Law and Psychology Commons^™

Good Activist/Bad Activist: The Rise Of International Stewardship Codes, Jennifer G. Hill

Seattle University Law Review

Shareholder participation in corporate governance and investor activism are topics du jour in the United States and around the world. In the early part of the 20th century, Professors Berle and Means considered that shareholder participation was impossible in the transformed commercial world that they described in The Modern Corporation and Private Property. This was a world characterized by dispersed and vulnerable shareholders, in which owners do not manage, and managers do not own, the corporation. In such an environment, the goal of corporate law became one of protecting shareholder interests rather than providing shareholders with participation rights. The structure …

Wrong-Termism, Right-Termism, And The Liability Structure Of Investor Time Horizons, Andrew Verstein

Seattle University Law Review

Do investor time horizons lead to inefficient business conduct in the real economy? An extensive finance literature analyzes whether particular practices (e.g., high frequency trading and stock buybacks) lead firms to operate with inefficiently myopic investment horizons, and an extensive legal literature considers the appropriateness of policy interventions. This Article joins those debates by charting the space of possibilities: what might be the causes of problematic time horizons? What solutions are available? One implication of this analysis is that there may be unexplored market-based solutions located on the liability side of investors’ balance sheets. This Article also argues that we …

Specificity And Time Horizons, Frank Partnoy

Seattle University Law Review

This Essay argues that the short-termism debate would benefit from greater clarity and specificity regarding time horizons. I make four points. First, optimal time horizons vary in discernible ways. Second, the potential mismatch between actual and optimal time horizons should generate a range of responses. Third, investors and managers can discern and disclose estimates of actual and optimal time horizons (e.g., using categories such as preconscious, fast conscious, slow conscious, and discounting). Fourth, market participants, policy makers, and scholars should use such estimates to be more precise about time horizons. For example, critics of hedge fund activism could recognize that …

The Myth Of The Ideal Investor, Elisabeth De Fontenay

Seattle University Law Review

Critiques of specific investor behavior often assume an ideal investor against which all others should be compared. This ideal investor figures prominently in the heated debates over the impact of investor time horizons on firm value. In much of the commentary, the ideal is a longterm investor that actively monitors management, but the specifics are typically left vague. That is no coincidence. The various characteristics that we might wish for in such an investor cannot peacefully coexist in practice. If the ideal investor remains illusory, which of the real-world investor types should we champion instead? The answer, I argue, is …

Long-Term Executive Compensation As A Remedy For Corporate Short-Termism, Caroline Flammer

Seattle University Law Review

It is often argued that corporations are too focused on the short term (i.e., they are “short-termist”). For example, during the 2016 U.S. presidential campaign, candidate Hillary Clinton urged companies to escape the tyranny of short-termism. Similarly, in the recent policy debate in the United Kingdom on the need to reform corporate governance and executive compensation, Bank of England’s Chief Economist Andy Haldane stated that “[e]xecutive pay is a matter of profound and legitimate public interest. Pay practices can encourage short-term behaviour in ways which harm both firms and the economy.” In this context, a recent article by Flammer and …

Institutional Investors, Corporate Governance, And Firm Value, K.J. Martijn Cremers, Simone M. Sepe

Seattle University Law Review

In the corporate governance debate, the short-term versus longterm contention has grown into perhaps today’s most controversial topic. In this debate, descriptions of institutional investors tend to present a dichotomic nature. These investors are alternatively portrayed as homogenously short-termist or as consistent “forces for good,” focused on targeting underperforming companies. This Article moves beyond this dichotomy. It shows empirically that aggregate institutional investor behavior presents nuances that depend on a variety of factors, including individual firm characteristics, institutional ownership levels, and institutional propensity toward activism.

Flash Traders (Milliseconds) To Indexed Institutions (Centuries): The Challenges Of An Agency Theory Approach To Governance In The Era Of Diverse Investor Time Horizons, Harold Weston, Conrad Ciccotello

Seattle University Law Review

One aspect of the problem in trying to align a corporate investment horizon (the time period for return on investment) to that of its shareholders is the enormous range of investor time horizons, which can range from milliseconds to centuries. A second aspect of the problem is whether ownership of shares equates to ownership of the corporation. A third aspect of the problem is that, despite the theories and advocacy of shareholders being owners, based on the agency model of corporate finance first developed in the 1970s, the theory is contrary to corporate law. These three aspects will be developed …

Book Review: Surrogacy: A Human Rights Violation By Renate Klein, Kate Rose

Dignity: A Journal of Analysis of Exploitation and Violence

No abstract provided.

Book Review: The Pimping Of Prostitution: Abolishing The Sex Work Myth By Julie Bindel, Roger Matthews

Dignity: A Journal of Analysis of Exploitation and Violence

No abstract provided.

Femmes, Migration, Et Prostitution En Europe: Il N’Est Pas Question De “Travail De Sexe”, Anna Zobnina

Dignity: A Journal of Analysis of Exploitation and Violence

No abstract provided.

Individual Levels Of Bias And Immigration Policies In The United States: A Test And Extension Of The Dual Processing Model Of Bias, Lorraine Phillips

Dissertations, Theses, and Capstone Projects

The present study was a test and extension of the Dual Process Model of bias on attitudes toward immigrants and immigration policy in the United States. The Dual Process Model predicts that people who score higher on either the Social Dominance Orientation scale or the Right Wing Authoritarian scale will hold more negative attitudes toward immigrants, particularly if immigrants are viewed as a threat. A sample of 315 participants from across the United States was recruited using Amazon’s M Turk site. This study used a combination of attitudinal measures, policy scales, and experimental vignettes. The study found that the Dual …

Today's Porn: Not A Constitutional Right; Not A Human Right, Patrick Trueman

Dignity: A Journal of Analysis of Exploitation and Violence

No abstract provided.

Inextricably Bound: Strip Clubs, Prostitution, And Sex Trafficking, Dan O'Bryant

Dignity: A Journal of Analysis of Exploitation and Violence

No abstract provided.

Why We Must Oppose The Full Decriminalization Of Prostitution, Taina Bien-Aime

Dignity: A Journal of Analysis of Exploitation and Violence

No abstract provided.

Enemy Construction And The Press, Ronnell Anderson Jones, Lisa Grow Sun

Utah Law Faculty Scholarship

When the president of the United States declared recently that the press is “the enemy,” it set off a firestorm of criticism from defenders of the institutional media and champions of the press’s role in the democracy. But even these Trump critics have mostly failed to appreciate the wider ramifications of the president’s narrative choice. Our earlier work describes the process of governmental “enemy construction,” by which officials use war rhetoric and other signaling behaviors to convey that a person or institution is not merely an institution that, although wholly legitimate, has engaged in behaviors that are disappointing or disapproved, …

Holding Canada Accountable: An Evaluation Of Canada's Compliance To The United Nations Declaration On The Rights Of Indigenous Peoples, Jackson A. Smith

Theses and Dissertations (Comprehensive)

Compliance of human rights norms requires the application of pressure from a multitude of directions and levels. It takes individual advocacy, micro-system/organizational/community-level pressure, and macro-level pressure from other nation-states and international organizations and governance bodies. This MA study focuses on the mechanisms employed by the United Nations to monitor the compliance of signatory nation-states to the standards established in the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), with particular focus on Canada. A crucial goal of this study is to translate the UN Special Rapporteur on the Rights of Indigenous Peoples (UNSRRIP), James Anaya’s, findings on the …

Dangerous Diagnoses, Risky Assumptions, And The Failed Experiment Of "Sexually Violent Predator" Commitment, Deirdre M. Smith

Faculty Publications

In its 1997 opinion, Kansas v. Hendricks, the U.S. Supreme Court upheld a law that reflected a new model of civil commitment. The targets of this new commitment law were dubbed “Sexually Violent Predators” (SVPs), and the Court upheld indefinite detention of these individuals on the assumption that there is a psychiatrically distinct class of individuals who, unlike typical recidivists, have a mental condition that impairs their ability to refrain from violent sexual behavior. And, more specifically, the Court assumed that the justice system could reliably identify the true “predators,” those for whom this unusual and extraordinary deprivation of liberty …

Excusing Murder? Conservative Jurors’ Acceptance Of The Gay Panic Defense, Cynthia J. Najdowski, Jessica Salerno, Bette L. Bottoms, B. L. Harrington, Dave Kemner

Psychology Faculty Scholarship

We conducted a simulated trial study to investigate the effectiveness of a “gay-panic” provocation defense as a function of jurors’ political orientation. Mock jurors read about a murder case in which a male defendant claimed a victim provoked the killing by starting a fight, which either included or did not include the male victim making an unwanted sexual advance that triggered a state of panic in the defendant. Conservative jurors were significantly less punitive when the defendant claimed to have acted out of gay panic as compared to when this element was not part of the defense. In contrast, liberal …

The Law And Economics Of Fluctuating Criminal Tendencies And Incapacitation, Murat C. Mungan

Faculty Scholarship

Economic analyses of criminal law are frequently and heavily criticized for being unable to explain many criminal law rules and doctrines that people find intuitively just. Existing economic models cannot properly explain, for instance, why criminal law distinguishes between (i) repeat offenders and first-time offenders, (ii) murder and voluntary manslaughter, and (iii) remorseful and non-remorseful offenders.

In this Article, I propose a new and richer economic theory of crime that captures the rationales behind these practices, and potentially behind many other important criminal law principles and doctrines. Unlike an overwhelming majority of previous economic analyses, my theory accounts not only …

Referenda And The District Of Columbia's Human Rights Act: Voting On Same-Sex Marriage In The Nation's Capital, Jacob Stewart

Legislation and Policy Brief

Beginning with Massachusetts in 2003, the courts and legislatures of many states have had to decide whether same-sex marriage is or should be a fundamental right under their respective constitutions.  Although only five states and the District of Columbia legally perform same-sex marriages, a few other jurisdictions are in the process of proposing laws moving in that direction.  However, the vast majority of states are holding fast to the traditional heterosexual definition of marriage.  Thirty-eight states have adopted some sort of Defense of Marriage Act, constitutional amendment, or similar measure that defines marriage as the union between one man and …

False Comfort And Impossible Promises: Uncertainty, Information Overload, And The Unitary Executive, Cynthia R. Farina

Cornell Law Faculty Publications

The movement toward President-centered government is one of the most significant trends in modern American history. This trend has been accelerated by unitary executive theory, which provided constitutional and “good government” justifications for what political scientists have been calling the “personal” or “plebiscitary” presidency.

This essay draws on cognitive, social and political psychology to suggest that the extreme cognitive and psychological demands of modern civic life make us particularly susceptible to a political and constitutional ideology organized around a powerful and beneficent leader who champions our interests in the face of internal obstacles and external threats. The essay goes on …

Moral Foundation Theory And The Law, Colin Prince

Seattle University Law Review

Moral foundation theory argues that there are five basic moral foundations: (1) harm/care, (2) fairness/reciprocity, (3) ingroup/loyalty, (4) authority/respect, and (5) purity/sanctity. These five foundations comprise the building blocks of morality, regardless of the culture. In other words, while every society constructs its own morality, it is the varying weights that each society allots to these five universal foundations that create the variety. Haidt likens moral foundation theory to an “audio equalizer,” with each culture adjusting the sliders differently. The researchers, however, were not content to simply categorize moral foundations—they have tied the foundations to political leanings. And it is …

Sincerity And Reason-Giving: When May Legal Decision Makers Lie, Mathilde Cohen

Faculty Articles and Papers

Public "reason giving" is an essential duty of democracies, said to promote better public decision-making by keeping the government's discretionary powers in check. However, this aim may be compromised if decision-makers cite insincere and misleading justifications as a means of preventing accountability. This Article contributes to rethinking sincerity in legal decision-making by asking both a normative and a descriptive question. The normative question is whether and to what extent should public institutions disclose the reasons for their decisions. The practical question is whether and how the fact that decision-makers have failed to fully disclose their reasons can be established. The …

Nudge, Choice Architecture, And Libertarian Paternalism, Pierre Schlag

Publications

In Nudge, Cass Sunstein and Richard Thaler describe how public and private institutions can improve on individual choices by nudging individuals into making selections that are right for them. Rejecting the Econ-101 caricature of the rational utility maximizer as inaccurate, Sunstein and Thaler apply the insights of behavioral economics to show how institutions can improve the delivery of services. Moving beyond attempts to remedy individual cognitive errors, Sunstein and Thaler also argue for "libertarian paternalism" - which they herald as the "Third Way." This Review assesses their claims critically, finding their development of "nudge" and "choice architecture" to be …

A Pragmatic Approach To Law And Organizing: A Comment On "The Story Of South Ardmore", 42 J. Marshall L. Rev. 631 (2009), Scott L. Cummings

UIC Law Review

No abstract provided.

What To Do With Omar Khadr? Putting A Child Soldier On Trial: Questions Of International Law, Juvenile Justice, And Moral Culpability, 41 J. Marshall L. Rev. 1281 (2008), Christopher L. Dore

UIC Law Review

No abstract provided.

Efforts To Improve The Illinois Capital Punishment System: Worth The Cost?, Thomas P. Sullivan

University of Richmond Law Review

No abstract provided.

The Beloved Community: The Influence And Legacy Of Personalism In The Quest For Housing And Tenants' Rights, 40 J. Marshall L. Rev. 513 (2007), Lloyd T. Wilson Jr.

UIC Law Review

No abstract provided.

A Complete Property Right Amendment, John H. Ryskamp

ExpressO

The trend of the eminent domain reform and "Kelo plus" initiatives is toward a comprehensive Constitutional property right incorporating the elements of level of review, nature of government action, and extent of compensation. This article contains a draft amendment which reflects these concerns.

Parental Consent And Notification Laws In The Abortion Context: Rejecting The "Maturity" Standard In Judicial Bypass Proceedings, Anna Bonny

ExpressO

The choice to become a parent, to give a baby up for adoption, or to terminate a pregnancy presents a life-altering decision for a minor. The majority of states require minors to engage their parents or legal guardians in their choice to obtain an abortion, but not in decisions to give their babies up for adoption or to become parents. Though the Supreme Court has held that parental consent and notification laws do not infringe on a minor's constitutional rights if judicial bypass options are available, the reality of these judicial proceedings demonstrates a biased and unworkable legal avenue. Even …