Law and Economics Commons^™

Has Insider Trading Become More Rampant In The United States? Evidence From Takeovers, Laura N. Beny, Nejat Seyhun

Law & Economics Working Papers

No abstract provided.

Families Of Color In Crisis: Bearing The Weight Of The Financial Market Meltdown, André Douglas Pond Cummings

Law Faculty Scholarship

The financial market crisis of 2008 landed heaviest and hardest upon communities of color. In the minority communities that continue to bear the crushing weight of this crisis—which continues unrequited—women of color, and by extension, their families, are by far the group most devastated by the global market meltdown. In an ultimate irony, most economists, scholars, and commentators now agree that the collapse, which continues to ravage Main Street, was caused primarily by a select group of privileged white men–i.e., Wall Street executives, bankers, and the politicians purchased by Wall Street largess. The impact of Wall Street’s fascination with securitizing …

Mahagében Kft & Péter Dávid: Re-Directing The Eu Vat's Perfect Storm, Richard Thompson Ainsworth

Faculty Scholarship

On June 21, 2012 the Court of Justice of the European Union (CJEU) rendered judgment on two Hungarian references, Mahagében kft v. Nemzeti Adó-és Vámhivatal Dél-dunántúli Regionális Adó Fölgazgatósága and Péter Dávid v. Nemzeti Adó-és Vámhivatal Dél-dunántúli Regionális Adó Fölgazgatósága (Mahagében/Dávid). The Mahagében/Dávid decisions clarify the CJEU’s earlier holdings in the joined cases of Alex Kittel v. Belgium and Belgium v. Recolta Recycling SPRL (Kittel/Recolta).

Kittel/Recolta is a critically important decision. It is central to the EU’s anti-fraud effort. It is one of three legal imperatives that earlier this year appeared to be coalescing into a Perfect (enforcement) Storm.

After …

Fundraising And Optimal Policy Rules, Murat C. Mungan, Bariş K. Yörük

Scholarly Publications

This paper develops a simple spatial model of fundraising, in which charities select a target population to solicit donations. First, we show that in a competitive charity market without any intervention, the number of charities in the market and/or the overall net funds raised by charities may be sub-optimal. Next, we analyze whether a social planner can prevent such shortcomings and show that a regulatory mechanism can be designed to achieve socially desirable outcomes. In contrast to the previous literature, our model does not necessarily produce monopoly as the optimal market structure. We show that if fixed costs associated with …

Is Greed Good? A Catholic Perspective On Modern Usury, William M. Woodyard, Chad G. Marzen

Brigham Young University Journal of Public Law

No abstract provided.

Forums For International Economic Adjudication: Threads In Fragments, Francis N. Botchway

Cardozo Journal of International and Comparative Law

The article challenges the notion of fragmentation in international law, arguing that the proliferation of international adjudicatory bodies, such as the ICJ, WTO DSB, and ECJ, does not lead to fragmentation but instead fosters integration and coherence in international jurisprudence. It highlights the alignment of procedures, shared sources of law, and interpretative approaches among these bodies, demonstrating that institutional diversity enhances efficiency and enriches international law rather than causing discord. The article emphasizes the role of these institutions in addressing complex legal issues, ensuring legal certainty, and promoting transparency and inclusivity in global dispute resolution.

Forward Contracts - Prohibitions On Risk And Speculation Under Islamic Law, Nicholas C. Dau-Schmidt

Indiana Journal of Global Legal Studies

Forward contracts allow buyers and sellers of goods to reduce risk by contracting for sale at a predetermined price and quantity prior to the actual exchange of goods and payment. While forward contracts are extensively used in the Western world without restriction, those who adhere to Islamic law are often constrained by principles intended to reduce risk, gambling, and usury. These principles can prove overly restrictive; however, Islamic law restrictions also illuminate the problems associated with the overly permissive Western system in which speculators contract in a manner tantamount to gambling-a problem associated with the recent financial crisis. This Note …

A More Economic And Cross-Jurisdiction Study On Patent Pools, Kung-Chung Liu

Research Collection Yong Pung How School Of Law

This paper traces the growing acceptance of the more economic approach to IPR and competition law in state practices, and summarizes its characteristics. It then compares how five jurisdictions weigh the IPR licensing agreements against competition law in the context of patent pools, which have become critically effective mechanism for both patent enforcement and the deployment of new technology. It further analyzes the major difference found, namely the abuse of a dominant position by patent pools, and how to look at this difference and even how to harmonize it. It then moves on to study the impact of antitrust violation …

Rethinking Microfinance, Lan Cao

Faculty Publications

No abstract provided.

Agenda: A Low-Carbon Energy Blueprint For The American West, University Of Colorado Boulder. Natural Resources Law Center, University Of Colorado Boulder. Renewable And Sustainable Energy Institute, Western Resource Advocates, Rocky Mountain Research Station (Fort Collins, Colo.)

A Low-Carbon Energy Blueprint for the American West (Martz Summer Conference, June 6-8)

The future of the planet may depend upon our ability to increase energy supplies even as we reduce carbon emissions. This conference will address how a low-carbon energy program might evolve with a particular focus on the American West. It will focus on the future of energy in the West--on a “managed transition” to a different energy mix, on the need to nest this effort in a framework that acknowledges interconnections, and on identifying the most salient opportunities to consider the legal, political, financial, and technical challenges.

Openness In Extraction, Lisa E. Sachs, Shefa Siegel

Columbia Center on Sustainable Investment Staff Publications

More than a decade before becoming President of the United States, Herbert Hoover, a mining engineer, observed that, among the branches of property law, the distribution of mining rights most elegantly reflects the vicissitudes of social and political relations. According to Hoover, mining rights were a "never-ending contention," as old as economic and civil conflict, among four principle classes – overlord, state, landowner, and miner. "Somebody," he concluded, "has to keep peace and settle disputes."

Today, with the prices of major natural-resource commodities – including oil, coal, copper, gold, and iron ore – doubling, tripling, or rising even faster, the …

Toward Economic Analysis Of The Uniform Probate Code, Daniel B. Kelly

University of Michigan Journal of Law Reform

Insights from economics and the economic analysis of law may be useful in analyzing succession law, including intestacy and wills as well as nonprobate transfers such as trusts. After surveying prior works that have examined succession from a functional perspective, I explore the possibility of utilizing tools like (i) transaction costs, (ii) the ex ante/ex post distinction, and (iii) rules versus standards, to illuminate the design of the Uniform Probate Code. Specifically, I investigate how these tools, which legal scholars have employed widely in other contexts, may be relevant in understanding events like the nonprobate revolution and issues like "dead …

A Perfect Storm In The Eu Vat: Kittel, "R" And Marc, Richard Thompson Ainsworth

Faculty Scholarship

EU VAT authorities are close to turning the tables on missing traders. For many years organized fraudsters have been stealing huge amounts of VAT on the domestic re-sale of exempt cross-border supplies. Losses have been enormous whether the transactions are in goods (notably cell phones and computer chips) or in tradable services (CO2 permits and VoIP). No market has been safe from the fraudsters.

Answers are developing, but these answers may look more like Armageddon than measured enforcement. Solutions are so draconian, and so all-encompassing that very few intra-community traders will feel safe from the gathering storm. The situation is …

Vat Experimentation — New York & Illinois, Richard Thompson Ainsworth

Faculty Scholarship

US States are experimenting with VATs to solve market-specific problems with tax compliance and revenue yields. Experimentation has been going on for years. Sometimes the experiment is a success; at other times it needs more work.

Although not called VATs either before, during or after adoption – that is what these experiments are. Market-specific VATs are producing benefits long promoted by VAT advocates, notably: an increase in revenue without an increase in tax rates; increased administrative efficiency without significant costs to business; more stable deposits from fractionated payments; and lower enforcement costs from the self-enforcing nature of the VAT.

There …

Real-Time Solution To Refund Fraud: Vat Lessons From Belgium, Brazil, And Quebec, Richard Thompson Ainsworth

Faculty Scholarship

This article provides support for a proposal to eliminate refund fraud in the U.S. by turning Forms W-2, and 1099 into self-certified/ self-authenticated tax documents. The proposal suggests that a “digital signature” of these documents should be taken after they are completed. The signature should then be made part of the final document.

This proposal was initially advanced in Refund Fraud? Real-Time Solution! The underlying premise of that article was that the US could dramatically reduce, if not eliminate, refund fraud if it borrowing digital security techniques from the VAT. The article did not however, explain or expand upon these …

International Taxation And Competitiveness: Introduction And Overview, Reuven S. Avi-Yonah, Nicola Sartori

Law & Economics Working Papers

The debate about whether to abolish deferral or to adopt territoriality has been going on ever since the Kennedy Administration first proposed ending deferral in 1961. The problem is that neither side has factual support for their argument about whether the U.S. tax system, including Subpart F, as currently enacted or with any of the proposed reforms, in fact negatively impacts the tax burden of US-based MNEs. Even the concept of competitiveness itself is unclear. Despite numerous claims, there has been no rigorous attempt that we are aware of to determine whether MNEs based in our major trading partners in …

Cornography: Perverse Incentives And The United States Corn Subsidy, Anthony Kammer

Journal of Food Law & Policy

Among the most important functions we have afforded to the U.S. Congress is the power to reshape social and economic incentive structures through legislation. Proceeding from the enumerated powers under the Constitution and using a complex toolbox of legislative and regulatory innovations, the federal legislature has enormous power to transform the types of behavior that people will perceive as self-interested throughout our economy and thus how those same people are likely to act. Congress can, among other things, create new forms of criminal and civil liability, establish entitlement systems, subsidize industries, encourage behavior through the tax code, regulate interactions among …

An End To End-To-End? A Review Essay Of Barbara Van Schewick’S Internet Architecture And Innovation, Adam Candeub

Federal Communications Law Journal

Amidst much controversy, the FCC released its landmark "network neutrality" order in December 2010. This regulation prohibits Internet service providers, such as Verizon or Comcast, from discriminating in favor of traffic or content that they own or with which they are affiliated. Professor Barbara van Schewick's recently published book, Internet Architecture and Innovation, could not be timelier. Employing a variety of economic and technical arguments, van Schewick defends the type of regulation the FCC passed as necessary to preserve the Internet's potential for innovation. My central critique of Internet Architecture is its deployment of economic theories on one side of …

Leveraging Extractive Industry Infrastructure Investments For Broad Economic Development: Regulatory, Commercial And Operational Models For Railways And Ports, Perrine Toledano

Columbia Center on Sustainable Investment Staff Publications

The initial phase of the Leveraging Mining-Related Infrastructure Investments for Development project consisted of a worldwide survey of regulatory, commercial and operating case studies of shared use of mining-related infrastructure. This Policy Paper delivers the findings for mineral railways and ports.

Misappropriation And Patenting Of Traditional Ethnobotanical Knowledge And Genetic Resources, Maxim V. Gubarev

Journal of Food Law & Policy

Four-fifths of all pharmaceuticals have been developed from natural plant resources, and native plant resources similarly play a significant role in the development of new and improved crops.