Blame It On The Blockchain: Cryptocurrencies Boom Amidst Global Regulations, 2019 University of Miami Law School
Blame It On The Blockchain: Cryptocurrencies Boom Amidst Global Regulations, Jorge Galavis
University of Miami International and Comparative Law Review
Blockchain technologies created the most valuable digital currency in the world; Bitcoin. Bitcoin uses a Blockchain to be decentralized and widely accessible: Blockchains work by recording all transactions into online ledgers that are saved onto many separate blocks across the internet. Coins that use Blockchain technology are inherently difficult to modify, and transactions are permanently recorded because of the redundancy and reliability of the Blockchain system. So, this widely-available means of exchange has gained appeal as an online alternative to traditional currencies and securities. Blockchain coins gain popularity as currencies where there is reason to doubt the existing traditional currencies ...
Spotify’S Direct Listing: Is It A Recipe For Gatekeeper Failure?, 2019 Fordham University
Spotify’S Direct Listing: Is It A Recipe For Gatekeeper Failure?, Brent J. Horton
SMU Law Review
On April 3, 2018, Spotify Technology S.A.—a music streaming company valued in excess of $20 billion—went public by direct listing on the New York Stock Exchange (NYSE).A direct listing is distinguishable from the more traditional initial public offering (IPO) in a number of ways, but the most important for purposes of this Article is that it foregoes the traditional underwriter.
First, this Article explains direct listings, why a company would choose to go public by direct listing, and the mechanics of a direct listing.
Second, this Article explains that a direct listing—with its reliance on ...
Centros, California’S “Women On Boards” Statute And The Scope Of Regulatory Competition, 2019 University of Pennsylvania Law School
Centros, California’S “Women On Boards” Statute And The Scope Of Regulatory Competition, Jill E. Fisch, Steven Davidoff Solomon
Faculty Scholarship at Penn Law
We examine the Centros decision through the lens of SB 826 – the California statute mandating a minimum number of women on boards. SB 826, like the Centros decision, raises questions about the scope of the internal affairs doctrine and its role in encouraging regulatory competition. Despite the claim that US corporate law is characterized by regulatory competition, in the US, the internal affairs doctrine has led to less variation in corporate law than in Europe. We theorize that this is due to the shareholder primacy norm in US corporate law which results in the internal affairs doctrine focusing on matters ...
What’S In Your Wallet (And What Should The Law Do About It?), 2019 University of Pennsylvania Law School
What’S In Your Wallet (And What Should The Law Do About It?), Natasha Sarin
Faculty Scholarship at Penn Law
In traditional markets, firms can charge prices that are significantly elevated relative to their costs only if there is a market failure. However, this is not true in a two-sided market (like Amazon, Uber, and Mastercard), where firms often subsidize one side of the market and generate revenue from the other. This means consideration of one side of the market in isolation is problematic. The Court embraced this view in Ohio v. American Express, requiring that anticompetitive harm on one side of a two-sided market be weighed against benefits on the other side.
Legal scholars denounce this decision, which, practically ...
Regulatory Review In Anti-Regulatory Times, 2019 UC Berkeley School of Law
Regulatory Review In Anti-Regulatory Times, Daniel A. Farber
Chicago-Kent Law Review
This article investigates the role of cost-benefit analysis during an antiregulatory period. The period since 2016 has seen several new developments, including the first vigorous use by Congress of its power to overturn recently issued regulations and the creation of novel deregulatory mechanisms layered on top of cost-benefit analysis. This period also contains important examples of sharply reversed CBAs, in which regulations that were said to have large net benefits under Obama are instead said to have net costs under Trump. The Trump Administration’s regulatory review initiatives focus heavily on costs, with limited attention to benefits. Case studies of ...
Globalization, Tax Competition And The Fiscal Crisis Of The Welfare State: A Twentieth Anniversary Retrospective, 2019 University of Michigan Law School
Globalization, Tax Competition And The Fiscal Crisis Of The Welfare State: A Twentieth Anniversary Retrospective, Reuven S. Avi-Yonah
Law & Economics Working Papers
Twenty years ago I wrote “Globalization, Tax Competition, and the Fiscal Crisis of the Welfare State” (113 Harv. L. Rev. 1573 (2000)), which argued that “[t]he current age of globalization can be distinguished from the previous one (from 1870 to 1914) by the much higher mobility of capital than labor… The mobility of capital is linked to tax competition, in which sovereign countries lower their tax rates on income earned by foreigners within their borders in order to attract both portfolio and direct investment. Tax competition, in turn, threatens to undermine the individual and corporate income taxes, which traditionally ...
Dude, Where's My Car Title?: The Law, Behavior, And Economics Of Title Lending Markets, Paige Marta Skiba, Kathryn Fritzdixon, Jim Hawkins
Paige Marta Skiba
Millions of credit-constrained borrowers turn to title loans to meet their liquidity needs. Legislatures and regulators have debated how to best regulate these transactions, but surprisingly, we still know very little about the customers who use title loans. This Article reports findings from the first large-scale academic study of title lending customers. We surveyed over 400 title lending customers across three states and obtained information about customers’ demographic and behavioral characteristics.
Based on the results of our survey and guided by insights from behavioral economics, this Article seeks to reframe the title lending debate. Instead of focusing on the risks ...
Consumer Litigation Funding: Just Another Form Of Payday Lending?, 2019 Selected Works
Consumer Litigation Funding: Just Another Form Of Payday Lending?, Paige Marta Skiba, Jean Xiao
Paige Marta Skiba
This article provides a side-by-side comparison of payday lending and consumer litigation funding in order to aid policymakers. Funding has similarities with payday lending because they are both alternative financial services, involve high interest rates, and cater to customers who need money for living expenses. However, they differ in ways that regulators should recognize. Many justify bans on payday lending by pointing to the fact that millions of borrowers every year are getting stuck in an inescapable cycle of interest payments. While legal finance has real costs, funding’s nonrecourse nature prevents consumers from getting stuck in a cyclical repayment ...
Occupational Licensing And The Limits Of Public Choice Theory, 2019 University of Pennsylvania Law School, Yale Law School
Occupational Licensing And The Limits Of Public Choice Theory, Gabriel Scheffler, Ryan Nunn
Faculty Scholarship at Penn Law
Public choice theory has long been the dominant lens through which economists and other scholars have viewed occupational licensing. According to the public choice account, practitioners favor licensing because they want to reduce competition and drive up their own wages. This essay argues that the public choice account has been overstated, and that it ironically has served to distract from some of the most important harms of licensing, as well as from potential solutions. We emphasize three specific drawbacks of this account. First, it is more dismissive of legitimate threats to public health and safety than the research warrants. Second ...
Critical Tax Thinking, 2019 University of Southern California
Critical Tax Thinking, Edward D. Kleinbard
University of Southern California Legal Studies Working Paper Series
This presentation considers the aims of critical tax studies and offers three suggestions. First, critical tax papers too often fixate on taxes as both the problem and the solution. In many cases, in particular when progressivity is the aim, public spending is the better policy lever. Second, one should not concede that taxation imposes an inexorable tradeoff between efficiency and equity goals. This again understates the importance of the spending side of things. Taxes are a necessary cost of funding spending, and spending in turn, by reaching places where markets are incomplete, can have efficiency payoffs greater than the deadweight ...
Economics, Behavioral Biology, And Law, 2019 Vanderbilt University Law School
Economics, Behavioral Biology, And Law, Owen D. Jones, Erin O'Hara O'Connor, Jeffrey Evans Stake
The article first compares economics and behavioral biology, examining the assumptions, core concepts, methodological tenets, and emphases of the two fields. Building on this, the article then compares the applied interdisciplinary fields of law and economics, on one hand, with law and behavioral biology, on the other - highlighting not only the most important similarities, but also the most important differences.
The article subsequently explores ways that biological perspectives on human behavior may prove useful, by improving economic models and the behavioral insights they generate. The article concludes that although there are important differences between the two fields, the overlaps between ...
Behavioral Genetics And Crime, In Context, 2019 Vanderbilt University Law School
Behavioral Genetics And Crime, In Context, Owen D. Jones
This Article provides an introduction to some of the key issues at the intersection of behavioral genetics and crime.
It provides, among other things, an overview of the emerging points of consensus, scientifically, on what behavioral genetics can and cannot tell us about criminal behavior. It also discusses a variety of important implications (as well as complexities) of attempting to use insights of behavioral genetics in legal contexts.
Socioeconomic Influences On Property Crime Rates: A Study In Virginia's Counties, 2019 University of Lynchburg
Socioeconomic Influences On Property Crime Rates: A Study In Virginia's Counties, Mary Passley
Student Scholar Showcase
Most research on factors and causes of crime, whether property or violent crime, focuses on individuals’ behavior or their surrounding environment. In this research, I explore the idea of socioeconomic factors correlated to property crime. I conducted a retrospective design to fully explore United States Census data and crime data gathered by the Bureau of Justice Statistics to discover statistically significant variables connected to property crime. Significant findings were shown by average people per house and retail sales per capita in all counties. Additional significant findings were percent employment change and percent with high school degree or higher in low ...
Eating Our Way To Their Extinction: What Florida Should Learn From California On Banning Shark Fin Soup And The Shark Fin Trade, 2019 Florida Agricultural & Mechanical University College of Law
Eating Our Way To Their Extinction: What Florida Should Learn From California On Banning Shark Fin Soup And The Shark Fin Trade, Bettina Tran
Seattle Journal of Environmental Law
Currently, it is legal to possess, sell and purchase shark fins in 38 states, Florida included. Fishermen are allowed to harvest sharks all around the world with minimal surveillance and weak regulation, causing greed to push a 400-million-year old species to the brink of extinction. Florida’s current statue is completely ineffective and toothless when it comes to shark conservation. The State needs to amend its shark fin law prohibiting the trade in all detached shark fins, for any purpose, by anyone to discontinue fueling a cruel practice. There is a federal bill pending in congress that would ban the ...
Five Principles For Vertical Merger Enforcement Policy, 2019 American University Washington College of Law
Five Principles For Vertical Merger Enforcement Policy, Jonathan B. Baker, Nancy L. Rose, Steven C. Salop, Fiona Scott Morton
Georgetown Law Faculty Publications and Other Works
There seems to be consensus that the Department of Justice’s 1984 Vertical Merger Guidelines do not reflect either modern theoretical and empirical economic analysis or current agency enforcement policy. Yet widely divergent views of preferred enforcement policies have been expressed among agency enforcers and commentators. Based on our review of the relevant economic literature and our experience analyzing vertical mergers, we recommend that the enforcement agencies adopt five principles: (i) The agencies should consider and investigate the full range of potential anticompetitive harms when evaluating vertical mergers; (ii) The agencies should decline to presume that vertical mergers benefit competition ...
Analyzing Vertical Mergers To Avoid False Negatives: Three Recent Case Studies, 2019 Georgetown University Law Center
Analyzing Vertical Mergers To Avoid False Negatives: Three Recent Case Studies, Steven C. Salop
Georgetown Law Faculty Publications and Other Works
This article analyzes three recent vertical mergers: a private antitrust case attacking the consummated merger of Jeld-Wen and Craftmaster Manufacturing Inc. (“CMI”) that was cleared by the DOJ in 2012 but subsequently litigated and won by the plaintiff, Steves & Sons in 2018; and two recent vertical merger matters investigated and cleared (with limited remedies) by 3-2 votes by the Federal Trade Commission in early 2019 -- Staples/Essendant and Fresenius/NxStage. There are some factual parallels among these three matters that make it interesting to analyze them together. First, the DOJ’s decision to clear Jeld-Wen/CMI merger appears to be a clear false ...
Eleven Things They Don’T Tell You About Law & Economics: An Informal Introduction To Political Economy And Law, 2019 University of Minnesota Law School
Eleven Things They Don’T Tell You About Law & Economics: An Informal Introduction To Political Economy And Law
Law & Inequality: A Journal of Theory and Practice
Many legal scholars have critiqued the dominant law and economics paradigm. However, important work is all too often neglected because it is not popularized in an accessible form. This Article features experts who synthesize their key insights into memorable and concise vignettes. Our 11 Things project is inspired by the work of the Cambridge economist Ha-Joon Chang, who distilled many facets of his work into a book called 23 Things They Don’t Tell You About Capitalism. That book was a runaway success, translated for markets around the globe, because it challenged conventional economic reasoning with a series of short ...
Online Terms As In Terrorem Devices, 2019 University of Maryland Francis King Carey School of Law
Online Terms As In Terrorem Devices, Colin P. Marks
Maryland Law Review
Online shopping has quickly replaced the brick-and-mortar experience for a large portion of the consuming public. The online transaction itself is rote: browse items, add them to your cart, and check out. Somewhere along the way, the consumer is likely made aware of (or at least exposed to) the merchant’s terms and conditions, via either a link or a pop-up box. Such terms and conditions have become so ubiquitous that most consumers would be hard-pressed to find a merchant that doesn’t try to impose them somewhere on their website. Though such terms and conditions are pervasive, most consumers ...
Deputizing Family: Loved Ones As A Regulatory Tool In The "Drug War" And Beyond, 2019 Penn State Dickinson Law
Deputizing Family: Loved Ones As A Regulatory Tool In The "Drug War" And Beyond, Matthew J.B. Lawrence
Faculty Journal Articles
Many laws use family members as a regulatory tool to influence the decisions or behavior of their loved ones, i.e., they deputize family. Involuntary treatment laws for substance use disorder are a clear example; such laws empower family members to use information shared by their loved ones to petition to force their loved ones into treatment without consent. Whether such deputization is helpful or harmful for a patient’s health is a crucial and dubious question discussed in existing literature, but use of family members as a regulatory tool implicates important considerations beyond direct medical impacts that have not ...
Making Sustainability Disclosure Sustainable, 2019 University of Pennsylvania Law School
Making Sustainability Disclosure Sustainable, Jill E. Fisch
Faculty Scholarship at Penn Law
Sustainability is receiving increasing attention from issuers, investors and regulators. The desire to understand issuer sustainability practices and their relationship to economic performance has resulted in a proliferation of sustainability disclosure regimes and standards. The range of approaches to disclosure, however, limit the comparability and reliability of the information disclosed. The Securities & Exchange Commission (SEC) has solicited comment on whether to require expanded sustainability disclosures in issuer’s periodic financial reporting, and investors have communicated broad-based support for such expanded disclosures, but, to date, the SEC has not required general sustainability disclosure.
This Article argues that claims about the relationship ...