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Articles 1 - 25 of 25
Full-Text Articles in Law
Overlitigating Corporate Fraud: An Empirical Examination, Jessica M. Erickson
Overlitigating Corporate Fraud: An Empirical Examination, Jessica M. Erickson
Law Faculty Publications
Corporate law leaves no stone unturned when it comes to litigating corporate fraud. The legal system has developed a remarkable array of litigation options shareholder derivative suits, securities class actions, SEC enforcement actions, even criminal prosecutions all aimed at preventing the next corporate scandal. Scholars have long assumed that these different lawsuits offer different avenues for deterring the masterminds of corporate fraud yet this assumption has gone untested in the legal literature. This Article aims to fill that gap through the first empirical examination of the broader world of corporate fraud litigation. Analyzing over 700 lawsuits, the study reveals that …
The Corporate Governance Of Iconic Executives, Tom C.W. Lin
The Corporate Governance Of Iconic Executives, Tom C.W. Lin
UF Law Faculty Publications
This Essay explores the special corporate governance challenges posed by iconic executives. Iconic executives are complex, bittersweet figures in corporate governance narratives. They are alluring, larger-than-life corporate figures who often govern freely. Iconic executives frequently rule like monarchs over their firms, offering lofty promises to shareholders, directors, and managers under their reign. But like many stories of powerful and influential figures, the narratives of iconic executives also contain adversity and danger. Part of the acquiescence and enchantment with such figures is rooted in the virtuous promises embodied by their presence, promises of unity, accountability, and effectiveness in corporate governance. Unfortunately, …
The Garcetti Virus, Nancy M. Modesitt
The Garcetti Virus, Nancy M. Modesitt
All Faculty Scholarship
In an era where corporate malfeasance has imposed staggering costs on society, ranging from the largest oil spill in recorded history to the largest government bailout of Wall Street, one would think that those who uncover corporate wrongdoing before it causes significant harm should receive awards. Employees are particularly well-placed to uncover such wrongdoing within companies. However, rather than reward these employees, employers tend to fire or marginalize them. While there are statutory protections for whistleblowers, a disturbing new trend appears to be developing: courts are excluding from the protection of whistleblowing statutes employees who report wrongdoing as part of …
Beyond Territoriality And Deferral: The Promise Of "Managed And Controlled", Reuven S. Avi-Yonah
Beyond Territoriality And Deferral: The Promise Of "Managed And Controlled", Reuven S. Avi-Yonah
Articles
In the new version of his Stop Tax Haven Abuse Act, Sen. Carl Levin, D-Mich., once again proposed to modify the definition of residence for domestic corporations (IRC section 7701). Section 103 of the act seeks to: stop companies run from the United States claiming foreign status by treating foreign corporations that are publicly traded or have gross assets of $50 million or more and whose management and control occur primarily in the United States as U.S. domestic corporations for income tax purposes. [Emphasis in original.] This is not a new suggestion. In response to the inversions of the early …
Money On The Table: Why The U.S. Should Tax Inbound Capital Gains, Reuven S. Avi-Yonah
Money On The Table: Why The U.S. Should Tax Inbound Capital Gains, Reuven S. Avi-Yonah
Articles
On March 21, 2011, AT&T announced that it will buy T-Mobile from Deutsche Telekom for $39 billion. This transaction will be tax free to Deutsche Telekom (DT) not because it qualifies as a reorganization, but because DT is a foreign corporation and capital gains of nonresidents are generally not subject to U.S. taxation because they are deemed to be foreign source. Also, DT is protected from taxation by article 13(5) of the Germany-U.S. tax treaty, which provides that capital gains are generally taxable only by the country of residence.
The Marginalist Revolution In Corporate Finance: 1880-1965, Herbert J. Hovenkamp
The Marginalist Revolution In Corporate Finance: 1880-1965, Herbert J. Hovenkamp
All Faculty Scholarship
During the late nineteenth and early twentieth centuries fundamental changes in economic thought revolutionized the theory of corporate finance, leading to changes in its legal regulation. The changes were massive, and this branch of financial analysis and law became virtually unrecognizable to those who had practiced it earlier. The source of this revision was the marginalist, or neoclassical, revolution in economic thought. The classical theory had seen corporate finance as an historical, relatively self-executing inquiry based on the classical theory of value and administered by common law courts. By contrast, neoclassical value theory was forward looking and as a result …
A Preface To Neoclassical Legal Thought, Herbert J. Hovenkamp
A Preface To Neoclassical Legal Thought, Herbert J. Hovenkamp
All Faculty Scholarship
Most legal historians speak of the period following classical legal thought as “progressive legal thought.” That term creates an unwarranted bias in characterization, however, creating the impression that conservatives clung to an obsolete “classical” ideology, when in fact they were in many ways just as revisionist as the progressives legal thinkers whom they critiqued. The Progressives and New Deal thinkers whom we identify with progressive legal thought were nearly all neoclassical, or marginalist, in their economics, but it is hardly true that all marginalists were progressives. For example, the lawyers and policy makers in the corporate finance battles of the …
Naming, Identity, And Trademark Law, Laura A. Heymann
Naming, Identity, And Trademark Law, Laura A. Heymann
Faculty Publications
As the process of creation in the age of digital media becomes more fluid, one pervasive theme has been the desire for attribution: from the creator’s perspective, to receive credit for what one does (and to have credit not falsely attributed) and from the audience’s perspective, to understand the source of material with which one engages. But our norms of attribution reflect some inconsistencies in defining the relationship among name, identity, and authenticity. A blog post by a writer identified only by a pseudonym may prove to be very influential in the court of public opinion, while the use of …
Board Diversity Revisited: New Rationale, Same Old Story, Lisa Fairfax
Board Diversity Revisited: New Rationale, Same Old Story, Lisa Fairfax
All Faculty Scholarship
Recently, board diversity advocates have relied on market- or economic-based rationales to convince corporate America to increase the number of women and people of color in the boardroom, in lieu of moral or social justifications. This shift away from moral or social justifications has been deliberate, and it stems from a belief that corporate America would better respond to justifications that centered on the corporate bottom line. However, recent empirical data reveals that despite the increased reliance on, and apparent acceptance of, market- or economic-based rationales for board diversity, there has been little change in actual board diversity. This Article …
Does Critical Mass Matter? Views From The Boardroom, Lissa Lamkin Broome, John M. Conley, Kimberly D. Krawiec
Does Critical Mass Matter? Views From The Boardroom, Lissa Lamkin Broome, John M. Conley, Kimberly D. Krawiec
Faculty Publications
No abstract provided.
Board Diversity And Proxy Disclosure, Thomas Lee Hazen, Lissa Lamkin Broome
Board Diversity And Proxy Disclosure, Thomas Lee Hazen, Lissa Lamkin Broome
Faculty Publications
No abstract provided.
Construction Defects: Are They “Occurrences”?, Chris French
Construction Defects: Are They “Occurrences”?, Chris French
Journal Articles
An issue in the area of insurance law that has been litigated frequently in recent years is whether construction defects are “occurrences” under Commercial General Liability (“CGL”) insurance policies. The courts have been divided in deciding the issue and in their approaches to analyzing the issue. This article addresses how the issue should be analyzed and concludes that construction defects are “occurrences”. The relevant rules of insurance policy interpretation dictate that construction defects are “occurrences”. Policy language should be interpreted in such a way as to fulfill the reasonable expectations of the policyholder when the policy is construed as a …
The “Non-Cumulation Clause”: An “Other Insurance” Clause By Another Name, Chris French
The “Non-Cumulation Clause”: An “Other Insurance” Clause By Another Name, Chris French
Journal Articles
How long-tail liability claims such as asbestos bodily injury claims and environmental property damage claims are allocated among multiple triggered policy years can result in the shifting of tens or hundreds of millions of dollars from one party to another. In recent years, insurers have argued that clauses commonly titled, “Prior Insurance and Non-Cumulation of Liability” (referred to herein as “Non-Cumulation Clauses”), which are found in commercial liability policies, should be applied to reduce or eliminate their coverage responsibilities for long-tail liability claims by shifting their coverage responsibilities to insurers that issued policies in earlier policy years. The insurers’ argument …
Enduring Equity In The Close Corporation, Lyman P.Q. Johnson
Enduring Equity In The Close Corporation, Lyman P.Q. Johnson
Scholarly Articles
This Article develops the theme of change/sameness in corporate law. Written to commemorate the thirty-fifth anniversary of Wilkes v. Springside Nursing Home, Inc., the Article argues that the equitable fiduciary duties so central to Wilkes endure today in the close corporation precisely because equity, by its nature, is so exquisitely adaptive – under constantly changing circumstances − to the ongoing pursuit of a just ordering within the corporation. Unlike fixed legal rules – which are categorical, static, and do not take sufficient account of changes wrought by time or human arationality – equity is malleable and timely as it reckons …
Is The Quest For Corporate Responsibility A Wild Goose Chase? The Story Of Lovenheim V. Iroquois Brands, Ltd., D. A. Jeremy Telman
Is The Quest For Corporate Responsibility A Wild Goose Chase? The Story Of Lovenheim V. Iroquois Brands, Ltd., D. A. Jeremy Telman
Law Faculty Publications
Peter Lovenheim owned a small stake in Iroquois Brands, Ltd (Iroquois). He proposed that the corporation discontinue its distribution of one product, pâté de foie gras, because he objected to the treatment of the geese necessary to the production of the product. Under federal regulations, Iroquois was required to include such proposals in the proxy materials it sent out in advance of its annual shareholder meeting unless an exception applied. Iroquois Brands thought it could exclude the proposal because the product in question constituted a trivial part of its business. Lovenheim went to the District Court seeking an order requiring …
International Antitrust Cooperation And The Preference For Nonbinding Regimes, Anu Bradford
International Antitrust Cooperation And The Preference For Nonbinding Regimes, Anu Bradford
Faculty Scholarship
Today, multinational corporations operate in increasingly international markets, yet antitrust laws regulating their competitive conduct remain national. Thus, corporations are subject to divergent antitrust regimes across the various jurisdictions in which they operate. This increases transaction costs, causes unnecessary delays, and raises the likelihood of conflicting decisions. The risks inherent in multi-jurisdictional regulatory review were prominently illustrated in the proposed GE/Honeywell acquisition, which failed following the European Union’s (“EU”) decision to prohibit the transaction despite its earlier approval in the United States. Inconsistent remedies imposed on Microsoft following parallel investigations by both the U.S. and EU authorities serve as another …
Is Social Enterprise The New Corporate Social Responsibility?, Antony Page, Robert A. Katz
Is Social Enterprise The New Corporate Social Responsibility?, Antony Page, Robert A. Katz
Faculty Publications
Since at least the famous Berle-Dodds debate, corporate social responsibility (CSR) and later its more muscular and structural iteration, progressive corporate law, have been discussed without much progress. The authors consider whether the social enterprise movement, which envisions a new sector of businesses created both to generate profits and pursue social goals, advances this debate. They conclude that it does. Proponents of social enterprise believe that such businesses can combine the dynamism of for-profit firms with the mission-driven zeal more typical of nonprofit organizations. Social enterprise and CSR have much in common: both want businesses to take the interests of …
Towards A Firm-Based Theory Of Consumption, David Yosifon
Towards A Firm-Based Theory Of Consumption, David Yosifon
Faculty Publications
Corporate theory typically construes consumption activity as involving a series of arms-length, atomistic transactions in which consumers exchange money for discrete corporate goods or services. Canonical accounts expect satisfied consumers to engage in repeat transactions, but the transactions themselves are (implicitly or explicitly) assumed to be isolated, fully contained dealings with the firm. Such a view of consumption supports the inference that consumers can readily manage their own interests in corporate operations through serial decisions to “take it,” “leave it,” repeat, or refuse to repeat patronization of a firm. This assessment plays an important part in justifying American corporate governance …
Trumbull Library System, Business Program: Patents & Business Intelligence, Amy Jansen, Robert Berry
Trumbull Library System, Business Program: Patents & Business Intelligence, Amy Jansen, Robert Berry
Librarian Publications
A November 10, 2011 presentation by Amy Jansen, Business Librarian at Sacred Heart University and Robert Berry, Research Librarian and Patent and Trademark Resource Center representative for the Sacred Heart University Library.
After The Spill Is Gone: The Gulf Of Mexico, Environmental Crime, And Criminal Law, David M. Uhlmann
After The Spill Is Gone: The Gulf Of Mexico, Environmental Crime, And Criminal Law, David M. Uhlmann
Articles
The Gulf oil spill was the worst environmental disaster in U.S. history, and will be the most significant criminal case ever prosecuted under U.S. environmental laws. The Justice Department is likely to prosecute BP, Transocean, and Halliburton for criminal violations of the Clean Water Act and the Migratory Bird Treaty Act, which will result in the largest fines ever imposed in the United States for any form of corporate crime. The Justice Department also may decide to pursue charges for manslaughter, false statements, and obstruction of justice. The prosecution will shape public perceptions about environmental crime, for reasons that are …
Consultation And Legitimacy In Transnational Standard-Setting, Caroline Bradley
Consultation And Legitimacy In Transnational Standard-Setting, Caroline Bradley
Articles
No abstract provided.
The Foreign Corrupt Practices Act & Government Contractors: Compliance Trends & Collateral Consequences, Jessica Tillipman
The Foreign Corrupt Practices Act & Government Contractors: Compliance Trends & Collateral Consequences, Jessica Tillipman
GW Law Faculty Publications & Other Works
As Government contractors expand their business overseas, they expose themselves to the risk of violating the Foreign Corrupt Practices Act (FCPA) and the high sanctions that accompany those violations. Given the nature of a Government contractor’s business, they are naturally at greater risk of violating the FCPA than those companies that do not interact with Government officials on a regular basis.
This article begins by providing an overview of the FCPA and a review of recent FCPA enforcement trends, and then considers the collateral consequences of a violation of the FCPA by Government contractors. In addition to fines, penalties, and …
Formulary Apportionment: Myths And Prospects - Promoting Better International Policy And Utilizing The Misunderstood And Under-Theorized Formulary Alternative, Reuven S. Avi-Yonah, Ilan Benshalom
Formulary Apportionment: Myths And Prospects - Promoting Better International Policy And Utilizing The Misunderstood And Under-Theorized Formulary Alternative, Reuven S. Avi-Yonah, Ilan Benshalom
Articles
This article seeks to re-examine the formulary alternative to transfer pricing by inquiring whether partial integration of formulary concepts into current practices would offer a reasonable alternative to transfer pricing rules. We believe that the key to achieving an equitable and efficient allocation of MNE income is to solve the problem of the residual, i.e., how to allocate income generated from mobile assets and activities whose risks are borne collectively by the entire MNE group. These assets and activities generate most of the current transfer pricing compliance and administrative costs, as well as tax avoidance opportunities. A limited formulary tax …
Citizens United And The Corporate Form, Reuven S. Avi-Yonah
Citizens United And The Corporate Form, Reuven S. Avi-Yonah
Articles
In Citizens United vs. FEC, the Supreme Court struck down a Federal statute banning direct corporate expenditures on political campaigns. The decision has been widely criticized and praised as a matter of First Amendment law. But it is also interesting as another step in the evolution of our legal views of the corporation. This article argues that by viewing Citizens United through the prism of theories about the corporate form, it is possible to see that the majority and the dissent departed from previous Supreme Court jurisprudence on the First Amendment rights of corporations. It is also possible to then …
Introduction To "New Governance And The Business Organization" Special Issue Of Law And Policy, Cristie Ford, Mary Condon
Introduction To "New Governance And The Business Organization" Special Issue Of Law And Policy, Cristie Ford, Mary Condon
Articles & Book Chapters
The point of departure for this exciting collection of articles is to advance the scholarly treatment of “new governance” by shifting its focus away from what regulators do or how they do it, and towards examining the encounter between new governance and business organizations, within those organizations themselves. As is evident from this issue, this shift still provides a broad canvas on which to work, as the types of business activity examined here through the lens of new governance encompass railways, food safety, corporate privacy, and bank lending, as well as securities and derivatives trading. A particular strength of the …