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Full-Text Articles in Law

Paying To Save: Tax Withholding And Asset Allocation Among Low- And Moderate-Income Taxpayers, Michael S. Barr, Jane Dokko Nov 2007

Paying To Save: Tax Withholding And Asset Allocation Among Low- And Moderate-Income Taxpayers, Michael S. Barr, Jane Dokko

Law & Economics Working Papers Archive: 2003-2009

We analyze the phenomenon that low- and moderate-income (LMI) tax filers exhibit a “preference for over-withholding” their taxes, a measure we derive from a unique set of questions administered in a dataset of 1,003 households, which we collected through the Survey Research Center at the University of Michigan. We argue that the relationship between their withholding preference and portfolio allocation across liquid and illiquid assets is consistent with models with present-biased preferences, and that individuals exhibit self-control problems when making their consumption and saving decisions. Our results support a model in which individuals use commitment devices to constrain their ...


Using The Unidroit Principles To Fill Gaps In The Cisg, John Y. Gotanda Oct 2007

Using The Unidroit Principles To Fill Gaps In The Cisg, John Y. Gotanda

Working Paper Series

The United Nations Convention on the International Sale of Goods (CISG) sets forth only a basic framework for the recovery of damages, thereby giving a court of tribunal broad authority to determine an aggrieved party’s loss based on circumstances of the particular case. Unfortunately, the lack of specificity has resulted in much litigation, and seemingly conflicting results. To remedy this problem, some have argued that the gaps in the CISG damages provisions should be filled with the UNIDROIT Principles of International Commercial Contracts. In this paper, I argue that the gap-filling rules of CISG preclude the UNIDROIT Principles from ...


Will Marriage Promotion Work?, Vivian E. Hamilton Oct 2007

Will Marriage Promotion Work?, Vivian E. Hamilton

Faculty Publications

No abstract provided.


The Harvard And Chicago Schools And The Dominant Firm, Herbert J. Hovenkamp Sep 2007

The Harvard And Chicago Schools And The Dominant Firm, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

The Chicago School has produced many significant contributions to the antitrust literature of the last half century. Thanks in part to Chicago School efforts today we have an antitrust policy that is more rigorously economic, less concerned with protecting noneconomic values that are impossible to identify and weigh, and more confident that markets will correct themselves without government intervention. This Chicago School revolution came at the expense of the Harvard structural school, which flourished from the 1930s through the 1950s. That school rested on a fairly rigid theory of Cournot oligopoly, exaggerated notions about barriers and impediments to entry, and ...


The Legal Periphery Of Dominant Firm Conduct, Herbert J. Hovenkamp Sep 2007

The Legal Periphery Of Dominant Firm Conduct, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This essay explores two different but related problems and how U.S. antitrust law and EU competition law approach them. The first is the offense of attempt to monopolize, which concerns the acts that a firm that is not yet dominant might undertake in order to become dominant. The second is the offense of monopoly or dominant firm leveraging, which occurs when a firm uses its dominant position in one market to cause some kind of harm in a different market where it also does business.

The language of EU and U.S. provisions concerning dominant firms provokes one to ...


Mixed Contracts And The U.C.C.: A Proposal For A Uniform Penalty Default To Protect Consumers, Jesse M. Brush Jul 2007

Mixed Contracts And The U.C.C.: A Proposal For A Uniform Penalty Default To Protect Consumers, Jesse M. Brush

Student Scholarship Papers

Although Article 2 of the Uniform Commercial Code provides a standard set of rules for goods transactions, it is silent on the treatment of mixed goods and services contracts. Without guidance from the Code, courts have taken a number of different approaches to such contracts. These varied tests encourage opportunistic behavior: sellers withhold information about implied warranties during negotiations, and can later claim they do not apply. Uninformed buyers must either forfeit their warranty protection or resort to an expensive court determination of the Code’s applicability. This Article proposes a “penalty default” of applying the Code in consumer contracts ...


What Kinds Of Stock Ownership Plans Should There Be? Of Esops, Other Sops And "Ownership Societies", Robert C. Hockett Jul 2007

What Kinds Of Stock Ownership Plans Should There Be? Of Esops, Other Sops And "Ownership Societies", Robert C. Hockett

Cornell Law Faculty Publications

Present-day advocates of an ownership society (OS) do not seem to have noticed the means we have already employed to become an OS where homes and human capital (higher education) are concerned. Nor do they appear to have considered whether these same means - which amount to publicly enhanced private credit markets - might be employed to spread shares in business firms, with a view to completing our OS. This article, the third in a series, seeks tentatively to fill that gap. It does so first by demonstrating how the Employee Stock Ownership Plan, or ESOP, in effect replicates our home and ...


Time To Step Up: Modeling The African American Ethnivestor For Self Help Entrepreneurship In Urban America, Roger M. Groves Feb 2007

Time To Step Up: Modeling The African American Ethnivestor For Self Help Entrepreneurship In Urban America, Roger M. Groves

ExpressO

Almost $6 billion in taxes paid by the American people have been rather ubiquitously placed in the hands of a federal subsidy program for investors in low income communities. The subsidy is in the form of a tax credit. The program is entitled the New Markets Tax Credit (“NMTC”) initiative. Under the program, the tax credit is used to lure investors to provide equity capital into low income areas, urban and/or rural (i.e. a new market for equity funding). According to my companion law review article (Florida Tax Review, Spring, 2007; The Florida Tax Review was ranked 1st ...


The Effects Of Domestic Legal Institutions On International Trade Flows, Yu Wang Feb 2007

The Effects Of Domestic Legal Institutions On International Trade Flows, Yu Wang

ExpressO

The effects of institutions on international trade relations are of theoretical and practical interest. By following the research perspective that interprets institutions as the “rules of the game”, I suggest and study three domestic legal institutions---tenure system for judges, precedent law, and judicial review that supposedly have significant effects on international trade flows. My empirical tests show that both precedent law and judicial review have independent effects on bilateral trade volume while the proposed independent effect of tenured judge is unsupported. Moreover, my empirical evidences suggest that precedent law introduces its effect in a monadic fashion while judicial review (measured ...


The Sarbanes-Oxley Act: Legal Implications And Research Opportunities, Stephen K. Asare, Lawrence A. Cunningham, Arnold Wright Feb 2007

The Sarbanes-Oxley Act: Legal Implications And Research Opportunities, Stephen K. Asare, Lawrence A. Cunningham, Arnold Wright

Boston College Law School Faculty Papers

Congress passed the Sarbanes-Oxley Act to restore investor confidence, which had been deflated by massive business and audit failures, epitomized by the demise of the Enron Corporation and Arthur Andersen LLP. The Act altered the roles and responsibilities of auditors, corporate officers, audit committee members, as well as other participants in the financial reporting process. We evaluate the potential legal implications of some of the Act’s major provisions and anticipate participants’ likely responses. Our evaluation suggests that these provisions will significantly change behavior, increase compliance costs and alter the legal landscape. We also identify promising avenues for future research ...


Globalization And The Environment: Why All The Fuss?, David A. Wirth Feb 2007

Globalization And The Environment: Why All The Fuss?, David A. Wirth

Boston College Law School Faculty Papers

The relationship between globalization and environmental policies presents more nuances than the popular paradigm of free trader versus self-serving protectionists, the familiar model of environmentalist battling greedy polluters, or the outmoded view of a progressive multilateral agenda juxtaposed against a parochial, inward-looking domestic one. This piece sets out a structural and analytical framework for addressing the major issues in the field -- including (1) unilateral trade-based measures to protect the environment; (2) science-based tests applied through trade agreements; (3) disciplines on foreign investment that may have a "chilling effect" on environmental regulation; and (4) the relationship between free trade agreements and ...


Controlling Family Shareholders In Developing Countries: Anchoring Relational Exchange, Ronald J. Gilson Feb 2007

Controlling Family Shareholders In Developing Countries: Anchoring Relational Exchange, Ronald J. Gilson

ExpressO

The Law and Finance account of the ubiquity of controlling shareholders in developing markets is based on conditions in the capital market: poor shareholder protection law prevents controlling shareholders from parting with control out of fear of exploitation by a new controlling shareholder who acquires a controlling position in the market. This explanation, however, does not address why we observe any minority shareholders in such markets, or why controlling shareholders in developing markets are most often family-based. This paper looks at the impact of “bad law” on shareholder distribution in a very different way. Developing countries typically provide not only ...


The Hidden Harm Of Law And Economics, Daniel I A Cohen Feb 2007

The Hidden Harm Of Law And Economics, Daniel I A Cohen

ExpressO

The paper deals with the adverse psychodynamic consequences to an individual and to society, immediately and in the long run, of dissolving individual responsibility for fault as in the doctrine of Law and economics.


Using Ethanol As A Fuel To Reenergize Free Trade Area Of The Americas Negotiations, Marcel De Armas Feb 2007

Using Ethanol As A Fuel To Reenergize Free Trade Area Of The Americas Negotiations, Marcel De Armas

ExpressO

Currently the United States imposes a 2.5 percent ad valorem tax along with a 14.27 cents per liter tax on imported ethanol from countries with normal trade relations under the harmonized tariff schedule. However, the United States exempts many countries from this tariff or reduces the tariff under various free trade agreements or initiatives. The issues that resulted in Doha’s failure also caused FTAA negotiations to temporarily stall since both Brazil and the United States wanted certain FTAA issues negotiated at the WTO level. The United States could initiate this process with a discussion of reducing or ...


The Mysterious Ways Of Mutual Funds: Market Timing, Tamar Frankel, Lawrence A. Cunningham Jan 2007

The Mysterious Ways Of Mutual Funds: Market Timing, Tamar Frankel, Lawrence A. Cunningham

Boston College Law School Faculty Papers

The term "market timing" was little known outside the arcane world of mutual funds until state attorneys general from across the country popularized it. The term's innocuous-sounding ring assumed a more pernicious note when the mysterious ways of mutual funds became more transparent. In its pernicious sense, market timing denominates mutual fund insiders using the inscrutable structures of mutual funds to provide benefits selectively to favored participants at the expense of less favored participants. Mutual fund shares are not like common stocks; investments made using these vehicles are unlike those made through traditional securities markets. While the peculiar features ...


When Second Comes First: Correcting Patent’S Poor Secondary Incentives Through An Optional Patent Purchase System, Jordan Barry Jan 2007

When Second Comes First: Correcting Patent’S Poor Secondary Incentives Through An Optional Patent Purchase System, Jordan Barry

ExpressO

As research has advanced, technologies have become more closely knit, and the relationships between them—both complementary and competitive—have become increasingly important. Unfortunately, the patent system’s use of monopoly power to reward innovators creates inefficient results by overly encouraging the development of substitute technologies and discouraging the development of complementary technologies. This paper explains how an optional patent purchase system could help ameliorate such problems and discusses the implications of such a system.


Imagining A Progressive And Comprehensive Consumption Tax, Sean K. Raft Jan 2007

Imagining A Progressive And Comprehensive Consumption Tax, Sean K. Raft

ExpressO

The income tax system has become quite a mess. Unfortunately, the brunt of that mess falls primarily on the backs of the individual taxpayer, who is required to sift through the tens of thousands of pages of instructions and tax rules just to calculate, file, and pay what they owe. The filing burden and costs of compliance are already exorbitant, but they are only increasing.

In response to the complaints over the increasing complication, economists and tax scholars have imagined ways to improve or replace the income tax. Yet, the alternatives are either regressive or fail to generate enough revenue ...


Transracial Adoption Of Black Children: An Economic Analysis, Mary Eschelbach Hansen, Daniel Pollack Jan 2007

Transracial Adoption Of Black Children: An Economic Analysis, Mary Eschelbach Hansen, Daniel Pollack

ExpressO

The anti-discrimination law governing placement of children in foster care and adoption was intended to speed the adoption of Black children who could not be reunited with their families of origin. Only recently have two states been fined for violating this decade-old law. Based on our analysis of administrative data collected by the Children’s Bureau of the U.S. Department of Health and Human Services, we conclude that more vigorous enforcement of the anti-discrimination law in adoption could result in significant gains to Black children. We find that Black children spend more time as legal orphans than children of ...


Is Free Trade "Free?" Is It Even "Trade?" Oppression And Consent In Hemispheric Trade Agreements, Frank J. Garcia Jan 2007

Is Free Trade "Free?" Is It Even "Trade?" Oppression And Consent In Hemispheric Trade Agreements, Frank J. Garcia

Boston College Law School Faculty Papers

In order for free trade as a policy to deliver fully on its social promise, it must be both “free” and “trade.” In fact, it must be free, in the sense of voluntary, to be trade at all. In other words, for normative and practical reasons, free trade requires that global economic relations be structured through agreements which reflect the consent of those subject to them. The neoliberal trading system today only imperfectly lives up to this obligation. In this essay, I will examine the role of consent in trade agreements, drawing on examples from CAFTA as representative of important ...


Endowment Effects In Chimpanzees, Owen D. Jones, Sarah F. Brosnan, Susan P. Lambeth, Mary Catherine Mareno, Amanda S. Richardson, Steven Schapiro Jan 2007

Endowment Effects In Chimpanzees, Owen D. Jones, Sarah F. Brosnan, Susan P. Lambeth, Mary Catherine Mareno, Amanda S. Richardson, Steven Schapiro

Vanderbilt Law School Faculty Publications

Human behavior is not always consistent with standard rational choice predictions. The much-investigated variety of apparent deviations from rational choice predictions provides a promising arena for the merger of economics and biology. Although little is known about the extent to which other species also exhibit these seemingly irrational patterns of human decision-making and choice behavior, similarities across species would suggest a common evolutionary root to the phenomena.

The present study investigated whether chimpanzees exhibit an endowment effect, a seemingly paradoxical behavior in which humans tend to value a good they have just come to possess more than they would have ...


Labor Unions: A Corporatist Institution In A Competitive World, Michael L. Wachter Jan 2007

Labor Unions: A Corporatist Institution In A Competitive World, Michael L. Wachter

Faculty Scholarship at Penn Law

Union membership, as a percentage of the private sector workforce, has been in decline for 50 years. I argue that the cause of this unrelenting decline is a single, fundamental factor – the change in the United States economy from a corporatist-regulated economy to one based on free competition. Most labor commentators have explained the decline by a confluence of unrelated economic and legal forces. Labor economists typically stress economic explanations, which vary from compositional shifts in the job structure to increased competition both domestically and internationally. On the other hand, labor law commentators naturally focus on labor law explanations, such ...


Reasonable Emissions Of Greenhouse Gases: Efficient Abatement For A Stock Pollutant, Howard F. Chang Jan 2007

Reasonable Emissions Of Greenhouse Gases: Efficient Abatement For A Stock Pollutant, Howard F. Chang

Faculty Scholarship at Penn Law

No abstract provided.


La Economía Navarra: Productividad Y Competitividad Del Sector Exterior, Javier Agudo Dec 2006

La Economía Navarra: Productividad Y Competitividad Del Sector Exterior, Javier Agudo

Javier Agudo

La economía Navarra es una economía fundamentalmente industrial. Debido a esta característica, Navarra podría sufrir de una manera muy dura los efectos de una deslocalización industrial, más por ejemplo que una región cuya principal fuente de ingresos sea el turismo. Por estas razones, Navarra debe estar especialmente preocupada por la pérdida de productividad de la economía española y, sobre todo, debe plantearse muy seriamente qué medidas tomar para solucionarlo.