The Archives

The collection of all scholarly commentary on law, economics, and more

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Exit and voice in Illinois

Illinois politicians, many of whom had already been voted out of office, as their last act in the old session yesterday raised the state’s individual and corporate taxes 67% and 45% to try to bail Illinois out of the results of their fiscal profligacy. Remember that the voters who elected this gang were the same ones ... Exit and voice in Illinois

Tax

Jurisdictional competition as a rule for growth

I’ve just posted on SSRN a recent paper with Henry Butler, Legal Process and the Discovery of Better Policies for Fostering Innovation and Growth, forthcoming as a chapter in KAUFFMAN TASK FORCE FOR LAW, INNOVATION AND GROWTH, Rules for Growth (2011). Here’s the abstract:   Our chapter concerns how legal process can lead to efficient ... Jurisdictional competition as a rule for growth

Agents Prosecuting Agents

I’ve been blogging over the years quite a bit about a problem I call “criminalizing agency costs,” which is a piece of the general problem of over-criminalization.  In fact, this problem was a big reason for my getting started in blogging almost seven years ago. As I mentioned a couple of months ago, I presented ... Agents Prosecuting Agents

Fencing Fiduciary Duties

Several years ago I wrote up my theory of fiduciary duties in an inaptly titled paper, Are Partners Fiduciaries? My basic point was that fiduciary duties are and should be narrowly applied, as befits a strict standard that transcends general norms of commercial behavior. Since then I’ve been trying to get across the notion that, ... Fencing Fiduciary Duties

The First Amendment and Corporate Governance

?I have spent some time over the last year discussing the Supreme Court’s big corporate speech case, Citizens United — at Stanford and Georgia State, and in an archive full of Ideoblog posts. Now my paper on the case, The First Amendment and Corporate Governance, is finally available on SSRN.  Here’s the abstract: The Supreme ... The First Amendment and Corporate Governance

Law’s Information Revolution

For several months I’ve been threatening to unleash a new article that discusses the future of the law business, following the Death of Big Law.  See my earlier posts on “law entrepreneurs” and “owning the law.” The day has at last arrived.  The article is now called “Law’s Information Revolution,” co-authored by Bruce Kobayashi, and ... Law’s Information Revolution

Evidence of the SOX effect on IPOs

Last week I noted that Facebook’s big private sale to Goldman was a symptom of how higher disclosure costs have helped make private firms reluctant to take the once-expected step of going public:  “[I]t seems the increased costs of being public have helped exclude ordinary people from the ability to own the stars of the ... Evidence of the SOX effect on IPOs

Why (Ever) Define Markets?

The titular question is posed by Louis Kaplow (Harvard) in a recent piece in the Harvard Law Review that I suspect will attract a fair amount of attention.   I may have more to say about this later, but for now, here is the abstract: Competition law is dominated by the market definition / market share ... Why (Ever) Define Markets?

DOJ Investigates Alleged UPS-FedEx Boycott

The AP Reports: The Justice Department is investigating claims of anticompetitive behavior by shipping companies FedEx Corp. and UPS Inc. Los Angeles antitrust attorney Maxwell Blecher said in a sworn court document filed last month that on Nov. 22 a trial attorney in the Justice Department’s antitrust division called him and said they had begun ... DOJ Investigates Alleged UPS-FedEx Boycott

Arthur Rosett

Professor Bainbridge passes along the sad news that UCLA Law’s Arthur Rosett has passed.  Professor Rosett my my contracts professor at UCLA in my first year of law school.  The LA Times Obituary hits the highlights of Professor Rosett’s legal career: Arthur was a distinguished legal scholar and esteemed member of the faculty at the ... Arthur Rosett

Is The Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010 Constitutional?

C. Boyden Gray and John Shu offer a very helpful discussion on this issue in an article in Engage.  Here is the abstract: President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank” or “the Act”) into law on July 21, 2010. The massive and complex Act is reportedly the ... Is The Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010 Constitutional?

What happened to IPOs?

So Facebook finally had its public offering.  But it didn’t look like your father’s IPO.  Instead, Facebook sold $500 million in stock to one person. The stock will be held by a single special purpose vehicle so Facebook avoids going over the 500-investor-limit for avoiding the disclosure obligations of a public company.  Wealthy investors get to ... What happened to IPOs?