Shareholders And Social Welfare,
2013
Seattle University School of Law
Shareholders And Social Welfare, William W. Bratton, Michael L. Wachter
Seattle University Law Review
This Article addresses the questions of whether and how shareholders matter for social welfare, finding that different and contrasting answers have prevailed during different periods of recent history. Observers in the mid-twentieth century believed that the socioeconomic characteristics of real-world shareholders were highly pertinent to social welfare inquiries. But those observers went on to conclude that there followed no justification for catering to shareholder interest, for shareholders occupied elite social strata. The answer changed during the twentieth century’s closing decades, when observers came to accord the shareholder interest a key structural role in the enhancement of economic efficiency even as …
Central Bank-Led Capitalism?,
2013
Seattle University School of Law
Central Bank-Led Capitalism?, Andrew Bowman Et Al.
Seattle University Law Review
Since the first acute episode of financial crisis in autumn 2008, the world has manifestly changed in dramatic ways that reinforce skepticism and challenge the old assumptions of political economy. Hence this Article about central banks, whose pivotal role in post-crisis capitalism has not been adequately politically or theoretically addressed in any existing literature and can now be opened up by a conjunctural analysis that recognises uncertainty and mutability. There are several reasons why this is an intellectually and politically interesting task. Central banks have become an object of controversy and public attention after being pivotally involved in crisis management, …
Making Money: Leverage And Private Sector Money Creation,
2013
Seattle University School of Law
Making Money: Leverage And Private Sector Money Creation, Margaret M. Blair
Seattle University Law Review
Contrary to the beliefs of most macroeconomists, the financial sector in the United States has grown too large in the last few decades as a consequence of financial innovation that has encouraged the use of too much “leverage” (financing with debt) by financial institutions (as well as by consumers and other borrowers). In Part II, I connect the dots between excessive leverage, risk, and financial market volatility. In Part III, I explore the role that the “shadow-banking sector” has had in driving leverage. In Part IV, I explain why leverage at the level of financial institutions matters for the macroeconomy. …
The Governance And Disclosure Of The Firm As An Enterprise Entity,
2013
Seattle University School of Law
The Governance And Disclosure Of The Firm As An Enterprise Entity, Yuri Biondi
Seattle University Law Review
During recent decades, the rapid pace of financial markets involving new modes of management, governance, and regulation has framed business firms. This corporate drift toward financialization is summarized under the “shareholder value” label. What do financial markets do? Unequivocally, they organize trading on shares that are securities: tradable financial entitlements established by law, which formalize expectations, and claims of financial rents paid by the issuing company. Actually, how continued quotation on share exchanges came to be the barometer of economic or social welfare is a different matter. The latter adoption has required quite a great leap from “the euthanasia of …
Rationales And Designs To Implement An Institutional Big Bang In The Governance Of Global Finance,
2013
Seattle University School of Law
Rationales And Designs To Implement An Institutional Big Bang In The Governance Of Global Finance, Emilios Avgouleas
Seattle University Law Review
The colossal challenges facing international finance pertain to both its governance system and its dual utility and speculative functions, which have become ever more intertwined with the advent of financial innovation. In the aftermath of the Global Financial Crisis (GFC), a number of significant reforms are under way to address the second issue, including additional capital and liquidity requirements for banks, measures to battle interconnectedness in the financial sector, new resolution regimes that would allow banks to fail more easily, and stricter frameworks for bank supervision and monitoring of systemic risk. Yet limited progress has been made with respect to …
Framing Address: A Framework For Analyzing Financial Market Transformation,
2013
Seattle University School of Law
Framing Address: A Framework For Analyzing Financial Market Transformation, Steven L. Schwarcz
Seattle University Law Review
The title of this Symposium originally was “Rethinking Financial and Securities Markets.” It is, of course, somewhat presumptuous for scholars to try to rethink financial markets per se. Markets, including financial markets, are driven primarily by supply and demand. But scholars can and should try to influence the future of financial markets by rethinking their fundamental aspects. This Symposium presents work from leading scholars in the fields of law, economics, finance, and accounting. I will try to frame the discussion from the perspectives of these four disciplines. First, however, we need to identify what it is about financial markets that …
The Modern Corporation Magnified: Managerial Accountability In Financial Services Holding Companies,
2013
Chicago-Kent College of Law
The Modern Corporation Magnified: Managerial Accountability In Financial Services Holding Companies, Anita Krug
All Faculty Scholarship
This Article first recalls the primary contours of Adolf Berle and Gardiner Means’s acclaimed observations regarding the separation of ownership and control in the “modern corporation,” as well as their conclusions about the implications of those observations for the doctrine of shareholder primacy. Second, the Article describes how the activities of FSHCs generally differ from what we think corporations do and, certainly, from what Berle and Means conceived of as the purpose of corporations or, indeed, any business enterprise. Third, this Article articulates how those business activities render more acute the problem of the separation of ownership and control that …
Keynote Address By Aimee R. Maxwell,
2013
Georgia Innocence Project
Keynote Address By Aimee R. Maxwell, Aimee R. Maxwell
Working in the Public Interest Conferences
No abstract provided.
A Higher Calling: The Importance Of Pro Bono Efforts In The Legal Profession,
2013
Bondurant, Mixson, & Elmore
A Higher Calling: The Importance Of Pro Bono Efforts In The Legal Profession, Emmet Bondurant, Andrew Vail, Mary Benton, Cynthia F. Adcock, Lonnie T. Brown
Working in the Public Interest Conferences
Cover the importance of incorporating pro bono work into every career, including those in the private sector.
Chasing The Atticus Code - Preserving Adjudication Integrity In Local Administrative Hearings ,
2013
Pepperdine University
Chasing The Atticus Code - Preserving Adjudication Integrity In Local Administrative Hearings , Michael N. Widener
Journal of the National Association of Administrative Law Judiciary
In the United States administrative law realm, there purportedly exist more than 19 thousand municipal governments, 16 thousand town or township governments; three thousand county governments, 13 thousand school districts and 35 thousand special district governments. This essay argues that these local adjudicative loci largely neglect the ethical guidance or direction of lawyers serving in government-official capacities without holding elected nor judicial positions. I dub these decision-makers “Atticus.” Citizens support the notion of external codes of professional responsibility for such persons not necessarily because they believe that “lawyering rules” are well constructed or property enforced, but because they doubt lawyers …
Closing An Administrative Loophole: Ethics For The Administrative Judiciary,
2013
Pepperdine University
Closing An Administrative Loophole: Ethics For The Administrative Judiciary, Diana Gillis
Journal of the National Association of Administrative Law Judiciary
No abstract provided.
Journey Of A Peace Journalist,
2013
DePaul University
Journey Of A Peace Journalist, Robert Koehler
Center for the Study of Ethics in Society Papers
Presented October 15, 2012. 2012 Winnie Veenstra Peace Lecture.
How Lawyers' Intuitions Prolong Litigation,
2013
U.S. District Court, Central District of California
How Lawyers' Intuitions Prolong Litigation, Andrew J. Wistrich, Jeffrey J. Rachlinski
Cornell Law Faculty Publications
Most lawsuits settle, but some settle later than they should. Too many compromises occur only after protracted discovery and expensive motion practice. Sometimes the delay precludes settlement altogether. Why does this happen? Several possibilities—such as the alleged greed of lawyers paid on an hourly basis—have been suggested, but they are insufficient to explain why so many cases do not settle until the eve of trial. We offer a novel account of the phenomenon of settling on the courthouse steps that is based upon empirical research concerning judgment and choice. Several cognitive illusions—the framing effect, the confirmation bias, nonconsequentialist reasoning, and …
Legal Education: Rethinking The Problem, Reimagining The Reforms,
2013
Pepperdine University
Legal Education: Rethinking The Problem, Reimagining The Reforms, Deborah L. Rhode
Pepperdine Law Review
Whether or not law schools are in a crisis, it is certainly true that legal education currently faces a number of significant challenges. The fundamental problem is a lack of consensus over what the problem is. Legal educators and regulators are developing well-intended but inadequate responses to the symptoms, not the causes of law school woes. In addition to identifying the problem, this Article discusses potential reforms. Financial issues represent a significant source of much of the current criticisms face by law schools today. Tuition rates have increased at a pace far outstripping the steep hikes seen at universities as …
Louis D. Brandeis And The Lawyer Advocacy System,
2013
Pepperdine University
Louis D. Brandeis And The Lawyer Advocacy System, Robert F. Cochran Jr.
Pepperdine Law Review
The law practice of Louis Brandeis serves as an appropriate vehicle for examining both the history of the legal profession in the United States and the role of lawyers as philanthropists. Brandeis was one of America's most successful and innovative lawyers at the turn of the twentieth century, and serves as a role model for lawyers in his dedication to public service. Brandeis, of course, is best known for his work as a Justice on the United States Supreme Court; however, he is less well known for his work as a lawyer-though he practiced law for 40 years before he …
How To Make Rules For Lawyers: The Professional Responsibility Of The Legal Profession,
2013
Pepperdine University
How To Make Rules For Lawyers: The Professional Responsibility Of The Legal Profession, Stephen Gillers
Pepperdine Law Review
When considering the professional responsibilities of American lawyers, two questions often arise: (1) whether a particular rule strikes the right balance among the multiple interests it purports to reconcile and (2) whether in a particular circumstance a lawyer's or law firm's behavior complied with the governing rules. This article explores a third question. What is the responsibility of the profession itself when, through its various institutions and especially bar associations, it asks courts, lawmakers, or agencies to adopt particular rules governing the conduct of lawyers? Rather than exploring the discussing the conduct of individual lawyers or the correctness of any …
The Lawyer Of The Future,
2013
Pepperdine University
The Lawyer Of The Future, Deanell Reece Tacha
Pepperdine Law Review
This piece introduces the Pepperdine Law Review symposium issue for Volume 40, publishing articles derived from the April 20, 2012 The Lawyer of the Future: Exploring the Impact of Past and Present Lawyers and the Lessons They Provide for Future Generations symposium, which explored the role of the lawyer in American society-past, present, and future.
People V. Perez - Misapplication Of The Right To Counsel,
2013
Pepperdine University
People V. Perez - Misapplication Of The Right To Counsel, William A. Roberts, Greg F. Janson
Pepperdine Law Review
No abstract provided.
The Case For "Higher Law",
2013
Pepperdine University
The Case For "Higher Law", John Warwick Montgomery
Pepperdine Law Review
No abstract provided.
Bauguess V. Paine: The Denial Of The Attorney Fee Sanction At The (Mis)Trial Stage,
2013
Pepperdine University
Bauguess V. Paine: The Denial Of The Attorney Fee Sanction At The (Mis)Trial Stage, Steven D. Campen
Pepperdine Law Review
No abstract provided.
