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Shareholder As Ulysses: Some Empirical Evidence On Why Investors In Public Corporations Tolerate Board Governance, Lynn A. Stout Dec 2003

Shareholder As Ulysses: Some Empirical Evidence On Why Investors In Public Corporations Tolerate Board Governance, Lynn A. Stout

Cornell Law Faculty Publications

This Article evaluates two possible explanations for why shareholders of public corporations tolerate board control of corporate assets and outputs: the widely accepted monitoring hypothesis, which posits that shareholders rely on boards primarily to control the "agency costs" associated with turning day-to-day control over the firm over to self-interested corporate executives, and the mediating hypothesis, which posits that shareholders also seek to "tie their own hands" by ceding control to directors as a means of attracting the extracontractual, firm-specific investments of such stakeholder groups as executives, creditors, and rank-and- file employees.

Part I reviews each hypothesis and concludes that each ...


Compensation And Revenge, Emily Sherwin Dec 2003

Compensation And Revenge, Emily Sherwin

Cornell Law Faculty Publications

No abstract provided.


The Expectations Of Consumers, Douglas A. Kysar Nov 2003

The Expectations Of Consumers, Douglas A. Kysar

Cornell Law Faculty Publications

In the few years following promulgation of the Restatement (Third) of Torts: Products Liability, several courts have reaffirmed their allegiance to the consumer expectations test for product design defect liability, while rejecting the Restatement's contrary recommendation to adopt a design defect test that focuses primarily on technical features regarding the risk and utility of alternative product designs. In this Article, Professor Kysar reviews the post-Third Restatement decisions, identifying within them a common failure to articulate a coherent, independent doctrinal role for the consumer expectations test, despite the courts' clearly expressed desire to do so. In Kysar's view, courts ...


Ethnography In The Realm Of The Pragmatic: Studying Pragmatism In Law And Politics, Annelise Riles Nov 2003

Ethnography In The Realm Of The Pragmatic: Studying Pragmatism In Law And Politics, Annelise Riles

Cornell Law Faculty Publications

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Consumer Expectations' Last Hope: A Response To Professor Kysar, James A. Henderson Jr., Aaron Twerski Nov 2003

Consumer Expectations' Last Hope: A Response To Professor Kysar, James A. Henderson Jr., Aaron Twerski

Cornell Law Faculty Publications

The authors agree with Professor Kysar that the current version of the consumer expectations test for design defectiveness is an amorphous, unprincipled misreading of section 402A of the Restatement (Second) of Torts. And they agree that most courts apply risk-utility balancing in determining design defectiveness. But they disagree with Kysar's proposal to supplement risk-utility balancing with a reinvigorated consumer expectations test based on expert testimony regarding what consumers actually expect in the way of design safety. Judicial reliance on such testimony would be susceptible to result-oriented manipulation by litigants, would not guide manufacturers in making sensible design choices, would ...


Afghanistan: Prospects For Peace And Democratic Governance And The War On Terrorism, Muna Ndulo Oct 2003

Afghanistan: Prospects For Peace And Democratic Governance And The War On Terrorism, Muna Ndulo

Cornell Law Faculty Publications

No abstract provided.


Constitutional Existence Conditions And Judicial Review, Michael C. Dorf, Matthew D. Adler Oct 2003

Constitutional Existence Conditions And Judicial Review, Michael C. Dorf, Matthew D. Adler

Cornell Law Faculty Publications

Although critics of judicial review sometimes call for making the entire Constitution nonjusticiable, many familiar norms of constitutional law state what we call "existence conditions" that are necessarily enforced by judicial actors charged with the responsibility of applying, and thus as a preliminary step, identifying, propositions of sub-constitutional law such as statutes. Article I, Section 7, which sets forth the procedures by which a bill becomes a law, is an example: a putative law that did not go through the Article I, Section 7 process and does not satisfy an alternative test for legal validity (such as the treaty-making provision ...


Killing The Non-Willing: Atkins, The Volitionally Incapacitated, And The Death Penalty, John H. Blume, Sheri Lynn Johnson Oct 2003

Killing The Non-Willing: Atkins, The Volitionally Incapacitated, And The Death Penalty, John H. Blume, Sheri Lynn Johnson

Cornell Law Faculty Publications

Jamie Wilson, nineteen years old and severely mentally ill, walked into a school cafeteria and started shooting. Two children died, and Jamie was charged with two counts of capital murder. Because he admitted his guilt, the only issue at his trial was the appropriate punishment. The trial judge assigned to his case, after hearing expert testimony on his mental state, found that mental illness rendered Jamie unable to conform his conduct to the requirements of law at the time of the crime—not impaired by his mental illness in his ability to control his behavior, but unable to control his ...


The "Race To The Bottom" Returns: China's Challenge To The International Labor Movement, Stephen F. Diamond Oct 2003

The "Race To The Bottom" Returns: China's Challenge To The International Labor Movement, Stephen F. Diamond

Cornell Law Faculty Publications

No abstract provided.


The Petrochina Syndrome: Regulating Capital Markets In The Anti-Globalization Era, Stephen F. Diamond Oct 2003

The Petrochina Syndrome: Regulating Capital Markets In The Anti-Globalization Era, Stephen F. Diamond

Cornell Law Faculty Publications

No abstract provided.


The Evolution Of Equality In American Law, Gerald Torres Oct 2003

The Evolution Of Equality In American Law, Gerald Torres

Cornell Law Faculty Publications

No abstract provided.


Grutter V. Bollinger/Gratz V. Bollinger: View From A Limestone Ledge, Gerald Torres Oct 2003

Grutter V. Bollinger/Gratz V. Bollinger: View From A Limestone Ledge, Gerald Torres

Cornell Law Faculty Publications

No abstract provided.


Who Decides The Arbitrators' Jurisdiction? Separability And Competence-Competence In Transnational Perspective, John J. Barceló Iii Oct 2003

Who Decides The Arbitrators' Jurisdiction? Separability And Competence-Competence In Transnational Perspective, John J. Barceló Iii

Cornell Law Faculty Publications

No abstract provided.


Problem-Solving Courts: From Innovation To Institutionalization, Michael C. Dorf, Jeffrey A. Fagan Sep 2003

Problem-Solving Courts: From Innovation To Institutionalization, Michael C. Dorf, Jeffrey A. Fagan

Cornell Law Faculty Publications

No abstract provided.


Domestic Violence: Does The African Context Demand A Different Approach?, Cynthia Grant Bowman Sep 2003

Domestic Violence: Does The African Context Demand A Different Approach?, Cynthia Grant Bowman

Cornell Law Faculty Publications

No abstract provided.


Empirical Research And Civil Jury Reform, Valerie P. Hans, Stephanie Albertson Aug 2003

Empirical Research And Civil Jury Reform, Valerie P. Hans, Stephanie Albertson

Cornell Law Faculty Publications

In January 2003, President George W. Bush invoked the supposed failings of the civil jury as the rationale for sweeping changes to the civil justice system. In a speech given at the University of Scranton, in Pennsylvania, a state where skyrocketing costs of medical malpractice insurance had created a political crisis, President Bush said, "Excessive jury awards will continue to drive up insurance costs, will put good doctors out of Scranton, Pa." Among the changes he proposed were a decrease in the time that patients would have to sue their doctors, a national cap on pain and suffering awards at ...


Moral Rights, Judicial Review, And Democracy: A Response To Horacio Spector, Laura S. Underkuffler Jul 2003

Moral Rights, Judicial Review, And Democracy: A Response To Horacio Spector, Laura S. Underkuffler

Cornell Law Faculty Publications

No abstract provided.


The Mechanisms Of Market Inefficiency: An Introduction To The New Finance, Lynn A. Stout Jul 2003

The Mechanisms Of Market Inefficiency: An Introduction To The New Finance, Lynn A. Stout

Cornell Law Faculty Publications

During the 1970s and early 1980s, the Efficient Capital Market Hypothesis (ECMH) became one of the most widely-accepted and influential ideas in finance economics. More recently, however, the idea of market efficiency has fallen into disrepute as a result of market events and growing empirical evidence of inefficiencies. This essay argues that the weaknesses of the efficient market theory are, and were, apparent from a careful inspection of its initial premises, including the presumptions of homogeneous investor expectations, effective arbitrage, and investor rationality. By the same token, a wide range of market phenomena inconsistent with the ECHM can be explained ...


Contract Lore, Robert A. Hillman Jul 2003

Contract Lore, Robert A. Hillman

Cornell Law Faculty Publications

No abstract provided.


The Conviction Of Andrea Yates: A Narrative Of Denial, Sherry F. Colb Jul 2003

The Conviction Of Andrea Yates: A Narrative Of Denial, Sherry F. Colb

Cornell Law Faculty Publications

No abstract provided.


What Is A Reasonable Attorney Fee? An Empirical Study Of Class Action Settlements, Theodore Eisenberg, Geoffrey P. Miller Jul 2003

What Is A Reasonable Attorney Fee? An Empirical Study Of Class Action Settlements, Theodore Eisenberg, Geoffrey P. Miller

Cornell Law Faculty Publications

Determining an appropriate fee is a difficult task facing trial court judges in class action litigation. But courts rarely rely on empirical research to assess a fee’s reasonableness, due, at least in part, to the relative paucity of available information. Existing empirical studies of attorney fees in class action cases are limited in scope, and generally do not control for important variables. To help fill this gap, we analyzed data from all state and federal class actions with reported fee decisions from 1993 to 2002 in which the fee and class recovery could be determined with reasonable confidence.

We ...


Busting The Professional Trust: A Comment On William Simon’S Ladd Lecture, W. Bradley Wendel Jul 2003

Busting The Professional Trust: A Comment On William Simon’S Ladd Lecture, W. Bradley Wendel

Cornell Law Faculty Publications

It is truly an honor to be asked to Comment on the work of William Simon, one of the scholars who has done the most to contribute to the reputation of legal ethics as a field with intellectual rigor and depth, as well as one with significant implications for legal theory generally. The power of his critical faculties is unmatched: the platitudes offered by the organized bar in defense of the dominant view of legal ethics lie in tatters after the sustained assault in the first three chapters of The Practice of Justice. In fact, it can be difficult to ...


Informal Methods Of Enhancing The Accountability Of Lawyers, W. Bradley Wendel Jul 2003

Informal Methods Of Enhancing The Accountability Of Lawyers, W. Bradley Wendel

Cornell Law Faculty Publications

No abstract provided.


How I Learned To Stop Worrying And Love Lawyer-Bashing: Some Post-Conference Reflections, W. Bradley Wendel Jul 2003

How I Learned To Stop Worrying And Love Lawyer-Bashing: Some Post-Conference Reflections, W. Bradley Wendel

Cornell Law Faculty Publications

No abstract provided.


Two Kinds Of Criminal Wrongs, Stephen P. Garvey Jul 2003

Two Kinds Of Criminal Wrongs, Stephen P. Garvey

Cornell Law Faculty Publications

I distinguish two kinds of criminal wrongs. A wrongdoer who acts in defiance of his conscience is guilty of what I call a wicked wrong. A wrongdoer who does not act in defiance of his conscience is guilty of what I call a vicious wrong. The distinction is derived from a conception of immorality typically associated with the Christian tradition. The distinction is important because it determines the moral message a wrongdoer should try to send through the punishment or penance he must endure in order to atone for his wrongdoing.


Approaches To Statutory Interpretation And Legislative History In France, Claire M. Germain Jul 2003

Approaches To Statutory Interpretation And Legislative History In France, Claire M. Germain

Cornell Law Faculty Publications

No abstract provided.


Legal Indeterminacy And Institutional Design, Michael C. Dorf Jun 2003

Legal Indeterminacy And Institutional Design, Michael C. Dorf

Cornell Law Faculty Publications

No abstract provided.


The Limits Of Property Reparations, Gregory S. Alexander May 2003

The Limits Of Property Reparations, Gregory S. Alexander

Cornell Law Faculty Publications

Human history is replete with examples of unjustified expropriations of property by conquering states and other transitory regimes. Only in modern times, however, have nations attempted systematically to remedy historical injustices by providing reparations to the dispossessed owners or their successors. From the aboriginal peoples of the Antipodes to the Native Americans of Canada and the U.S. to the European victims of the German and Soviet communism, groups of people who were stripped of their land and possessions by fraud or force are demanding, and in many cases getting, reparations for these injustices. The thesis of this paper is ...


The Legal And Political Future Of Physician-Assisted Suicide, Larry Palmer May 2003

The Legal And Political Future Of Physician-Assisted Suicide, Larry Palmer

Cornell Law Faculty Publications

No abstract provided.


The Choice-Of-Law Revolution In The United States: Notes On Rereading Von Mehren, Gary J. Simson Apr 2003

The Choice-Of-Law Revolution In The United States: Notes On Rereading Von Mehren, Gary J. Simson

Cornell Law Faculty Publications

No abstract provided.