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Articles 5611 - 5640 of 7043

Full-Text Articles in Law and Economics

The Jekyll And Hyde Story Of International Trade: The Supreme Court In Phrma V. Walsh And The Trips Agreement, Srividhya Ragavan May 2004

The Jekyll And Hyde Story Of International Trade: The Supreme Court In Phrma V. Walsh And The Trips Agreement, Srividhya Ragavan

University of Richmond Law Review

No abstract provided.


One Of These Things Is Not Like The Other: Analogizing Ageism To Racism In Employment Discrimination Cases, Rhonda M. Reaves May 2004

One Of These Things Is Not Like The Other: Analogizing Ageism To Racism In Employment Discrimination Cases, Rhonda M. Reaves

University of Richmond Law Review

No abstract provided.


Spectres Of Law & Economics, William H. Widen May 2004

Spectres Of Law & Economics, William H. Widen

Michigan Law Review

There are spectres haunting law and economics - the spectres of G.W.F. Hegel and Jacques Lacan. This is one of the central theses of Professor Jeanne L. Schroeder's challenging new book: The Triumph of Venus, the Erotics of the Market ("Triumph of Venus"). Schroeder uses insights inspired by the teachings of Hegel and the French psychoanalyst, Lacan, to critique some basic assumptiosn made by scholars who use economic ideas to investigate the law and legal institutions - the law and economics ("L&E") practitioners. The book devotes much space to criticism of Judge Posner's vision of law, using it …


Between Mandate And Market: Contract Transition In The Shadow Of The International Order, Robert B. Ahdieh May 2004

Between Mandate And Market: Contract Transition In The Shadow Of The International Order, Robert B. Ahdieh

Faculty Scholarship

Boilerplate in sovereign debt contracts issued in the United States has long dictated the unanimous consent of bondholders to any debt restructuring. This requirement persisted for decades, notwithstanding wide consensus that such unanimous action provisions increased transaction costs, produced inefficient delays in debt restructuring, enhanced the moral hazards of the sovereign debt market, and otherwise encouraged collective action failures. Yet the sovereign debt markets has recently made an about-face, replacing the unanimity requirement for debt restructuring with a less demanding provision for collective, or majority, action by creditors. Completed over the course of just a few months in 2003, this …


Assessing The Options For Designing A Mandatory U.S. Greenhouse Gas Reduction Program, Robert R. Nordhaus, Kyle W. Danish Apr 2004

Assessing The Options For Designing A Mandatory U.S. Greenhouse Gas Reduction Program, Robert R. Nordhaus, Kyle W. Danish

ExpressO

The United States faces growing pressure – both from domestic and international sources – to adopt a mandatory greenhouse gas reduction program to address the risk of global climate change. If policy-makers decide to establish such a program, they could end up creating an environmental regulatory regime of potentially unprecedented scope and impacts. A domestic greenhouse gas program could break ground in other ways too. Many policy-makers are considering innovative market-based approaches to regulation, including a multi-billion dollar economy-wide “cap-and-trade” program. In this paper, we: (1) set forth criteria for evaluating program options; (2) analyze the leading design options and …


Securing Truth For Power: Informational Strategy And Regulatory Policy Making, Cary Coglianese Apr 2004

Securing Truth For Power: Informational Strategy And Regulatory Policy Making, Cary Coglianese

ExpressO

No abstract provided.


What Is Fiscal Responsibility? Long-Term Deficits, Generational Accounting, And Capital Budgeting, Neil H. Buchanan Apr 2004

What Is Fiscal Responsibility? Long-Term Deficits, Generational Accounting, And Capital Budgeting, Neil H. Buchanan

Rutgers Law School (Newark) Faculty Papers

This article assesses three basic approaches to assessing the future effects of the government’s fiscal policies: traditional measures of the deficit, measures associated with Generational Accounting, and measures derived from applying Capital Budgeting to the federal accounts. I conclude that Capital Budgeting is the best of the three approaches and that Generational Accounting is the least helpful. Acknowledging that there might be some value in learning what we can from a variety of approaches to analyzing fiscal policy, I nevertheless conclude that Generational Accounting is actually a misleading or--at best--empty measure of future fiscal developments. The best approach to providing …


Should Issuers Be On The Hook For Laddering? An Empirical Analysis Of The Ipo Market Manipulation Litigation, Stephen Choi, Adam C. Pritchard Apr 2004

Should Issuers Be On The Hook For Laddering? An Empirical Analysis Of The Ipo Market Manipulation Litigation, Stephen Choi, Adam C. Pritchard

Law & Economics Working Papers Archive: 2003-2009

nder Section 11 of the Securities Act of 1933, firms making public offerings of securities are strictly liable to investors for any material misstatements in the registration statements that accompany those offers. This strict liability regime is premised on the notion that issuers are best placed to avoid misstatements in the registration statement. Section 11 gives other potential defendants a “due diligence” defense to reflect their lesser ability to ensure the accuracy of the registration statement. The recent spate of “laddering” lawsuits alleging manipulation of the aftermarket for certain stocks issued in “hot” initial public offerings (IPOs) presents a role-reversal …


Application Of The Public-Trust Doctrine And Principles Of Natural Resource Management To Electromagnetic Spectrum, Patrick S. Ryan Apr 2004

Application Of The Public-Trust Doctrine And Principles Of Natural Resource Management To Electromagnetic Spectrum, Patrick S. Ryan

Michigan Telecommunications & Technology Law Review

The Electromagnetic spectrum is among our most valuable natural resources. Yet while the past few decades have seen a rich body of environmental law develop for other natural resources, this movement has largely passed over the electromagnetic spectrum. This Article argues that to remedy that situation, the public-trust doctrine, which is now a cornerstone of modern environmental law, should be extended to the electromagnetic spectrum. This extension would not be a leap: the public-trust doctrine has already been used to guarantee the public access to various bodies of water (not just navigable water), and to protect recreational lakes and beaches, …


Pour Encourager Les Autres? The Curious History And Distressing Implications Of The Criminal Provisions Of The Sarbanes-Oxley Act And The Sentencing Guidelines Amendments That Followed, Frank O. Bowman Iii Apr 2004

Pour Encourager Les Autres? The Curious History And Distressing Implications Of The Criminal Provisions Of The Sarbanes-Oxley Act And The Sentencing Guidelines Amendments That Followed, Frank O. Bowman Iii

Faculty Publications

This Article presents a legislative history of the Sarbanes-Oxley Act and the subsequent amendments to the U.S. Sentencing Guidelines. It explains the surprising interaction between the civil and criminal provisions of Sarbanes-Oxley. The Article also provides a dramatic and detailed account of the interplay of political interests and agendas that ultimately led to large sentence increases for serious corporate criminals and blanket sentence increases for virtually all federal fraud defendants. The tale illuminates the substance of the new legislation and sentencing rules, but is more broadly instructive regarding the distribution of power over criminal sentencing between the three branches and …


The Law And Economics Of Employee Information Exchange In The Knowledge Economy, Rafael Gely, Leonard Bierman Apr 2004

The Law And Economics Of Employee Information Exchange In The Knowledge Economy, Rafael Gely, Leonard Bierman

Faculty Publications

Mr. Fowler's story illustrates nicely how, in the new economy, knowledge has become both the key production process component and an important object of exchange itself. While knowledge has always been a component of economic activity, it has become “the one factor of production” capable of increasing the productive capacity of both capital and labor. Mr. Fowler's story also reminds us that, as it was the case in years past, the interests of employers and employees do not necessarily coincide when it comes to allocating rights regarding the ownership and exchange of knowledge.Interestingly, this transition towards a “knowledge economy,” and …


The New Iraq: Revising Iraq's Commercial Law Is A Necessity For Foreign Direct Investment And The Reconstruction Of Iraq's Decimated Economy, Judith Richards Hope, Edward N. Griffin Apr 2004

The New Iraq: Revising Iraq's Commercial Law Is A Necessity For Foreign Direct Investment And The Reconstruction Of Iraq's Decimated Economy, Judith Richards Hope, Edward N. Griffin

Cardozo Journal of International and Comparative Law

The article examines the legal reforms implemented by the Coalition Provisional Authority (CPA) in post-conflict Iraq, particularly CPA Order No. 39, which liberalizes foreign investment. These reforms are crucial for attracting foreign direct investment (FDI) to revive Iraq's economy, which has been devastated by war, sanctions, and central planning. The article highlights the importance of creating a stable legal environment, including equal treatment for foreign and domestic investors, streamlined corporate governance, and adherence to international standards. However, it also points out gaps in protections against confiscation and the need for further reforms in areas such as business immigration and tax …


Bucking The Trend: The Unsupportability Of Index Providers' Imposition Of Licensing Fees For Unlisted Trading Of Exchange Traded Funds, Peter N. Hall Apr 2004

Bucking The Trend: The Unsupportability Of Index Providers' Imposition Of Licensing Fees For Unlisted Trading Of Exchange Traded Funds, Peter N. Hall

Vanderbilt Law Review

Exchange traded funds (ETFs) are popular investment products that have recently generated substantial investment press, several new regulations, huge earnings for the securities markets, and potential legal conflicts that will likely lead to major litigation. ETFs are derivative securities that represent ownership in funds, unit investment trusts, or depositary receipts with portfolios of securities designed to track the performance and dividends of specific securities indices.' ETFs track indices by holding a representative sampling of securities in the index, thus approximating investment results of the index as a whole. They may or may not hold all the stocks in a particular …


International Tax As International Law, Reuven S. Avi-Yonah Mar 2004

International Tax As International Law, Reuven S. Avi-Yonah

Law & Economics Working Papers Archive: 2003-2009

The purpose of this article is to introduce to the international lawyer the somewhat different set of categories (e.g., residence and source rather than nationality and territoriality) employed by international tax lawyers, and explain the reasons for some of the differences. At the same time, it attempts to persuade practicing international tax lawyers and international tax academics that their field is indeed part of international law, and that it would help them to think of it this way. For example, knowledge of the Vienna Convention on the Law of Treaties would help international tax lawyers in interpreting tax treaties, and …


The Pitfalls Of International Integration: A Comment On The Bush Proposal And Its Aftermath, Reuven S. Avi-Yonah Mar 2004

The Pitfalls Of International Integration: A Comment On The Bush Proposal And Its Aftermath, Reuven S. Avi-Yonah

Law & Economics Working Papers Archive: 2003-2009

In January 2003, the Bus Administration proposed a new system for taxing corporate dividends, under which domestic shareholders in U.S. corporations would not be taxed on dividends they received, provided the corporation distributed these dividends out of after-tax earnings (the “Bush Proposal”). The Bush Proposal was introduced in Congress in February 27,2003. Ultimately, however, Congress balked at enacting full-fledged dividend exemption. Instead, in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (“JGTRRA”) as enacted on May 28, 2003, a lower rate of 15% was adopted for dividends paid by domestic and certain foreign corporations, and the capital gains …


Corporations, Society And The State: A Defense Of The Corporate Tax, Reuven S. Avi-Yonah Mar 2004

Corporations, Society And The State: A Defense Of The Corporate Tax, Reuven S. Avi-Yonah

Law & Economics Working Papers Archive: 2003-2009

This article attempts to provide the first comprehensive rationale for defending the current corporate income tax. It argues that the usual reasons given for the tax (primarily as an indirect way of taxing shareholders, or alternatively as a form of benefit tax) are inadequate. It then explains what the original rationale to adopt this tax was in 1909, namely to regulate managerial power, and that this rationale stems from the real view of the corporation, which was the dominant view throughout the many transformations underwent by the corporate form from Roman times to the present. Turning to normative argument, the …


Insights From Economics, Jennifer Gerarda Brown Mar 2004

Insights From Economics, Jennifer Gerarda Brown

Journal of Legal Education

No abstract provided.


Banking The Poor, Michael S. Barr Mar 2004

Banking The Poor, Michael S. Barr

Law & Economics Working Papers Archive: 2003-2009

Low-income households often lack access to banking accounts and face high costs for transacting basic financial services through check cashers and other alternative financial service providers. These families find it more difficult to save and plan financially for the future. Living paycheck to paycheck leaves them vulnerable to medical or job emergencies that may endanger their financial stability, and lack of longer-term savings undermines their ability to improve skills, purchase a home, or send their children to college. Additionally, high cost financial services and inadequate access to bank accounts may undermine widely-shared societal goals of reducing poverty, moving families from …


Credible Coercion, Oren Bar-Gill, Omri Ben-Shahar Mar 2004

Credible Coercion, Oren Bar-Gill, Omri Ben-Shahar

Law & Economics Working Papers Archive: 2003-2009

The ideal of individual liberty and autonomy requires that society provide relief against coercion. In the law, this requirement is often translated into rules that operate “post-coercion” to undo the legal consequences of acts and promises extracted under duress. This Article argues that these ex-post anti-duress measures, rather than helping the coerced party, might in fact hurt her. When coercion is credible—when a credible threat to inflict an even worse outcome underlies the surrender of the coerced party—ex post relief will only induce the strong party to execute the threatened outcome, to the detriment of the coerced party. Anti-duress relief …


An Economic Analysis Of Domain Name Policy, Karl M. Manheim, Lawrence B. Solum Mar 2004

An Economic Analysis Of Domain Name Policy, Karl M. Manheim, Lawrence B. Solum

University of San Diego Law and Economics Research Paper Series

One of the most important features of the architecture of the Internet is the Domain Name System (DNS), which is administered by the Internet Corporation for Assigned Names and Numbers (ICANN). Logically, the DNS is organized into Top Level Domains (such as .com), Second Level Domains (such as amazon.com), and third, fourth, and higher level domains (such as www.amazon.com). The physically infrastructure of the DNS consists of name servers, including the Root Server System which provides the information that directs name queries for each Top Level Domain to the appropriate server. ICANN is responsible for the allocation of the root …


Labor And Finance As Inevitably Transnational: Globalization Demands A Sophisticated And Transnational Lens, Katherine V.W. Stone, Timothy A. Canova, Claire Moore Dickerson Mar 2004

Labor And Finance As Inevitably Transnational: Globalization Demands A Sophisticated And Transnational Lens, Katherine V.W. Stone, Timothy A. Canova, Claire Moore Dickerson

Cornell Law Faculty Publications

No abstract provided.


A Comparative Empirical Investigation Of Agency And Market Theories Of Insider Trading, Laura N. Beny Feb 2004

A Comparative Empirical Investigation Of Agency And Market Theories Of Insider Trading, Laura N. Beny

Law & Economics Working Papers Archive: 2003-2009

The paper summarizes various agency cost and market theories of insider trading propounded over the course of the perennial law and economics debate over insider trading. The paper then suggests three testable hypotheses regarding the relationship between insider trading laws and several measures of financial performance. Using international data and alternative regression specifications, the paper finds that more stringent insider trading laws and enforcement are generally associated with greater ownership dispersion, greater stock price accuracy and greater stock market liquidity. This set of findings provides empirical support to theoretical arguments in favor of more stringent insider trading legislation and enforcement.


Labor And Finance As Inevitably Transnational: Globalization Demands A Sophisticated And Transnational Lens, Timothy A. Canova, Claire Moore Dickerson, Katherine V.W. Stone Feb 2004

Labor And Finance As Inevitably Transnational: Globalization Demands A Sophisticated And Transnational Lens, Timothy A. Canova, Claire Moore Dickerson, Katherine V.W. Stone

Faculty Scholarship

No abstract provided.


Foreword: Property Rights And Economic Development, Eric Kades Feb 2004

Foreword: Property Rights And Economic Development, Eric Kades

William & Mary Law Review

No abstract provided.


"Agreeing To Disagree": Filling Gaps In Deliberately Incomplete Contracts, Omri Ben-Shahar Jan 2004

"Agreeing To Disagree": Filling Gaps In Deliberately Incomplete Contracts, Omri Ben-Shahar

Law & Economics Working Papers Archive: 2003-2009

This Article develops a new standard for gap filling in incomplete contracts. It focuses on an important class of situations in which parties leave their agreement deliberately incomplete, with the intent to further negotiate and resolve the remaining issues. In these situations, neither the traditional no-enforcement result nor the usual gap filling approaches accord with the parties’ partial consent. Instead, the Article develops the concept of pro-defendant gap-fillers, under which each party is granted an option to enforce the transaction supplemented with terms most favorable (within reason) to the other party. A deliberately incomplete contract with pro-defendant gap fillers transforms …


Book Review, J.O. Haley's Antitrust In Germany And Japan, The First Fifty Years, 1947-1998, David J. Gerber Jan 2004

Book Review, J.O. Haley's Antitrust In Germany And Japan, The First Fifty Years, 1947-1998, David J. Gerber

All Faculty Scholarship

No abstract provided.


The New Moralizers: Transforming The Conservative Legal Agenda, David A. Super Jan 2004

The New Moralizers: Transforming The Conservative Legal Agenda, David A. Super

Faculty Scholarship

The essential elements of a wide range of social policies can be described in terms of responses to three basic questions. First, what burdens must the innocent carry? Second, what burdens must the blameworthy bear? And third, how does society assess blame? This Essay examines the increasingly successful efforts of a faction of social conservatives, called here the new moralizers, to reshape the resolution of each of these three issues and with them a wide range of social policies. Although the relative importance of these three questions has varied over time, the twentieth century saw a movement away from costly …


The Quiet "Welfare" Revolution: Resurrecting The Food Stamp Program In The Wake Of The 1996 Welfare Law, David A. Super Jan 2004

The Quiet "Welfare" Revolution: Resurrecting The Food Stamp Program In The Wake Of The 1996 Welfare Law, David A. Super

Faculty Scholarship

Cash-assistance programs have long been a focus of both liberal and conservative efforts to make symbolic statements. In this regard, the 1966 dismantlement of federal entitlement to cash assistance was nothing new. Although the 1996 welfare law also made deep cuts to in-kind programs, such as food stamps, these programs had less symbolic significance and hence were less often the target of public attacks. This lower political profile gave the Food Stamp Program room to find positive ways to adapt to the key themes that drove the enactment of the 1996 welfare law. In the 1996 welfare law’s wake, the …


Protecting The Perception Of The Public Markets: At What Costs - The Effects Of Noisy Withdrawal On The Long Standing Attoney-Corporate Client Relationship, Todd J. Canni Jan 2004

Protecting The Perception Of The Public Markets: At What Costs - The Effects Of Noisy Withdrawal On The Long Standing Attoney-Corporate Client Relationship, Todd J. Canni

St. Thomas Law Review

"Sarbanes-Oxley," this phrase has echoed in the minds of corporate attorneys for almost two years now. Over this period of time, most corporate attorneys have come to recognize the general breadth of this Act. Aside from having a basic understanding, however, do corporate attorneys know the true effects this Act and the corresponding proposal will have on the legal profession and the companies they represent? The scope of this article is concerned with just that. Specifically, this examination concerns the U.S. Securities and Exchange Commission's proposed "noisy withdrawal" provision. Briefly, noisy withdrawal refers to the final measures an attorney would …


The Ada: A Model For Europe With "Sharper Teeth?", Carol Daughterty Rasnic Jan 2004

The Ada: A Model For Europe With "Sharper Teeth?", Carol Daughterty Rasnic

ILSA Journal of International & Comparative Law

I wish ... for the passionate sense of the potential, for the eye which... sees the possible.... Soren Kierkegaard, 19th century Danish philosopher