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Full-Text Articles in Law

Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments For Seed Investing, John L. Orcutt Jun 2020

Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments For Seed Investing, John L. Orcutt

Law Faculty Scholarship

In a well-functioning market, reasonable investors are less likely to invest in companies when they cannot confidently value the opportunity. This presents a serious problem for young startups because they are unavoidably difficult to value. Partly in response to the valuation challenge, specialized startup investors evolved how they contract for young-startup investments. Around 2005 they began using deferred-equity instruments (first convertible notes, and later safes and the KISS). Deferred-equity instruments offer a partial solution to the valuation challenge by allowing specialized startup investors to thoughtfully invest in venture capital-eligible young startups without valuing them at the time of investment. Deferred-equity ...


Introductions, Tonya M. Evans, Julia Spivak Jan 2019

Introductions, Tonya M. Evans, Julia Spivak

Law Faculty Scholarship

An introduction to the Symposium and an introduction to Blockchain technology in preparation for the topics of the rest of the symposium.


The Role Of International Rules In Blockchain-Based Cross-Border Commercial Disputes, Tonya M. Evans Jan 2019

The Role Of International Rules In Blockchain-Based Cross-Border Commercial Disputes, Tonya M. Evans

Law Faculty Scholarship

[excerpt] The concept of online dispute resolution (ODR) is not new. 1 But, with the advent of Web 3.0, the distributed web that facilitates pseudonymous and cross-border transactions via blockchain's distributed ledger technology, 2 the idea of, and pressing need for, appropriate dispute resolution models for blockchain-based disputes to support this novel system of distributed consensus and trust of which blockchain proponents boast, is a primary concern in rapid development. 3 The common goal of each project is to utilize smart contracts to facilitate "superior, quicker[,] and less expensive proceedings by eliminating so many of the tedious and ...


Marijuana Regulation And Federalism, John M. Greabe Mar 2017

Marijuana Regulation And Federalism, John M. Greabe

Law Faculty Scholarship

[Excerpt] "Federal law makes the cultivation and use of marijuana illegal for all purposes. Yet, over the past two decades, 28 states plus the District of Columbia have legalized marijuana for medicinal purposes, and eight states plus the District of Columbia have legalized it for recreational purposes. Marijuana regulation thus provides a useful and timely example for exploring the ways in which the distribution of power between the federal government and the states can facilitate policy change."


The New Road To Serfdom: The Curse Of Bigness And The Failure Of Antitrust, Carl Bogus Oct 2015

The New Road To Serfdom: The Curse Of Bigness And The Failure Of Antitrust, Carl Bogus

Law Faculty Scholarship

This Article argues for a paradigm shift in modern antitrust policy. Rather than being concerned exclusively with consumer welfare, antitrust law should also be concerned with consolidated corporate power. Regulators and courts should consider the social and political, as well as the economic, consequences of corporate mergers. The vision that antitrust must be a key tool for limiting consolidated corporate power has a venerable legacy, extending back to the origins of antitrust law in early seventeenth century England, running throughout American history, and influencing the enactment of U.S. antitrust laws. However, the Chicago School's view that antitrust law ...


Making Do In Making Drugs: Innovation Policy And Pharmaceutical Manufacturing, W. Nicholson Price Ii Jan 2014

Making Do In Making Drugs: Innovation Policy And Pharmaceutical Manufacturing, W. Nicholson Price Ii

Law Faculty Scholarship

Despite increasing recalls, contamination events, and shortages, drug companies continue to rely on outdated manufacturing plants and processes. Drug manufacturing’s inefficiency and lack of innovation stand in stark contrast to drug discovery, which is the focus of a calibrated innovation policy that combines patents and FDA regulation. Pharmaceutical manufacturing lags far behind the innovative techniques found in other industries due to high regulatory barriers and ineffective intellectual property incentives. Among other challenges, although manufacturers tend to rely on trade secrecy because of the difficulty in enforcing patents on manufacturing processes, trade secrecy provides limited incentives for innovation. To increase ...


Money As Simulacrum: The Legal Nature And Reality Of Money, John J. Chung Jan 2009

Money As Simulacrum: The Legal Nature And Reality Of Money, John J. Chung

Law Faculty Scholarship

No abstract provided.