Open Access. Powered by Scholars. Published by Universities.®

Law and Philosophy Commons™

Open Access. Powered by Scholars. Published by Universities.®

Seattle University Law Review

Articles 241 - 247 of 247

Full-Text Articles in Law and Philosophy

The Agency Cost Paradigm: The Good, The Bad, And The Ugly, Claire A. Hill, Brett H. Mcdonnell Jan 2015

The Agency Cost Paradigm: The Good, The Bad, And The Ugly, Claire A. Hill, Brett H. Mcdonnell

Seattle University Law Review

In the “managerialist” world that preceded our present shareholder value world, some corporate managers could, and did, help themselves when they should have been doing their jobs. The modern agency cost paradigm has focused attention on this problem, in part by conceptualizing the duty of corporate managers as maximizing shareholder value. This paradigm has had a variety of effects: some good, some bad, and some ugly. The agency cost paradigm has had a good effect by focusing on the problem of managerial enrichment and providing a simple, clear benchmark—shareholder value-- that may quickly indicate when managers are performing badly. However, …

Go to article

A Theory Of The Just Corporation, Ronit Donyets-Kedar Jan 2015

A Theory Of The Just Corporation, Ronit Donyets-Kedar

Seattle University Law Review

In their seminal article A Team Production Theory of Corporate Law, Margaret Blair and Lynn Stout hold that the modern corporation is best understood in terms of team production. Challenging the principal–agent model, Blair and Stout offer an analysis that considers the various stakeholders of the corporation as members of a team. Accordingly, they suggest, the purpose of corporate law is to provide a response to the problems created by collective production processes, in particular those pertaining to the distribution of profits stemming from the cooperation. According to Blair and Stout, the solution to this problem is to be found …

Go to article

Team Production Theory And Private Company Boards, Elizabeth Pollman Jan 2015

Team Production Theory And Private Company Boards, Elizabeth Pollman

Seattle University Law Review

In their path-breaking article, A Team Production Theory of Corporate Law, Margaret Blair and Lynn Stout provided a new theory of the board of directors in a corporation. Drawing on the economic theory of team production, Blair and Stout argued that the board of directors serves as a mediating hierarchy for the firm as a whole, encouraging firm-specific investments from team members and reducing shirking and opportunistic behavior. While Blair and Stout provided a dramatically different view of the corporation from the conventional principal-agent account, they also delineated limitations to their proposed theory. Most importantly, they suggested that the …

Go to article

The Corporation As Time Machine: Intergenerational Equity, Intergenerational Efficiency, And The Corporate Form, Lynn A. Stout Jan 2015

The Corporation As Time Machine: Intergenerational Equity, Intergenerational Efficiency, And The Corporate Form, Lynn A. Stout

Seattle University Law Review

This Symposium Article argues that the board-controlled corporation can be understood as a legal innovation that historically has functioned as a means of transferring wealth forward and sometimes backward through time, for the benefit of present and future generations. In this fashion the board-controlled corporation promotes both intergenerational equity and intergenerational efficiency. Logic and evidence each suggest, however, that the modern embrace of “shareholder value” as the only corporate objective and “shareholder democracy” as the ideal of corporate governance is damaging the corporate form’s ability to serve this economically and ethically important function.

Go to article

Litigating Consumer Protection Acts In The Hamp Context, Amanda Martin Jan 2015

Litigating Consumer Protection Acts In The Hamp Context, Amanda Martin

Seattle University Law Review

The foreclosure crisis has lingered despite the improving economy. To alleviate this crisis, the U.S. government implemented the Home Affordable Mortgage Program (HAMP), a Treasury-sponsored initiative that aims to prevent foreclosure by encouraging mortgage loan servicers to modify the mortgages of qualified homeowners. The Treasury Department has extended HAMP multiple times—from its original ending date in 2013 to its present ending date in 2016. While HAMP has indeed helped homeowners avoid foreclosure, the program has spawned an array of litigation as servicer misconduct runs rampant. As the Ninth Circuit recently noted, “the [HAMP] program seems to have created more litigation …

Go to article

Copyright, Consumerism, And The Cloud: Proposing Standards-Essential Technology To Support First Sale In Digital Copyright, Marco Puccia Jan 2015

Copyright, Consumerism, And The Cloud: Proposing Standards-Essential Technology To Support First Sale In Digital Copyright, Marco Puccia

Seattle University Law Review

America’s entertainment industry, and the creative talent that drives it, is a national treasure. Equally valuable, however, is America’s drive and commitment toward technological innovation. These two sectors have been in tension since at least 1908, when the U.S. Supreme Court was asked to determine whether the makers of piano rolls for automatically playing pianos had to pay royalties to the composers. Since that time, the entertainment industry has continued to use copyright law to resist advances in technological innovation that it views as a threat to its existing business models. This Note seeks to provide the necessary context and …

Go to article

Closing The Doors To Justice: A Critique Of Pimentel V. Dreyfus And The Application Of Legal Formalism To The Elimination Of Food Assistance Benefits For Legal Immigrants, Hannah Zommick Nov 2014

Closing The Doors To Justice: A Critique Of Pimentel V. Dreyfus And The Application Of Legal Formalism To The Elimination Of Food Assistance Benefits For Legal Immigrants, Hannah Zommick

Seattle University Law Review

This Comment contends that the Ninth Circuit’s opinion in Pimentel v. Dreyfus employed a legal formalist approach and that by applying this framework, the court prevented legal immigrants, who were caught between the strict eligibility restrictions of welfare reform, from asserting their rights through the justice system. The legal formalist approach “treats the law as a set of scientific formulae or principles that are derived from the study of case law. These principles create an internal analytical framework which, when applied to a set of facts, leads the decision maker, through logical deduction, to the correct outcome in a case.” …

Go to article

First Prev