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Global Investor-Director Survey on Climate Risk Management
Changes in the global climate are having profound impacts on business operations, governance, and organizational management around the world. Boards of directors are searching for ways to account for these changes as they help guide their organizations, and investors are increasingly concerned about how these changes might impact their portfolios. This global survey, conducted by a team of researchers at the Ira M. Millstein Center for Global Markets and Corporate Ownership at Columbia Law School and experts at LeaderXXchange, seeks to understand how – if at all – institutional investors and board directors incorporate climate-related issues in their investment decision making and their oversight responsibilities, respectively. It is among the first global survey of its kind targeting both investors and directors to probe their responses on climate risk management using two tracks aggregated in a single survey. The survey collected data on a broad range of topics, including demographic information of respondents and their views on issues such as materiality of climate change, training on climate change issues, disclosure of climate risks, climate risk management, board oversight and engagement and proxy voting on climate-related issues. We find a strong majority of respondents across groups rank climate issues high up on their list of important considerations. That said, climate issues appear to attract stronger attention among investors (as opposed to directors), women, younger respondents, and European respondents
BU S1E05
Line art image of Leo E. Strine Jr., and Ira M. Millstein \u2749.https://scholarship.law.columbia.edu/beyond_unprecedented_podcast/1015/thumbnail.jp
BU S1E04
Line art image of Lynnise E. Pantin, Clinical Professor of Law at Columbia Law School.https://scholarship.law.columbia.edu/beyond_unprecedented_podcast/1010/thumbnail.jp
Law in the Time of COVID-19
The COVID-19 crisis has ended and upended lives around the globe. In addition to killing over 160,000 people, more than 35,000 in the United States alone, its secondary effects have been as devastating. These secondary effects pose fundamental challenges to the rules that govern our social, political, and economic lives. These rules are the domain of lawyers. Law in the Time of COVID-19 is the product of a joint effort by members of the faculty of Columbia Law School and several law professors from other schools.
This volume offers guidance for thinking about some the most pressing legal issues the pandemic has raised, especially (though not exclusively) for law in the United States: from the rights of prison inmates who live under conditions that make them exceptionally vulnerable to the highly contagious virus to the options for contracting parties who now face circumstances that make it impossible for them to live up to their past commitments. The book does not give legal advice. Instead, it identifies critical legal issues that affect many peoples’ lives, offers fresh perspectives for thinking about those issues, and provides guidance to legislatures and policy makers about the legal challenges ahead.https://scholarship.law.columbia.edu/books/1239/thumbnail.jp
Nascent Competitors
A nascent competitor is a firm whose prospective innovation represents a serious threat to an incumbent. Protecting such competition is a critical mission for antitrust law, given the outsized role of unproven outsiders as innovators and the uniquely potent threat they often pose to powerful entrenched firms. In this Article, we identify nascent competition as a distinct analytical category and outline a program of antitrust enforcement to protect it. We make the case for enforcement even where the ultimate competitive significance of the target is uncertain, and explain why a contrary view is mistaken as a matter of policy and precedent. Depending on the facts, troubling conduct can be scrutinized under ordinary merger law or as unlawful maintenance of monopoly, an approach that has several advantages. In distinguishing harmful from harmless acquisitions, certain evidence takes on heightened importance. Evidence of an acquirer’s anticompetitive plan, as revealed through internal communications or subsequent conduct, is particularly probative. After-the-fact scrutiny is sometimes necessary as new evidence comes to light. Finally, our suggested approach poses little risk of dampening desirable investment in startups, as it is confined to acquisitions by those firms most threatened by nascent rivals
The New Essential : Rethinking Social Goods in the Age of Covid-19
The Covid-19 crisis has laid bare the fragility of social insurance systems in the United States and the lack of income security and basic benefits for many workers and residents. The United States has long had weaker protections for workers compared to other liberal democracies racial and economic disparities among those most affected by these dislocations (analyses are hampered by a paucity of demographic data). Those who were socially and economically vulnerable before the pandemic (for example due to homelessness, immigration status, or incarceration) are likely to suffer the most harm. Changes in workplace conditions as a result of the pandemic are borne disproportionality by low-income workers and workers of color. For instance, lower-income workers are more likely to be employed in jobs that increase their risk of exposure to the virus such as working in sanitation and janitorial services, food services and grocery stores, and in delivery. Yet the pandemic also eschews the imagined categories of who is deemed vulnerable or not. Its effects cannot be so easily contained, extending broadly into society – affecting a wide array of “gig” and service workers, health care workers, tenants, and students – and revealing our inevitable connections to one other
Copyright and Economic Viability: Evidence from the Music Industry
Copyright provides a long term of legal excludability, ostensibly to encourage the production of new creative works. How long this term should last, and the extent to which current law aligns with the economic incentives of copyright owners, has been the subject of vigorous theoretical debate. We investigate the economic viability of content in a major content industry — commercial music — using a novel longitudinal dataset of weekly sales and streaming counts. We find that the typical sound recording has an extremely short commercial half-life — on the order of months, rather than years or decades — but also see evidence that subscription streaming services are extending this period of economic viability. Strikingly, though, we find that decay rates are sharp even for blockbuster songs, and that the patterns persist when we approximate weekly revenue. Although our results do not provide an estimate of the causal effect of copyright on incentives, they do put bounds on the problem, suggesting a misalignment between the economic realities of the music industry and the current life-plus-70 copyright term
Exemplary Legal Writing 2019: Five Recommendations
In the song “Natalie Cook” from the musical podcast “36 Questions,” a married couple deals with the fallout from the husband’s discovery that his wife is really an individual named Judith, who “built a past / Made up a history / Details that fit this person named / Natalie.” When the husband accuses the wife, “You’re the one who made her up,” Natalie/Judith responds, “It was a bit more collaborative than you’re remembering.
Discrete Rent-Seeking Games with an Application to Evidence Production
Evidence production at trial, the accumulation of patents in a technological race, and lobbying are contests that often involve strategic choices over a discrete set of options. The literature has primarily focused on games with continuous effort choices. We fill this gap by studying a rent-seeking game with discrete effort choices and, for a significant class of games, derive a transformation rule that allows one to find the equilibrium of the discrete game from the equilibrium of the continuous game, which is much simpler to identify. We also discuss the limits of this approach and how well the continuous game approximates the discrete one
New York Can Lead World in Fighting Climate Change
New York State now has one of the strongest climate change laws in the world, and if we succeed in implementing it, the state will have demonstrated that it is possible to defeat what may be the greatest threat facing humanity