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Articles 1 - 17 of 17
Full-Text Articles in Law
The Basel Iii Liquidity Coverage Ratio And Financial Stability, Andrew W. Hartlage
The Basel Iii Liquidity Coverage Ratio And Financial Stability, Andrew W. Hartlage
Michigan Law Review
Banks and other financial institutions may increase the amount of credit available in the financial system by borrowing for short terms and lending for long terms. Though this "maturity transformation" is a useful and productive function of banks, it gives rise to the possibility that even prudently managed banks could fail due to a lack of liquid assets. The financial crisis of 2007-2008 revealed the extent to which the U.S. financial system is exposed to the risk of a system-wide failure from insufficient liquidity. Financial regulators from economies around the world have responded to the crisis by proposing new, internationally …
Contractualism In The Law Of Treaties, Omar M. Dajani
Contractualism In The Law Of Treaties, Omar M. Dajani
Michigan Journal of International Law
When Henry Sumner Maine famously observed that "the movement of the progressive societies has hitherto been a movement from Status to Contract," he was invoking contract not as a device for binding parties to their commitments but, rather, as a metaphor for freedom. That metaphor lies at the heart of what legal scholars have come to call contractualism (or, sometimes, contractarianism)-the idea that people should be free to decide with whom, for what, and on which terms they enter agreements and that the law should minimize the constraints it places on these decisions. It is a proposition rooted in the …
A New Prescription To Balance Secrecy And Disclosure In Drug-Approval Processes, Gerrit M. Beckhaus
A New Prescription To Balance Secrecy And Disclosure In Drug-Approval Processes, Gerrit M. Beckhaus
University of Michigan Journal of Law Reform
To obtain approval to market a drug, a manufacturer must disclose significant amounts of research data to the government agency that oversees the approval process. The data often include information that could help advance scientific progress, and are therefore of great value. But current laws in both the United States and Europe give secrecy great weight. This Article proposes an obligatory sealed-bid auction of the sensitive information based on the experience with similar auctions in mergers and acquisitions, to balance manufacturers' interest in secrecy and the public interest in disclosure.
Review Of The Making Of Tax Law: The Development Of The Swedish Tax System, Reuven S. Avi-Yonah
Review Of The Making Of Tax Law: The Development Of The Swedish Tax System, Reuven S. Avi-Yonah
Reviews
Imagine that a single person had been responsible for all U.S. tax reforms enacted from 1974 to 2012. That was the position of Sven-Olof Lodin, the former president of the International Fiscal Association. For more than 40 years, professor Lodin was the most influential voice in Swedish tax policy. This was not in a single, official governmental capacity, but rather as a member of more than 20 government commissions and working parties on taxation, which were responsible for all the major changes in Swedish tax law in recent decades, including the "Tax Reform of the Century" in 1991. In this …
Constitutional Heterarchy: The Centrality Of Conflict In The European Union And The United States, Daniel Halberstam
Constitutional Heterarchy: The Centrality Of Conflict In The European Union And The United States, Daniel Halberstam
Book Chapters
In the debates about whether to take constitutionalism beyond the state, the European Union invariably looms large. One element, in particular, that invites scholars to grapple with the analogy between the European Union and global governance is the idea of legal pluralism. Just as the European legal order is based on competing claims of ultimate legal authority among the European Union and its member states, so, too, the global legal order, to the extent that we can speak of one, lacks a singular, uncontested hierarchy among its various parts. To be sure, some have argued that the UN Charter provides …
Save Our Sharks: Using International Fisheries Law Within Regional Fisheries Management Organizations To Improve Shark Conservation, Stijn Van Osch
Save Our Sharks: Using International Fisheries Law Within Regional Fisheries Management Organizations To Improve Shark Conservation, Stijn Van Osch
Michigan Journal of International Law
Like many fish, sharks are facing unprecedented overfishing. They have been targeted both directly for their fins and caught accidentally (bycaught) in, for instance, tuna fisheries. This has led to collapsing stocks around the world. Overfishing has led to what has been termed a mass extinction among ocean species, and sharks are no exception-they are in fact especially vulnerable. As a result, many species of sharks are now listed on the Red List of the International Union for Conservation of Nature (IUCN). This problem can only be tackled through coordinated, cooperative action by all states. This Note explores one avenue …
Private Equity In Brazil: Industry Overview And Regulatory Environment, Shannon Guy
Private Equity In Brazil: Industry Overview And Regulatory Environment, Shannon Guy
Michigan Business & Entrepreneurial Law Review
The overall goal of this note is to paint a picture of the current state of the private equity industry in Brazil and the existing regulations which must be obeyed to participate as a private equity investor. Part II of this note provides a brief history of the private equity industry in Brazil, discusses recent investor interest in the growing area, and introduces the main regulatory bodies in Brazil. Part III explains several specific rules that govern a private equity investment by breaking down the “life” of a private equity investment into four stages: (1) setting up the private equity …
Venture Capital Investments In China: The Use Of Offshore Financing Structures And Corporate Relocations, Jing Li
Michigan Business & Entrepreneurial Law Review
Based on an analysis of the relevant Chinese laws and regulations governing the corporate governance structure of venture capital (“VC”)-invested firms, as well as a discussion on the feasibility of employing different alternatives to make direct and indirect VC investments in Chinese portfolio firms, this article studies a hand-collected sample consisting of the twenty-nine VCbacked Chinese portfolio firms that have been financed and listed from 1990 to 2005 in order to empirically show how these investments were actually made in practice. The findings show that twenty-three out of the twentynine firms received their VC investments in various offshore holding entities, …
The Effective Tax Rate Of The Largest Us And Eu Multinationals, Reuven S. Avi-Yonah, Yaron Lahav
The Effective Tax Rate Of The Largest Us And Eu Multinationals, Reuven S. Avi-Yonah, Yaron Lahav
Articles
The United States has the second highest statutory corporate tax rate in the Organization for Economic Co-Operation and Development (OECD) (after Japan).1 This has not always been the case. After the Tax Reform Act of 1986 lowered the U.S. rate from 46% to 34%,2 the United States had one of the lowest statutory corporate tax rates in the OECD.3 In the past twenty-five years, however, the U.S. rate has remained essentially unchanged (it was raised to 35% in 1993),4 while most other OECD countries reduced their statutory rate so that the OECD average statutory corporate tax rate is 25.1%.
Behind Closed Doors: Irb's And The Making Of Ethical Research, Xiaomeng Zhang
Behind Closed Doors: Irb's And The Making Of Ethical Research, Xiaomeng Zhang
Law Librarian Scholarship
In the late 1700s, English physician Edward Jenner intentionally exposed his infant son to swinepox and an eight-year-old boy to cowpox in order to observe whether they would become immune to related smallpox, a disease. While modern history of human experimentation can be traced back to the eighteenth century, the topic did not engage significant public attention until 1946, when the Nuremberg trials disclosed horrific medical experiments carried out by Nazi scientists. Now, almost all research involving human subjects is subject to prior review and ongoing monitoring by institutional review boards, or IRBs. Behind Closed Doors: IRBs and the Making …
Local, Global And Plural Constitutionalism: Europe Meets The World., Daniel Halberstam
Local, Global And Plural Constitutionalism: Europe Meets The World., Daniel Halberstam
Book Chapters
The idea that constitutionalism is central to the legitimate exercise of public power has dominated the modern liberal imagination since the Enlightenment. The ideal of limited collective self-governance has spawned a rich and highly diverse tradition of hard-fought national constitutions from the time of the Glorious Revolution into the present. Today, however, constitutionalism faces its greatest challenge yet: the question of its continued relevance to modern governance. With the explosion of governance beyond the state, many wonder whether constitutionalism as we know it is being marginalized or altogether undermined.
Systems Pluralism And Institutional Pluralism In Constitutional Law: National, Supranational, And Global Governance, Daniel Halberstam
Systems Pluralism And Institutional Pluralism In Constitutional Law: National, Supranational, And Global Governance, Daniel Halberstam
Book Chapters
Constitutions are often seen as creating a closed and hierarchically organized system of law. Constitutional systems are taken as closed to claims of legality from outside the system and as setting forth a hierarchy of norms and institutions that governs within the system. This consolidation of authority, in turn, is predominantly associated with a radical political (re)founding of the state. Politics are framed by law and law is grounded in an act of collective politics on the part of an existing or aspiring community defined by shared histories, norms, processes, and politics.
Equality, Susanne Baer
Equality, Susanne Baer
Book Chapters
This article first discusses key equality guarantees in law today. It then focuses on different understandings of the right to equality: as either a principle or an individually enforceable claim (the status); as an ‘empty idea’, a rationality test, or a ‘substantive’ right (the content); as a right of individuals or for groups (who bears the right?). It next examines equality as categorically distinctly structured as opposed to or as similar to other liberty interests (the test); as a general entitlement or as a specific guarantee to address particular inequalities, either separate or intersecting (the inequalities); and as general or …
Under Color Of Law: Siliadin V. France And The Dynamics Of Enslavement In Historical Perspective, Rebecca J. Scott
Under Color Of Law: Siliadin V. France And The Dynamics Of Enslavement In Historical Perspective, Rebecca J. Scott
Book Chapters
When is it appropriate to apply the term ‘slavery’—a concept that appears to rest on a property right—to patterns of exploitation in contemporary society, when no state extends formal recognition to the possibility of the ownership of property in a human being? Historians, who generally position themselves as enemies of anachronism, may be particularly resistant to the use of an ancient term to describe a twenty-first century reality. And jurists have often been understandably reluctant to employ a word whose historical meaning was so closely tied to a specific property relationship that has long since been abolished in Europe and …
Enforcement Without Foundation? Insider Trading And China's Administrative Law Crisis, Nicholas C. Howson
Enforcement Without Foundation? Insider Trading And China's Administrative Law Crisis, Nicholas C. Howson
Articles
China's securities regulator enforces insider trading prohibitions pursuant to non-legal and non-regulatory internal "guidance." Reported agency decisions indicate that enforcement against insider trading is often possible only pursuant to this guidance, as the behavior identified is far outside of the scope of insider trading liability provided for in statute or regulation. I argue that the agency guidance is itself unlawful and unenforceable, because: (i) the guidance is not the regulatory norm required by the statutory delegation of power; and (ii) the guidance is ultra vires because (a) it addresses something substantively different from what is authorized under the statutory delegation, …
Learning From The Unique And Common Challenges: Clinical Legal Education In Jordan, Nisreen Mahasneh, Kimberly A. Thomas
Learning From The Unique And Common Challenges: Clinical Legal Education In Jordan, Nisreen Mahasneh, Kimberly A. Thomas
Articles
Legal education worldwide is undergoing scrutiny for its failure to graduate students who have the problem-solving abilities, skills, and professional values necessary for the legal profession.1 Additionally, law schools at universities in the Middle East have found themselves in an unsettled environment, where greater demands for practical education are exacerbated by several factors such as high levels of youth unemployment. More specifically, in Jordan there is a pressing need for universities to respond to this criticism and to accommodate new or different methods of legal education. Clinical legal education is one such method.3 We use the term "clinical legal education" …
The Moral Dimension Of Employment Dispute Resolution, Theodore J. St. Antoine
The Moral Dimension Of Employment Dispute Resolution, Theodore J. St. Antoine
Articles
Dispute resolution may be viewed from the perspective of economics or negotiation or contract law or game theory or even military strategy. In this Article, I should like to consider employment dispute resolution in particular from the perspective of morality. I do not necessarily mean "morality" in any religious sense. By "morality" here I mean a concern about the inherent dignity and worth of every human being and the way each one should be treated by society. Some persons who best exemplify that attitude would style themselves secular humanists. Nonetheless, over the centuries religions across the globe have played a …