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Full-Text Articles in Law
Take What You Can, Give Nothing Back: Judicial Estoppel, Employment Discrimination, Bankruptcy, And Piracy In The Courts, Theresa M. Beiner, Robert B. Chapman
Take What You Can, Give Nothing Back: Judicial Estoppel, Employment Discrimination, Bankruptcy, And Piracy In The Courts, Theresa M. Beiner, Robert B. Chapman
Faculty Scholarship
No abstract provided.
Law And The Rise Of The Firm , Henry Hansmann, Reiner Kraakman, Richard Squire
Law And The Rise Of The Firm , Henry Hansmann, Reiner Kraakman, Richard Squire
Faculty Scholarship
Organizational law empowers firms to hold assets and enter contracts as entities that are legally distinct from their owners and managers. Legal scholars and economists have commented extensively on one form of this partitioning between firms and owners: namely, the rule of limited liability that insulates firm owners from business debts. But a less-noticed form of legal partitioning, which we call "entity shielding," is both economically and historically more significant than limited liability. While limited liability shields owners' personal assets from a firm's creditors, entity shielding protects firm assets from the owners' personal creditors (and from creditors of other business …
The Confused U.S. Framework For Foreign-Bank Insolvency: An Open Research Agenda, Steven L. Schwarcz
The Confused U.S. Framework For Foreign-Bank Insolvency: An Open Research Agenda, Steven L. Schwarcz
Faculty Scholarship
No abstract provided.
Financial Contracts And The New Bankruptcy Code: Insulating Markets From Bankrupt Debtors And Bankruptcy Judges, Edward R. Morrison, Joerg Riegel
Financial Contracts And The New Bankruptcy Code: Insulating Markets From Bankrupt Debtors And Bankruptcy Judges, Edward R. Morrison, Joerg Riegel
Faculty Scholarship
The reforms of 2005 yield important but subtle changes in the Bankruptcy Code's treatment of financial contracts. They might appear only to eliminate longstanding uncertainty surrounding the protections available to financial contract counterparties, especially counterparties to repurchase transactions and other derivative contracts. But the ambit of the reforms is much broader. The expanded definitions – especially the definition of "swap agreement" – are now so broad that nearly every derivative contract is subject to the Code's protection. Instead of protecting particular counterparties to particular transactions, the Code now protects any counterparty to any derivative contract. Entire markets have been insulated …
How Law Affects Lending, Rainer F.H. Haselmann, Katharina Pistor, Vikrant Vig
How Law Affects Lending, Rainer F.H. Haselmann, Katharina Pistor, Vikrant Vig
Faculty Scholarship
The paper explores how legal change affects lending behavior of banks in twelve transition economies of Central and Eastern Europe. In contrast to previous studies, we use bank level rather than aggregate data, which allows us to control for country level heterogeneity and analyze the effect of legal change on different types of lenders. Using a differences-in-differences methodology to analyze the within country variation of changes in creditor rights protection, we find that the credit supplied by banks increases subsequent to legal change. Further, we show that collateral law matters more for credit market development than bankruptcy law. We also …