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Corporate Control and the Regulation of Controlling Shareholders
Get PDFIn this chapter, we outline the theory of idiosyncratic vision and explored its implications. Our theory can be summarized as follows: First, while investors value control because it offers them protection from agency costs, entrepreneurs value control because it allows them to pursue their idiosyncratic vision. Second, any contract between entrepreneurs and investors represents a balance between the entrepreneurs’ freedom to secure their idiosyncratic vision and the investors’ protection against agency costs. Third, the investors and entrepreneurs will allocate cash-flow and control rights through the bargaining process to achieve this balance.
In addition, this chapter demonstrates that ownership structures are multiple solutions placed along a spectrum dividing control and cash-flow rights, and concentrated ownership is one such structure somewhere in the middle of this spectrum. We have seen that concentrated ownership bundles control and cash-flow rights to foster the controller’s idiosyncratic vision and reduce the minority shareholders’ exposure to agency costs. We conclude by explaining how the tension between the idiosyncratic vision and agency costs is informing, and should inform, the shape of corporate law doctrines concerning corporations with controlling shareholders
International Law: Cases and Materials
No full textThis classic international law casebook is updated to cover recent case law, including the arbitral decision in the South China Sea Arbitration (Philippines v. China), the International Court of Justice’s Certain Activities carried out by Nicaragua in the Border Area (Costa Rica v. Nicaragua) case, and the U.S. Supreme Court’s ruling in Jesner v. Arab Bank. With extraordinary range and depth, this casebook probes hot topics such as cyber-attacks, the Paris Agreement on climate change, developments in the International Criminal Court’s Al-Bashir proceedings, and complaints of racial discrimination by Palestine against Israel and by Qatar against the United Arab Emirates, all calculated to provoke engaging classroom discussions. This casebook is designed for introductory and advanced classes.https://scholarship.law.columbia.edu/books/1208/thumbnail.jp
Exemplary Legal Writing 2018: Seven Recommendations
Get PDFRichard Fallon likely did not plan the publication of this book to coincide with the aftermath of the Kavanaugh hearings or the phrase “Obama judges or Trump judges, Bush judges or Clinton judges.” After all, the author has been writing about legitimacy and the law for over a decade, and this book brings together many of his ideas in previously published law review articles. But the timing could not be better, all the more so for young scholars or those otherwise new to Fallon’s writings who will appreciate an accessible account for why and when Supreme Court decisions merit legitimacy even if we do not agree with them
Rhetoric and Realism: The First Diet Debates on Japan\u27s Military Power
Get PDFArticle 9 has been the focus of legislative debate since Japanese leaders concluded the San Francisco Peace Treaty in 1952, ending the U.S. Occupation of their country. Conservatives and progressives alike sought to consider what this new constitution meant for Japan’s postwar defenses, and how it was to be translated into a rearmament policy. Until a new law was passed to create the Self Defense Force in 1954, these Diet debates offer a fascinating window on the effort to define what Article 9 meant, and the issues that provoked contention among political parties.
Most of the critical questions regarding how to interpret Article 9 emerged in the first Diet debates of 1952-54 over the creation of Japan’s postwar military. Even though the war was still fresh in the minds of most Japanese, Diet members had to consider how best to provide for the country’s defenses as the Korean War ushered in a new era of major power competition, this time cleaved by an ideological clash between socialism and capitalism. Japan’s politicians also had to confront the reality, so amply demonstrated at the end of World War II, that they had to do so in an era of nuclear weapons
Three Legal Visions of a ‘Green New Deal’
Get PDFRep. Alexandria Ocasio-Cortez (D-N.Y.), who has rocketed to such fame that she is now widely known simply as AOC, and Sen. Edward Markey (D-Mass.), co-father of Waxman-Markey, the cap-and- trade bill that narrowly passed the House in 2009 but died in the Senate, have introduced identical resolutions to create a “Green New Deal.” H. Res. 109, S. Res. 59
Threats to the Brazilian Environment and Environmental Policy
Get PDFThe Columbia Global Centers | Rio de Janeiro, in partnership with the Sabin Center for Climate Change Law at Columbia University and the Brazil-American Institute for Law and Environment at Pace University, organized a Workshop on November 13, 2019 in New York City. The Workshop was convened to discuss and raise awareness of the scope and severity of the environmental crisis in Brazil with a focus on the severe threats to the Amazon.
The consequences of the Bolsonaro government´s environmental actions are serious for Brazil and for the world. That is one of the reasons why the Columbia Global Center in Rio de Janeiro has been promoting this discussion globally and connecting networks of activists and experts in order to promote a safe space for knowledge exchange.
For the Workshop at Columbia, the organizers gathered specialists from Brazil and the U.S. to examine the legal and scientific aspects of a large number of actions taken by the new Brazilian government intended to weaken normative, administrative, and legislative practices that underpin environmental policy. Pressing global issues, such as setbacks to US environmental law, climate change denial, and human rights violations, were discussed from a comparative U.S.-Brazil perspective as well as ways of moving forward
Justice Kennedy\u27s Prose – Style and Substance
Get PDFSupreme Court Justice Anthony Kennedy\u27s retirement in June 2018 sent shockwaves throughout America. After Justice Sandra Day O\u27Connor left the Court in 2005, Justice Kennedy became the Court\u27s all-important swing vote in virtually every important area of constitutional law. His views on affirmative action, abortion, campaign finance reform, free speech, and the separation of church and state (among many other constitutional issues) were the ones that mattered the most among the Justices. Lawyers prepared arguments and filed briefs in the Supreme Court for the main purpose of persuading Justice Kennedy to rule for their clients. He was, quite simply, the most important and powerful judge in the United States.
On October 15, 2018, the Georgia State University College of Law, along with the Georgia State University Law Review, held a conference devoted to Justice Kennedy\u27s judicial legacy. Some of this country\u27s most prominent constitutional law professors from all over the political spectrum gathered to discuss and debate many different aspects of Justice Kennedy\u27s thirty-year career, including his unique prose, his status as the Court\u27s swing vote, and his important opinions
Tweets, Lobbying, and Loopholes: A Pragmatic Approach to Lobbying Reform
Get PDFOn May 30, 2019, an unlikely agreement between Rep. Alexandria Ocasio-Cortez and Sen. Ted Cruz appeared to take place on Twitter. Ocasio-Cortez tweeted that members of Congress should be banned from becoming corporate lobbyists or should at least be subjected to a waiting period following their congressional service. Ocasio-Cortez cited a statistic from Public Citizen, in which the advocacy group reported that among former Congress members who move to jobs outside of politics, nearly 60% start lobbying or otherwise influencing federal policy. After Cruz weighed in expressing his agreement with Ocasio-Cortez’s proposal, Ocasio-Cortez proposed a deal to co-lead a bill with Cruz. Cruz’s response? “You’re on.
The Trump Administration and Administrative Law
Get PDFShortly after the 2018 mid-term elections ended a two-year period of unified government, under the Republican party,1 twenty one law professors from around the country met at Chicago-Kent College of Law to discuss the seven papers contained in this edition of its Law
Review. Commentaries written in response to each of these papers will appear in the next edition of the Law Review. For those reading any of these essays in the interval between publication of this and the commentary issue, this necessary inconvenience is regrettable; the commentaries (and ensuing open discussion) were enriching and, indeed, have contributed to the final form of the essays you have before you. If you have reached this symposium after publication of the commentary issue, please do read the comments prepared for the essay(s) you read
Big Data and Discrimination
Get PDFThe ability to distinguish between people in setting the price of credit is often constrained by legal rules that aim to prevent discrimination. These legal requirements have developed focusing on human decision-making contexts, and so their effectiveness is challenged as pricing increasingly relies on intelligent algorithms that extract information from big data. In this Essay, we bring together existing legal requirements with the structure of machine-learning decision-making in order to identify tensions between old law and new methods and lay the ground for legal solutions. We argue that, while automated pricing rules provide increased transparency, their complexity also limits the application of existing law. Using a simulation exercise based on real-world mortgage data to illustrate our arguments, we note that restricting the characteristics that the algorithmis allowed to use can have a limited effect on disparity and can in fact increase pricing gaps. Furthermore, we argue that there are limits to interpreting the pricing rules set by machine learning that hinders the application of existing discrimination laws. We end by discussing a framework for testing discrimination that evaluates algorithmic pricing rules in a controlled environment. Unlike the human decision-making context, this framework allows for ex ante testing of price rules, facilitating comparisons between lenders