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LAW (691 journals)                  1 2 3 4 | Last

Showing 1 - 200 of 354 Journals sorted alphabetically
ABA Journal Magazine     Full-text available via subscription   (Followers: 19)
Acta Politica     Hybrid Journal   (Followers: 13)
Acta Universitatis Danubius. Juridica     Open Access  
Actualidad Jurídica Ambiental     Open Access   (Followers: 1)
Adelaide Law Review     Full-text available via subscription   (Followers: 19)
Administrative Law Review     Open Access   (Followers: 39)
Aegean Review of the Law of the Sea and Maritime Law     Hybrid Journal   (Followers: 7)
African Journal of Legal Studies     Hybrid Journal   (Followers: 6)
African Journal on Conflict Resolution     Open Access   (Followers: 15)
Afrilex     Open Access   (Followers: 4)
Air and Space Law     Full-text available via subscription   (Followers: 18)
Akron Law Review     Open Access   (Followers: 3)
Al Ihkam : Jurnal Hukum & Pranata Sosial     Open Access   (Followers: 1)
Al-Ahkam     Open Access   (Followers: 1)
Alaska Law Review     Open Access   (Followers: 9)
Albany Law Review     Free   (Followers: 6)
Alberta Law Review     Full-text available via subscription   (Followers: 14)
Alternative Law Journal     Hybrid Journal   (Followers: 1)
Alternatives : Global, Local, Political     Hybrid Journal   (Followers: 13)
Amazon's Research and Environmental Law     Open Access  
American Journal of Comparative Law     Full-text available via subscription   (Followers: 51)
American Journal of Jurisprudence     Hybrid Journal   (Followers: 15)
American Journal of Law & Medicine     Full-text available via subscription   (Followers: 12)
American journal of legal history     Full-text available via subscription   (Followers: 4)
American Journal of Trial Advocacy     Full-text available via subscription   (Followers: 7)
American University Law Review     Open Access   (Followers: 15)
American University National Security Law Brief     Open Access   (Followers: 8)
Amicus Curiae     Open Access   (Followers: 5)
Amsterdam Law Forum     Open Access   (Followers: 9)
Annual Survey of South African Law     Full-text available via subscription   (Followers: 5)
Anuario de Psicología Jurídica     Open Access   (Followers: 1)
ANZSLA Commentator, The     Full-text available via subscription   (Followers: 4)
Appeal : Review of Current Law and Law Reform     Open Access  
Arbitration Law Monthly     Full-text available via subscription   (Followers: 1)
Arbitration Law Reports and Review     Hybrid Journal   (Followers: 12)
Arctic Review on Law and Politics     Open Access  
Arena Hukum     Open Access  
Arizona Law Review     Open Access   (Followers: 3)
Arizona State Law Journal     Free   (Followers: 2)
Arkansas Law Review     Free   (Followers: 5)
Ars Aequi Maandblad     Full-text available via subscription   (Followers: 2)
Art + Law     Full-text available via subscription   (Followers: 11)
Article 40     Open Access   (Followers: 2)
Artificial Intelligence and Law     Hybrid Journal   (Followers: 8)
Asian American Law Journal     Open Access   (Followers: 3)
Asian Journal of Legal Education     Full-text available via subscription   (Followers: 6)
Asian Pacific American Law Journal     Open Access   (Followers: 2)
AStA Wirtschafts- und Sozialstatistisches Archiv     Hybrid Journal   (Followers: 5)
Australasian Law Management Journal     Full-text available via subscription   (Followers: 7)
Australian and New Zealand Sports Law Journal     Full-text available via subscription   (Followers: 8)
Australian Feminist Law Journal     Hybrid Journal   (Followers: 10)
Australian Indigenous Law Review     Full-text available via subscription   (Followers: 16)
Australian Journal of Legal History     Full-text available via subscription   (Followers: 19)
Ave Maria Law Review     Free   (Followers: 2)
Badamai Law Journal     Open Access  
Baltic Journal of Law & Politics     Open Access   (Followers: 7)
Bar News: The Journal of the NSW Bar Association     Full-text available via subscription   (Followers: 5)
Behavioral Sciences & the Law     Hybrid Journal   (Followers: 20)
Beijing Law Review     Open Access   (Followers: 7)
Berkeley Journal of Entertainment and Sports Law     Open Access   (Followers: 6)
Berkeley Technology Law Journal     Free   (Followers: 11)
Bioethics Research Notes     Full-text available via subscription   (Followers: 13)
Bond Law Review     Open Access   (Followers: 17)
Boston College Environmental Affairs Law Review     Open Access   (Followers: 7)
Boston College Journal of Law & Social Justice     Open Access   (Followers: 8)
Boston College Law Review     Open Access   (Followers: 17)
Boston University Law Review     Free   (Followers: 10)
BRICS Law Journal     Open Access  
Brigham Young University Journal of Public Law     Open Access   (Followers: 6)
Brigham Young University Law Review     Full-text available via subscription   (Followers: 7)
British Journal of American Legal Studies     Open Access  
Brooklyn Law Review     Open Access   (Followers: 2)
Bulletin of Medieval Canon Law     Full-text available via subscription   (Followers: 2)
C@hiers du CRHIDI     Open Access  
Cadernos de Dereito Actual     Open Access  
Cadernos do Programa de Pós-Graduação em Direito - PPGDir./UFRGS     Open Access   (Followers: 1)
Cadernos Ibero-Americanos de Direito Sanitário     Open Access  
Cahiers, Droit, Sciences et Technologies     Open Access  
California Law Review     Open Access   (Followers: 19)
California Lawyer     Free  
California Western Law Review     Open Access   (Followers: 2)
Cambridge Law Journal     Hybrid Journal   (Followers: 131)
Campbell Law Review     Open Access   (Followers: 4)
Campus Legal Advisor     Hybrid Journal   (Followers: 2)
Case Western Reserve Law Review     Open Access   (Followers: 1)
Časopis pro právní vědu a praxi     Open Access  
Časopis zdravotnického práva a bioetiky     Open Access  
Catalyst : A Social Justice Forum     Open Access   (Followers: 10)
Catholic University Law Review     Open Access   (Followers: 2)
Chicago-Kent Law Review     Full-text available via subscription   (Followers: 3)
Chicana/o-Latina/o Law Review     Open Access   (Followers: 2)
China : An International Journal     Full-text available via subscription   (Followers: 17)
China-EU Law Journal     Hybrid Journal   (Followers: 4)
Chinese Journal of Comparative Law     Hybrid Journal   (Followers: 3)
Chinese Law & Government     Full-text available via subscription   (Followers: 6)
Cleveland State Law Review     Free   (Followers: 1)
College Athletics and The Law     Hybrid Journal   (Followers: 1)
Colombia Forense     Open Access  
Columbia Journal of Environmental Law     Free   (Followers: 10)
Columbia Journal of Law and Social Problems     Full-text available via subscription   (Followers: 11)
Columbia Law Review (Sidebar)     Open Access   (Followers: 13)
Commercial Law Quarterly: The Journal of the Commercial Law Association of Australia     Full-text available via subscription   (Followers: 5)
Comparative Law Review     Open Access   (Followers: 40)
Comparative Legal History     Full-text available via subscription   (Followers: 7)
Con-texto     Open Access  
Conflict Resolution Quarterly     Hybrid Journal   (Followers: 34)
Conflict Trends     Full-text available via subscription   (Followers: 8)
Cornell Law Review     Open Access   (Followers: 7)
Criterio Jurídico     Open Access  
Critical Analysis of Law : An International & Interdisciplinary Law Review     Open Access   (Followers: 2)
Cuadernos de Historia del Derecho     Open Access   (Followers: 5)
Cuestiones Juridicas     Open Access   (Followers: 1)
Current Legal Problems     Hybrid Journal   (Followers: 25)
Danube : The Journal of European Association Comenius - EACO     Open Access   (Followers: 2)
De Jure     Open Access   (Followers: 1)
De Rebus     Full-text available via subscription  
Deakin Law Review     Full-text available via subscription   (Followers: 15)
Defense Counsel Journal     Full-text available via subscription   (Followers: 1)
Democrazia e diritto     Full-text available via subscription   (Followers: 1)
Denning Law Journal     Full-text available via subscription   (Followers: 8)
DePaul Journal of Women, Gender and the Law     Open Access   (Followers: 2)
DePaul Law Review     Open Access   (Followers: 1)
Der Staat     Full-text available via subscription   (Followers: 13)
Derecho PUCP     Open Access   (Followers: 3)
Derecho y Ciencias Sociales     Open Access   (Followers: 1)
Die Verwaltung     Full-text available via subscription   (Followers: 10)
Dikaion     Open Access   (Followers: 1)
Dike     Open Access  
Direito e Desenvolvimento     Open Access   (Followers: 1)
Direito e Liberdade     Open Access  
Diritto penale contemporaneo     Free   (Followers: 2)
Diritto, immigrazione e cittadinanza     Full-text available via subscription   (Followers: 1)
Dixi     Open Access  
Droit et Cultures     Open Access   (Followers: 6)
Droit et Médecine Bucco-Dentaire     Full-text available via subscription   (Followers: 1)
Droit, Déontologie & Soin     Full-text available via subscription   (Followers: 2)
Drug Science, Policy and Law     Full-text available via subscription  
Duke Environmental Law & Policy Forum     Open Access   (Followers: 6)
Duke Forum for Law & Social Change     Open Access   (Followers: 7)
Duke Journal of Gender Law & Policy     Open Access   (Followers: 15)
Duke Law & Technology Review     Open Access   (Followers: 9)
Duke Law Journal     Open Access   (Followers: 26)
DULR Online     Open Access   (Followers: 1)
East Asia Law Review     Open Access   (Followers: 1)
ECI Interdisciplinary Journal for Legal and Social Policy     Open Access   (Followers: 2)
Ecology Law Quarterly     Free   (Followers: 3)
Edinburgh Law Review     Hybrid Journal   (Followers: 21)
Education and the Law     Hybrid Journal   (Followers: 12)
El Cotidiano     Open Access   (Followers: 1)
Election Law Journal     Hybrid Journal   (Followers: 17)
Energy Law Journal     Full-text available via subscription   (Followers: 4)
Environmental Justice     Hybrid Journal   (Followers: 10)
Environmental Law Review     Full-text available via subscription   (Followers: 24)
Environmental Policy and Law     Hybrid Journal   (Followers: 16)
ERA-Forum     Hybrid Journal   (Followers: 5)
Espaço Jurídico : Journal of Law     Open Access   (Followers: 1)
ESR Review : Economic and Social Rights in South Africa     Open Access   (Followers: 4)
Ethnopolitics     Hybrid Journal   (Followers: 4)
Ethos: Official Publication of the Law Society of the Australian Capital Territory     Full-text available via subscription   (Followers: 4)
EU agrarian Law     Open Access   (Followers: 3)
Europaisches Journal fur Minderheitenfragen     Hybrid Journal   (Followers: 2)
European Energy and Environmental Law Review     Full-text available via subscription   (Followers: 16)
European Journal for Education Law and Policy     Hybrid Journal   (Followers: 8)
European Journal of Comparative Law and Governance     Hybrid Journal   (Followers: 3)
European Journal of Law and Technology     Open Access   (Followers: 15)
European Journal of Psychology Applied to Legal Context     Open Access   (Followers: 4)
European Law Journal     Hybrid Journal   (Followers: 119)
European Public Law     Full-text available via subscription   (Followers: 32)
European Review of Contract Law     Hybrid Journal   (Followers: 21)
European Review of Private Law     Full-text available via subscription   (Followers: 29)
European Yearbook of Minority Issues Online     Hybrid Journal   (Followers: 2)
Evaluation Review     Hybrid Journal   (Followers: 13)
Evidence & Policy : A Journal of Research, Debate and Practice     Full-text available via subscription   (Followers: 8)
Faulkner Law Review     Full-text available via subscription   (Followers: 1)
Federal Communication Law Journal     Full-text available via subscription   (Followers: 1)
Federal Law Review     Full-text available via subscription   (Followers: 20)
Federal Probation     Full-text available via subscription   (Followers: 2)
Feminist Legal Studies     Hybrid Journal   (Followers: 17)
feminists@law     Open Access   (Followers: 4)
Fiat Justisia     Open Access  
First Amendment Studies     Hybrid Journal  
Florida Bar News     Free  
Florida Law Review     Open Access   (Followers: 3)
Florida State University Law Review     Open Access   (Followers: 3)
Fordham Environmental Law Review     Open Access   (Followers: 5)
Fordham Intellectual Property, Media and Entertainment Law Journal     Open Access   (Followers: 19)
Fordham Law Review     Open Access   (Followers: 13)
FORO. Revista de Ciencias Jurídicas y Sociales, Nueva Época     Open Access   (Followers: 2)
Fundamina : A Journal of Legal History     Open Access   (Followers: 7)
Geoforum     Hybrid Journal   (Followers: 21)
George Washington Law Review     Free   (Followers: 7)
Georgia Law Review     Open Access   (Followers: 1)
Georgia State University Law Review     Open Access   (Followers: 2)
Global Journal of Comparative Law     Hybrid Journal   (Followers: 2)
Global Labour Journal     Open Access   (Followers: 7)
Golden Gate University Environmental Law Journal     Open Access   (Followers: 3)
Golden Gate University Law Review     Open Access   (Followers: 2)
Grey Room     Hybrid Journal   (Followers: 14)
Griffith Law Review     Hybrid Journal   (Followers: 12)
GSTF Journal of Law and Social Sciences     Open Access   (Followers: 2)

        1 2 3 4 | Last

Journal Cover Duke Law Journal
  [SJR: 1.27]   [H-I: 30]   [26 followers]  Follow
    
  This is an Open Access Journal Open Access journal
   ISSN (Print) 0012-7086
   Published by Duke University Press Homepage  [56 journals]
  • Journal Staff

    • PubDate: Thu, 16 Feb 2017 07:20:29 PST
       
  • Searching for Adequate Accountability: Supervisory Priests and the
           Church’s Child Sex Abuse Crisis

    • Authors: Benjamin D. Wasserman
      Abstract: In 2002, the Boston Globe published a report exposing child sex abuse by priests and a cover-up by supervisory priests. Supervisory priests—church officials who supervise lower-ranking priests—concealed reports of sexual abuse by lower-ranking priests and created substantial risks of sexual abuse to children. Prosecutors tried to hold supervisory priests accountable by turning to statutes that either did not capture the moral culpability of priests, like statutes prohibiting obstruction of justice or contributing to the delinquency of a minor; or that did not legally encompass their misconduct, like child-endangerment statutes. Child endangerment captures the moral culpability of supervisory priests’ misconduct, but child-endangerment statutes based on the Model Penal Code (MPC) do not legally cover supervisory priests or their acts. Though supervisory priests chose to suppress reports of child sex abuse, prosecutors cannot constitutionally shoehorn misconduct into statutes—like child endangerment—that were never before interpreted to apply to individuals like supervisory priests. Instead of breaching the supervisory priests’ constitutionally guaranteed notice that their conduct constituted child endangerment, prosecutors should encourage state legislatures to: 1) extend statutes of limitations for crimes against minors and include clergy as mandatory reporters; 2) amend child-endangerment statutes to include supervisory priests and those similarly situated; and 3) criminalize the reckless creation of a substantial risk of child sex abuse, and the reckless failure to alleviate that risk when there is a duty to do so. Absent legislative action, prosecutors should use statutes that represent a lesser degree of moral culpability, such as contributing to the delinquency of a minor or mandatory-reporter statutes. Enacting statutes that both legally encompass and adequately reflect the blameworthiness of supervisory priests will hopefully deter similar misconduct and protect children from sex abuse in institutional settings.
      PubDate: Thu, 16 Feb 2017 07:20:26 PST
       
  • When Stuff Becomes Art: The Protection of Contemporary Art Through the
           Elimination of VARA’s Public-Presentation Exception

    • Authors: Elizabeth Plaster
      Abstract: The Visual Artists Rights Act of 1990 (VARA) grants an artist the broad power to “prevent any intentional distortion, mutilation, or other modification of the work which would be prejudicial to [the artist’s] honor or reputation.” This right is significantly circumscribed, however, by VARA’s public-presentation exception, which states that a modification “which is the result . . . of the public presentation, including lighting and placement, of the work is not a destruction, distortion, mutilation, or other modification” that would otherwise violate VARA.This Note argues that the public-presentation exception is injudicious in light of the rise of the contemporary art movement. Much more than artists of earlier movements, contemporary artists rely on precise arrangement of elements and engagement with the physical space surrounding these elements in the creation of a work of art. Yet it is control over those critical contextual elements, arguably the most critical element of a contemporary work, that VARA explicitly denies to the contemporary artist. The public-presentation exception threatens more than just the personal interests of artists—a greater societal interest in preserving authentic cultural heritage for future generations is continually undermined as long as the public-presentation exception remains codified in VARA. Lasting protection of the integrity of works of contemporary art thus requires the elimination of the public-presentation exception.
      PubDate: Thu, 16 Feb 2017 07:20:23 PST
       
  • Rape Beyond Crime

    • Authors: Margo Kaplan
      Abstract: Public health experts agree that sexual violence constitutes a significant public health issue. Yet criminal law dominates rape law almost completely, with public health law playing at best a small supporting role. Recent civil law developments, such as university disciplinary proceedings, similarly fixate on how best to find and penalize perpetrators. As a result, rape law continues to spin its wheels in the same arguments and obstacles.This Article argues that, without broader cultural changes, criminal law faces a double bind: rape laws will either be ineffective or neglect the importance of individual culpability. Public health law provides more promising terrain for rape prevention because it is a strong legal framework that can engage the complex causes of rape, including the social norms that promote sexual aggression. While criminal law can only punish bad behavior, public health interventions can use the more effective prevention strategy of promoting positive behaviors and relationships. They can also address the myriad sexual behaviors and social determinants that increase the risk of rape but are outside the scope of criminal law. Perhaps most importantly, public health law relies on evidence-based interventions and the expertise of public health authorities to ensure that laws and policies are effective.Transforming rape law in this way provides a framework for legal feminism to undertake the unmet challenge of “theorizing yes,” that is, moving beyond how to protect women’s right to refuse sex and toward promoting and exploring positive models of sex. Criminal law is simply incapable of meeting this challenge because it concerns only what sex should not be. A public health framework can give the law a richer role in addressing the full spectrum of sexual attitudes and behaviors.
      PubDate: Thu, 16 Feb 2017 07:20:21 PST
       
  • Who Cares How Congress Really Works?

    • Authors: Ryan D. Doerfler
      Abstract: Legislative intent is a fiction. Courts and scholars accept this, by and large. As this Article shows, however, both are confused as to why legislative intent is a fiction and as to what this fiction entails.This Article first argues that the standard explanation—that Congress is a “they,” not an “it”—rests on an unduly simple conception of shared agency. Drawing from contemporary scholarship in the philosophy of action, it contends that Congress has no collective intention, not because of difficulties in aggregating the intentions of individual members, but rather because Congress lacks the sort of delegatory structure that one finds in, for example, a corporation.Second, this Article argues that—contrary to a recent, influential wave of scholarship—the fictional nature of legislative intent leaves interpreters of legislation with little reason to care about the fine details of legislative process. It is a platitude that legislative text must be interpreted in “context.” Context, however, consists of information salient to author and audience alike. This basic insight from the philosophy of language necessitates what this Article calls the “conversation” model of interpretation. Legislation is written by legislators for those tasked with administering the law—for example, courts and agencies—and those on whom the law operates—for example, citizens. Almost any interpreter thus occupies the position of conversational participant, reading legislative text in a context consisting of information salient both to members of Congress and to citizens (as well as agencies, courts, etc.).The conversation model displaces what this Article calls the “eavesdropping” model of interpretation—the prevailing paradigm among both courts and scholars. When asking what sources of information an interpreter should consider, courts and scholars have reliably privileged the epistemic position of members of Congress. The result is that legislation is erroneously treated as having been written by legislators exclusively for other legislators. This tendency is plainest in recent scholarship urging greater attention to legislative process—the nuances of which are of high salience to legislators but plainly not to citizens.
      PubDate: Thu, 16 Feb 2017 07:20:18 PST
       
  • Journal Staff

    • PubDate: Wed, 18 Jan 2017 07:38:03 PST
       
  • Giving Vulnerable Students Their Due: Implementing Due Process Protections
           for Students Referred from Schools to the Justice System

    • Authors: Meredith S. Simons
      Abstract: There are two primary ways that schools can funnel children into the “school-to-prison pipeline.” The first is by simply removing children from school via expulsions and suspensions, which increase students’ chances of dropping out and getting in trouble with the law. The Supreme Court, recognizing the serious consequences of being forced out of school, has held that expulsions and long-term suspensions constitute deprivations of students’ property interest in their educations and liberty interest in their reputations. Thus, schools seeking to expel or suspend students must provide them with basic due process protections. But schools can also refer students directly to the justice system by having police officers arrest students or issue citations at school. Under current law, these students are not entitled to any due process protections at the point of arrest or referral.This Note argues that the absence of due process protections for students who are arrested or referred to the justice system at school is incompatible with the Supreme Court’s procedural due process jurisprudence in general and its decision in Goss v. Lopez in particular. The same property and liberty interests that the Court identified as worthy of protection in Goss are implicated by in-school arrests and referrals. Therefore, school administrators who intend to have a child arrested or referred to the justice system should be required to provide students with oral notice of the accusation against them and an opportunity to respond. After an arrest or referral, the school should provide students and their parents with written notice of the arrest or referral and the rationale for the action. These measures will not unduly burden administrators or schools, but they will provide meaningful protections for students.
      PubDate: Wed, 18 Jan 2017 07:38:00 PST
       
  • Safeguarding the ADA’s Antidiscrimination Mandate: Subjecting
           Arrests to Title II Coverage

    • Authors: Shanna Rifkin
      Abstract: The news has been peppered with tragic stories of individuals with disabilities who have been killed or injured following police encounters. In the aftermath of these incidents, as injured parties seek accountability, a question looms: Can arrest proceedings violate the Americans with Disabilities Act?The ADA was enacted to prohibit disability discrimination. The law had an ambitious agenda, supported by broad statutory authority, to ensure equality in all areas of public life for individuals with disabilities. But while the ADA has fostered integration into many aspects of modern life, one area remains deeply contested: arrests.If Congress envisioned that Americans with disabilities would enjoy lives free from discrimination, excluding arrests from ADA coverage undermines the law’s broad promise of protection. In 2015, a Supreme Court opinion raised but failed to resolve this very issue, leaving an important question unanswered. This Note examines whether arrest proceedings must comply with the ADA and argues that they should. It then proposes comprehensive disability training as a tool to aid ADA compliance and avoid discriminatory arrest proceedings.
      PubDate: Wed, 18 Jan 2017 07:37:57 PST
       
  • Patent Law’s Reproducibility Paradox

    • Authors: Jacob S. Sherkow
      Abstract: Clinical research faces a reproducibility crisis. Many recent clinical and preclinical studies appear to be irreproducible—their results cannot be verified by outside researchers. This is problematic for not only scientific reasons but also legal ones: patents grounded in irreproducible research appear to fail their constitutional bargain of property rights in exchange for working disclosures of inventions. The culprit is likely patent law’s doctrine of enablement. Although the doctrine requires patents to enable others to make and use their claimed inventions, current difficulties in applying the doctrine hamper or even actively dissuade reproducible data in patents. This Article assesses the difficulties in reconciling these basic goals of scientific research and patent law. More concretely, it provides several examples of irreproducibility in patents on blockbuster drugs—Prempro, Xigris, Plavix, and Avastin—and discusses some of the social costs of the misalignment between good clinical practice and patent doctrine. Ultimately, this analysis illuminates several current debates concerning innovation policy. It strongly suggests that a proper conception of enablement should take into account after-arising evidence. It also sheds light on the true purpose—and limits—of patent disclosure. And lastly, it untangles the doctrines of enablement and utility.
      PubDate: Wed, 18 Jan 2017 07:37:54 PST
       
  • A Market for Sovereign Control

    • Authors: Joseph Blocher et al.
      Abstract: Can popular sovereignty and sovereign territory coexist? Can countries exchange sovereign territory consistently with the principle of self-determination? What if countries’ rights to territorial integrity were predicated on corresponding duties to govern well? And can the international system provide mechanisms and incentives to improve the status quo?These questions are not simply academic. Across the world, many regions are located in the wrong nations—wrong in the sense that the people of these regions believe they would be safer, happier, and wealthier if surrounded by different borders and governed by different leaders. Such people might be able to improve their lot by emigrating or voting out their current government, but those are imperfect solutions and are often unavailable to those who need them most. We ask how international law could help ameliorate the bad-government problem by facilitating welfare-enhancing border changes.
      PubDate: Wed, 18 Jan 2017 07:37:51 PST
       
  • Journal Staff

    • PubDate: Fri, 09 Dec 2016 12:22:17 PST
       
  • “We Believe”: Omnicare, Legal Risk Disclosure and Corporate
           Governance

    • Authors: Hillary A. Sale et al.
      Abstract: The Supreme Court’s decision in Omnicare Inc. v. Laborers District Council Construction Industry Pension Fund presents new challenges for boards of directors. The opinion speaks to whether and when an issuer’s statement of belief can be false or misleading other than by proof that the issuer’s genuine opinion was different from what it stated. Statements of opinion imply something about how the belief was formed, and that process implicates the role of directors as fiduciaries.This Article uses Omnicare as a starting point for exploring and developing the interplay between disclosure, discourse, and fiduciary duties. Using the lens of corporate-discourse theory, this Article explores how the judicial process extracts (or should extract) meaning from ambiguous, often strategically crafted words communicated to vastly complicated financial markets. Questions such as what it means for a corporate entity—a legal fiction incapable of thought—to express a belief, who the “we” is in “we believe our practices are legally compliant,” and what it means to believe, all help to frame the conversation about the role of directors in disciplining the corporate-disclosure process.Federal securities law cases that raise questions about disclosure related to legal compliance and derivative lawsuits challenging board oversight are common after a big corporate penalty for violations of federal or state law. Regulators are also pushing boards of directors to participate more in legal and disclosure quality control. To the extent that Omnicare was favorable to plaintiffs in allowing some suits to proceed notwithstanding belief or opinion qualifiers, this Article posits that boards need to exercise greater responsibility for disclosures, particularly with respect to legal compliance. In this manner, the securities laws perform in an information-forcing-substance manner, creating a disclosure regime that is backed by due diligence and fiduciary performance. Finally, this Article argues that the Omnicare litigation—and control over discourse about legal risk—belongs in the broader context of board fiduciary responsibility for enterprise risk management generally, and legal compliance in particular.
      PubDate: Fri, 09 Dec 2016 12:22:14 PST
       
  • Detecting Good Public Policy Rationales for the American Rule: A Response
           to the Ill-Conceived Calls for “Loser Pays” Rules

    • Authors: Peter Karsten et al.
      Abstract: Several critiques have been leveled at the American Rule—that is, the rule that each party to a lawsuit should pay for its attorneys. Some claim that there were no principled justifications offered by the nineteenth-century jurists who authored the opinions marking the rule’s origins. Instead, these jurists only cited their states’ “taxable costs” statutes. Others claim that the American Rule—as well as its close relative, the contingency-fee contract—contributed to a “liability explosion” in that century. This Article offers a comprehensive examination of the origins of, rationales given for, and impact of the American Rule; then it evaluates instances in which the rule has faced legislative, judicial, and academic opposition.
      PubDate: Fri, 09 Dec 2016 12:22:12 PST
       
  • Regulating Public Offerings of Truly New Securities: First Principles

    • Authors: Merritt B. Fox
      Abstract: The public offering of truly new securities involves purchases by investors in sufficient number and in small enough blocks that each purchaser’s shares can reasonably be expected to be freely tradable in a secondary market that did not exist before the offering. Increasing the ability of small and medium-sized enterprises (SMEs) to make such offerings has been the subject of much recent discussion.At the time that a firm initially contemplates such an offering, unusually large information asymmetries exist between its insiders and potential investors. These can lead to severe adverse-selection problems that prevent a substantial portion of worthy offerings from being successfully marketed. A regime relying solely on market-based antidotes to this problem—signaling, underwriter reputation, and accountant certification—and backed only by liability for intentional affirmative misrepresentation will fall well short of being a solution. This shortfall suggests a role for regulation.This Article goes back to first principles to determine the proper content of such regulation. The relevant questions include: What should issuers be required to disclose at the time of the offering and thereafter? Under what circumstances should various offering participants be liable for damages if, at the time of the offering, there were misstatements or omissions? And should this regime be mandatory or optional? The answers are then used to critically evaluate a number of recent U.S. reforms aimed at increasing SME offerings by lessening regulatory burdens. These include Securities Act Rule 506(c), Regulation A+, and the new crowdfunding rules.
      PubDate: Fri, 09 Dec 2016 12:22:09 PST
       
  • The Knowledge Gap in Workplace Retirement Investing and the Role of
           Professional Advisors

    • Authors: Jill E. Fisch et al.
      Abstract: The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the obligation of individual investors to take responsibility for their own retirement planning. With this shift comes increasing evidence that investors are making poor investment decisions.This Article seeks to uncover the reasons for poor investment decisions. We use a simulated retirement investing task and a new financial literacy index to evaluate the role of financial literacy in retirement investment decisionmaking in a group of nonexpert participants. Our results suggest that individual employees often lack the skills necessary to support the current model of participant-directed investing. We show that less knowledgeable participants allocate too little money to equity, engage in naive diversification, fail to identify dominated funds, and are inattentive to fees. Over the duration of a retirement account, these mistakes can cost investors hundreds of thousands of dollars.We then explore the capacity of professional advisors to mitigate this problem. Using the same study with a group of professional advisors, we document a predictable but nonetheless dramatic knowledge gap between professionals and ordinary investors. The professional advisors were far more financially literate and made better choices among investment alternatives. Our results highlight the potential value of professional advice in mitigating the effects of financial illiteracy in retirement planning. Our findings suggest that, in weighing the costs of heightened regulation against the value of reducing possible conflicts of interest, regulators need to be sensitive to the knowledge gap.
      PubDate: Fri, 09 Dec 2016 12:22:06 PST
       
  • The Role of Blue Sky Laws After NSMIA and the JOBS Act

    • Authors: Rutheford B. Campbell Jr.
      Abstract: State securities laws—in particular, state laws requiring that securities offered by issuers be registered with the states—have been an impediment to the efficient movement of capital to its highest and best use. The pernicious effects of these laws—generally referred to as “blue sky laws”—have been felt most acutely by small businesses, a vital component of our national economy.It has been difficult to remedy this problem. States and state regulators have been tenacious in protecting their registration authority from federal preemption. The Securities and Exchange Commission, on the other hand, has been reluctant to advocate for preemption and unwilling to exercise its delegated power to expand preemption by regulation.In recent years some progress has been made toward a more efficient regulation of capital formation, principally as a result of some congressional preemption of state registration authority. Nonetheless, state registration provisions continue to impede significantly businesses’—especially small businesses’—efficient access to external capital.Further gains in efficient regulation of capital formation can be achieved but require actions both by states and the federal government. States must allocate more resources and effort toward vigorous enforcement of their antifraud provisions. At the federal level, Congress must preempt completely state registration authority. This duty of preemption falls to Congress, because the Commission has shown a sustained unwillingness to exercise its broad, delegated power to preempt state registration authority.
      PubDate: Fri, 09 Dec 2016 12:22:03 PST
       
  • Adaptive Financial Regulation and RegTech: A Concept Article on Realistic
           Protection for Victims of Bank Failures

    • Authors: Lawrence G. Baxter
      Abstract: Frustrated by the seeming inability of regulators and prosecutors to hold bank executives to account for losses inflicted by their companies before, during, and since the financial crisis of 2008, some scholars have suggested that private-attorney-general suits such as class action and shareholder derivative suits might achieve better results. While a few isolated suits might be successful in cases where there is provable fraud, such remedies are no general panacea for preventing large-scale bank-inflicted losses. Large losses are nearly always the result of unforeseeable or suddenly changing economic conditions, poor business judgment, or inadequate regulatory supervision—usually a combination of all three.Yet regulators face an increasingly complex task in supervising modern financial institutions. This Article explains how the challenge has become so difficult. It argues for preserving regulatory discretion rather than reducing it through formal congressional direction. The Article also asserts that regulators have to develop their own sophisticated methods of automated supervision. Although also not a panacea, the development of “RegTech” solutions will help clear away volumes of work that understaffed and underfunded regulators cannot keep up with. RegTech will not eliminate policy considerations, nor will it render regulatory decisions noncontroversial. Nevertheless, a sophisticated deployment of RegTech should help focus regulatory discretion and public-policy debate on the elements of regulation where choices really matter.
      PubDate: Fri, 09 Dec 2016 12:22:00 PST
       
  • Using the False Claims Act To Remedy Tax-Expenditure Fraud

    • Authors: Ian Ayres et al.
      Abstract: The federal False Claims Act (FCA) may be a tool for combating fraudulent claims regarding tax expenditures. The FCA has been used to protect the public fisc by imposing liability upon anyone who makes a false or fraudulent claim relating to an expenditure of federal funds. A substantial share of government spending is implemented through tax credits and deductions granted to individuals and entities for taking particular actions promoted by the tax code—so-called “tax expenditures.” Funds subsidized by such tax expenditures can themselves be the objects of fraud. For example, a taxpayer could be defrauded of retirement funds that the government has indirectly subsidized through tax deductions granted to the defrauded taxpayer. This Article explores how the FCA might be invoked to combat fraud that targets the recipients of tax expenditures, as well as doctrinal counterarguments to such an application. We touch on the potential breadth of the FCA’s reach insofar as it encompasses such claims, as well as the prospect of using other whistleblower mechanisms to achieve similar results.
      PubDate: Fri, 09 Dec 2016 12:21:55 PST
       
  • How Understanding the Nature of Corporate Norms Can Prevent Their
           Destruction by Settlements

    • Authors: James D. Cox
      Abstract: Scholars have long celebrated the importance of norms in corporate law. Indeed, norms likely guide corporate actors more than the omnipresent threat of shareholder suits. This Article divides corporate norms into two distinct groups: aspirational norms and arbiter norms. Aspirational norms announce socially desirable objectives for corporate managers and encourage certain disclosure practices; arbiter norms identify distinct transactions for closer scrutiny by an independent body, the court. This Article shows that even though aspirational norms and arbiter norms serve different objectives, they share a common characteristic—overbreadth. This feature exists whether the norm is set forth by statute or found in judicial doctrine. Such overbreadth explains some, but by no means all, of the problems accompanying shareholder litigation, including the frequency of suits and inconsequential settlements. This Article also develops the paradoxes that accompany corporate norms.The inherent overbreadth of both aspirational and arbiter norms can be of great assistance to their protection against inconsequential settlements. Using the recent decision In re Trulia, Inc. Stockholder Litigation , this Article addresses how courts can fulfill their role in the non-adversarial setting of the settlement hearing. When asked to approve a settlement, the court should anchor its scrutiny of the adequacy and reasonableness of a settlement in the norm that is central to the suit. By doing so, the court can more positively contribute to the ongoing development of corporate norms.
      PubDate: Fri, 09 Dec 2016 12:21:52 PST
       
  • James D. Cox: The Shareholders’ Best Advocate

    • Authors: Randall S. Thomas et al.
      Abstract: This Article explores the historical development of the academic analysis of corporate law over the past forty years through the scholarship of one of its most influential commentators, Professor James D. Cox of the Duke University School of Law. It traces the ways in which corporate law scholarship changed from the 1970s to the present, including the rise of economic theory and empirical work in the study of corporate law. It shows how Professor Cox’s early scholarship shaped and challenged economic orthodoxy, while his later work used empirical analysis to help corporate law become a more dynamic and richer field.Throughout his career, Professor Cox’s scholarship has focused on the protection of shareholder rights. He has rebuffed contractarians’ attacks on shareholder protections using a variety of economic, psychological, and empirical techniques. Professor Cox’s support for investors has continued in the wake of financial-market crises, corporate scandals, and the challenges of globalization. He provides an outstanding example of how a thoughtful academic can influence theories and market conditions with several decades of valuable insights.
      PubDate: Fri, 09 Dec 2016 12:21:49 PST
       
 
 
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