Law and Economics Commons^™

Economic Liberty "In A World Of Pure Imagination”: A Theoretical Analysis Of Willy Wonka, Natural Rights, And The New Age Of Innovation, Tammy M. Eick

Nova Law Review

No abstract provided.

Cryptocurrencies: The New Species, Ors Penzes

Nova Law Review

No abstract provided.

The Diminishing Duty Of Loyalty, Julian Velasco

Journal Articles

Fiduciary duties comprise an integral part of corporate law. It is generally understood that directors owe the corporation and its shareholders two fiduciary duties: the duty of care and the duty of loyalty. Although both duties are firmly established in corporate law, they are not treated equally. It is generally understood that the duty of loyalty is enforced far more rigorously than the duty of care. The justification for this dichotomy is twofold. First, differential treatment is appropriate because of the relative urgencies of the underlying subject matter: loyalty issues pose greater risks than do care issues. Second, the deference …

The International Provisions Of The Tcja: Six Results After Six Months, Reuven S. Avi-Yonah

Law & Economics Working Papers

Over six months have passed since the enactment of the TCJA, so it is now possible to reach some preliminary conclusions on its impact. The main ones are:

1. The transition tax plus anticipated GILTI tax minus territoriality have resulted in higher GAAP effective tax rates for 2017. In some cases they approach 35% for large multinationals with a lot of offshore income. For the first six months of 2018, however, overall corporate tax revenues are sharply down because of the 21% rate plus expensing. This is the exact reverse of the situation before TCJA in which MNEs showed very …

How To Break The Monopoly In Port Industrial, Minjiang Gao

World Maritime University Dissertations

No abstract provided.

Between Power Politics And International Economic Law: Asian Regionalism, The Trans-Pacific Partnership And U.S.-China Trade Relations, Jiangyu Wang

Pace International Law Review

This Article examines the interactions of power politics and international economic law in the development of regionalism in Asia, particularly in the context of United States-China trade relations. It argues that the process of regional economic integration in Asia has been slow-moving because of the politicization of regionalism by power rivalries. China’s initial regional integration initiatives apparently ignored the United States, a superpower which has always been a major player in Asia and an indispensable part of the region’s economic process. The United States-led Trans-Pacific Partnership was allegedly designed to exclude China, Asia’s largest economy. On the other hand, the …

Intellectual Property, Income Inequality, And Societal Interconnectivity In The United States: Social Calculus And The Historical Distribution Of Wealth, Brenda Reddix-Smalls

North Carolina Central University Science & Intellectual Property Law Review

Scant attention has been paid to the historical trajectory and effect of the United States’ intellectual property regimes—patenting, copyrighting, and trademarking—as devices which implement racialized property grants and further income and social inequality. This article focuses on just that and argues that the United States Constitution was designed as a property-based and economically-driven social compact which identifies intellectual property interests through a racialized lens. From this view, it is further argued that the Intellectual Property Clause, which itself was designed to incentivize invention and innovation, protected the racialized property interests of the governing elites of the newly established government and …

Serial Collusion By Multi-Product Firms, Michael J. Meurer, William Kovacic, Robert Marshall

Faculty Scholarship

We provide empirical evidence that many multi-product firms have each participated in several cartels over the past 50 years. Standard analysis of cartel conduct, as well as enforcement policy, is rooted in the presumption that each cartel in which a given firm participates is a singular activity, independent of other cartel conduct by the firm. We argue that this analysis is deficient in many respects in the face of serial collusion by multi-product firms. We offer policy recommendations to reign in serial collusion, including a mandatory coordinated effects review for any merger involving a serial colluder, regardless of the apparent …

Effects Of Senate Bill 4 On Wage-Theft: Why All Workers Are At Risk In Low-Income Occupations, Daniella Salas-Chacon

The Scholar: St. Mary's Law Review on Race and Social Justice

Abstract forthcoming

Teaching The Lochner Era, Barry Cushman

Journal Articles

This article, prepared for the St. Louis University Law Journal's issue on “Teaching the Fourteenth Amendment,” develops a taxonomy of the Supreme Court's economic substantive due process jurisprudence during the so-called “Lochner Era” of the late-19th and early-20th centuries, and offers an assessment of the trajectory and mechanisms of the decline of that body of doctrine.

The Persistent Labor Market Effects Of A Criminal Conviction And “Ban The Box” Reforms, Joshua M. Congdon-Hohman

Economics Department Working Papers

Past literature has established that individuals who have been incarcerated face difficulties reentering the work force following their release, while finding and keeping a job can significantly reduce recidivism amongst individuals with prior criminal convictions. In attempt to improve employment outcomes, many local and state governments in the United States have initiated "Ban the Box" regulations. These initiatives delay inquiries regarding criminal history on job applications. Versions of ban the box regulations covering public sector employment have been enacted in 31 states and more than 150 local governments. Ban the box laws have included private employers in eleven states and …

Franchise Regulation For The Fissured Economy, Andrew Elmore

Faculty Scholarship

Franchise stores employ nearly nine million people in the United States. Many franchisors, which own trademarks that they license to franchisees, are among the largest, most sophisticated corporations in the United States. Yet franchise store employees are often paid below the minimum wage and frequently report unsafe workplaces and workplace discrimination.

The thesis of this Article is that widespread employment law noncompliance in franchise stores is symptomatic of the failure of employment law to recognize the measures that franchisors use to protect their brand in franchise stores. Franchisors often develop intensive relationships with franchisees and franchise store employees as representatives …

Is High-Finance An Extractive Sector?, Saskia Sassen

Indiana Journal of Global Legal Studies

The article examines some of the key features of high finance (henceforth, simply finance) from the angle of the mix of capabilities that constitute the sector. It has a radically different organizing logic from that of, for instance, the typical mass consumer-oriented corporation. The article posits that finance has de-bordered the narrowly defined notion of finance as simply "financial firms and markets." It emphasizes its capacity to financialize a growing range of material and non-material elements. This has also meant that the sector by now encompasses a very broad range of financial and nonfinancial institutions, different types of jurisdictions, a …

Lawyers In Africa: Brokers Of The State, Intermediaries Of Globalization - A Case Study Of The "Africa" Bar In Paris, Sara Dezalay

Indiana Journal of Global Legal Studies

Africa is the "Global Economy's Last Frontier"! Images of the African continent as a boon of mineral riches, and a new legal Far West pervade media and scholarly accounts. Yet, these images tend to reflect the protracted political and development dependency of African states, with lawyers involved in corporate dealings on the continent either denounced as mercenaries at the service of neo-colonial "looting" or idealized as missionaries of the rule of law. This article suggests a research strategy that moves away from these ideological and political accounts. It uses lawyers' trajectories and professional strategies as an entry-point to reglobalize the …

The Inevitable United States Adoption Of Ifrs: How And Why The United States Should Be Prepared, Erika M. Tribuzi

Indiana Journal of Global Legal Studies

In an age where technology makes the world smaller and business transactions happen by the microsecond, both private and public entities have utilized global standards. These standards are often voluntary and span many different industries. In the twenty-first century, financial reporting standards have not been immune toward the pull for global uniformity. The International Financial Reporting Standards (IFRS) are a set of international financial reporting standards that countries can choose to adopt in full or in part. Currently, there are 143 countries that have adopted IFRS in some capacity. This Note addresses the voluntary nature of global standards in the …

How To Improve The Debt Ceiling To Fit A Partisan Government: A Global Examination Of Which International Solutions Excel, Sarah Love

Indiana Journal of Global Legal Studies

This Note explores the changing role the debt ceiling has played within the United States and considers how that role should be altered moving forward. The debt ceiling's history and its political connections are discussed as a backdrop to how the United States might alter the debt ceiling to limit both future government shutdown and political gridlock. This Note examines both domestic and international solutions to the debt ceiling problem with an emphasis on the latter. In particular, the Note focuses on the possible international solution of adopting a system similar to Denmark's debt ceiling, or adopting a high debt-to- …

Rivals In Arms: Sino-U.S. Cooperation, Problems, And Solutions And Their Impact On The International Uav Industry, Bei-Er Cheok

Indiana Journal of Global Legal Studies

Research and development into drone technology has exploded in the United States in the recent decades. From the operation of killer drones in the military to agricultural survey drones in farms, the proliferation of drone technology is well on its way to radically altering the American future. However, there remains numerous laws, policies, and regulations that place stifling restrictions on drone development and operations in America. Halfway across the world, China has also begun to experience the "drone revolution," but with its relatively laxer laws regarding both commercial and public drone operations and manufacturing, it seems poised to surpass the …

Regulatory Reform In China And The Eu: A Law And Economics Perspective, Han-Wei Liu

Research Collection Yong Pung How School Of Law

Edited by Stefan E. Weishaar, Niels Philipsen and Wenming Xu, this volume is an output of collaborative efforts that bring together a group of both established and emerging law and economics scholars from China and the European Union (EU). The volume makes a timely contribution to existing scholarship in several crucial ways. First, although this collection originated from a series of conferences held between 2012 and 2015, many of the debates engaged in by contributors, and in particular the overarching theme of this book, turn on the role of the Chinese government in directing the behaviour of market participants at …

Different Contexts, Different Risk Preferences?, Levon Barseghyan, Joshua C. Teitelbaum, Lin Xu

Georgetown Law Faculty Publications and Other Works

We examine the stability of risk preferences across contexts involving different stakes. Using data on households' deductible choices in three property insurance coverages and their limit choices in two liability insurance coverages, we assess the stability across the five contexts in the ordinal ranking of the households' willingness to bear risk. We find evidence of stability across contexts involving stakes of the same magnitude, but not across contexts involving stakes of very different magnitudes. Our results appear to be robust to heterogeneity in wealth and access to credit, complicating seemingly ready explanations.

Investment Spending And Gdp, Kevin Zaldivar

Celebration of Learning

This study's mission is to give a modern day analysis to investment spending and to provide insight to the degree of impact certain investments have on our GDP. This should interest local,state,and federal policy makers as well as anyone who practices their civic duty.

Proxy Access Voting: Evaluating Proxy Access And The Recent Phenomenon Of Corporations Adopting Shareholder Protective Policies, Danielle Vukovich

San Diego International Law Journal

Shareholders hold a financial stake in a corporation, and therefore are often viewed as owners of the corporation and believed to be in control for all corporate actions. However, their powers are circumscribed. Board of directors committees nominate directors to serve the corporation and these directors have the power to select the corporation’s officers. The committees provide shareholders a slate of proposed directors that are voted on and approved at the annual shareholder meeting. Shareholders may also propose their own slate of directors, but this typically requires a proxy contest, which can be expensive due to the costs both associated …

Debt Stigma And Social Class, Michael D. Sousa

Seattle University Law Review

For as long as creditors have been extending credit to consumer debtors, Western society has stigmatized those individuals who failed to repay their financial obligations or who found themselves swamped by unmanageable debt. Over the past three decades, scholars have studied whether the stigma surrounding indebtedness and bankruptcy has declined or increased in American society, mainly due to the sharp spike in consumer bankruptcy filings during the 1990s. These studies have resulted in a general debate over whether debt stigma still exists in society. Absent from the scholarly literature to date is an exploration of whether debtors from different social …

The Policy Challenge Of Artificial Intelligence, James Bessen

Faculty Scholarship

New "artificial intelligence" (AI) technology promises to bring dramatic social and economic changes, demanding major policy changes. In intellectual property and antitrust law, AI will exacerbate a damaging trend: across all major sectors of the economy, proprietary information technology is increasing the market dominance of large firms. This trend might not seem like bad news, but it is evidence of a slowdown in the spread of technical knowledge throughout the economy. The result is rising industry concentration, slower productivity growth and growing wage inequality. The key challenge to IP and antitrust policy will be counter this trend yet maintain innovation …

Charting A New Course In Cuba? Why The Time Is Now To Settle Outstanding American Property Claims, Marco Antonio Dueñas

Brooklyn Journal of International Law

The recent warming of relations between the United States and Cuba offered generations of Cubans; Americans; and Cuban Americans renewed hope for normalized relations. One obstacle—satisfactory resolution of property claims—stands in the way; which dates back to the Cuban government’s nationalization of all U.S. assets on the island. The Cuban Liberty and Democratic Solidarity Act of 1996 (the “Helms-Burton Act”) predicates resolution of these decades-old property claims by the Cuban government as an essential condition for the full resumption of economic and diplomatic relations between the two neighbors. Separated by only ninety miles of Caribbean Sea; but more than a …

Investor-State Dispute Settlement: Is There A Better Alternative?, Emily Osmanski

Brooklyn Journal of International Law

As the world has transitioned from national; isolated economies with localized issues into a globalized and interconnected economy with cross-border disputes; the law has struggled to keep up. Recent trade negotiations have highlighted the difficulty states face in promoting trade; while also creating a fair; accessible; and equitable forum for producers and consumers with nationalities touching every area of the globe. For several decades; Investor-State Dispute Settlement (ISDS) has been in place to address claims brought by foreign investors against the host states. External improvements have helped support foreign direct investment and the ISDS model of dispute resolution; such as …

The Corporate Law Dilemma And The Enlightened Sovereign Control Paradigm: In Search Of A New Legal Framework, Vincenzo Bavoso

Brooklyn Journal of Corporate, Financial & Commercial Law

This Article is centered on the proposal of a new model of corporate decision-making: the enlightened sovereign control paradigm. In revisiting the long-standing academic debate on the corporate objective, typically enshrined in the dichotomy between shareholder value and stakeholder theory, a critique of these existing models is put forward. In particular, it questions the ability of the existing theories to take account of the complex and multidimensional risks that are created by the company which affect different constituencies both inside and outside the company. While the global financial crisis of 2008 reignited the urgency to further define an appropriate legal …

Talent Can't Be Allocated: A Labor Economics Justification For No-Poaching Agreement Criminality In Antitrust Regulation, Rochella T. Davis

Brooklyn Journal of Corporate, Financial & Commercial Law

As of late, labor markets have been a focus point in antitrust enforcement. In 2016 the Department of Justice (DOJ) announced an unprecedented policy to pursue no-poaching agreements criminally. More recently, in January 2018, the DOJ’s Attorney General indicated that the agency is following through on the policy. This Article argues that the DOJ’s new policy is logical and prudent because the economic effects that no-poaching agreements have on labor markets mirror the anticompetitive effects of customer allocation agreements. It also shows that the policy is well-supported by labor economics and antitrust policies. In efforts to comply with the DOJ’s …

Whistleblowers—A Case Study In The Regulatory Cycle For Financial Services, Ronald H. Filler, Jerry W. Markham

Brooklyn Journal of Corporate, Financial & Commercial Law

The Securities and Exchange Commission and the Commodity Futures Trading Commission were directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) to create whistleblower protection programs that reward informants with massive bounty payments. At the time of its passage, the Dodd-Frank Act was a highly controversial statute that was passed on partisan lines. Its whistleblowing authority was one of its “most contentious provisions.” As the result of the 2016 elections, the Dodd-Frank Act has come under renewed attack in Congress and by the new Trump administration. The stage is being set for possible repeal of …

Financing Green: Reforming Green Bond Regulation In The United States, Echo Kaixi Wang

Brooklyn Journal of Corporate, Financial & Commercial Law

In recent years, green bonds have emerged as a way for the financial industry to contribute to environmentally friendly projects, combat climate change, and provide funds for green infrastructures across the world. While the green bond market has expanded drastically across large nations in Europe and Asia, market growth has stalled in the United States, in part due to a lack of promising regulations in the United States. Existing regulations on green bond issuance in the United States only exists in the form of non-binding international guidelines. This Note reviews the benefits and potentials of green bonds both as an …

Perpetual Motion Machines: Esops Don’T Pay For Themselves, Andrew Stumpff Morrison

Law & Economics Working Papers

In this article, Stumpff addresses policy issues regarding employee stock ownership plans and demonstrates how some claims in support of ESOPS aren’t supported by the math.