Banking and Finance Law Commons^™

Is The Cross-Guarantee Constitutional?, Jennifer J. Alexander

Vanderbilt Law Review

Banks play a unique and important role in our economy. They serve tremendously useful economic functions; for this reason, our society has become irretrievably dependent upon them. Banks safe- guard our life savings and business profits, and provide capital to those who need it to buy, invest, or grow.' Although these functions could be performed without an intermediary-private citizens may freely lend their cash to other private citizens who need it-banks are viewed as safer and more efficient controllers of cash flow. They allow depositors to pool their cash resources collectively in one institution; then, retaining a relatively low amount …

From Behind The Looking Glass: Good Faith, Fiduciary Duty & Permitted Harm, Claire Moore Dickerson

Florida State University Law Review

No abstract provided.

Shareholders' Preemptive Rights In West Virginia, Lori A. Dawkins

West Virginia Law Review

No abstract provided.

The Transformation Of French Corporate Governance And United States Institutional Investors, James A. Fanto

Faculty Scholarship

No abstract provided.

The Mythology Of Article 9, Robert E. Scott

Faculty Scholarship

Debt Collection as Rent Seeking marks an important moment in contemporary jurisprudence: the transformation of David Carlson from trenchant, fire-in-the-belly, no-holds-barred critic to abstract-modeling, implausible-assuming, game-theorizing, law and economics maven. On that basis alone, it is a great read.

Incentives For Peace And Profits: Federal Legislation To Encourage U.S. Enterprises To Invest In Arab-Israeli Joint Ventures, Daniel Lubetzky

Michigan Journal of International Law

This article proposes a set of provisions that would encourage U.S. companies and entities to invest in joint ventures with Israeli and Arab partners in the Middle East. The immediate effect of these provisions would be to revive and fortify the economies of that region. The long-term objectives behind the enactment of such incentives would be threefold: (1) to improve the prospects for peace and stability in the Middle East; (2) to enhance the strategic and political standing of the United States in the Middle East; and (3) to increase the long-term international competitiveness of U.S. businesses.

The Politics Of Article 9, Robert E. Scott

Faculty Scholarship

In the ongoing debate concerning the efficiency and social value of Article 9 of the Uniform Commercial Code, two points are beyond dispute. First, asset-based financing has undergone an enormous transformation since the enactment of Article 9. The most vivid illustration of this is the dramatic increase in the number and size of firms that rely on secured credit as their principal means of financing both ongoing operations and growth opportunities. Previously, with a few exceptions (such as factoring and trust receipts), secured financing principally had served second-class markets as the "poor man's" means of obtaining credit. Now, it has …

Hail Britannia?: Institutional Investor Behavior Under Limited Regulation, John C. Coffee Jr., Bernard S. Black

Faculty Scholarship

A central puzzle in understanding the governance of large American public firms is why most institutional shareholders are passive. Why would they rather sell than fight? Until recently, the Berle-Means paradigm – the belief that separation of ownership and control naturally characterizes the modern corporation – reigned supreme. Shareholder passivity was seen as an inevitable result of the scale of modern industrial enterprise and of the collective action problems that face shareholders, each of whom owns only a small fraction of a large firm's shares.

A paradigm shift may be in the making, however. Rival hypotheses have recently been offered …

The Pros And Cons Of A Self-Regulatory Organization For Advisers And Mutual Funds, Tamar Frankel

Faculty Scholarship

Congress is seriously considering bills to establish self-regulatory organizations (SROs) for investment advisers (advisers) and investment companies (Funds). These bills would require members of the investment management industry to regulate themselves under the watchful eye of the Securities and Exchange Commission, similar in approach to the regulation of broker-dealers by the National Association of Securities Dealers, Inc. (NASD) and the securities exchanges. Proposals to establish SRO for investment advisers have arisen before. However, those proposals did not cover Funds and their advisers,

Implications Of The Stakeholder Model, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

Thoughts Evoked By "Accounting And The New Corporate Law", Ted J. Fiflis

Publications

No abstract provided.

Making America Competitive, Mark J. Loewenstein

Publications

No abstract provided.

Life In The Boardroom After Firrea: A Revisionist Approach To Corporate Governance In Insured Depository Institutions, Mark David Wallace

University of Miami Law Review

No abstract provided.

Responsibility Of Investment Bankers To Shareholders, Ted J. Fiflis

Publications

No abstract provided.

Benign Restraint: The Sec's Regulation Of Execution Systems, David M. Schizer

Faculty Scholarship

To the handful of traders who founded the New York Stock Exchange (NYSE) in 1792 – and perhaps even to the securities traders of the 1960's – today's securities markets would be virtually unrecognizable. New communications and data processing technologies, the globalization of investment portfolios, and a surge in trading volume have created new needs and possibilities. As a result, revolutionary advances have occurred in the design and performance of execution systems: the technologies (computers, telephones, modems) and formats (auction-based stock exchanges, dealer-based "over-the-counter" markets, computerized single price auctions) that traders use to conduct trades. These advances enable trades on …

Is It Time For A Federal Corporation Law, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

Liquidity Versus Control: The Institutional Investor As Corporate Monitor, John C. Coffee Jr.

Faculty Scholarship

Within academia, paradigm shifts occur regularly, some more important than others. As the takeover wave of the 1980s ebbs, a significant shift now appears to be in progress in the way the public corporation is understood. Above all, the new thinking emphasizes that political forces shaped the modern corporation. While the old paradigm saw the structure of the corporation as the product of a Darwinian competition in which the most efficient design emerged victorious, this new perspective sees political forces as constraining that evolutionary process and possibly foreclosing the adoption of a superior organizational form. Thus, my colleague Professor Mark …

Bondholder Coercion: The Problem Of Constrained Choice In Debt Tender Offers And Recapitalizations, John C. Coffee Jr., William A. Klein

Faculty Scholarship

The past decade saw the flourishing of risky, high-yield corporate debt, often called "junk" bonds. Too many companies took on too much debt, and the chickens are now coming home to roost as these bonds have begun to default with increasing frequency.The magnitude of the problem is potentially enormous; by one estimate, $318 billion of debt has either defaulted already or trades at yields indicating the market's skepticism that it will be repaid on maturity.

Facing the prospect of default, corporate issuers are seeking to restructure or recapitalize their financial structures at a correspondingly increased pace. The market force driving …

Levit V. Ingersoll Rand Financial Corp.: The Demise Of Independent Preference Liability Under 550(A), 23 J. Marshall L. Rev. 501 (1990), Michael Keaton

UIC Law Review

No abstract provided.

Price Effects Of Horizontal Mergers, Alan A. Fisher Ph.D., Frederick I. Johnson Ph.D., Robert H. Lande

All Faculty Scholarship

When should the government challenge a merger that might increase market power but also generate efficiency gains? The dominant belief has been that the government and courts should evaluate these mergers solely in terms of economic efficiency. Congress, however, wanted the courts to stop any merger significantly likely to raise prices. Substantially likely efficiency gains should therefore affect the legality of mergers to the extent that they are likely to prevent price increases. This standard is more strict than the economic efficiency criterion, because the latter would permit mergers substantially likely to lead to higher prices, if sufficient efficiency gains …

Quality Of Care And Market Failure Defenses In Antitrust Health Care Litigation, Thomas L. Greaney

All Faculty Scholarship

This article considers quality-based justifications for antitrust challenges to collaboration among health care professionals. It first examines doctrinal developments resisting such justifications and, with a skeptical eye, analyzes attempts to interject quality of care and worthy motive defenses into antitrust appraisals of horizontal restraints of trade. Next the article assesses the economic basis and the risks and benefits of a market failure defense that would allow some quality-enhancing restraints of trade to escape antitrust challenge. Its principle recommendation is that courts recognize a narrow, market failure defense subject to several limiting principles to cabin its reach. The article concludes by …

Adventures In Finance, Deborah A. Demott

Michigan Law Review

A Review of Finance and Industrial Performance in a Dynamic Economy: Theory, Practice, and Policy by Merritt B. Fox

8th Annual Seminar On Legal Issues For Financial Institutions, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, M. Brooke Senn, Keith G. Hanley, R. David Lester, David C. Pottinger, John T. Mcgarvey, Gary L. Stewart, Merrit S. Dietz, Phillip H. Schwartz, Helen Davis Chaitman, Neal L. Wolf

Continuing Legal Education Materials

Outline of speakers' presentations from the 8th Annual Seminar on Legal Issues for Financial Institutions held by UK/CLE on March 11-12, 1988.

Creditors' Rights Against Participants In A Leveraged Buyout, Emily Sherwin

Cornell Law Faculty Publications

No abstract provided.

Qualitative Standards For Qualified Securities: Sec Regulation Of Voting Rights, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

Criminal Rico: Forfeiture Of Fees, Sixth Amendment Rights, And Attorney Responsibilities, Elizabeth E. Stanulis

University of Richmond Law Review

The Racketeer Influenced and Corrupt Organizations Act (RICO) is the most expansive criminal statute ever passed by Congress. The statute and its amendments impose strict penalties for various activities associated with organized crime, including forfeiture of the proceeds of criminal activity. However, RICO's ambiguous language has caused confusion in its interpretation by federal courts.

Competitive Reform In Health Care: The Vulnerable Revolution, Thomas L. Greaney

All Faculty Scholarship

This article, written at the dawn of the era of "competitive reform" in health care examines the case and prospects for the introduction of competition in health care delivery and financing. It observes the failures of the ancienne regime of fee for service payment and professional sovereignty and discusses the benefits of market-oriented policy. Its contribution, still salient today, is the lesson that competition cannot succeed without regulation. It identifies legislative, professional, and cultural hurdles to effective implementation of competitive norms and policies that have impeded the success of competition policy in health care.

Involuntary Dissolution As A Remedy For Freeze-Outs Of Minority Shareholders: Two West Virginia Statutes, D. Christopher Wells

West Virginia Law Review

No abstract provided.

Courtroom Closure During Suppression Hearings And More, Randolph N. Jonakait

Other Publications

No abstract provided.

Confronting Close Corporate Status In West Virginia: Alternative Theories To Prevent Abuse To The Detriment Of Creditors, William E. Galeota

West Virginia Law Review

No abstract provided.