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Rethinking Law School Tenure Standards, Adam Chilton 2019 University of Chicago

Rethinking Law School Tenure Standards, Adam Chilton

Law, Economics, & Business Workshop

Academic departments decide on tenure standards with limited evidence about their accuracy and efficacy. We study the implications of stricter tenure standards in law schools, an environment in which 95 percent of all tenure track hires receive tenure. To do so, we construct a novel dataset of the articles and citation counts of 1,720 law professors who were granted tenure at top-100 law schools between 1970 and 2007. We first show that pre-tenure research records are highly predictive of future academic impact. We then simulate the costs and benefits of applying stricter tenure standards using predictions of law professors ...


Is “Not Guilty” The Same As “Innocent”? Evidence From Sec Financial Fraud Investigations, Eugene Soltes 2019 Harvard Business

Is “Not Guilty” The Same As “Innocent”? Evidence From Sec Financial Fraud Investigations, Eugene Soltes

Law, Economics, & Business Workshop

The Securities and Exchange Commission (SEC) routinely investigates firms for financial fraud, but investors only learn about regulators’ concerns if managers voluntarily disclose news of the investigation, or regulators sanction the firm. We investigate the effects of disclosing investigations using confidential records on all opened investigations, regardless of outcome. Markets exhibit some ability to identify which investigations will eventually lead to sanctions. Nonetheless, even when no charges are ultimately brought, firms that voluntarily disclose an investigation have significant negative returns, underperforming non-sanctioned firms that stayed silent by 12.7% for a year after the investigation begins. Consistent with limited investor ...


Beyond Intermediation: A New (Fintech) Model For Securities Holding Infrastructures, Charles W. Mooney Jr. 2019 University of Pennsylvania Law School

Beyond Intermediation: A New (Fintech) Model For Securities Holding Infrastructures, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories—intermediated securities. For many investors this is the only practical means of holding and dealing with securities. These intermediated holding systems (IHSs) impose a variety of risks and costs. Investors are exposed to intermediary risk (default or insolvency of an intermediary holding securities) as well as impediments to the exercise of rights such as voting and asserting claims against securities issuers. The nontransparency of IHSs imposes other social costs, such as obstacles to anti-money laundering enforcement. The emergence of FinTech ...


Whither The Regulatory “War On Coal”? Scapegoats, Saviors, And Stock Market Reactions, Cary Coglianese, Daniel E. Walters 2019 University of Pennsylvania Law School

Whither The Regulatory “War On Coal”? Scapegoats, Saviors, And Stock Market Reactions, Cary Coglianese, Daniel E. Walters

Faculty Scholarship at Penn Law

Complaints about excessive economic burdens associated with regulation abound in contemporary political and legal rhetoric. In recent years, perhaps nowhere have these complaints been heard as loudly as in the context of U.S. regulations targeting the use of coal to supply power to the nation’s electricity system, as production levels in the coal industry dropped nearly by half between 2008 and 2016. The coal industry and its political supporters, including the President of the United States, have argued that a suite of air pollution regulations imposed by the U.S. Environmental Protection Agency (EPA) during the Obama Administration ...


Presenting The Next-Generation Civil Code Of The Twenty-First Century: The Restatement Of Civil Law Along The Lines Of Law And Economics, JJ del Granado 2019 UNAM

Presenting The Next-Generation Civil Code Of The Twenty-First Century: The Restatement Of Civil Law Along The Lines Of Law And Economics, Jj Del Granado

Law, Economics, & Business Workshop

A new-generation law and economics civil code is presented as a conscious project to restate Roman law's usefulness for coping with today's problems. Private law aligns incentives for people to coordinate efforts and share information in a decentralized social order and market economy. Through law and economics, Roman law will renew itself. As a paradigmatic private-law system, Roman law is eminently amenable to a state-of-the-art fusion with law and economics. Sensitivity to what drives a legal culture is vital to a project meant for generating interest in law and economics among a new generation of Latin American lawyers ...


Population Law And Policy: From Control And Contraception To Equity And Equality, Victoria Mather 2019 St. Mary's University School of Law

Population Law And Policy: From Control And Contraception To Equity And Equality, Victoria Mather

St. Mary's Law Journal

Abstract forthcoming


Stereotypes In High Stake Decisions: Evidence From U.S. Circuit Courts, Elliott Ash 2019 ETH Zurich

Stereotypes In High Stake Decisions: Evidence From U.S. Circuit Courts, Elliott Ash

Law, Economics, & Business Workshop

No abstract provided.


Table Of Contents, Seattle University Law Review 2019 Seattle University School of Law

Table Of Contents, Seattle University Law Review

Seattle University Law Review

No abstract provided.


Toward Fair And Sustainable Capitalism: A Comprehensive Proposal To Help American Workers, Restore Fair Gainsharing Between Employees And Shareholders, And Increase American Competitiveness By Reorienting Our Corporate Governance System Toward Sustainable Long-Term Growth And Encouraging Investments In America’S Future, Leo E. Strine 2019 University of Pennsylvania

Toward Fair And Sustainable Capitalism: A Comprehensive Proposal To Help American Workers, Restore Fair Gainsharing Between Employees And Shareholders, And Increase American Competitiveness By Reorienting Our Corporate Governance System Toward Sustainable Long-Term Growth And Encouraging Investments In America’S Future, Leo E. Strine

Faculty Scholarship at Penn Law

To promote fair and sustainable capitalism and help business and labor work together to build an American economy that works for all, this paper presents a comprehensive proposal to reform the American corporate governance system by aligning the incentives of those who control large U.S. corporations with the interests of working Americans who must put their hard-earned savings in mutual funds in their 401(k) and 529 plans. The proposal would achieve this through a series of measured, coherent changes to current laws and regulations, including: requiring not just operating companies, but institutional investors, to give appropriate consideration to ...


An Energy And Sustainability Roadmap For West Virginia, James M. Van Nostrand 2019 West Virginia University College of Law

An Energy And Sustainability Roadmap For West Virginia, James M. Van Nostrand

James Van Nostrand

No abstract provided.


Free Trade In Patented Goods: International Exhaustion For Patents, Sarah R. Wasserman Rajec 2019 William & Mary Law School

Free Trade In Patented Goods: International Exhaustion For Patents, Sarah R. Wasserman Rajec

Sarah R. Wasserman Rajec

Modern international trade law seeks to increase global welfare by lowering barriers to trade and encouraging international competition. This “free trade” approach, while originally applied to reduce tariffs on trade, has been extended to challenge non-tariff barriers, with modern trade agreements targeting telecommunication regulations, industrial and product safety standards, and intellectual property rules. Patent law, however, remains inconsistent with free-trade principles by allowing patent holders to subdivide the world market along national borders and to forbid trade in patented goods from one nation to another. This Article demonstrates that the doctrines thwarting free trade in patented goods are protectionist remnants ...


The Hidden Cost Of Auto Bailouts, Nathan B. Oman 2019 William & Mary Law School

The Hidden Cost Of Auto Bailouts, Nathan B. Oman

Nathan B. Oman

No abstract provided.


Non-Compete Legislation Is Getting Worse With Latest Revisions, Nathan B. Oman 2019 William & Mary Law School

Non-Compete Legislation Is Getting Worse With Latest Revisions, Nathan B. Oman

Nathan B. Oman

No abstract provided.


Markets As A Moral Foundation For Contract Law, Nathan B. Oman 2019 William & Mary Law School

Markets As A Moral Foundation For Contract Law, Nathan B. Oman

Nathan B. Oman

No abstract provided.


Doux Commerce, Religion, And The Limits Of Antidiscrimination Law, Nathan B. Oman 2019 William & Mary Law School

Doux Commerce, Religion, And The Limits Of Antidiscrimination Law, Nathan B. Oman

Nathan B. Oman

Recent cases involving religious businesses owners who object to providing services for same-sex weddings and resulting lawsuits have generated a vigorous academic and popular debate. That debate centers in part on the proper role of religion in the market. This article develops three theories of the proper relationship between commerce and religion and applies them to these conflicts. The first approach would apply the norms of liberal democratic governments to market actors. The second approach posits that any market outcome is legitimate so long as it results from voluntary contracts. These approaches yield contradictory and indeterminate advice on the conflicts ...


The Team Production Theory Of Corporate Law: A Critical Assessment, Alan J. Meese 2019 William & Mary Law School

The Team Production Theory Of Corporate Law: A Critical Assessment, Alan J. Meese

Alan J. Meese

No abstract provided.


Section 2 Enforcement And The Great Recession: Why Less (Enforcement) Might Mean More (Gdp), Alan J. Meese 2019 William & Mary Law School

Section 2 Enforcement And The Great Recession: Why Less (Enforcement) Might Mean More (Gdp), Alan J. Meese

Alan J. Meese

The Great Recession has provoked calls for more vigorous regulation in all sectors, including antitrust enforcement. After President Obama took office, the Antitrust Division of the Department of Justice abandoned the Bush Administration’s standard of liability under section 2 of the Sherman Act, which forbids unlawful monopolization, as insufficiently interventionist. Based on the premise that similarly lax antitrust enforcement caused and deepened the Great Depression, the Obama Administration outlined a more intrusive and consumer-focused approach to section 2 enforcement as part of a larger national strategy to combat the “extreme” economic crisis the nation was then facing.

This Essay ...


Reframing Antitrust In Light Of Scientific Revolution: Accounting For Transaction Costs In Rule Of Reason Analysis, Alan J. Meese 2019 William & Mary Law School

Reframing Antitrust In Light Of Scientific Revolution: Accounting For Transaction Costs In Rule Of Reason Analysis, Alan J. Meese

Alan J. Meese

This Article contends that modern rule of reason analysis, informed by workable competition’s partial equilibrium trade-off paradigm, is suitable for evaluating only a subset of agreements that may reduce transaction costs. The Article distinguishes between “technological” and “non-technological” transaction costs. Technological transaction costs entail the bargaining and information costs first emphasized by Ronald Coase, while non-technological transaction costs result from more fundamental departures from perfect competition, departures creating a risk of opportunism that accompanies relationship-specific investments. Modern law does accurately assess restraints that may reduce technological transaction costs—costs that are analogous to the sort of production costs recognized ...


Property Rights And Intrabrand Restraints, Alan J. Meese 2019 William & Mary Law School

Property Rights And Intrabrand Restraints, Alan J. Meese

Alan J. Meese

Intrabrand restraints limit the discretion of one or more sellers-usually dealers-with respect to the disposition of a product sold under a single brand. While most scholars believe that such contracts can help assure optimal promotion of a manufacturer's products, there is disagreement about the exact manner in which such restraints accomplish this objective. Many scholars believe that such restraints themselves induce dealers to engage in promotional activities desired by the manufacturer. Others believe that such restraints merely serve as "performance bonds," which dealers will forfeit if they fail to follow the manufacturer's precise promotional instructions. Some scholars reject ...


Monopolization, Exclusion, And The Theory Of The Firm, Alan J. Meese 2019 William & Mary Law School

Monopolization, Exclusion, And The Theory Of The Firm, Alan J. Meese

Alan J. Meese

No abstract provided.


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