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Articles 5761 - 5790 of 7043

Full-Text Articles in Law and Economics

Foreword: Nafta As A Lesson For Globalization, Elizabeth Trujillo Jan 2003

Foreword: Nafta As A Lesson For Globalization, Elizabeth Trujillo

Faculty Scholarship

Since its enactment, NAFTA has impacted international business among its members and it has awakened concerns of the environmental and labor challenges that the participating countries face as they move toward economic integration. Among the many challenges, coping with the economic, legal, and cultural differences that exist among the partners has been difficult. The nations must continue to work together to harmonize their laws in such a way that allows for easier integration without impeding their sovereign power to enact laws that address local needs. At the conference entitled “NAFTA at Ten: Harmonization and Legal Transformation,” held on June 14-15, …

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Local Institutions, Foreign Investment And Alternative Strategies Of Development: Some Views From Practice, Tamara Lothian, Katharina Pistor Jan 2003

Local Institutions, Foreign Investment And Alternative Strategies Of Development: Some Views From Practice, Tamara Lothian, Katharina Pistor

Faculty Scholarship

This Essay summarizes the major insights gained from a panel discussion with legal practitioners about the relevance of local institutions to foreign direct investors. The Essay offers a critique of policy conclusions drawn from empirical studies that suggest a positive correlation between legal institutions and foreign investment flows. It points out that the data used in these studies are far too general to allow policy conclusions and that neither the data nor the policy conclusions are sufficiently attuned to the challenges or opportunities that foreign direct investment projects face on the ground. According to the results of the panel discussion, …

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The Byrd Amendment Is Wto-Illegal: But We Must Kill The Byrd With The Right Stone, Jagdish N. Bhagwati, Petros C. Mavroidis Jan 2003

The Byrd Amendment Is Wto-Illegal: But We Must Kill The Byrd With The Right Stone, Jagdish N. Bhagwati, Petros C. Mavroidis

Faculty Scholarship

On 16 January 2003, the WTO Appellate Body issued its report on United States – Continued Dumping And Subsidy Offset Act Of 2000 (WTO Doc. WT/DS217 and 234/AB/R). In this report, the Appellate Body condemned the so-called US Byrd Amendment by finding that it was inconsistent with the US obligations under the WTO Agreements on Antidumping (AD) and Subsidies and Countervailing Measures (SCM).

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Law, Share Price Accuracy And Economic Performance: The New Evidence, Merritt B. Fox, Randall Morck, Bernard Yeung, Artyom Durnev Jan 2003

Law, Share Price Accuracy And Economic Performance: The New Evidence, Merritt B. Fox, Randall Morck, Bernard Yeung, Artyom Durnev

Faculty Scholarship

Mandatory disclosure has been at the core of U.S. securities regulation since its adoption in the early 1930s. For many decades, this fixture of our financial system was accepted with little examination. Over the last twenty years, however, mandatory disclosure has been subject to intensifying intellectual crosscurrents. Some commentators hold out the U.S. system as the standard for the world. They argue that adoption by other countries of a U.S.-styled system, with its greater corporate transparency, would enhance their economic performance. Other commentators, in contrast, insist that the U.S. mandatory disclosure regime represents a mistake, not a model. These crosscurrents …

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Of Legal Transplants, Legal Irritants, And Economic Development, Katharina Pistor, Daniel Berkowitz Jan 2003

Of Legal Transplants, Legal Irritants, And Economic Development, Katharina Pistor, Daniel Berkowitz

Faculty Scholarship

The collapse of the socialist system has given way to unprecedented economic and legal reforms in the former socialist countries. Over the past decade they have enacted new legislation in all areas of the law, drawing heavily on legal models from developed market economies, including common law and civil law countries. While the transplanted laws now on the books is largely consistent with Western practice, the enforcement of these new laws is often ineffective (Berkowitz, Pistor, and Richard, 2003).

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Making Markets: Network Effects And The Role Of Law In The Creation Of Strong Securities Markets, Robert B. Ahdieh Jan 2003

Making Markets: Network Effects And The Role Of Law In The Creation Of Strong Securities Markets, Robert B. Ahdieh

Faculty Scholarship

As Russia and other formerly socialist states construct market economies, the appearance of strong securities markets remains an unfulfilled expectation. Notwithstanding broad privatization of state-owned enterprises and the elimination of industrial subsidies - essential precursors to demand for capital-raising securities markets - stock markets in Central and Eastern Europe remain illiquid, inefficient, and unreliable.

Strong securities markets do not, it seems, neatly follow from the welfare-maximizing behavior of individuals and institutions. Nor can the appearance of securities markets be effectively dictated by government decree. Post-communist securities market transition therefore presents a puzzle: Do markets emerge, or must they be created? …

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Innovation In Corporate Law, Katharina Pistor, Yoram Keinan, Jan Kleinheisterkamp, Mark D. West Jan 2003

Innovation In Corporate Law, Katharina Pistor, Yoram Keinan, Jan Kleinheisterkamp, Mark D. West

Faculty Scholarship

In most countries large business enterprises today are organized as corporations. The corporation with its key attributes of independent personality, limited liability and free tradeability of shares has played a key role in most developed market economies since the 19th century and has made major inroads in emerging markets. We suggest that the resilience of the corporate form is a function of the adaptability of the legal framework to a changing environment. We analyze a country's capacity to innovate using the rate of statutory legal change, the flexibility of corporate law, and institutional change as indicators. Our findings suggest that …

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The Genie And The Bottle: Collateral Sources Under The September 11th Victim Compensation Fund, Kenneth S. Abraham, Kyle D. Logue Jan 2003

The Genie And The Bottle: Collateral Sources Under The September 11th Victim Compensation Fund, Kenneth S. Abraham, Kyle D. Logue

Articles

The September 11th Victim Compensation Fund of 2001 (the Fund) was part of legislation enacted just eleven days after the terrorist attacks of September 11th in the wake of extraordinary national loss. It is possible, therefore, that the Fund will always be considered an urgent and unique response to the unprecedented events of September 11th. On that view, the character of the Fund will have little longterm policy significance. It is equally possible, however, that the enactment of the Fund will prove to be a seminal moment in the history of tort and compensation law. The Fund adopts a new …

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Insuring Against Terrorism -- And Crime, Saul Levmore, Kyle D. Logue Jan 2003

Insuring Against Terrorism -- And Crime, Saul Levmore, Kyle D. Logue

Articles

The attacks of September 11th produced staggering losses of life and property. They also brought forth substantial private-insurance payouts, as well as federal relief for the City of New York and for the families of individuals who perished on that day. The losses suffered during and after the attacks, and the structure of the relief effort, have raised questions about the availability of insurance against terrorism, the role of government in providing for, subsidizing, or ensuring the presence of such insurance, as well as the interaction between relief and the incentives for taking precautions against similar losses in the future. …

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Legal Transitions, Rational Expectations, And Legal Progress, Kyle D. Logue Jan 2003

Legal Transitions, Rational Expectations, And Legal Progress, Kyle D. Logue

Articles

In the literature on legal transitions, the term "transition policy" is generally understood to mean a rule or norm that influences policymakers' decisions concerning the extent to which legal change should be accompanied by transition relief, whether in the form of grandfathering or phase-ins or direct compensation. Legal change within this literature is defined broadly, and somewhat counter-intuitively, to include any resolution of the uncertainty regarding what the law will be in the future or how the law will be applied to future circumstances. Thus, a legal change would obviously include an unexpected repeal of a tax provision, such as …

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Justice And Reasonable Care In Negligence Law, Richard W. Wright Dec 2002

Justice And Reasonable Care In Negligence Law, Richard W. Wright

All Faculty Scholarship

The academic literature generally assumes that an aggregate-risk-utility test is employed to determine whether conduct was reasonable or negligent. This aggregate-risk-utility test is a transparent implementation of the basic impartiality and aggregation principles of utilitarianism and the most popular (Kaldor-Hicks) interpretation of economic efficiency. Thus, the test's assumed prevalence as the criterion of reasonableness in negligence law has been highlighted by legal economists as confirmation of the utilitarian efficiency foundations of tort law, while those, including Ronald Dworkin, who think that the law, including tort law, is or should be grounded on principles of justice have sought to demonstrate that, …

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The Living Commerce Clause: Federalism In Progressive Political Theory And The Commerce Clause After Lopez And Morrison, Eric R. Claeys Dec 2002

The Living Commerce Clause: Federalism In Progressive Political Theory And The Commerce Clause After Lopez And Morrison, Eric R. Claeys

William & Mary Bill of Rights Journal

"Living Constitution " ideas are most often associated with individual-rights guarantees like equal protection and due process, but they were originally developed in the early twentieth century to revolutionize the law of the structural Constitution - including the Commerce Clause. In this Article, Professor Claeys interprets Progressive political theory, which played a crucial role in legitimating the expansion of the national government. As applied to federalism, Progressive living-Constitution theory required that the Commerce Clause be interpreted as a constitutional transmitter letting the national government regulate whatever the American people deem to be a national problem. He suggests that this notion …

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Beyond Welfare Reform: Economic Justice In The 21st Century, Peter B. Edelman Nov 2002

Beyond Welfare Reform: Economic Justice In The 21st Century, Peter B. Edelman

Georgetown Law Faculty Lectures and Appearances

Thank you so much, Mary Louise. I am deeply honored that you asked me to be here today with you and Tomas and Dan to deliver these remarks in memory of Mario Olmos. He was a wonderful role model for the values that have been celebrated throughout this lecture series, and I am doubly honored to be added to the list of distinguished speaker who have preceded me.

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Internalizing Outsider Trading, Ian Ayres, Stephen Choi Nov 2002

Internalizing Outsider Trading, Ian Ayres, Stephen Choi

Michigan Law Review

Investing in the United States has become a hobby for many. Individual ownership of equity, moreover, has increased over the past decade due in part to the introduction of internet-based trading. While providing the possibility for greater returns compared with bank savings accounts, among other investment alternatives, the public capital markets also pose greater risks for investors. Many individual investors lack both the resources and the incentive to analyze the value of any particular security in the market. Such investors thus trade at a systematic disadvantage relative to more informed parties. In response, regulators have asserted that certain informational disparities …

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The Fable Of Entry: Bounded Rationality, Market Discipline, And Legal Policy, Avishalom Tor Nov 2002

The Fable Of Entry: Bounded Rationality, Market Discipline, And Legal Policy, Avishalom Tor

Michigan Law Review

Legal scholars have recently advanced a behavioral approach to the law and economics school of thought in an attempt to improve its external validity and predictive power. The hallmark of this new approach is the replacement of the perfectly rational actor with a "boundedly rational" decisionmaker who, apart from being affected by emotion and motivation, has only limited cognitive resources. To function effectively in a complex :world, boundedly rational individuals must rely on cognitive heuristics - simplifying mental shortcuts - that inevitably lead people to make some systematic decision errors; as a result, their behavior necessarily deviates from that predicted …

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Brief Of Keith N. Hylton As Amicus Curiae In Support Of The Respondents In State Farm Mutual Automobile Insurance Company, Petitioner V. Curtis B. Campbell And Inez Preece Campbell, Respondents, Keith N. Hylton Oct 2002

Brief Of Keith N. Hylton As Amicus Curiae In Support Of The Respondents In State Farm Mutual Automobile Insurance Company, Petitioner V. Curtis B. Campbell And Inez Preece Campbell, Respondents, Keith N. Hylton

Faculty Scholarship

Virtually all courts accept the view that high punitive damage awards are appropriate in instances where the defendant's harmful conduct is unlikely to lead to liability. See, e.g., BMW of N. Am. Inc. v. Gore, 517 U.S. 559, 582 (1996). The Utah Supreme Court reinstated the $145 million punitive damage award in this case in part on the ground that "State Farm's actions, because of their clandestine nature, will be punished at most in one out of every 50,000 cases as a matter of statistical probability." Pet App. 30a. A central issue of this case is whether the Utah Supreme …

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Instability In Latin America: U.S. Policy And The Role Of The International Community: Hearing Before The Subcomm. On International Trade And Finance Of The S. Comm. On Banking, Housing, And Urban Affairs, 107th Cong., Oct. 16, 2002 (Statement Of Professor Daniel K. Tarullo, Geo. U. L. Center), Daniel K. Tarullo Oct 2002

Instability In Latin America: U.S. Policy And The Role Of The International Community: Hearing Before The Subcomm. On International Trade And Finance Of The S. Comm. On Banking, Housing, And Urban Affairs, 107th Cong., Oct. 16, 2002 (Statement Of Professor Daniel K. Tarullo, Geo. U. L. Center), Daniel K. Tarullo

Testimony Before Congress

No abstract provided.

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Theorizing Behavioral Law And Economics: A Defense Of Evolutionary Analysis And The Law, Neel P. Parekh Oct 2002

Theorizing Behavioral Law And Economics: A Defense Of Evolutionary Analysis And The Law, Neel P. Parekh

University of Michigan Journal of Law Reform

Behavioral law and economics (BLE) provides a steady stream of empirical evidence that counters the predictions of law and economics. Despite this research and data, however, many theorists argue that BLE ultimately fails because it posits no underlying theory. This Note argues that perspectives from evolutionary biology, evolutionary psychology, and the brain sciences can provide the missing motivational theory for BLE's empirical findings. The Note also examines the implications a more consistent and reasoned consideration of evolutionary analysis and the law (EA) has for our legal regime. In theorizing BLE and defending EA, this Note aims to show how evolutionary …

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Regret Theory - Explanation, Evaluation And Implications For The Law, Grant B. Gelberg Oct 2002

Regret Theory - Explanation, Evaluation And Implications For The Law, Grant B. Gelberg

University of Michigan Journal of Law Reform

This Note discusses regret theory, which offers an alternative explanation of rational behavior in risky or uncertain situations. Unlike traditional law and economics, which is based on expected utility theory, regret theory posits that individuals either rejoice or experience regret after making a decision, and that the anticipation of these feelings influences choices ex ante. In recent years, studies have shown the robustness of regret theory, particularly when individuals compare action to inaction, in disparate feedback environments, and when decisional agency is altered. These, and other factors, influence regret theory's impact on litigant behavior, as well as on the …

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Legally Defending Mission-Creep: How The Bretton Woods Charters Anticipate And Justify Imf Attention To "Structural" Variables In Its Oversight Of The Global Financial System, Robert C. Hockett Oct 2002

Legally Defending Mission-Creep: How The Bretton Woods Charters Anticipate And Justify Imf Attention To "Structural" Variables In Its Oversight Of The Global Financial System, Robert C. Hockett

Cornell Law Faculty Publications

No abstract provided.

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The Stumbling Block: Freedom, Rationality, And Legal Scholarship, Jeanne L. Schroeder Oct 2002

The Stumbling Block: Freedom, Rationality, And Legal Scholarship, Jeanne L. Schroeder

William & Mary Law Review

No abstract provided.

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Gary Minda's Boycott In America: How Imagination And Ideology Shape The Legal Mind, Robert J. Steinfeld Jul 2002

Gary Minda's Boycott In America: How Imagination And Ideology Shape The Legal Mind, Robert J. Steinfeld

Book Reviews

No abstract provided.

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Corporate Governance And Executive Remuneration: Rediscovering Managerial Positional Conflict, Jennifer Hill, Charles M. Yablon Jul 2002

Corporate Governance And Executive Remuneration: Rediscovering Managerial Positional Conflict, Jennifer Hill, Charles M. Yablon

Articles

The article critiques the assumption that performance-based executive remuneration aligns managerial and shareholder interests, arguing that executives' positional power allows them to exploit such systems, leading to excessive pay and corporate malfeasance. It highlights how this conflict of interest contributed to major corporate collapses like Enron and One.Tel, emphasizing the need for reforms beyond current governance mechanisms.

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Paradigm Shifts And Access Controls: An Economic Analysis Of The Anticircumvention Provisions Of The Digital Millennium Copyright Act, Melissa A. Kern Jun 2002

Paradigm Shifts And Access Controls: An Economic Analysis Of The Anticircumvention Provisions Of The Digital Millennium Copyright Act, Melissa A. Kern

University of Michigan Journal of Law Reform

This Note addresses the broadened scope of protection granted to copyright holders under the anticircumvention provisions of the Digital Millennium Copyright Act of 1998 (DMCA). This broadened scope extends to copyright holders the right to control access to their works, diminishing the consumer's 'fair use" of those works that previously served as a defense to alleged copyright infringements. While access controls are supported by economists who believe they are useful in correcting market inefficiencies and excluding free riders, this Note suggests that access controls cannot correct all market inefficiencies. Furthermore, such access controls deny access and use of copyrighted material …

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Behavioral Finance And Investor Governance, Lawrence A. Cunningham Jun 2002

Behavioral Finance And Investor Governance, Lawrence A. Cunningham

Washington and Lee Law Review

No abstract provided.

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The Political Economy Of School Choice, Michael Heise, James E. Ryan Jun 2002

The Political Economy Of School Choice, Michael Heise, James E. Ryan

Cornell Law Faculty Publications

This paper examines the political economy of school choice and focuses in particular on the role of suburbanites. This group, which we contend is the most important and powerful stakeholder in choice debates, has yet to receive much attention in the commentary. It turns out that suburbanites, by and large, are not wild about school choice, either public or private. Suburbanites are largely satisfied with the schools in their neighborhoods and want to protect the physical and financial independence of those schools (as well as their property values, which are tied to the perceived quality of local schools). School choice …

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Predicting Defection, Elmer J. Schaefer May 2002

Predicting Defection, Elmer J. Schaefer

Faculty Publications

No abstract provided.

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Accountability Conceptions And Federalism Tales: Disney's Wonderful World?, William W. Buzbee May 2002

Accountability Conceptions And Federalism Tales: Disney's Wonderful World?, William W. Buzbee

Michigan Law Review

Richard Foglesong's Married to the Mouse: Walt Disney World and Orlando, may not offer the thrills of an entertainment park, but it is an uncommonly good read. In a book focused on approximately four decades of Disney's interactions with Orlando and state officials, political scientist Foglesong tells the tale of how Walt Disney ended up locating his new East Coast entertainment park in Orlando, Florida and what happened in subsequent government-Disney company interactions. Using chapter headings based on stages in a personal relationship's progression ("Serendipity" to "Seduction" through "Marriage," and ultimately, after interim stages, "Therapy"), Foglesong shows that while the …

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A Life In The Craft Of Comparative Law, John C. Reitz May 2002

A Life In The Craft Of Comparative Law, John C. Reitz

Michigan Law Review

It is obvious to specialists in the law of the European Union ("E.U.") - a relatively small but steadily growing group in the United States - that a "retrospective" collection of Eric Stein's writings would be of great interest. From his 1955 article in the Columbia Law Review, the first article about the Court of Justice of the European Coal and Steel Community to appear in English (p. 473), he has been one of the dominant U.S. scholars of what was initially called "European Community" ("E.C.") law after the three original European Communities2 and more recently has been rechristened "European …

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Economics, Public Choice, And The Perennial Conflict Of Laws, Erin O'Hara O'Connor Apr 2002

Economics, Public Choice, And The Perennial Conflict Of Laws, Erin O'Hara O'Connor

Scholarly Publications

No abstract provided.

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