Law and Economics Commons^™

Foreword: The Costs And Benefits Of Cost-Benefit Analysis, Adam Sechooler

UC Irvine Law Review

No abstract provided.

The Use And Abuse Of Labor's Capital, David H. Webber

Faculty Scholarship

The recent financial crisis has jeopardized the retirement savings of twenty-seven million Americans who depend on public pension funds, leading to cuts in benefits, increased employee contributions, job losses, and the rollback of legal rights like collective bargaining. This Article examines ways in which public pension funds invest against the economic interests of their own participants and beneficiaries, and the legal implications of these investments. In particular, the Article focuses on the use of public pensions to fund privatization of public employee jobs. Under the ascendant — and flawed — interpretation of the fiduciary duty of loyalty, public pension trustees …

Nonprofit Executive Pay As An Agency Problem: Evidence From U.S. Colleges And Universities, David I. Walker, Brian D. Galle

Faculty Scholarship

We analyze the determinants of the compensation of private college and university presidents from 1999 through 2007. We find that the fraction of institutional revenue derived from current donations is negatively associated with compensation and that presidents of religiously-affiliated institutions receive lower levels of compensation. Looking at the determinants of contributions, we find a negative association between presidential pay and subsequent donations. We interpret these results as consistent with the hypotheses that donors to nonprofits are sensitive to executive pay and that stakeholder outrage plays a role in constraining that pay. We discuss the implications of these findings for the …

Reconstructing The Taiwanese Rule On Pure Economic Loss: Establishing A General Standard For Recovery For Pure Economic Loss In Unintentional Torts, Wen-Hsuan Yang

Maurer Theses and Dissertations

An important issue in Taiwan today is whether pure economic loss can be recovered as a right under the former part of first paragraph of Article 184 in Civil Code of Taiwan, thereby making it recoverable in unintentional torts. Contrary to most scholars in Taiwan, this Thesis argues that 1) pure economic loss should be a recognizable harm under the former part of first paragraph of Article 184; and 2) economic loss should be considered on a category-by-category basis, rather than the traditional all-or-none basis presently used in Taiwan.

Traditionally, two arguments are made against recovery for pure economic loss …

Broker-Dealers And Investment Advisers: A Behaviorial-Economics Analysis Of Competing Suggestions For Reform, Polina Demina

Michigan Law Review

For the average investor trying to save for retirement or a child’s college fund, the world of investing has become increasingly complex. These retail investors must turn more frequently to financial intermediaries, such as broker-dealers and investment advisers, to get sound investment advice. Such intermediaries perform different duties for their clients, however. The investment adviser owes his client a fiduciary duty of care and therefore must provide financial advice that is in the client’s best interests, while the broker-dealer must merely provide advice that is suitable to the client’s interests—a lower standard than the fiduciary duty of care. And yet …

Cost-Benefit Analysis, Ben Franklin, And The Supreme Court, Amy Sinden

UC Irvine Law Review

No abstract provided.

Time In Cost-Benefit Analysis, Arden Rowell

UC Irvine Law Review

No abstract provided.

Can Cost-Benefit Analysis Help Consumer Protection Laws? Or At Least Benefit Analysis?, Jeff Sovern

UC Irvine Law Review

No abstract provided.

A Positive Externalities Approach To Copyright Law: Theory And Application, Jeffrey L. Harrison

Jeffrey L Harrison

The basic goal of copyright law is, at a general level, fairly well understood, yet the law itself seems untethered to any consistent analytical approach designed to achieve that goal. This Article has two goals. The first is to explain in some detail what copyright law might look like if it reflected economic reasoning. The second is to put to the test the question of whether copyright law is as far out of sync with economic guidelines as White-Smith Music and Eldred suggest. In order to understand the economic approach and the inconsistency of copyright law, as well as the …

The Influence Of Law And Economics Scholarship On Contract Law: Impressions Twenty-Five Years Later, Jeffrey L. Harrison

Jeffrey L Harrison

This is an update of a work done in conjunction with a contract law conference 25 years ago. My specific assignment was to assess the impact of law and economics scholarship on contract law. I responded by conducting an empirical study of judicial citations to selected law and economics works in order to ascertain the extent to which judges seemed to be relying on the teachings of law and economics. In effect, the effort was part of a general question that concerns all law professors: Does scholarship matter? I have repeated the study with respect to the scholarship sample selected …

Egoism, Altruism, And Market Illusions: The Limits Of Law And Economics, Jeffrey L. Harrison

Jeffrey L Harrison

The primary objective of this Article is to question assumptions in order to show that the conventional economic approach to law and public policy has limited value. The arguments are founded on empirical evidence drawn from many fields of study. An underlying theme is that the current application of economic analysis to law should be regarded as an interim step toward the integration of law with the behavioral, natural, and social sciences. Part I describes the two forms of the self-interest assumption more completely. This examination reveals that economics and the separate study of law and economics are caught in …

Explaining The Importance Of Public Choice For Law, D. Daniel Sokol

D. Daniel Sokol

The next generation of government officials, business leaders and members of civil society likely will draw from the current pool of law school students. These students often lack a foundation of the theoretical and analytical tools necessary to understand law's interplay with government. This highlights the importance of public choice analysis. By framing issues through a public choice lens, these students will learn the dynamics of effective decision-making within various institutional settings. Filling the void of how to explain the decision-making process of institutional actors in legal settings is Public Choice Concepts and Applications in Law by Maxwell Stearns and …

Law And Development: The Way Forward Or Just Stuck In The Same Place?, D. Daniel Sokol

D. Daniel Sokol

This Essay does three things. First, it provides an overview of Law and Development issues. Second, it responds to other pieces in the symposium "The Future of Law and Development". Third, it suggests that to measure success, Law and Development needs clearer goals.

Globalization Of Law Firms: A Survey Of The Literature And A Research Agenda For Further Study, D. Daniel Sokol

D. Daniel Sokol

The international expansion of law firms plays a critical role in understanding the business of law and the nature of globalization. This article responds to two articles on law firm expansion in the Indiana University - Bloomington Law School symposium on the Globalization of the Legal Profession. The article utilizes management studies' theoretical work on internationalization and applies it to law firm expansion to explain law firm strategic decision-making. The author creates a six part taxonomy for types of law firm expansion and provides a snapshot of the increasing U.S./U.K. dominance of capital markets, corporate and mergers and acquisitions legal …

Antitrust Energy, D. Daniel Sokol, Barak Orbach

D. Daniel Sokol

Marking the centennial anniversary of Standard Oil Co. v. United States, we argue that much of the critique of antitrust enforcement and the skepticism about its social significance suffer from “Nirvana fallacy” — comparing existing and feasible policies to ideal normative policies, and concluding that the existing and feasible ones are inherently inefficient because of their imperfections. Antitrust law and policy have always been and will always be imperfect. However, they are alive and kicking. The antitrust discipline is vibrant, evolving, and global. This essay introduces a number of important innovations in scholarship related to Standard Oil and its modern …

Antitrust, Institutions, And Merger Control, D. Daniel Sokol

D. Daniel Sokol

This Article makes two primary contributions to the antitrust literature. First, it identifies the dynamic interrelationship across antitrust institutions. Second, it provides new empirical evidence from practitioner surveys to explore how the dynamic institutional interrelationship plays out in the area of merger control. This Article provides a descriptive, analytical overview of the various institutions to better frame the larger institutional interrelations for a comparative institutional analysis. In the next Part it examines mergers as a case study of how one might apply antitrust institutional analysis across these different kinds and levels of antitrust institutions. The Article utilizes both quantitative and …

Grand Anse Declaration: Can The Caribbean Community Realistically Integrate Intraregional Trade And Production Within The Confines Of The Caricom Treaty By 1993?, C. Ray Miskelley

Georgia Journal of International & Comparative Law

No abstract provided.

The Cost Of Protectionism: Should The Law Favor Producers Or Consumers?, Robert W. Mcgee

Georgia Journal of International & Comparative Law

No abstract provided.

China's Human Rights Record Since Tiananmen 1989 And The Recent Mixed Response Of The United States, Daniel C. Turack

Georgia Journal of International & Comparative Law

No abstract provided.

The North American Free Trade Agreement (Nafta): Good For Jobs, For The Environment, And For America, Thomas J. Schoenbaum

Georgia Journal of International & Comparative Law

No abstract provided.

Delaware’S Familiarity, Brian J. Broughman, Darian M. Ibrahim

Popular Media

No abstract provided.

The Pacific War, Continued: Denationalizing International Law In The Senkaku/Diaoyu Island Dispute, Joseph Jackson Harris

Georgia Journal of International & Comparative Law

No abstract provided.

European Economic Community - Environmental Policy - Economic And Fiscal Instruments - Report Of The Working Group Of Experts From The Member States Proposes The Use Of Economic And Fiscal Instruments To Attain Community-Wide Environmental Goals, John B. Nicholson

Georgia Journal of International & Comparative Law

No abstract provided.

Ec Company Law - The European Company V. The European Economic Interest Grouping And The Harmonization Of The National Company Laws, Johan De Bruycker

Georgia Journal of International & Comparative Law

No abstract provided.

German Reunification - The Privatization Of Socialist Property On East Germany's Path To Democracy, Michael J. Thomerson

Georgia Journal of International & Comparative Law

No abstract provided.

Toward Win-Win Sustainable Development, Linda Moon

Columbia Center on Sustainable Investment Staff Publications

An interview with Lisa Sachs, Director of the Columbia Center on Sustainable Investment.

West Africa Under Attack, Centre Institute For Public Policy Research (Cippr)

Centre Institute for Public Policy Research (CIPPR)

The drug war and an increased demand for illicit drugs, mostly Cocaine and Heroin in Europe have introduced a new trend in drug trafficking worldwide. With political instability, inadequate security personnel, institutionalised corruption, widespread poverty, weak criminal justice system, weak financial controls to combat money laundering and the threat of terrorism, the ever resilient drug trade seems to have discovered Africa as its new route to the more profitable European market (Reid, 2013). At this rate, West Africa is being turned into a classical example of the Mexican case.

Market Efficiency And The Problem Of Retail Flight, Alicia J. Davis

Articles

In 1950, 91 % of common stock in the U.S. was owned directly by individual inves­ tors. Today, that percentage stands at only 23%. The mass exodus of retail investors and their investment dollars has negative implications not only for capital formation and investor protection, but also for market efficiency. Individual investors are often assumed to be noise traders who distort stock prices and harm market functioning. Therefore, some argue that their withdrawal from the market should be of little concern; indeed, it should be celebrated. Recent empirical evidence calls this assertion of retail noise trading into doubt, and this …

Reinventing Copyright And Patent, Abraham Bell, Gideon Parchomovsky

Michigan Law Review

Intellectual property systems all over the world are modeled on a one-size-fitsall principle. However important or unimportant, inventions and original works receive the same scope of protection, for the same period of time, backed by the same variety of legal remedies. Essentially, all intellectual property is equal under the law. This equality comes at a heavy price, however. The equality principle gives all creators access to the same remedies, even when those remedies create perverse litigation incentives. Moreover, society overpays for innovation through more monopoly losses than are strictly necessary to incentivize production. In this Article, we propose a solution …

Saving Sharks By Nudging Change, Tan K. B. Eugene

Research Collection Yong Pung How School Of Law

In a commentary, SMU Associate Professor of Law and an ‘I’m FINished with FINS’ campaign ambassador Eugene Tan welcomed Parliament’s passing of the Animals and Birds (Amendment) Bill. He commented that the Bill, which seeks to enhance the welfare and responsible care of animals, is important as he felt that our treatment of non-human beings, which share the same space we do, speaks equally to what we are as a society as well as our sense of well-being and responsibility to creatures unable to protect themselves. Citing the silent, unfolding phenomenon of the declining popularity of shark’s fin soup in …