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Full-Text Articles in Law

Appraisal Arbitrage And Shareholder Value, Scott Callahan, Darius Palia, Eric L. Talley Jan 2018

Appraisal Arbitrage And Shareholder Value, Scott Callahan, Darius Palia, Eric L. Talley

Faculty Scholarship

Post-merger appraisal rights have been the focus of heated controversy within mergers and acquisitions circles in recent years. Traditionally perceived as an arcane and cabalistic proceeding, the appraisal action has recently come to occupy center stage through the ascendancy of appraisal arbitrage — whereby investors purchase target-company shares shortly after an announcement principally to pursue appraisal. Such strategies became more feasible and profitable a decade ago, on the heels of two seemingly technocratic reforms in Delaware: (i) the statutory codification of pre-judgment interest, pegging a presumptive rate at five percent above the federal discount rate; and (ii) the Transkaryotic opinion, …


Restricting Testamentary Freedom: Ex Ante Versus Ex Post Justifications, Daniel B. Kelly Jul 2014

Restricting Testamentary Freedom: Ex Ante Versus Ex Post Justifications, Daniel B. Kelly

Daniel B Kelly

The organizing principle of American succession law — testamentary freedom — gives decedents a nearly unrestricted right to dispose of property. After surveying the justifications for testamentary freedom, I examine the circumstances in which it may be socially beneficial for courts to alter wills, trusts, and other gratuitous transfers at death: imperfect information, negative externalities, and intergenerational equity. These justifications correspond with many existing limitations on the freedom of testation. Yet, disregarding donor intent to maximize the donees’ ex post interests, an increasingly common justification for intervention, is socially undesirable. Doing so ignores important ex ante considerations, including a donor’s …


Restricting Testamentary Freedom: Ex Ante Versus Ex Post Justifications, Daniel B. Kelly Jan 2013

Restricting Testamentary Freedom: Ex Ante Versus Ex Post Justifications, Daniel B. Kelly

Journal Articles

The organizing principle of American succession law — testamentary freedom — gives decedents a nearly unrestricted right to dispose of property. After surveying the justifications for testamentary freedom, I examine the circumstances in which it may be socially beneficial for courts to alter wills, trusts, and other gratuitous transfers at death: imperfect information, negative externalities, and intergenerational equity. These justifications correspond with many existing limitations on the freedom of testation. Yet, disregarding donor intent to maximize the donees’ ex post interests, an increasingly common justification for intervention, is socially undesirable. Doing so ignores important ex ante considerations, including a donor’s …


Market Power Without A Large Market Share: The Role Of Imperfect Information And Other “Consumer Protection” Market Failures, Robert H. Lande Jan 2008

Market Power Without A Large Market Share: The Role Of Imperfect Information And Other “Consumer Protection” Market Failures, Robert H. Lande

All Faculty Scholarship

There are two very different sources of market power in antitrust cases. The first is traditional market share-based market power. Market power in antitrust cases also can come from deception, significantly imperfect or asymmetric information, or other types of market failures that usually are associated with consumer protection violations.

When these “consumer protection” market failures are present in antitrust cases, market power can arise even if no firm has a market share large enough for a finding of traditional market share based market power. However, instead of traditional end-use consumers being harmed, the direct victims are businesses.

The “consumer protection” …


Slides: Balancing Drought And Flood In The Pacific Northwest: The Challenge Of Climate Change, Doug Mcchesney Jun 2003

Slides: Balancing Drought And Flood In The Pacific Northwest: The Challenge Of Climate Change, Doug Mcchesney

Water, Climate and Uncertainty: Implications for Western Water Law, Policy, and Management (Summer Conference, June 11-13)

1 page "Abstract" and 36 slides

"Doug McChesney, Manager, Policy and Planning Section, Washington Department of Ecology"


Chicago Takes It On The Chin: Imperfect Information Could Play A Crucial Role In The Post-Kodak World, Robert H. Lande Jan 1993

Chicago Takes It On The Chin: Imperfect Information Could Play A Crucial Role In The Post-Kodak World, Robert H. Lande

All Faculty Scholarship

This article briefly describes the revolutionary potential of the Supreme Court's Kodak decision. It discusses the dramatic changes in antitrust that would occur if the field took concepts such as imperfect information, lock-in effects, strategic behavior, and other post-Chicago ideas seriously.

Among the effects of this decision could be:

(1) Imperfect information could substitute for traditional market share-based market power and reveal that a market that structurally appeared competitive in fact was behaving anticompetitively. Market share-based safe harbors are more likely to be inappropriate.

(2) This imperfect information-based market power also can lead to relatively direct harm to consumers by …