Law Commons^™

Do Antitakeover Defenses Decrease Shareholder Wealth? The Ex Post/Ex Ante Valuation Problem, Lynn A. Stout

Cornell Law Faculty Publications

Over the past two decades, academics have generated a large empirical literature examining whether antitakeover defenses like poison pills or staggered board provisions decrease the wealth of shareholders in target corporations. Many studies, however, rely primarily on ex post analysis-they consider only how antitakeover defenses (ATDs) influence shareholder wealth after the corporation has been formed and, in some cases, long after the ATD was adopted. This Response argues that it may be impossible to fully understand the purpose or effects of ATDs without also considering their ex ante effects. In particular, ATDs may increase net target shareholder wealth ex ante …

Rolling Contracts, Robert A. Hillman

Cornell Law Faculty Publications

"Rolling contracts" are one method of presenting standard forms to contracting parties, including consumers, who are the focus of this paper. In a rolling contract, a purchaser orders goods and pays for them before seeing most of the terms, which come later in or on the packaging of the goods. The purchaser can return the goods for a limited time period.

This paper addresses the controversy over whether the new terms are part of the contract and enforceable against the purchaser. Although most analysts focus on when the contract is formed, this paper urges that this analysis yields little fruit. …

Are Police Free To Disregard Miranda?, Steven D. Clymer

Cornell Law Faculty Publications

Litigation Realities, Kevin M. Clermont, Theodore Eisenberg

Cornell Law Faculty Publications

After both summarizing recent empirical work and presenting new observations on each of the six phases of a civil lawsuit (forum, pretrial, settlement, trial, judgment, and appeal), the authors draw a series of lessons for understanding and using empirical methods in the study of the legal system's operation. In so doing, they generate implications for current and projected policy debates concerning litigation, while identifying areas that demand further empirical work.

Enron And The Corporate Lawyer: A Primer On Legal And Ethical Issues, Roger C. Cramton

Cornell Law Faculty Publications

The stunning collapse of Enron, coupled with the large number of accounting irregularities and apparent corporate fraud, have created a climate in which reform and improvement of the law governing corporate lawyers is underway. The ABA Task Force on Corporate Responsibility has issued a preliminary report that recommends promising changes in the rules of professional conduct. And, the Corporate Reform Act of 2002 has changed the landscape by authorizing the SEC to promulgate rules of professional conduct for securities lawyers and directing the SEC to issue a rule requiring securities lawyers to climb the corporate ladder to prevent or rectify …

Legally Defending Mission-Creep: How The Bretton Woods Charters Anticipate And Justify Imf Attention To "Structural" Variables In Its Oversight Of The Global Financial System, Robert C. Hockett

Cornell Law Faculty Publications

No abstract provided.

Comparative Readings Of Roscoe Pound's Jurisprudence, Mitchel De S.-O.-L'E. Lasser

Cornell Law Faculty Publications

Educational Jujitsu: How School Finance Lawyers Learned To Turn Standards And Accountability Into Dollars, Michael Heise

Cornell Law Faculty Publications

No abstract provided.

Equal Educational Opportunity By The Numbers: The Warren Court's Empirical Legacy, Michael Heise

Cornell Law Faculty Publications

By drawing upon empirical social science evidence to inform a core tenet of the Court's understanding of equal education the Warren Court established one of its enduring - if under-appreciated - legacies: The increased empiricization of the equal educational opportunity doctrine. All three major subsequent legal efforts to restructure public schools and equalize educational opportunities among students - post-Brown school desegregation, finance, and choice litigation - evidence an increasingly empiricized equal educational opportunity doctrine. If my central claim is correct, it becomes important to consider the consequences of this development. I consider two in this Article and find both benefits …

What Is A Search? Two Conceptual Flaws In Fourth Amendment Doctine And Some Hints Of A Remedy, Sherry F. Colb

Cornell Law Faculty Publications

No abstract provided.

Tailored Police Testimony At Suppression Hearings, Joel Atlas

Cornell Law Faculty Publications

Whether a court must suppress evidence typically turns on the conduct or observations of the police officer who discovered the evidence. By falsely testifying to the facts surrounding the discovery of the evidence, a police officer may validate a blatantly unconstitutional search. New York courts have long recognized that police officers sometimes fabricate suppression testimony to meet constitutional restrictions. Indeed, the Appellate Division has rejected police testimony at suppression hearings where the officer’s testimony appears to have been “patently tailored to nullify constitutional objections.” Although, to be sure, rejections are rare and their number appears to be declining, the appellate …

Ethics 2000 And Conflicts Of Interest: The More Things Change . . . ., Charles W. Wolfram

Cornell Law Faculty Publications

Equal Protection Incorporation, Michael C. Dorf

Cornell Law Faculty Publications

In order to preserve a broad field of play for legislative and administrative action, courts do not subject most state action to exacting scrutiny under the Equal Protection Clause. For half a century, the principal exception has consisted of so-called suspect and semi-suspect classifications. Although the Supreme Court has articulated criteria for identifying such classifications, standing alone, none of these criteria is satisfactory, nor has the Court found any principled means of combining them. This Article proposes a judicial reading of the Equal Protection Clause, "equal protection incorporation", that roots the process of identifying suspect and semi-suspect classifications in constitutional …

Judging By Heuristic: Cognitive Illusions In Judicial Decision Making, Chris Guthrie, Jeffrey J. Rachlinski, Andrew J. Wistrich

Cornell Law Faculty Publications

Many people rely on mental shortcuts, or heuristics, to make complex decisions, but this sometimes leads to inaccurate inferences, or cognitive illusions. A recent study suggests such cognitive illusions influence judicial decision making.

The Courts, Educational Policy, And Unintended Consequences, Michael Heise

Cornell Law Faculty Publications

Recent school finance litigation illustrates yet again how law can generate unintended policy consequences. Seeking to improve student achievement and school accountability, more states now turn to educational standards and assessments. At the same time, a multi-decade school finance litigation effort develops and changes its theoretical base. Recently, educational standards and school finance litigation converged in a way that enables school districts to gain financially from their inability to meet desired achievement levels. Specifically, courts increasingly allow litigants and lawsuits to transform standards and assessments into constitutional entitlements to additional resources. As a consequence, increased legal and financial exposure for …

Bad And Not-So-Bad Arguments For Shareholder Primacy, Lynn A. Stout

Cornell Law Faculty Publications

In 1932, the Harvard Law Review published a debate between two preeminent corporate scholars on the subject of the proper purpose of the public corporation. On one side stood the renowned Adolph A. Berle, coauthor of the classic The Modern Corporation and Private Property. Berle argued for what is now called "shareholder primacy"—the view that the corporation exists only to make money for its shareholders. According to Berle, "all powers granted to a corporation or to the management of a corporation, or to any group within the corporation. . . [are] at all times exercisable only for the ratable …

Contract Lore, Robert A. Hillman

Cornell Law Faculty Publications

The article investigates why contracts lawyers, judges, and theorists ("contracts people") routinely and confidently invoke "traditional beliefs" about contract law that are not even close to true. For example, contracts people often declare that the purpose of expectancy damages is to put the injured party in as good a position as if the contract had been performed. But expectancy damages virtually never do this. Contracts people also recite that the reasons for breach, whether willful, negligent or unavoidable, do not matter, and that formation and interpretation issues focus on the parties' intentions. Neither of these assertions is close to true …

School Vouchers And The Constitution - Permissible, Impermissible, Or Required?, Gary J. Simson

Cornell Law Faculty Publications

No abstract provided.

The Rhetoric Of Legal Backfire, Robert A. Hillman

Cornell Law Faculty Publications

This Article focuses on legal backfire claims. A claim of legal backfire constitutes the position that a law produces or will produce results directly contrary to one or more of those intended. Legal backfire claims are pervasive, yet potentially misleading and harmful argumentation used primarily to undermine existing law (or policy) or to forestall the enactment of new law. This Article analyzes many examples of legal backfire to suggest that the concept is often a rhetorical strategy for opposing the promulgation of new law or policy or for attempting to have existing law rolled back, and that actual legal backfires …

Comment: More In Defense Of U.C.C. Methodology, Robert A. Hillman

Cornell Law Faculty Publications

No abstract provided.

User Friendly: Informality And Expertise, Annelise Riles

Cornell Law Faculty Publications

No abstract provided.

Comparative Multi-Disciplinary Practice Of Law: Paths Taken And Not Taken, Charles W. Wolfram

Cornell Law Faculty Publications

It is always an interesting journey to return to one's roots, and many of the most important of my personal and professional roots are here in Cleveland, including my birth and the first twenty years of life. Subsequent wanderings have taken me far from here, but always to return. We consider here another set of journeys and pathways that are institutional, not personal. The paths traversed are both national and international, and they will take us on journeys that are far from completed. They concern the ways in which various contemporary legal cultures have so far approached the subject of …

Human Capital And Employee Mobility: A Rejoinder, Katherine V.W. Stone

Cornell Law Faculty Publications

No abstract provided.

Asbestos Litigation Gone Mad: Exposure-Based Recovery For Increased Risk, Mental Distress, And Medical Monitoring, James A. Henderson Jr., Aaron Twerski

Cornell Law Faculty Publications

No abstract provided.

The First Amendment And The Socialization Of Children: Compulsory Public Education And Vouchers, Steven H. Shiffrin

Cornell Law Faculty Publications

Criticism of American public schools has been a cottage industry since the Nineteenth Century. In recent years the criticism has gone to the roots. Critics charge that to leave children imprisoned in the public school monopoly is to risk the standardization of our children; it is to socialize them in the preferred views of the State. They argue that it would be better to adopt a system of vouchers or private scholarships to support a multiplicity of private schools. A multiplicity of such schools, it is said, would enhance parental choice, would foster competition, and would promote a diversity of …

Presidentialism In The Southern African States And Constitutional Restraint On Presidential Power, Muna Ndulo

Cornell Law Faculty Publications

No abstract provided.

The Political Economy Of School Choice, Michael Heise, James E. Ryan

Cornell Law Faculty Publications

This paper examines the political economy of school choice and focuses in particular on the role of suburbanites. This group, which we contend is the most important and powerful stakeholder in choice debates, has yet to receive much attention in the commentary. It turns out that suburbanites, by and large, are not wild about school choice, either public or private. Suburbanites are largely satisfied with the schools in their neighborhoods and want to protect the physical and financial independence of those schools (as well as their property values, which are tied to the perceived quality of local schools). School choice …

Reconciling Experimental Incoherence With Real-World Coherence In Punitive Damages, Theodore Eisenberg, Jeffrey J. Rachlinski, Martin T. Wells

Cornell Law Faculty Publications

Experimental evidence generated in controlled laboratory studies suggests that the legal system in general, and punitive damages awards in particular, should display an incoherent pattern. According to the prediction, inexperienced decisionmakers, such as juries, should fail to convert their qualitative judgments of defendants' conduct into consistent, meaningful dollar amounts. This Article tests this prediction and finds modest support for the thesis that experience across different types of cases will lead to greater consistency in awards. Despite this support, numerous studies of damage awards in real cases detect a generally sensible pattern of damage awards. This Article tries to reconcile the …

Rights Inside Out: The Case Of The Women's Human Rights Campaign, Annelise Riles

Cornell Law Faculty Publications

This essay traces the relationship between activists and academics involved in the campaign for “women’s rights as human rights” as a case study of the relationship between different classes of what I call “knowledge professionals” self-consciously acting in a transnational domain. The puzzle that animates this essay is the following: how was it that at the very moment at which a critique of “rights” and a reimagination of rights as “rights talk” proved to be such fertile ground for academic scholarship did the same “rights” prove to be an equally fertile ground for activist networking and lobbying activities? The paper …

Foreword, Jeffrey S. Lehman

Cornell Law Faculty Publications

No abstract provided.