intermediaries, such as the World Trade Organization’s (WTO) Technical Barriers to Trade (TBT) Committee, seek to ameliorate such parochial state interests through a broader interstate dialogue. This Article addresses the challenging question of whether these intermediaries have any meaningful effect on the resolution of interstate trade disputes. To examine this question, this Article utilizes data from over 400 examples of “specific trade concerns” (STCs) raised by WTO members in the TBT Committee. Our …

Brexit And Ip: The Great Unraveling?, Graeme Dinwoodie, Rochelle Dreyfuss

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In theory, exit from Brexit will free the United Kingdom from the constraints and burdens of EU membership. It will transfer sovereignty back to the people from the technocratic rule of Brussels; replace the jurisprudence of the Court of Justice with the adjudicative power of national courts; and allow the UK to tailor its market regulation in the particular exigencies of the UK economy. Whether, as a general matter, the restoration of a classic Westphalian state enhances value either nationally or globally is an issue we leave to others to debate.We ask a different question: we explore how well the …

Ip Law Post-Brexit, Graeme Dinwoodie, Richard Arnold, Lionel Bently, Estelle Derclaye

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No abstract provided.

A General Approach For Predicting The Behavior Of The Supreme Court Of The United States, Daniel Katz

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Building on developments in machine learning and prior work in the science of judicial prediction, we construct a model designed to predict the behavior of the Supreme Court of the United States in a generalized, out-of-sample context. To do so, we develop a time-evolving random forest classifier that leverages unique feature engineering to predict more than 240,000 justice votes and 28,000 cases outcomes over nearly two centuries (1816-2015). Using only data available prior to decision, our model outperforms null (baseline) models at both the justice and case level under both parametric and non-parametric tests. Over nearly two centuries, we achieve …

Harnessing Legal Complexity, Daniel Katz, J. Ruhl, M Bommarito

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No abstract provided.

Campus Misconduct, Sexual Harm And Appropriate Process: The Essential Sexuality Of It All, Katharine Baker

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No abstract provided.

The International Criminal Court In Africa: Impartiality, Politics, Complementarity And Brexit, Bartram Brown

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I have known and been inspired by Henry J. Richardson III and his scholarship for many years. A hallmark of his work has been his focus upon African-American interests in international law and also upon the rights and interests of African states. In acknowledgement of that intellectual debt, it is my honor to dedicate the following article to this festschrift celebrating his life and work.

The Other Securities Regulator: A Case Study In Regulatory Damage, Anita Krug

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Although the Securities and Exchange Commission is the primary securities regulator in the United States, the Department of Labor also engages in “securities regulation.” It does so by virtue of its authority to administer the Employee Retirement Income Security Act (ERISA), the statute that governs the investment of retirement assets. In 2016, the DOL used its securities regulatory authority to adopt a rule that, for the first time, designates securities brokers who provide investment advice to retirement investors as fiduciaries subject to ERISA’s stringent transaction prohibitions. The new rule’s objective is salutary, to be sure. However, this Article shows that, …

Keeping The Internet Invisible: Television Takes Over, Henry Perritt

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No abstract provided.

No Way To Run And "Airline": Surviving An Air Ambulance Ride, Henry Perritt

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No abstract provided.

Who Pays When Drones Crash?, Henry Perritt

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No abstract provided.

New Wine In Old Wineskins: Metaphor And Legal Research, Amy E. Sloan, Colin Starger

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We construct our conceptual world using metaphors. Yet sometimes our concepts are flawed and our metaphors do damage. This Article examines a set of metaphors currently doing damage in law – those for legal research. It shows that while technology has radically altered the material world of legal research, our dominant metaphors have remained static, and thus, become outmoded. Conceptualizing today’s reality using old metaphors fails; it is like pouring new wine in old wineskins. To address this problem, this Article first surfaces unwarranted assumptions buried in the metaphors we use when talking about research and then proposes new metaphors …

The Limits Of Isomorphism: Global Investment Law And The Asean Investment Regime, Sungjoon Cho, Jurgen Kurtz

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This article probes the unique ontogenetic path of ASEAN’s regulation of foreign investment by juxtaposing global investment law and the ASEAN context. While the former delivers a powerful heuristic on isomorphism that ASEAN exhibits in its strong reflection of global investment norms, the latter sheds critical light on ideological and analytical blind spots by exploring distinct heterogeneities in ASEAN’s investment regulation. Those heterogeneities are not simply outliers but reflect important historical and cultural values inherent to ASEAN and its members. The insights uncovered in this article invite scholars and policymakers to define a new form of global investment law that …

Making Civilian Drones Safe: Performance Standards, Self-Certification, And Post-Sale Data Collection, Henry Perritt, Albert Plawinski

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With millions of small drones in private hands, the FAA continues its struggle to develop an effective regulatory regime to comply with Congress’s mandate to integrate them into the national airspace system. Thousands of individuals and small businesses have obtained authorization from the FAA—"section 333 exemptions"—allowing them to fly their drones commercially. Farmers, TV stations, surveyors, construction-site supervisors, real estate agents, people selling their properties, and managers seeking cheaper and safer ways to inspect their facilities, want to hire the exemption holders, but many are holding back until the FAA clarifies the groundrules.The FAA understands that its traditional approach for …

Uncertain Futures In Evolving Financial Markets, Anita Krug

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Today’s publicly offered investment funds, including mutual funds, have ever more diverse investment strategies, as they increasingly invest in financial instruments that, in earlier years, had been the province of only the most sophisticated investors. Although the new landscape of investment possibilities may substantially benefit retail investors, one financial instrument attracting increasing amounts of retail investors’ assets is acutely troublesome: the commodity futures contract. Futures originated as a means for farmers and other producers of agricultural commodities to ensure that their products could be sold at reasonable prices. Early on, the goals of futures regulation centered on one particular risk …

An Arm And A Leg: Paying For Helicopter Air Ambulances, Henry Perritt

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An increase in Medicare reimbursement rates in 2002 caused the number of helicopter air ambulances in the United States to increase threefold. The vast majority of air ambulance flights are ultimately paid for through Medicare or private insurance reimbursement, although the patient often remains legally responsible for the cost of a flight. Average costs for helicopter air ambulance (HEMS) operators have increased much more rapidly than the reimbursement rate, mostly due to low utilization of the helicopters. New safety requirements imposed by the FAA, after a ten-year period of much higher accident rates for helicopter air ambulances than for the …

Uber Television: Internet-Only Television Stations, Henry Perritt

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Broadcast television in the United States is under siege. Viewers are jumping ship, finding their news and entertainment on the Internet. A thicket of intellectual property license restrictions makes it difficult for broadcasters to follow them. Some content producers limit distribution for the acknowledged purpose of slowing the migration to new technologies. The FCC’s Broadcast Incentive Auction provides an opportunity for TV stations to get a fresh start. By abandoning expensive transmitters and antennas, by embracing the Uber ride-sharing model of contingent work, by taking advantage of the creativity of indie video producers, by utilizing the full potential of targeted …

Modularity Theory And Internet Regulation, Christopher S. Yoo

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Modularity is often cited as one of the foundations for the Internet’s success. Unfortunately, academic discussions about modularity appearing in the literature on Internet policy are undertheorized. The persistence of nonmodular architectures for some technologies underscores the need for some theoretical basis for determining when modularity is the preferred approach. Even when modularity is desirable, theory must provide some basis for making key design decisions, such as the number of modules, the location of the interfaces between the modules, and the information included in those interfaces.

The literature on innovation indicates that modules should be determined by the nature of …

Access To Capital Or Just More Blues? Issuer Decision-Making Post Sec Crowdfunding Regulation, Patricia Hureston Lee

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Crowdfunding is an alternative for Issuers seeking funds for their businesses. On October 2015, the Securities Exchange Commission (SEC) released final crowdfunding regulations that became effective May 20162 as a charge of the Jobs Act, Title III (the “Crowdfund Act”). Issuers can now secure crowdfunded investments without a securities registration.

This article evaluates investment-based crowdfunding from the perspective of one group that has been neglected from the crowdfunding scholarship — Issuers that seek financing under this new framework. In Section I, the author summarizes the new crowdfund regulations, which create a new financing opportunity vastly different from previous types of …

Escaping Entity-Centrism In Financial Services Regulation, Anita Krug

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In the ongoing discussions about financial services regulation, one critically important topic has not been recognized, let alone addressed. That topic is what this Article calls the “entity-centrism” of financial services regulation. Laws and rules are entity-centric when they assume that a financial services firm is a stand-alone entity, operating separately from and independently of any other entity. They are entitycentric, therefore, when the specific requirements and obligations they comprise are addressed only to an abstract and solitary “firm,” with little or no contemplation of affiliates, parent companies, subsidiaries, or multi-entity enterprises. Regulatory entity-centrism is not an isolated phenomenon, as …

The Modern Corporation Magnified: Managerial Accountability In Financial Services Holding Companies, Anita Krug

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This Article first recalls the primary contours of Adolf Berle and Gardiner Means’s acclaimed observations regarding the separation of ownership and control in the “modern corporation,” as well as their conclusions about the implications of those observations for the doctrine of shareholder primacy. Second, the Article describes how the activities of FSHCs generally differ from what we think corporations do and, certainly, from what Berle and Means conceived of as the purpose of corporations or, indeed, any business enterprise. Third, this Article articulates how those business activities render more acute the problem of the separation of ownership and control that …

Investment Company As Instrument: The Limitations Of The Corporate Governance Regulatory Paradigm, Anita Krug

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U.S. regulation of public investment companies (such as mutual funds) is based on a notion that, from a governance perspective, investment companies are simply another type of business enterprise, not substantially different from companies that produce goods or provide (noninvestment) services. In other words, investment company regulation is founded on what this Article calls a “corporate governance paradigm,” in that it provides a significant regulatory role for boards of directors, as the traditional governance mechanism in business enterprises, and is “entity centric,” focusing on intraentity relationships to the exclusion of superentity ones. This Article argues that corporate governance norms, which …

Rethinking U.S. Investment Adviser Regulation, Anita Krug

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(Excerpt)Now, in the aftermath of Dodd-Frank's enactment and the SEC's associated bout of rulemaking, one might think that the Advisers Act's regulatory regime is a workable and effective one, equipped to address - and address efficiently - the investor-protection risks that the twenty-first-century investment adviser industry produces. In fact, however, Dodd-Frank did not touch - and, indeed, Dodd-Frank's crafters indicated no awareness of - many of the Advisers Act's longstanding troubles. Additionally, the changes Dodd-Frank brought about have their own considerable deficiencies. As this Article contends, the U.S. investment adviser regulatory regime, now seventy-four years old, is in need of …

Roundtable Discussion Transcript: The Legal And Ethical Limits Of Technological Warfare Symposium, February 1, 2013, University Of Utah, S.J. Quinney College Of Law, Amos N. Guiora, Harry Soyster, David R. Irvine, Geoffrey S. Corn, James Jay Carafano, Claire O. Finkelstein, Laurie R. Blank, Monica Hakimi, George R. Lucas, Trevor W. Morrison, Frederic Megret

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The Utah Law Review brought in a panel of experts for a symposium on the legal and ethical limits of technological warfare. This roundtable discussion crystalized the issues discussed throughout the symposium. The collective experience and diversity of viewpoints of the panelists produced an unparalleled discussion of the complex and poignant issues involved in drone warfare. The open dialogue in the roundtable discussion created moments of tension where the panelists openly challenged each other’s viewpoints on the ethics and legality of drone warfare. The discussion captured in this transcript uniquely conveys the diversity of perspectives and inherently challenging legal and …

How The Expressive Power Of Title Ix Dilutes Its Promise, Dionne L. Koller

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Title IX is widely credited with shaping new norms for the world of sports by requiring educational institutions to provide equal athletic opportunities to women. The statute and regulations send a message that women are entitled to participate in sports on terms equal to men. For several decades, this message of equality produced dramatic results in participation rates, as the number of women interested in athletics grew substantially. Despite these gains, however, many women and girls, especially those of color and lower socio-economic status, still do not participate in sports, or remain interested in participating, in numbers comparable to their …

Introduction: Special Issue On Law, Kenneth Lasson

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Just as ensuring civil liberties for all requires eternal vigilance, so combating antisemitism is a never-ending quest. But the continuous monitoring of antisemitic incidents—a critical exercise that this journal painstakingly reflects in its “Antisemitica” feature—is merely the beginning of the everlasting effort to limit them. Bigotry comes in many guises and is a constantly evolving target, exposing the limitations of law and the frustrations of justice.

Thus, even in civilized societies where equality under the law is a guiding principle, legal remedies for discrimination are insufficient in and of themselves. They must be accompanied by purposeful good-will and a firm …

Fortuity And Forensic Familial Identification, Natalie Ram

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On July 7, 2010, Los Angeles police announced the arrest of a suspect in the Grim Sleeper murders, so called because of a decade-long hiatus in killings. The break in the case came when California searched its state DNA database for a genetic profile similar, but not identical, to the killer’s. DNA is inherited in specific and predictable ways, so a source-excluding partial match might indicate that a close genetic relative of the matching offender was the Grim Sleeper. California’s apparent success in this case has intensified interest in policymaking for source-excluding partial matching. To date, however, little information about …