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Articles 31 - 45 of 45
Full-Text Articles in Law
Documentary Credit Law And Practice In The Global Information Age, Jacqueline D. Lipton
Documentary Credit Law And Practice In The Global Information Age, Jacqueline D. Lipton
Articles
Documentary letters of credit have historically been an important and popular method of payment in international trading transactions. In fact, they have been described as the "life-blood of international commerce." A number of uniform international practices have developed for their use, many of which are codified in international rules such as the UCP 500. However, in the global information age, as the nature of international commerce changes, so too must the operation of such payment mechanisms. With the increase in electronic trading, the "documentary" nature of these credits may require some revision. This paper examines ways in which the law …
The Genius Of The 1898 Bankruptcy Act, David A. Skeel Jr.
The Genius Of The 1898 Bankruptcy Act, David A. Skeel Jr.
All Faculty Scholarship
No abstract provided.
Comparative Corporate Governance And The Theory Of The Firm: The Case Against Global Cross Reference, William W. Bratton, Joseph A. Mccahery
Comparative Corporate Governance And The Theory Of The Firm: The Case Against Global Cross Reference, William W. Bratton, Joseph A. Mccahery
All Faculty Scholarship
Professors Bratton and McCahery take up the main questions addressed by the literature on comparative corporate governance: whether national governance systems can be expected to converge in the near future, and whether the focal point of that convergence will be a new, hybrid governance system comprised of the best practices drawn from different systems. This Article advances the view that neither global convergence that eliminates systemic differences nor the emergence of a hybrid best practice safely can be projected because each national governance system is a system to a significant extent. Each system, rather than consisting of a loose collection …
Preserving Competition: Economic Analysis, Legal Standards And Microsoft, Keith N. Hylton, Ronald A. Cass
Preserving Competition: Economic Analysis, Legal Standards And Microsoft, Keith N. Hylton, Ronald A. Cass
Faculty Scholarship
In a recent symposium issue of the George Mason Law Review, Steven Salop and R. Craig Romaine use the Microsoft litigation as a focus for discussion of antitrust law. Salop and Romaine argue that each of the allegations against Microsoft could constitute evidence of a design by Microsoft to reduce competition and to preserve or extend monopoly power. They argue as well that the right legal standard to apply in monopolization cases is a "competitive effects" test that balances the benefits and harms of the monopolist's conduct. This article exposes problems with their approach, explains why it departs from current …
Law And Economics Of English Only, William W. Bratton
Law And Economics Of English Only, William W. Bratton
All Faculty Scholarship
No abstract provided.
The Scope Of Private Securities Litigation: In Search Of Liability Standards For Secondary Defendants, Jill E. Fisch
The Scope Of Private Securities Litigation: In Search Of Liability Standards For Secondary Defendants, Jill E. Fisch
All Faculty Scholarship
Recent federal court decisions have struggled to apply the Supreme Court's decision in Central Bank v. First Interstate to determine when outside professionals should be held liable as primary violators under section IO(b) of the Securities Exchange Act. In keeping with the Court's current interpretive methodology, Central Bank and its progeny employ a textualist approach. In this Article, Professor Fisch argues that literal textualism is an inappropriate approach for interpreting the federal securities laws generally and misguided in light of legislative developments post-dating the Central Bank decision. Instead, Professor Fisch advocates an approach that weighs Congress 's recent endorsement of …
Discrimination As Accident, Amy L. Wax
Discrimination As Accident, Amy L. Wax
All Faculty Scholarship
This Article seeks to examine how the law should respond to unconscious or automatic forms of cognitive bias that are thought to produce less favorable treatment of employees in the workplace because of race or sex ("unconscious disparate treatment"). Assuming that inadvertent bias is a form of workplace "accident," and using familiar principles of accident law and economic analysis, the Article concludes that extending the framework created by existing anti-discrimination laws to cover disparate treatment that stems from unconscious group-based biases is not a good idea because it is unlikely to serve the principal goals of a liability scheme (deterrence, …
Deadweight Costs And Intrinsic Wrongs Of Nativism: Economics, Freedom, And Legal Suppression Of Spanish, William W. Bratton, Drucilla L. Cornell
Deadweight Costs And Intrinsic Wrongs Of Nativism: Economics, Freedom, And Legal Suppression Of Spanish, William W. Bratton, Drucilla L. Cornell
All Faculty Scholarship
No abstract provided.
Herd Behavior In Designer Genes, Peter H. Huang
Herd Behavior In Designer Genes, Peter H. Huang
Publications
The ability of individuals to choose their children's genes has increased over time and may ultimately culminate in a world involving free market reprogenetic technologies. Reprogenetic technologies combine advances in reproductive biology and genetics to provide humans increased control over their children's genes. This Article offers economic perspectives that are helpful in understanding the possibly unexpected ethical, legal, and social issues at stake in using reprogenetic technologies for trait enhancement selection. The Appendix analyzes two competitive games that might arise in such a biotechnological society. Specifically, the Article focuses on herd behavior, caused by either a popularity contest or positional …
The Limits Of Discipline: Ownership And Hard Budget Constraints In The Transition Economies, Roman Frydman, Cheryl W. Gray, Marek P. Hessel, Andrzej Rapaczynski
The Limits Of Discipline: Ownership And Hard Budget Constraints In The Transition Economies, Roman Frydman, Cheryl W. Gray, Marek P. Hessel, Andrzej Rapaczynski
Faculty Scholarship
This paper, based on a large sample of mid-sized manufacturing firms in the Czech Republic, Hungary and Poland, argues that the imposition of financial discipline is not sufficient to remedy ownership and governance-related deficiencies of corporate performance. The study offers three main conclusions. First, we find that state enterprises represent a higher credit risk both because of their inferior economic performance and because of their lesser willingness or propensity to meet their payment obligations. Second, the brunt of the state firms' lower creditworthiness is borne by their state creditors, as state enterprises deflect the higher risk away from private creditors. …
Economic Development, Legality, And The Transplant Effect, Katharina Pistor, Daniel Berkowitz, Jean-Francois Richard
Economic Development, Legality, And The Transplant Effect, Katharina Pistor, Daniel Berkowitz, Jean-Francois Richard
Faculty Scholarship
This paper analyzes the determinants of effective legal institutions (legality) and their impact on economic development today using data from 49 countries. We show that the way the law was initially transplanted and received is a more important determinant than the supply of law from a particular legal family (i.e. English, French, German, or Scandinavian). Countries that have developed legal orders internally, adapted the transplanted law to local conditions, and/or had a population that was already familiar with basic legal principles of the transplanted law have more effective legality than "transplant effect" countries that received foreign law without any similar …
Precedential Cascades: An Appraisal, Eric Talley
Precedential Cascades: An Appraisal, Eric Talley
Faculty Scholarship
About a half century ago, a handful of social scientists began to formalize what was to become the analytical heart of neoclassical economics. Under the broad rubric of "general equilibrium theory," these scholars demonstrated (in varying degrees of mathematical sophistication) the longstanding intuition behind the so-called "invisible hand": that is, that competitive markets could convert apparent disarray and fragmentation into order and harmony. More explicitly, general equilibrium theory demonstrated how a decentralized collection of self-interested individuals could, through competitive market transactions, allocate scarce goods and services in a socially efficient manner. An equally powerful corollary attended this central insight: that …
Optimal Timing And Legal Decisionmaking: The Case Of The Liquidation Decision In Bankruptcy, Douglas G. Baird, Edward R. Morrison
Optimal Timing And Legal Decisionmaking: The Case Of The Liquidation Decision In Bankruptcy, Douglas G. Baird, Edward R. Morrison
Faculty Scholarship
Until the firm is sold or a plan of reorganization is confirmed, Chapter 11 entrusts a judge with the decision of whether to keep a firm as a going concern or to shut it down. The judge revisits this liquidation decision multiple times. The key is to make the correct decision at the optimal time. This paper models this decision as the exercise of a real option and shows that it depends critically on particular types of information about the firm and its industry. Liquidations take place too soon if we merely compare the liquidation value of the assets with …
Economics V. Equity: Do Market-Based Environmental Reforms Exacerbate Environmental Injustice?, Stephen M. Johnson
Economics V. Equity: Do Market-Based Environmental Reforms Exacerbate Environmental Injustice?, Stephen M. Johnson
Articles
For almost three decades, the federal government and state governments have addressed environmental problems primarily through "command and control" regulation. Under this traditional approach, the federal government establishes uniform national pollution limits ("command") that the federal or state governments impose on individual polluters through a system of permits or other controls. However, as the command and control approach has eliminated many of the most prolific sources of pollution, the incremental cost of cleaning up the remaining pollution has risen dramatically, and command and control regulation has become politically less attractive. In addition, command and control regulation may be too rigid …
Issue Advocacy: Redrawing The Elections/Politics Line, Richard Briffault
Issue Advocacy: Redrawing The Elections/Politics Line, Richard Briffault
Faculty Scholarship
In the closing weeks of the 1996 election, Montana's airwaves were flooded with the following television advertisement:
Who is Bill Yellowtail? He preaches family values, but he took a swing at his wife. Yellowtail's explanation? He 'only slapped her,' but her nose was broken. He talks law and order, but is himself a convicted criminal. And though he talks about protecting children, Yellowtail failed to make his own child support payments, then voted against child support enforcement. Call Bill Yellowtail and tell him we don't approve of his wrongful behavior. Call (406) 443-3620.
The anti-Yellowtail ad, financed by an organization …