Law Commons^™

The Market For Takeover Defenses, Sharon Hannes

ExpressO

This paper develops a market-based approach to takeover defenses. In this framework, a firm’s decision to go public without defenses is considered a decision to produce an unshielded target. The paper shows that the voluminous classical literature on takeover defenses, which argues either that takeover defenses are good for all firms or that they are bad for all firms, actually ignores both supply and demand considerations. Recent empirical findings that revealed that IPO-stage firms diverge in antitakeover practices led to the rapid development of a new branch in the literature. This branch emphasizes that firms diverge in defense-adopting costs due …

Vol. 56, No. 9, February 21, 2006, University Of Michigan Law School

Res Gestae

•Don't Panic! Save Yourself (Jail) Time, Trouble With 'The Law Student's Guide to the Planet' •Coke Ban Can Beat the Real Thing •Ann Arbor Has a 'Starry Night' •In Re Kwan •An Open Apology to Christina Whitman •Introducing the Poetry of Wallace Stevens •I Know What You Did Last Semester •'Term of Arts' Opening Photos •Michigan Hoops '06: Just Another Tease? •Crossword •Question on the Quad

Virginia Bar Exam, February 2006, Section 2

Virginia Bar Exam Archive

No abstract provided.

Virginia Bar Exam, February 2006, Section 1

Virginia Bar Exam Archive

No abstract provided.

People As Property: On Being A Resource And A Person, Jedediah S. Purdy

ExpressO

Property law facilitates the efficient use and allocation of scarce resources and recognizes and protects aspects of personhood – the bases of dignity and self-respect. Human beings, who are both resources for one another and the persons whose moral importance the legal system seeks to protect. This article explores how property law has addressed this paradox in the past and how might in the future.

I analyze two bodies of nineteenth-century law where the paradox was highlighted: the legal regimes of labor discipline for slaves in the antebellum South and for free workers in the laissez-faire Lochner era. The law …

The New Biopolitics: Autonomy, Demography, And Nationality, Jedediah S. Purdy

ExpressO

No abstract provided.

Wind Energy And Its Impact On Future Environmental Policy Planning: Powering Renewable Energy In Canada And Abroad, Kamaal Zaidi

ExpressO

With the rising demand for energy from finite conventional sources such as coal and natural gas, the emphasis on modern environmental policy planning for renewable energy is rapidly gaining attention. In particular, wind energy projects that include wind turbine technology is helping drive this trend towards cheaper, cleaner, and more reliable forms of energy that provide electricity to consumers. This paper provides an introductory review of wind energy, outlining its history, technology, and current legislative frameworks adopted by various nations in harnessing renewable energy. This analysis includes a thorough discussion of Canada’s approach, but continues with renewable wind programs in …

Law In The Digital Age: How Visual Communication Technologies Are Transforming The Practice, Theory, And Teaching Of Law, Richard K. Sherwin, Neal Feigenson, Christina Spiesel

ExpressO

Law today has entered the digital age. The way law is practiced – how truth and justice are represented and assessed – is increasingly dependent on what appears on electronic screens in courtrooms, law offices, government agencies, and elsewhere. Practicing lawyers know this and are rapidly adapting to the new era of digital visual rhetoric. Legal theory and education, however, have yet to catch up. This article is the first systematic effort to theorize law's transformation by new visual and multimedia technologies and to set out the changes in legal pedagogy that are needed to prepare law students for practice …

Disappearing Acts – Toward A Global Civil Liability Regime For Pollution Damage Resulting From Offshore Oil And Gas Exploration, Kissi Agyebeng

Cornell Law School J.D. Student Research Papers

Civil liability for pollution damage is recognized and firmly established under international law. However, there is no global international treaty that addresses this issue with respect to offshore oil and gas exploration. This may be due partly to the infrequency of the occurrence of offshore oil well blowouts. However, offshore operations represent a constant threat to the marine environment since the risk of a blowout leading to an ecological disaster is ever present. The trend has been the adoption of regional agreements to tackle the issue. However, most of the regional arrangements deal with the issue in a sidelong manner …

The Issue Of A Foreign Company Wholly Owned By National Shareholders In The Context Of Icsid Arbitration, Omar E. Garcia-Bolivar

Omar E Garcia-Bolivar

This article deals with the issue of nationality of corporations in the context of ICSID arbitrations.

Taxpayer Standing And Daimlerchrysler V. Cuno: Where Do We Go From Here?, Kristin E. Hickman, Donald B. Tobin

Faculty Scholarship

In granting certiorari in the case of Daimler-Chrysler Corp. v. Cuno, the Supreme Court asked the parties to brief "whether respondents have standing to challenge Ohio's investment tax credit." This report applies modern standing doctrine to the Cuno case and concludes that the Cuno plaintiffs do no have standing to raise their claims in federal court. Moreover, the authors write, allowing the Cuno plaintiffs' case to be resolved in federal court would open the federal court system to a wide range of taxpayer challenges better left to the political branches of government. Nevertheless, they recognize that there may be …

When Discrimination Is Good: Encouraging Broadband Internet Investment Without Content Neutrality, Christopher E. Fulmer

Duke Law & Technology Review

Cable television and traditional telephone companies are increasingly offering the same set of services: telephone, television, and broadband Internet access. Competition between these two types of companies would ordinarily require them to improve these services, but unless broadband providers have the ability to discriminate on the basis of content and charge Internet video providers that compete with their own video services, the growth of the Internet will be stunted, as broadband providers will not improve the capacity of their networks.

Conservation Cartels: How Competition Policy Conflicts With Environmental Protection, Jonathan H. Adler

Faculty Publications

The alleged purpose of antitrust law is to improve consumer welfare by proscribing actions and arrangements that reduce output and increase prices. Conservation seeks to improve human welfare by maximizing the long-term productive use of natural resources, a goal that often requires limiting consumption to sustainable levels. While conservation measures might increase prices in the short run, they enhance consumer welfare by increasing long-term production and ensuring the availability of valued resources over time. That is true whether the restrictions are imposed by a private conservation cartel or a government agency. Insofar as antitrust law fails to take this into …

Vol. 30, No. 07 (February 20, 2006)

Indiana Law Annotated

No abstract provided.

The End Of The Securities Fraud Class Action As We Know It, Richard A. Booth

ExpressO

In this article, I argue that securities fraud class actions (SFCAs) should not be treated as class actions but rather should be treated as derivative actions. In addition, I argue that such actions should be dismissed unless it appears that insiders (including the company itself) have enjoyed gains from trading during the fraud period. Both of these conclusions are based on the fundamental argument that (1) securities law seeks to protect the interests of reasonable investors, (2) reasonable investors diversify, and (3) diversified investors are effectively protected against the supposed financial harms of securities fraud by virtue of being diversified, …

Justin Hughe's Predictions For 2006: Part One, Justin Hughes

iBlawg

No abstract provided.

"You Can't Wear That To Vote": The Constitutionality Of State Laws Prohibiting The Wearing Of Political Message Buttons, Kimberly J. Tucker

ExpressO

My research for this article began on Election Day 2004 when I was told that I could not wear a campaign button into the polling room while voting in Virginia. The article outlines the laws of all 50 states that restrict a voter’s right to speak in and around polling places. It focuses on the 10 states that explicitly prohibit a voter from wearing “buttons” to the polls.

Conditional Love: Incentive Trusts And The Inflexibility Problem, Joshua C. Tate

ExpressO

This Article examines the contemporary phenomenon of incentive trusts: trusts that use money to encourage or discourage certain behaviors. Using evidence from Internet websites, practitioner articles, and newspaper articles, the Article considers the likely provisions that a typical incentive trust might have, and explains how such trusts might lead to a problem of inflexibility when they are not drafted so as to take into account the possibility of changed circumstances. The Article also examines current law regarding trust modification and termination as well as recent reform proposals, and suggests some alternatives that might better take into account the particular characteristics …

Free And Green: A New Approach To Environmental Protection, Jonathan H. Adler

Faculty Publications

Most Americans consider themselves environmentalists, yet most experts are dissatisfied with existing environmental regulations, which are both inefficient and inequitable. Worse, many don't serve environmental goals. This article outlines an alternative approach to environmental policy based on market institutions and property rights rather than central-planning and bureaucratic control. The aim is both to improve environmental protection and lessen the costs ? Economic and otherwise ? Of achieving environmental goals. It seeks to ensure that Americans' environmental values are advanced without sacrificing the individual liberties the American government was created to protect.

The problem with current regulatory approaches is not merely …

The Secret Is Out: Patent Law Preempts Mass Market License Terms Barring Reverse Engineering For Interoperability Purposes, Daniel Laster

ExpressO

As patent protection has emerged to protect software, courts and commentators have mistakenly focused on copyright law and overlooked the centrality of patent preemption to limit contract law where a mass market license which prohibits reverse engineering (RE) for purposes of developing interoperable products leads to patent-like protection. Review of copyright fair use cases on RE and Congress’s policy favoring RE for interoperability purposes in the Digital Millennium Copyright Act reinforce the case for patent preemption. Also, the fundamental freedom to RE embodied in state trade secret law, coupled with federal patent and copyright law and policies, cumulatively should override …

Is Capital Punishment Immoral Even If It Does Deter Murder?, Thomas Kleven

ExpressO

After years of inconclusive debate, recent studies purport to demonstrate that capital punishment does indeed deter murder, perhaps to the tune of multiple saved lives for each person executed. In response to these studies, Professors Sunstein and Vermeule have argued that since capital punishment leads to a net savings of innocent lives, it may be morally required on consequentialist grounds. I argue, even assuming the validity of the studies, that capital punishment cannot be justified in the United States in the current historical context for reasons of justice that trump consequentialist considerations. Mine is not an argument that capital punishment …

Genetic Residues Of Ancient Migrations: An End To Biological Essentialism And The Reification Of Race, William M. Richman

ExpressO

No abstract provided.

Open Water: Affirmative Action, Mismatch Theory And Swarming Predators: A Response To Richard Sander, André Douglas Pond Cummings, Seth Harper

Faculty Scholarship

"Open Water" offers a sharp normative critique of Richard Sander's Stanford Law Review study (57 STAN. L. REV. 367 (2004)) that claims to prove empirically that affirmative action positively injures African American law students. Sander's law review article and conclusions are troublesome for a range of reasons and my critique unfolds as follows: First, Sander promulgates an objectionable form of racial paternalism in his anti-affirmative action study; Second, Sander casts himself in the fateful and historically disturbing role of the "Great White Father"; Third, Sander seemingly manipulated the mass media in drawing attention to his study and purported findings, particularly …

Ain't No Glory In Pain': How The 1994 Republican Revolution And The Private Securities Litigation Reform Act Contributed To The Collapse Of The United States Capital Markets, André Douglas Pond Cummings

Faculty Scholarship

Ain't No Glory In Pain recalls the deregulatory legislation adopted by the 104th Congress in 1995 and 1996, including the shareholder lawsuit limiting Private Securities Litigation Reform Act (PSLRA) and connects several of those measures with the historic corporate malfeasance that marked the capital market collapse of 2001-02. I propose, in the face of recent calls for further efforts to deregulate crucial industries and further hamstring shareholder lawsuits, that Congress and the SEC work together to reject certain provisions of the PSLRA and act in ways to ensure investor protection in this post-Enron/WorldCom environment.

The Constitutional Right To Make Medical Treatment Decisions: A Tale Of Two Doctrines, B. Jessie Hill

Faculty Publications

The Supreme Court has taken very different approaches to the question whether individuals have a right to make autonomous medical treatment choices, depending on the context. For example, in cases concerning the right to choose ¿partial-birth¿ abortion and the right to use medical marijuana, the Supreme Court reached radically different results, based on radically different reasoning.

More recent developments, including last Term's decision in Gonzales v. Carhart, have only highlighted the doctrinal confusion and the need for a resolution. In light of this pressing need, the goal of this Article is to view all of the constitutional cases touching on …

When The Inquisitorial And Adversary Systems Collide: Teaching Trial Advocacy To Latin American Lawyers, Leonard L. Cavise

ExpressO

"When the Inquisitorial and Adversary Systems Collide: Teaching Trial Advocacy to Latin American Lawyers" The first part of the article reviews the principal differences in the two systems as it affects trial procedure. The article then reviews those aspects of accusatorial trial proceedings that caused the greatest degree of discomfort to the foreign lawyers. Finally, the article attempts to posit a few recommendations that should help not only to ease the transition process but also to anticipate the next level of procedural and substantive obstacles.

Choice In Government Software Procurement: A Winning Combination, Mclean Sieverding

ExpressO

Governments are such significant purchasers of IT products and services that their purchasing decisions have a substantial impact on the world’s IT marketplace. This fact calls into question the wisdom of decisions by a few policymakers (on national, state, and local levels) around the world that have sought to require that governmental procurement officials give varying degrees of preference to open source software (OSS) when evaluating competing software solutions, claiming, among other things, that such preferences are justified because OSS is cheaper and more interoperable than proprietary software and needs government handicapping in order to enter the market to compete …

Misplaced Angst---Another Look At Consent-Search Jurisprudence, Daniel R. Williams

ExpressO

Conventional scholarship misunderstands the judicial invocation of voluntariness when evaluating a purported consensual search. The key is to nail down more precisely what we mean by the term, consent. Most commentators mistakenly entwine consent and waiver, wrongly treating the act of consenting (to a search, to questioning, etc.) as an instance where the actor is waiving a constitutional right. That conceptual error promotes the view that consent refers to a subjective condition, a psychological state, which, in turn, spurs the expectation that voluntariness refers to a person's inner experience. On this view of consent, the person's inner experience is what …

Poisoning The Well: Law & Economics And Racial Inequality, Robert E. Suggs

Faculty Scholarship

The standard Law & Economics analysis of racial discrimination has stunted our thinking about race. Its early conclusion, that laws prohibiting racial discrimination were unnecessary and wasteful, discredited economic analysis of racial phenomena within the civil rights community. As a consequence we know little about the impact of racial discrimination on commercial transactions between business firms. Laws do not prohibit racial discrimination in transactions between business firms, and the disparity in business revenues between racial minorities and the white mainstream dwarfs disparities in income by orders of magnitude. This disparity in business revenues is a major factor in the persistence …

Understanding Waiver, Jessica Wilen Berg

Faculty Publications

Waiver plays a role in numerous areas of law, yet no one has attempted to provide a unifying theory of waiver, explaining why some rights cannot be waived and why courts and legislatures have set different standards for the validity of waivers in different circumstances. This article proposes that maximization of autonomy functions as an underlying goal of our legal system generally, and thus the concept of autonomy provides a basis for understanding waivers. It analyzes autonomy in some detail and offers an evaluative framework that functions both descriptively and normatively across different legal areas. There are two senses of …