Open Access. Powered by Scholars. Published by Universities.®

Law Commons

Open Access. Powered by Scholars. Published by Universities.®

2003

Series

Economics

Institution
Keyword
Publication
File Type

Articles 1 - 30 of 46

Full-Text Articles in Law

Valuation Averaging: A New Procedure For Resolving Valuation Disputes, Keith Sharfman Dec 2003

Valuation Averaging: A New Procedure For Resolving Valuation Disputes, Keith Sharfman

Rutgers Law School (Newark) Faculty Papers

In this Article, Professor Sharfman addresses the problem of "discretionary valuation": that courts resolve valuation disputes arbitrarily and unpredictably, thus harming litigants and society. As a solution, he proposes the enactment of "valuation averaging," a new procedure for resolving valuation disputes modeled on the algorithmic valuation processes often agreed to by sophisticated private firms in advance of any dispute. He argues that by replacing the discretion of judges and juries with a mechanical valuation process, valuation averaging would cause litigants to introduce more plausible and conciliatory valuations into evidence and thereby reduce the cost of valuation litigation and increase the ...


New Econometric Evidence On Agricultural Total Factor Productivity Determinants: Impact Of Funding Sources, Wallace Huffman, Robert E. Evenson Dec 2003

New Econometric Evidence On Agricultural Total Factor Productivity Determinants: Impact Of Funding Sources, Wallace Huffman, Robert E. Evenson

Economics Working Papers (2002–2016)

This paper examines the impact of public and private agricultural research and extension on agricultural total factor productivity at the state level. We test the hypothesis that the composition of agricultural experiment station funding—share of funding from impact of federal competitive grants and contracts and from federal formula and state government appropriations affects the productivity of public agricultural research using data for the 48 contiguous states over 19701999. Our results show not only that sources of funding matter, but that an increase in federal competitive grant funding at the expense of federal formula funding would lower the productivity of ...


Determinants Of The Demand For State Agricultural Experiment Station Resources: A Demand-System Approach, Wallace Huffman, Robert Evenson Dec 2003

Determinants Of The Demand For State Agricultural Experiment Station Resources: A Demand-System Approach, Wallace Huffman, Robert Evenson

Economics Working Papers (2002–2016)

We document the decline in traditional federal government support of the state agricultural experiment station system over the 20 years period starting in 1980 and of state government support over the 1990s. This paper presents a model of state government decisions on agricultural research expenditures. The model permits some benefits to be private in the sense that they are state specific and others to be public and spillover to other states. To capture a key aspect of agricultural research, the model includes voluntary and nonvoluntary contributions to a state government’s expenditures on agricultural research. Moreover, we argue that different ...


“Black People’S Money”: The Impact Of Law, Economics, And Culture In The Context Of Race On Damage Recoveries, Regina Austin Jul 2003

“Black People’S Money”: The Impact Of Law, Economics, And Culture In The Context Of Race On Damage Recoveries, Regina Austin

Faculty Scholarship at Penn Law

“’Black People’s Money’: The Impact of Law, Economics, and Culture in the Context of Race on Damage Recoveries” is one of a series of articles by the author dealing with black economic marginalization; prior work considered such topics as shopping and selling as forms of deviance, street vending, restraints on leisure, and the importance of informality in loan transactions. This article deals with the linkage between the social significance of black people’s money and its material value. It analyzes the construction of “black money,” its association with cash, and the taboos and cultural practices that assure that black ...


An Analysis Of The Proposed Doha Round Modalities, Food And Agricultural Policy Research Institute, Bruce A. Babcock, Jacinto F. Fabiosa, Holger Matthey, Murat Isik, Simla Tokgoz, Amani E. Elobeid, Chad E. Hart, Frank H. Fuller, Seth Meyer Jun 2003

An Analysis Of The Proposed Doha Round Modalities, Food And Agricultural Policy Research Institute, Bruce A. Babcock, Jacinto F. Fabiosa, Holger Matthey, Murat Isik, Simla Tokgoz, Amani E. Elobeid, Chad E. Hart, Frank H. Fuller, Seth Meyer

CARD Staff Reports

The Uruguay Round Agreement on Agriculture (URAA) provided a continuing mandate for progressive reforms to liberalize world agricultural markets. A new round of negotiation was put into motion in early 2000 and later formalized in what is now called the Doha Round. The Doha Round negotiation follows the same principle laid out in the URAA, with the introduction of three reform anchors: market access, export competition, and reduction of domestic support. This paper specifies the new schedule of commitments for each member country under the proposed modalities and assesses the potential market impacts of these changes for world agricultural markets ...


Judging Unions' Future Using A Historical Perspective: The Public Policy Choice Between Competition And Unionization, Michael L. Wachter May 2003

Judging Unions' Future Using A Historical Perspective: The Public Policy Choice Between Competition And Unionization, Michael L. Wachter

Faculty Scholarship at Penn Law

In this paper I look at unions' future using a historical perspective and focusing on the period of union ascendancy as well as the past few decades when unions have been in decline. We know trends currently in place are unfavorable to unions. What conditions would be favorable? The rise of unions from the 1930s through the early 1950s was due to the convergence of a number of events - an economic policy that attempted to restrict competition beginning in the 1930s, the twin beliefs that labor markets were inherently noncompetitive and/or that individual workplaces were exploitative, and low union ...


Intellectual Property Rights And The World Trade Organization: Retrospect And Prospects, Giancarlo Moschini May 2003

Intellectual Property Rights And The World Trade Organization: Retrospect And Prospects, Giancarlo Moschini

CARD Working Papers

This paper analyzes the main economic issues of intellectual property rights (IPRs) protection in the context of the World Trade Organization (WTO). A retrospective view on the establishment of the TRIPS (trade-related aspects of intellectual property rights) Agreement, a still controversial accomplishment of the Uruguay Round of trade liberalization, is provided. The paper reviews the economic rationale for the harmonization of IPRs, drawing both on economic theory considerations as well as emerging empirical evidence. The logic of linking IPR protection and trade in the context of the WTO is also re-examined. Some specific attention is devoted to the implications of ...


Financing Chinese Capitalism: Principal Banks, Economic Crisis, And Chinese Family Firms In Singapore, Henry W. Yeung Apr 2003

Financing Chinese Capitalism: Principal Banks, Economic Crisis, And Chinese Family Firms In Singapore, Henry W. Yeung

Cultural Approaches to Asian Financial Markets

It is a widely circulated myth that Chinese family firms rely exclusively on kinship ties and network capital to finance their domestic and international operations. In this empirical paper, I argue that large Chinese family firms are increasingly engaging with financial markets on a global scale. In order to finance their transnational business activities, these firms require financial services from banks beyond their domestic economies, resulting in a growing number and geographical spread of their principal banks. Second, I contend that as these Chinese family firms are diversifying their principal banks beyond a narrow confinement to other Chinese family-owned banks ...


Taxing Sunny Days: Adjusting Taxes For Regional Living Costs And Amenities, Michael S. Knoll, Thomas D. Griffith Feb 2003

Taxing Sunny Days: Adjusting Taxes For Regional Living Costs And Amenities, Michael S. Knoll, Thomas D. Griffith

Faculty Scholarship at Penn Law

No abstract provided.


Behavioral Economics And The Sec, Stephen Choi, Adam C. Pritchard Jan 2003

Behavioral Economics And The Sec, Stephen Choi, Adam C. Pritchard

Law & Economics Working Papers Archive: 2003-2009

Investors face myriad investment alternatives and seemingly limitless information concerning those alternatives.Not surprisingly, many commentators contend that investors frequently fall short of the ideal investor posited by the rational actor model. Investors are plagued with a variety of behavioral biases (such as, among others, the hindsight bias, the availability bias, loss aversion, and overconfidence). Even securities market institutions and intermediaries may suffer from biases, led astray by groupthink and overconfidence. The question remains whether regulators should focus on such biases in formulating policy. An omnipotent regulatory decisionmaker would certainly improve on flawed investor decisionmaking. The alternative we face, however ...


Caveat Emptor: Lessons From Volkswagen's Lemon Purchase, Terence Lau Jan 2003

Caveat Emptor: Lessons From Volkswagen's Lemon Purchase, Terence Lau

Management and Marketing Faculty Publications

This article traces Volkswagen's mis-steps in the botched acquisition of Rolls Royce, and solutions are offered for counsel engaged in international transactions with the hope that the practitioner with little experience in the area can avoid similarly embarrassing and costly errors. The article also offers recommendations on how to draft contract clauses for international licensing use, and provides a brief overview of export control regimes counsel should be aware of when engaging in international transactions.


University Technology Transfer And Economic Development: Proposed Cooperative Economic Development Agreements Under The Bayh Dole Act, Clovia Hamilton Jan 2003

University Technology Transfer And Economic Development: Proposed Cooperative Economic Development Agreements Under The Bayh Dole Act, Clovia Hamilton

Winthrop Faculty and Staff Publications

Technology transfer enables private industry and academia to make practical use of advanced research, development, and technical expertise. Indeed, universities are a rich source of science and technology that can support local government and business development as well as economic growth. Thus, it is essential for research universities to transfer their wisdom to the public for its use and benefit. Today, universities operate in an economic climate that requires both capital and knowledge; takes advantage of government technology initiatives (namely the Bayh- Dole Act);' and serves as a catalyst for the creation of a large number of new, incubated companies ...


Investor Skepticism V. Investor Confidence: Why The New Research Analyst Reforms Will Harm Investors, John L. Orcutt Jan 2003

Investor Skepticism V. Investor Confidence: Why The New Research Analyst Reforms Will Harm Investors, John L. Orcutt

Law Faculty Scholarship

Part I of this Article provides an overview of research analysts and their basic functions, including a discussion of sell-side analysts' role in the market's recent boom and bust. Part II examines the conflicts of interest that have plagued sell-side research, and Part III reviews the Regulatory Actions that are meant to address these conflicts. In Part IV, the author will make the case for encouraging, rather than lessening, investor skepticism in sell-side research and will explain why the Regulatory Actions are not likely to improve the performance of sell-side analysts. Finally, Part V will offer a simpler proposal ...


On The Macroeconomic Effects Of Establishing Tradability In Weak Property Rights, Gunnar Eliasson, Clas Wihlborg Jan 2003

On The Macroeconomic Effects Of Establishing Tradability In Weak Property Rights, Gunnar Eliasson, Clas Wihlborg

Business Faculty Articles and Research

The New Economy is closely associated with computing & communications technology, notably the Internet. We discuss property rights to, and trade in, the difficult-to-define intangible assets increasingly dominating the New Economy, and the possibility of under-investment in these assets. For a realistic analysis we introduce a Schumpeterian market environment (the experimentally organized economy). Weak property rights prevail when the rights to access, use, andtrade in intangible assets cannot be fully exercised. The trade-off between the benefits of open access on the Internet, and the incentive effects of strengthened property rights, depend both on the particular strategy a firm employs to secure ...


Preferences And Rational Choice: Introduction, Claire Oakes Finkelstein, Matthew D. Adler, Peter H. Huang Jan 2003

Preferences And Rational Choice: Introduction, Claire Oakes Finkelstein, Matthew D. Adler, Peter H. Huang

Faculty Scholarship at Penn Law

No abstract provided.


The Rise And Demise Of The Technology-Specific Approach To The First Amendment, Christopher S. Yoo Jan 2003

The Rise And Demise Of The Technology-Specific Approach To The First Amendment, Christopher S. Yoo

Faculty Scholarship at Penn Law

No abstract provided.


Corporate Control Transactions: Introduction, Edward B. Rock, Michael L. Wachter Jan 2003

Corporate Control Transactions: Introduction, Edward B. Rock, Michael L. Wachter

Faculty Scholarship at Penn Law

No abstract provided.


The Immigration Paradox: Poverty, Distributive Justice, And Liberal Egalitarianism, Howard F. Chang Jan 2003

The Immigration Paradox: Poverty, Distributive Justice, And Liberal Egalitarianism, Howard F. Chang

Faculty Scholarship at Penn Law

The immigration of unskilled workers poses a fundamental problem for liberals. While from the perspective of the economic welfare of natives, the optimal policy would be to admit these aliens as guest workers, this policy would violate liberal egalitarian ideals. These ideals would treat these resident workers as equals, entitled to access to citizenship and to the full set of public benefits provided to citizens. If the welfare of all incumbent residents determines admissions policies, however, and we anticipate the fiscal burden that the immigration of the poor would impose, then our welfare criterion would preclude the admission of unskilled ...


The Case For Replealing The Corporate Alternative Minimum Tax, Terrence R. Chorvat, Michael S. Knoll Jan 2003

The Case For Replealing The Corporate Alternative Minimum Tax, Terrence R. Chorvat, Michael S. Knoll

Faculty Scholarship at Penn Law

No abstract provided.


Power, Privilege, And Special Interests: Rent Seeking And Subsidies In Agriculture, Matt Bogard Jan 2003

Power, Privilege, And Special Interests: Rent Seeking And Subsidies In Agriculture, Matt Bogard

Agriculture Department Seminar Series

This presentation covers what Public Choice economists refer to as ‘rent seeking,’ generally seeking favor or special privilege from government through subsidies or regulatory advantages. Particularly, the biotech industry is the area of focus for this presentation. Problems with rent seeking in the biotech industry involve less innovation and industry consolidation. Policies related to biotech regulation, school lunch programs, the Clean Air Act, and ethanol subsidies are discussed. A game theoretic approach is used and it is concluded that issues related to rent seeking and special interests are not adequately addressed by recent campaign finance reform efforts. Alternatives such as ...


Immigration And The Workplace: Immigration Restrictions As Employment Discrimination, Howard F. Chang Jan 2003

Immigration And The Workplace: Immigration Restrictions As Employment Discrimination, Howard F. Chang

Faculty Scholarship at Penn Law

No abstract provided.


Takeover Defense When Financial Markets Are (Only) Relatively Efficient, Michael L. Wachter Jan 2003

Takeover Defense When Financial Markets Are (Only) Relatively Efficient, Michael L. Wachter

Faculty Scholarship at Penn Law

This paper evaluates the impact of developments in the understanding of asset value pricing for alternative legal standards for takeover defenses: the management discretion and the shareholder rights positions. Both sides place considerable, albeit implicit, reliance on alternative views of the efficiency of financial markets. Developments in finance theory show that when financial markets are only "relatively efficient," stock prices can incorrectly value the corporation at any point in time, at the same time as investors cannot outperform the market on an ongoing basis. I focus on financial market anomalies arising from the failure of the capital asset pricing model ...


The Functions Of Transaction Costs: Rethinking Transaction Cost Minimization In A World Of Friction, David M. Driesen, Shubha Ghosh Jan 2003

The Functions Of Transaction Costs: Rethinking Transaction Cost Minimization In A World Of Friction, David M. Driesen, Shubha Ghosh

College of Law - Faculty Scholarship

This article critically examines the goal of minimizing transaction costs, including the costs of legal decision-making. This goal permeates the law and economics literature and has profoundly influenced public policy. While most transaction cost scholarship has focused upon private law, this influence has been especially pervasive in public law, where it has contributed to a variety of legal changes aimed at reducing public transaction costs, often through privatization.

We argue that transaction costs perform useful functions. They frequently enable those engaging in transactions to obtain information needed to correct for information asymmetries or inadequate information. They facilitate efficient transactions, allow ...


Rights Of Access And The Shape Of The Internet, Michael J. Madison Jan 2003

Rights Of Access And The Shape Of The Internet, Michael J. Madison

Articles

This Article reviews recent developments in the law of access to information, that is, cases involving click-through agreements, the doctrine of trespass to chattels, the anti-circumvention provisions of the Digital Millennium Copyright Act, and civil claims under the Computer Fraud and Abuse Act. Though the objects of these different doctrines substantially overlap, the different doctrines yield different presumptions regarding the respective rights of information owners and information consumers. The Article reviews those presumptions in light of different metaphorical premises on which courts rely: Internet-as-place, in the trespass, DMCA, and CFAA contexts, and contract-as-assent, in the click-through context. It argues that ...


New Social Movements And The Struggle For Worker’S Rights In The Maquila Industry, Victoria Carty Jan 2003

New Social Movements And The Struggle For Worker’S Rights In The Maquila Industry, Victoria Carty

Sociology Faculty Articles and Research

"Campaigns to improve worker’s rights in export processing zones (EPZs), also referred to the maquila industry in Latin America, is an important topic analytically and politically. On theoretical and practical levels, the co-existence of market economies with effective means to ensure adequate working conditions for workers is a critical question. Underlying the issue is a vigorous debate regarding how the global economy should be governed; who or what should govern it, and whose interest is should serve (Faux, 2002)."


On The Proper Motives Of Corporate Directors (Or, Why You Don't Want To Invite Homo Economicus To Join Your Board), Lynn A. Stout Jan 2003

On The Proper Motives Of Corporate Directors (Or, Why You Don't Want To Invite Homo Economicus To Join Your Board), Lynn A. Stout

Cornell Law Faculty Publications

One of the most important questions in corporate governance is how directors of public corporations can be motivated to serve the interests of the firm. Directors frequently hold only small stakes in the companies they manage. Moreover, a variety of legal rules and contractual arrangements insulate them from liability for business failures. Why then should we expect them to do a good job?

Conventional corporate scholarship has great difficulty wrestling with this question, in large part because conventional scholarship usually adopts the economist's assumption that directors are rational actors motivated purely by self-interest. This homo economicus model of behavior ...


New Models Of Regulation And Interagency Governance, Christopher S. Yoo Jan 2003

New Models Of Regulation And Interagency Governance, Christopher S. Yoo

Faculty Scholarship at Penn Law

No abstract provided.


Is There A Role For Lawyers In Preventing Future Enrons?, Jill E. Fisch, Kenneth M. Rosen Jan 2003

Is There A Role For Lawyers In Preventing Future Enrons?, Jill E. Fisch, Kenneth M. Rosen

Faculty Scholarship at Penn Law

Following the collapse of the Enron Corporation, the ethical obligations of corporate attorneys have received increased scrutiny. The Sarbanes-Oxley Act of 2002, enacted in response to calls for corporate reform, specifically requires the Securities and Exchange Commission to address the lawyer’s role by requiring covered attorneys to “report up” evidence of corporate wrongdoing to key corporate officers, and, in some circumstances, to the board of directors. Failure to “report up” subjects a lawyer to liability under federal law.

This Article argues that the reporting up requirement reflects a second-best approach to corporate governance reform. Rather than focusing on the ...


How To Fix Wall Street: A Voucher Financing Proposal For Securities Intermediaries, Stephen Choi, Jill E. Fisch Jan 2003

How To Fix Wall Street: A Voucher Financing Proposal For Securities Intermediaries, Stephen Choi, Jill E. Fisch

Faculty Scholarship at Penn Law

No abstract provided.


A Non-Harmonized Perspective On Parallel Imports: The Protection Of Intellectual Property Rights And The Free Movement Of Goods In International Trade, Krithpaka Boonfueng Jan 2003

A Non-Harmonized Perspective On Parallel Imports: The Protection Of Intellectual Property Rights And The Free Movement Of Goods In International Trade, Krithpaka Boonfueng

SJD Dissertation Abstracts

This dissertation aims to define an appropriate international legal standard for the exhaustion doctrine as it pertains to parallel imports, being the importation of genuine goods but without authorization from intellectual property owners. The clarification of this issue is needed because developed and developing countries have different perspectives on the application of the exhaustion doctrine. Under the exhaustion doctrine, once an intellectual property owner deliberately releases or authorizes others to release goods into the stream of commerce, his exclusive right to further control the goods is no longer valid. However, there are three diverse aspects in the application of exhaustion ...