dunnettreader + ssrn   227

The Coordinated Activity Theory of the Firm by Peter Dorman :: SSRN
Abstract
This paper proceeds from the assumption that economies are characterized by a high degree of interactive nonconvexity in most activities and at most scales. The consequence is nonconvex production and preference sets and the corresponding inefficiency of myopic algorithms. One application of this perspective is the theory of the firm. Conventional theories explain the existence, boundaries and internal organization of firms on the basis of contracting costs that impede the otherwise optimizing properties of market decentralization. I propose instead an approach in which the motive for organizing production within rather than between institutions is to internalize nonconvexities, thereby obtaining the benefit of explicitly coordinated plans. A useful device for representing this problem is the profit landscape, understood to be nonconvex in the sense that fitness landscapes are in evolutionary theory. Firms face three types of challenges, optimizing with respect to a particular profit hill (the problem analyzed in standard microeconomics), selecting a desirable hill, and achieving flexibility to transition between hills in the face of environmental change. These entail tradeoffs, which are reflected in the diversity of personnel, organizational, and innovation strategies observed in actual enterprises. While the use of the landscape metaphor in coordinated activity theory resembles a similar deployment in evolutionary economics, the two approaches differ in the questions they ask and the units of observation and analysis they employ. The applicability of the coordinated activity model is underscored by its congruence with the bulk of management literature, which can be understood more readily in terms of hill-selection than, or in addition to, the hill-climbing paradigm of conventional economics. In this sense, the existing management literature already provides a body of empirical and applied support for coordinated activity theory, although not generally for the socially-founded objectives of economics.

Keywords: theory of the firm, evolutionary economics, nonconvexities
firms-theory  downloaded  SSRN  firms-organization  firms-structure 
march 2018 by dunnettreader
Michael Kang - Gerrymandering and the Constitutional Norm Against Government Partisanship (2017) :: SSRN
Win election law prize - Michigan Law Review, Vol. 116, No. 3, Dec. 2017, Forthcoming- Emory Legal Studies Research Paper
71 Pages
Posted: 17 Aug 2017; Last revised: 28 Oct 2017
Michael S. Kang, Emory University School of Law
The Article challenges the basic premise in the law of partisan gerrymandering that government partisan purpose is constitutional at all. The central problem, Justice Scalia once explained in Vieth v. Jubelirer, is that partisan gerrymandering becomes unconstitutional only when it “has gone too far,” giving rise to the intractable inquiry into “how much is too much.” But the premise that partisanship is an ordinary and lawful purpose, articulated as settled law and widely understood as such, is largely wrong as constitutional doctrine. The Article surveys constitutional law to demonstrate the vitality of an important, if implicit norm against government partisanship across a variety of settings. From political patronage, to government speech, to election administration and even in redistricting itself, Vieth is the exception in failing to bar tribal partisanship as a legitimate state interest in lawmaking. The puzzle therefore is why the Supreme Court in Vieth diverged from this overarching norm for legislative redistricting where the need for government nonpartisanship is most acute and so rarely met. The Article proposes a purpose-focused approach that identifies partisanship as an illegitimate basis for lawmaking and requires the government to justify its redistricting with reference to legitimate state interests beyond partisanship, irrespective of extreme partisan effects. The importance of consolidating and reifying the norm against government partisanship, in its most salient legal context, cannot be overstated at a time when hyperpolarization between the major parties dominates national politics and is at its most severe in our lifetime.
Keywords: gerrymandering, redistricting, Whitford v. Gill, partisanship, parties, Bandemer
constitutional_law  political_participation  Evernote  gerrymandering  public_interest  SSRN  accountability  partisanship  liberalism-public_reason  democracy  article  downloaded  US_constitution  corruption  legitimacy  SCOTUS  elections 
november 2017 by dunnettreader
Josiah Ober, Barry R. Weingast - Fortifications and Democracy in the Ancient Greek World :: SSRN - Oct 2017
In the modern world, access-limiting fortification walls are not typically regarded as promoting democracy. But in Greek antiquity, increased investment in fortifications was correlated with the prevalence and stability of democracy. This paper sketches the background conditions of the Greek city-state ecology, analyzes a passage in Aristotle’s Politics, and assesses the choices of Hellenistic kings, Greek citizens, and urban elites, as modeled in a simple game. The paper explains how city walls promoted democracy and helps to explain several other puzzles: why Hellenistic kings taxed Greek cities at lower than expected rates; why elites in Greek cities supported democracy; and why elites were not more heavily taxed by democratic majorities. The relationship between walls, democracy, and taxes promoted continued economic growth into the late classical and Hellenistic period (4th-2nd centuries BCE), and ultimately contributed to the survival of Greek culture into the Roman era, and thus modernity. We conclude with a consideration of whether the walls-democracy relationship holds in modernity.
Keywords: Democracy, Ancient Greece, Athens, Walls and Democracy, Taxation, War
elites-political_influence  Hellenistic_era  democracy  SSRN  taxes  paper  community  ancient_Greece  majoritarian  borders 
november 2017 by dunnettreader
Naz K. Modirzadeh - Folk International Law: (2014) :: SSRN
Folk International Law: 9/11 Lawyering and the Transformation of the Law of Armed Conflict to Human Rights Policy and Human Rights Law to War Governance
Harvard National Security Journal, Vol. 5, Issue 1 (2014), pp. 225-304. 80 Pages Posted: 13 Jan 2014
Naz K. Modirzadeh
HLS Program on International Law and Armed Conflict
Date Written: January 11, 2014
Abstract
This Article argues that the positions many U.S.-based lawyers in the disciplines of international humanitarian law and human rights law took in 2013 on issues of lethal force and framing of armed conflict vis-à-vis the Obama Administration would have been surprising and disappointing to those same professionals back in 2002 when they began their battle against the Bush Administration’s formulations of the “Global War on Terror.” By 2013, many U.S.-based humanitarian and human rights lawyers had traded in strict fealty to international law for potential influence on executive decision-making. These lawyers and advocates would help to shape the Obama Administration’s articulation of its legal basis for the use of force against al Qaeda and others by making use of “folk international law,” a law-like discourse that relies on a confusing and soft admixture of IHL, jus ad bellum, and IHRL to frame operations that do not, ultimately, seem bound by international law. In chronicling the collapse of multiple legal disciplines and fields of application into the “Law of 9/11,” the Article illustrates how that result came about not simply through manipulation by a government seeking to protect national security or justify its actions but also through a particular approach to legal argumentation as mapped through various tactical moves during the course of the legal battle over the war on terror.
Keywords: international law, war, law of armed conflict, targeted killing, drones, human rights law, direct participation in hostilities, non-international armed conflict
Didn't download
law_enforcement  Obama_administration  Bush_administration  article  law_of_armed_conflict  SSRN  international_law  human_rights  GWOT 
july 2017 by dunnettreader
Peter Huckfeldt, Christopher Knittel - Pharmaceutical Use Following Generic Entry: Paying Less and Buying Less :: SSRN - NBER Working Paper (May 2011)
Peter J. Huckfeldt, RAND Corporation -' Christopher R. Knittel
MIT - Sloan School of Management; NBER -' NBER Working Paper No. w17046:
We study the effects of generic entry on prices and utilization using both event study models that exploit the differential timing of generic entry across drug molecules and cast studies. Our analysis examines drugs treating hypertension, high blood pressure, type 2 diabetes, and depression using price and utilization data from the Medical Expenditure Panel Survey. We find that utilization of drug molecules starts decreasing in the two years prior to generic entry and continues to decrease in the years following generic entry, despite decreases in prices offered by generic versions of a drug. This decrease coincides with the market entry and increased utilization of branded reformulations of a drug going off patent. We show case study evidence that utilization patterns coincide with changes in marketing by branded drug manufacturers. While the reformulations---often extended-release versions of the patent-expiring drug---offer potential health benefits, the FDA does not require evidence that the reformulations are improvements over the previous drug in order to grant a patent. Indeed, in a number of experiments comparing the efficacies of the patent-expiring and reformulated drugs do not find statistical differences in health outcomes calling into question the patent-extension policy. -' Number of Pages in PDF File: 50 -- didn't download
paper  SSRN  pharma  IP  FDA-approval  pharma-marketing  drug_trials  patents  health_care-costs 
october 2016 by dunnettreader
José Azar, Martin C. Schmalz, Isabel Tecu - Anti-Competitive Effects of Common Ownership :: SSRN July 5, 2016
José Azar , University of Navarra, IESE Business School
Martin C. Schmalz , University of Michigan, Stephen M. Ross School of Business
Isabel Tecu , Charles River Associates (CRA)
Ross School of Business Paper No. 1235
Many natural competitors are jointly held by a small set of large diversified institutional investors. In the US airline industry, taking common ownership into account implies increases in market concentration that are 10 times larger than what is “presumed likely to enhance market power” by antitrust authorities. We use within-route variation over time to identify a positive effect of common ownership on ticket prices. A panel-IV strategy that exploits BlackRock's acquisition of Barclays Global Investors confirms these results. We conclude that a hidden social cost -- reduced product market competition -- accompanies the private benefits of diversification and good governance. -- Pages 61
Keywords: Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market
Downloaded via iPhone to DBOX
industry_consolidation  corporate_ownership  SSRN  interlocking_holdings  industry_structure  corporate_governance  conflict_of_interest  downloaded  rent-seeking  paper  institutional_investors  capital_markets  anti-competive_behavior  competition  cross-holdings 
august 2016 by dunnettreader
Price V. Fishback - How Successful Was the New Deal? The Microeconomic Impact of New Deal Spending and Lending Policies in the 1930s | NBER January 2016
NBER Working Paper No. 21925 -- The New Deal during the 1930s was arguably the largest peace-time expansion in federal government activity in American history. Until recently there had been very little quantitative testing of the microeconomic impact of the wide variety of New Deal programs. Over the past decade scholars have developed new panel databases for counties, cities, and states and then used panel data methods on them to examine the examine the impact of New Deal spending and lending policies for the major New Deal programs. In most cases the identification of the effect comes from changes across time within the same geographic location after controlling for national shocks to the economy. Many of the studies also use instrumental variable methods to control for endogeneity. The studies find that public works and relief spending had state income multipliers of around one, increased consumption activity, attracted internal migration, reduced crime rates, and lowered several types of mortality. The farm programs typically aided large farm owners but eliminated opportunities for share croppers, tenants, and farm workers. The Home Owners’ Loan Corporation’s purchases and refinancing of troubled mortgages staved off drops in housing prices and home ownership rates at relatively low ex post cost to taxpayers. The Reconstruction Finance Corporation’s loans to banks and railroads appear to have had little positive impact,although the banks were aided when the RFC took ownership stakes. -- paywall on SSRN
paper  SSRN  paywall  economic_history  20thC  Great_Depression  New_Deal  entre_deux_guerres  Keynesianism  housing  mortgages  banking  agriculture  demand-side  government-roles  government_finance  microeconomics 
february 2016 by dunnettreader
Stefan Linder, Nicolai J. Foss - Agency Theory :: SSRN April 23, 2013
Stefan Linder, ESSEC Business School -- Nicolai J. Foss, Copenhagen Business School - Department of Strategic Management and Globalization *--* Agency theory studies the problems and solutions linked to delegation of tasks from principals to agents in the context of conflicting interests between the parties. Beginning from clear assumptions about rationality, contracting and informational conditions, the theory addresses problems of ex ante (“hidden characteristics”) as well as ex post information asymmetry (“hidden action”), and examines conditions under which various kinds of incentive instruments and monitoring arrangements can be deployed to minimize the welfare loss. Its clear predictions and broad applicability have allowed agency theory to enjoy considerable scientific impact on social science; however, it has also attracted considerable criticism. -- PDF File: 35 -- Keywords: adverse selection, agency costs, compensation, conflict of interest, contracting, corporate governance, delegation, hidden action, hidden characteristics, incentive intensity, information asymmetry, informativeness, monitoring, moral hazard, motivation, nexus of contracts, pay-for-performance -- downloaded pdf to Note
paper  SSRN  economic_theory  social_sciences-post-WWII  microeconomics  microfoundations  behavioral_economics  incentives  incentives-distortions  agency  agents  game_theory  rational_choice  rationality-economics  rationality-bounded  information-asymmetric  adverse_selection  delegation  moral_psychology  moral_hazard  contracts  principal-agent  downloaded 
january 2016 by dunnettreader
Brian Leiter - The Death of God and the Death of Morality [Nietzsche] :: SSRN - September 16, 2015
University of Chicago -' Nietzsche famously proclaimed the "death of God," but in so doing it was not God's death that was really notable -- Nietzsche assumes that most reflective, modern readers realize that "the belief in the Christian god has become unbelievable" (GS 343) -- but the implications of that belief becoming unbelievable, namely, "how much must collapse now that this faith has been undermined," in particular, "the whole of our European morality" (GS 343). What is the connection between the death of God and the death of morality? I argue that Nietzsche thinks the death of God will undermine two central aspects of our morality: its moral egalitarianism, and its belief in moral responsibility and warranted guilt. I offer an account of how Nietzsche sees the connections, and conclude with some skeptical considerations about whether Nietzsche was right that atheism would, in fact, undermine morality. -- Number of Pages in PDF File: 25 -- Keywords: Nietzsche, theism, morality -- downloaded pdf to Note
paper  SSRN  moral_philosophy  religious_belief  religious_culture  19thC  Nietzsche  theism  atheism  God-existence  moral_psychology  morality-Nietzche  morality-divine_command  morality-Christian  morality-conventional  morality-objective  Kant-ethics  egalitarian  guilt  norms  obligation  responsibility  free_will  downloaded 
october 2015 by dunnettreader
Brian Z. Tamanaha - Legal Realism in Context :: SSRN in Elizabeth Mertz, ed., New Legal Realism, Vol. 1 (Cambridge UP, 2015 Forthcoming)
“We are all realists now,” it is frequently said, yet what legal realism was about remains vigorously debated by legal theorists and historians. The debate continues because the jurists we think of as core legal realists were not members of a group. Karl Llewellyn said this multiple times in his famous essay detailing realism. (..) Contemporary scholars who make assertions about what the legal realists stood for often fail to account for these passages. Legal realism.. is best understood ... in terms of 3 overlapping complexes of ideas that emerged in the late 19thC and had become widespread by the time of Llewellyn’s article. [(1)] that society was changing rapidly while law, understood as a means to achieve social ends, lagged badly behind, producing an urgent need for legal reform. [(2)] the growing refrain among legal academics that newly developing social sciences should be applied to enhance an understanding of the actual facts surrounding law. [(3)] a vocal backlash against judges for impeding reform, including charges that they were importing class bias into their legal decisions, prompting a broader acknowledgement that the background social attitudes of judges play a role in their decisions. These three themes were interpenetrating: the popular dissatisfaction with the failings of law was manifested in criticism of courts, and resort to social science was the favored academic solution. (..) Realism characterized the new modern age of thinking about law, and it ran much earlier and more broadly than is now commonly recognized. -- PDF File: 47 -- Keywords: Legal history, Jurisprudence, law and the humanities, law and the social sciences
chapter  SSRN  intellectual_history  intellectual_history-distorted  19thC  20thC  philosophy_of_law  jurisprudence  legal_theory  legal_reasoning  legal_history  social_sciences  legal_realism  legal_reform  change-social  change-intellectual 
october 2015 by dunnettreader
Brian Z. Tamanaha - The Third Pillar of Jurisprudence: Social Legal Theory :: SSRN - William & Mary Law Review, Vol. 56, 2015
Jurisprudence is generally thought to consist of two main classical rival branches — natural law and legal positivism — followed by a bunch of modern schools — legal realism, law and economics, critical theory, legal pragmatism, etc. In this essay I argue that three main branches of jurisprudence have existed, and battled, for centuries, not two, but the third goes unrecognized as such because it has traveled under different labels and the underlying connections have been clouded by various confusions. The core insights and focus of this third branch, what I call “Social Legal Theory,” trace in a continuous thread from Montesquieu, through historical jurisprudence, sociological jurisprudence, and legal realism, up to the present. This third branch, I argue, provides a contrasting/complementary perspective, in conjunction with natural law and legal positivism, which rounds out the full range of theoretical angles on law: natural law is normative; legal positivism is analytical/conceptual; and social legal theory is empirical. (Among a number of clarifications, I answer the common objection that empirically-grounded theories are not sufficiently theoretical.) The conventional jurisprudential narrative is redrawn in this essay in a way that exposes unseen connections among theoretical schools and brings into focus critical issues about the nature of law that currently are marginalized by natural law and legal positivism. -- Pages in PDF File: 44 -- Keywords: Jurisprudence, legal philosophy, law and society, legal realism, legal development, legal history
article  SSRN  philosophy_of_law  jurisprudence  legal_theory  legal_reasoning  positivism-legal  natural_law  legal_realism  legal_history  sociology_of_law  social_order  social_theory  change-social  intellectual_history  intellectual_history-distorted  18thC  19thC  20thC  Montesquieu  pragmatism  downloaded 
october 2015 by dunnettreader
Brian Z. Tamanaha - The Knowledge and Policy Limits of New Institutional Economics on Development :: SSRN - Dec 2014, Journal of Economic Issues, 2015, Forthcoming
Washington University in Saint Louis - School of Law -- New Institutional Economics (NIE) has secured impressive achievements in academia and policy circles. The World Bank and other development organization in the past two decades have expended billions of dollars on efforts to build “good governance” and the “rule of law” informed by the NIE theory that economic development requires supportive political and legal institutions. NIE appears to be the new consensus view of development thinking, supplanting the neo-liberal Washington Consensus (..) This essay elaborates on the barriers that stand in the way of the knowledge and policy goals of NIE. Foremost is the “interconnectedness of society:” cultural, technological, legal, political, and economic activities all affect one another and are affected by one another, often in ways that are subtle and all but invisible; each situation unique in its constellation of social forces and is dynamic, constantly changing in reaction to surrounding influences. (..) I explore the ongoing struggle to identify a shared conception of “institution” — and I explain why this cannot be solved. For reasons I go on to elaborate, NIE scholars also will not be able to get a precise grip on the surrounding institutional influences that affect economic development. (..) NIE scholars today, it turns out, are repeating lessons announced five decades ago in the law and development field. The problems were insuperable then and will remain so. (..) While critical of NIE knowledge and policy objectives, this essay is not negative in orientation. NIE research is illuminating. Greater awareness of the limits will help orient future work in the field in the most fruitful directions. - Pages in PDF File: 35 -- Keywords: economic development, new institutional economics, old institutional economics, legal development, rule of law, legal theory -- downloaded pdf to Note
article  SSRN  institutional_economics  law-and-economics  institutions  legal_culture  political_culture  institution-building  institutional_change  institutionalization  development  rule_of_law  legal_reform  legal_theory  downloaded 
october 2015 by dunnettreader
Objective Principles of Economics by Egmont Kakarot-Handtke :: SSRN - April 2014, update March 2015
University of Stuttgart - Institute of Economics and Law -- Economists have the habit of solving the wrong problem. They speculate circumstantially about the behavior of agents and do not come to grips with the behavior of the monetary economy. This is the consequence of the methodological imperative that all explanations must run in terms of the actions and reactions of individuals. The critical point is that no way leads from the understanding of the interaction of the individuals to the understanding of the working of the economy as a whole. The solution consists in moving from subjective-behavioral axioms to objective-structural axioms, i.e., from proto-scientific past to scientific future. -- Pages in PDF File: 19 -- Keywords: new framework of concepts, structure-centric, axiom set, methodology, complex adaptive system, profit -- for references downloaded pdf to Note
paper  SSRN  economic_theory  macroeconomics  microfoundations  methodological_individualism  behavioralism  complex_adaptive_systems  sociology_of_knowledge  sociology_of_science_&_technology  Kuhn  Laktos  scientific_method  bibliography  downloaded 
september 2015 by dunnettreader
Egmont Kakarot-Handtke - Make a Bubble, Take a Free Lunch, Break a Bank by :: SSRN - Oct 2012, update May 2015
University of Stuttgart - Institute of Economics and Law -- Standard economics is known to be incapable of integrating the real and the monetary sphere. The ultimate reason is that the whole theoretical edifice is built upon a set of behavioral axioms. Therefore, the formal starting point is moved to structural axioms. This makes it possible to formally track the complete process of value creation and destruction in the asset market and its consequences for the household and business sector. From the set of structural axioms emerge the well-known phenomena of a bubble from free lunches through appreciation to defaults due to a lack of potential next buyers. -- Pages in PDF File: 35 -- Keywords: new framework of concepts, structure-centric, axiom set, profit, rate of interest, liquidity preference, primary market, secondary market, parrot economics, theory of value, valuation price, appreciation, depreciation, net worth, debt/income ratio -- didn't download
paper  SSRN  economic_theory  macroeconomics  financial_system  markets-structure  bubbles  asset_prices  leverage  primary_markets  secondary_markets  liquidity  interest_rates  credit_booms  capital_markets  money_market 
september 2015 by dunnettreader
Egmont Kakarot-Handtke - Essentials of Constructive Heterodoxy: Financial Markets :: SSRN - June 2015
University of Stuttgart - Institute of Economics and Law -- What stands before all eyes as failed Orthodoxy is ultimately caused by the wrong answer to Mill's Starting Problem. It is now pretty obvious that one cannot put utility maximization, equilibrium, well-behaved production functions, ergodicity or any other physical or psychological or sociological or behavioral assumption into the premises. No way leads from such premises to the explanation of how the actual market economy works. The logical consequence is to discard them. Having first secured a superior formal starting point, the present paper addresses the question of how the various types of financial markets emerge from the elementary monetary circuit. -- Pages in PDF File: 33 -- Keywords: new framework of concepts, structure-centric, Law of Supply and Demand, Profit Law, IOU, complementarity of retained profit and saving, securities, bonds, common stock, mortgages, consumer financing, helicopter money -- didn't download
paper  SSRN  economic_theory  financial_system  capital_markets  money  profit  credit  asset_prices  investment  mortgages  leverage  consumer_finance  savings  equity-corporate  equity_markets  bond_markets 
september 2015 by dunnettreader
Primary and Secondary Markets by Egmont Kakarot-Handtke :: SSRN - Aug 2011, update March 2015
Also Dec 2012 Levy Economics Institute of Bard College Working Paper No. 741 -- University of Stuttgart - Institute of Economics and Law -- This paper swaps the standard behavioral axioms for structural axioms and applies the latter to the analysis of the emergence of secondary markets from the flow part of the economy. Real and nominal residuals at first give rise to the accumulation of the stock of money and the stock of commodities. These stocks constitute the demand and supply side of secondary markets. The pricing in these markets is different from the pricing in the primary markets. Realized appreciation in the secondary markets is different from income or profit. To treat primary and secondary markets alike is therefore a category mistake.-- Pages in PDF File: 26 -- Keywords: new framework of concepts, structure-centric, axiom set, residuals, real and monetary stocks, money, credit, financial saving, nonfinancial saving, net worth, financial profit, nonfinancial profit, retained profit, appreciation, wealth -- downloaded pdf to Note
paper  SSRN  economic_theory  macroeconomics  financial_system  markets  markets-structure  primary_markets  secondary_markets  asset_prices  profit  investment  interest_rates  savings  capital_gains  money  wealth  credit  liquidity  downloaded 
september 2015 by dunnettreader
Egmont Kakarot-Handtke - Schumpeter and the Essence of Profit :: SSRN - May 2011, update May 2015
University of Stuttgart - Institute of Economics and Law -- Schumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set of foundational propositions for a consistent reconstruction of the evolving money economy? We start with three structural axioms. The claim of generality entails that it should be possible to free Schumpeter’s approach from its irksome Walrasian legacy and to give a consistent formal account of the elementary circular flow that served him as a backdrop for the analysis of the entrepreneur-driven market system. -- Pages in PDF File: 28 -- Keywords: new framework of concepts, structure-centric, axiom set, profit, money, credit, structural stress, catching-up process, monopoly -- downloaded pdf to Note
paper  SSRN  economic_theory  economic_history  intellectual_history  19thC  20thC  Schumpeter  economic_growth  economic_sociology  entrepreneurs  profit  investment  Innovation  creative_destruction  money  markets-structure  monopoly  prices  firms-theory  neoclassical_economics  equilibrium  downloaded 
september 2015 by dunnettreader
The Influence of Stock Market Listing on Human Resource Management: Evidence for France and Britain by Neil Conway, Simon Deakin, Suzanne J. Konzelmann, Héloïse Petit, Antoine Reberioux, Frank Wilkinson :: SSRN - British Journal of Industrial Relations,
Neil Conway, Birkbeck College -- Simon Deakin, Cambridge - Centre for Business Research; European Corporate Governance Institute; Cambridge - Faculty of Law -- Suzanne J. Konzelmann, Birkbeck College - Social Sciences, School of Management and Organizational Psychology; Cambridge - Social and Political Sciences -- Héloïse Petit -- Antoine Reberioux, Université Paris VII Denis Diderot; University Antilles Guyane - Law and Economics -' Frank Wilkinson, Birkbeck College -- We use data from the Relations Professionnelles et Négociations d'Entreprise survey of 2004 and the Workplace Employment Relations Survey of 2004 to analyse how far approaches to human resource management differ according to whether an establishment is part of a company with a stock exchange listing. In both countries we find that listing is positively associated with teamworking and performance-related pay, while in France, but not in Britain, it is also linked to worker autonomy and training. Our findings are inconsistent with the claim that shareholder pressure operates as a constraint on the adoption of high-performance workplace practices. The pattern is similar in the two countries, but with a slightly stronger tendency for listing to be associated with high-performance workplace practices in France. -- PDF File: 43 -- paywall but a working paper version on SSRN -- didn't download
article  SSRN  UK_economy  France  business_practices  labor  workforce  corporate_governance  corporate_finance  capital_markets 
july 2015 by dunnettreader
Suzanne J. Konzelmann, Marc Fovargue-Davies - Anglo-Saxon Capitalism in Crisis? Models of Liberal Capitalism and the Preconditions for Financial Stability :: SSRN (rev'd September 2011) Cambridge Centre for Business Research Working Paper No. 422
Suzanne J. Konzelmann, Birkbeck College - Social Sciences, School of Management and Organizational Psychology; Cambridge - Social and Political Sciences -- Marc Fovargue-Davies, U of London - The London Centre for Corporate Governance & Ethics -- The return to economic liberalism in the Anglo-Saxon world was motivated by the apparent failure of Keynesian economic management to control the stagflation of the 1970s and early 1980s. In this context, the theories of economic liberalism, championed by Friederich von Hayek, Milton Friedman and the Chicago School economists, provided an alternative. However, the divergent experience of the US, UK, Canada and Australia reveals two distinct ‘varieties’ of economic liberalism: the ‘neo-classical’ incarnation, which describes American and British liberal capitalism, and the more ‘balanced’ economic liberalism that evolved in Canada and Australia. In large part, these were a product of the way that liberal economic theory was understood and translated into policy, which in turn shaped the evolving relationship between the state and the private sector and the relative position of the financial sector within the broader economic system. Together, these determined the nature and extent of financial market regulation and the system’s relative stability during the 2008 crisis. -- PDF File: 61 -- Keywords: Corporate governance, Regulation, Financial market instability, Liberal capitalism, Varieties of capitalism -- downloaded pdf to Note
paper  SSRN  economic_history  20thC  21stC  post-WWII  post-Cold_War  US_politics  UK_politics  political_economy  political_culture  ideology  neoliberalism  economic_theory  economic_sociology  business_practices  business-and-politics  business-norms  business_influence  Keynesianism  neoclassical_economics  Austrian_economics  Chicago_School  capitalism-systemic_crisis  capitalism-varieties  corporate_governance  corporate_finance  capital_markets  capital_as_power  financialization  finance_capital  financial_regulation  Great_Recession  financial_crisis  policymaking  trickle-down  Canada  Australia  downloaded 
july 2015 by dunnettreader
Leo E. Strine - A Job Is Not a Hobby: The Judicial Revival of Corporate Paternalism and Its Problematic Implications :: SSRN - Journal of Corporation Law, 2015, Forthcoming (rev'd March 2015)
Supreme Court of Delaware; Harvard Law School; University of Pennsylvania Law School -- This article connects the Supreme Court’s decision in Burwell v. Hobby Lobby to the history of “corporate paternalism.” It details the history of employer efforts to restrict the freedom of employees, and legislative attempts to ensure worker freedom. It also highlights the role of employment in healthcare coverage, and situates the Affordable Care Act’s “minimum essential guarantees” in a historical and global context. The article also discusses how Hobby Lobby combines with the Supreme Court’s earlier decisions in Citizens United and National Federation of Independent Business v. Sebelius to constrain the government’s ability to extend the social safety net, and shows how those decisions put pressure on corporate law itself. -- Note: The article was the subject of lectures to the Securities Regulation Institute of Northwestern University School of Law and the American Constitution Society Student Chapter at Harvard Law School. -- PDF File: 76 -- Keywords: Hobby Lobby; corporate law; corporate paternalism -- right on Leo! -- downloaded pdf to Note
article  SSRN  US_constitution  US_legal_system  corporate_law  corporate_citizenship  corporate_governance  shareholders  freedom_of_conscience  SCOTUS  labor  labor_standards  employers  employee_benefits  welfare_economics  welfare_state  health_care  campaign_finance  downloaded 
july 2015 by dunnettreader
Leo E. Strine , Nicholas Walter Originalist or Original: The Difficulties of Reconciling "Citizens United" with Corporate Law History :: SSRN - Notre Dame Law Review, 2015, Forthcoming (rev'd March 2015)
Leo E. Strine Jr., Supreme Court of Delaware; Harvard Law School; Penn Law School -- Nicholas Walter, Wachtell, Lipton, Rosen & Katz -- Citizens United has been the subject of a great deal of commentary, but one important aspect of the decision that has not been explored in detail is the historical basis for Justice Scalia’s claims in his concurring opinion that the majority holding is consistent with originalism. In this article, we engage in a deep inquiry into the historical understanding of the rights of the business corporation as of 1791 and 1868 — two periods relevant to an originalist analysis of the First Amendment. Based on the historical record, Citizens United is far more original than originalist, and if the decision is to be justified, it has to be on jurisprudential grounds originalists traditionally disclaim as illegitimate. -- PDF File: 94 -- Keywords: Jurisprudence, constitutional interpretation, original intent, original understanding, originalism, election law, campaign finance reform, corporate personhood, general corporation statutes, political speech, First National Bank of Boston v. Bellotti, Santa Clara County v. Southern Pacific Railroad -- downloaded pdf to Note
article  SSRN  corporate_law  corporate_citizenship  US_constitution  constitutional_law  originalism  free_speech  civil_liberties  legal_history  legal_theory  legal_reasoning  elections  campaign_finance  politics-and-money  downloaded 
july 2015 by dunnettreader
Reinier Kraakman, Bernard S. Black - A Self Enforcing Model of Corporate Law :: SSRN - Harvard Law Review, vol. 109, pp. 1911-1982, 1996
This paper develops a "self-enforcing" approach to drafting corporate law for emerging capitalist economies, based on a case study: a model statute that we helped to develop for the Russian Federation, which formed the basis for the recently adopted Russian law on joint-stock companies. The paper describes the contextual features of emerging economies that make importing statutes from developed countries inappropriate, including the prevalence of controlled companies and the weakness of institutional, market, cultural, and legal constraints. Against this backdrop, we argue that the best legal strategy for protecting outside investors in emerging economies while simultaneously preserving the discretion of companies to invest is a self-enforcing model of corporate law. The self-enforcing model structures decisionmaking processes to allow large outside shareholders to protect themselves from insider opportunism with minimal resort to legal authority, including the courts. Among the examples of self-regulatory statutory provisions are a mandatory cumulative voting rule for the selection of directors, which assures that minority blockholders in controlled companies have board representation, and dual shareholder- and board-level approval procedures for self-interested transactions. The paper also examines how one can induce voluntary compliance and structure remedies in emerging economies, as well as the implications of the self-enforcing model for the ongoing debate over the efficiency of corporate law in developed economies. -- PDF File: 73 -- downloaded pdf to Note
article  SSRN  corporate_law  corporate_governance  investor_protection  investors  capital_markets  emerging_markets  transition_economies  Russia  privatization  downloaded 
july 2015 by dunnettreader
Bernard S. Black, Reinier Kraakman, Anna Tarassova - Russian Privatization and Corporate Governance: What Went Wrong? :: SSRN - Stanford Law Review, Vol. 52, pp. 1731-1808, 2000
Bernard S. Black, Northwestern School of Law & Kellogg School of Management; European Corporate Governance Institute (ECGI); Reinier Kraakman, Harvard Law School, ECGI; Anna Tarassova, U of Maryland, Center on Institutional Reform and the Informal Sector (IRIS) -- In Russia and elsewhere, proponents of rapid, mass privatization of state-owned enterprises (ourselves among them) hoped that the profit incentives unleashed by privatization would soon revive faltering, centrally planned economies. The revival didn't happen. We offer here some partial explanations. First, rapid mass privatization is likely to lead to massive self-dealing by managers and controlling shareholders unless (implausibly in the initial transition from central planning to markets) a country has a good infrastructure for controlling self-dealing. Russia accelerated the self-dealing process by selling control of its largest enterprises cheaply to crooks, who transferred their skimming talents to the enterprises they acquired, and used their wealth to further corrupt the government and block reforms that might constrain their actions. Second, profit incentives to restructure privatized businesses and create new ones can be swamped by the burden on business imposed by a combination of (among other things) a punitive tax system, official corruption, organized crime, and an unfriendly bureaucracy. Third, while self-dealing will still occur (though perhaps to a lesser extent) if state enterprises aren't privatized, since self-dealing accompanies privatization, it politically discredits privatization as a reform strategy and can undercut longer-term reforms. A principal lesson: developing the institutions to control self-dealing is central to successful privatization of large firms. -- PDF File: 79 -- downloaded pdf to Note
article  SSRN  Russia  privatization  Russian_economy  corporate_governance  corporate_law  corporate_finance  corporate_control  corruption  asset_stripping  downloaded 
july 2015 by dunnettreader
Bernard S. Black - The Core Fiduciary Duties of Outside Directors :: SSRN -:Asia Business Law Review, pp. 3-16, July 2001
This article offers my personal, idiosyncratic overview of the principal fiduciary duties of outside directors, from a common law perspective, and what the remedies should be for breach of each of these duties. I discuss the four core fiduciary duties of directors: the duty of loyalty; the duty of care; the duty of disclosure; and the duty of special care when your company is a takeover target. -- Number of Pages in PDF File: 36 -- saved to briefcase
article  SSRN  corporate_law  corporate_governance  fiduciaries  duties-legal  duty_of_loyalty  duty_of_care  disclosure  conflict_of_interest  corporate_control_markets 
july 2015 by dunnettreader
La Porta et al -- Investor Protection and Corporate Governance by :: SSRN 2000
Rafael La Porta, Florencio Lopez de Silanes, Andrei Shleifer, Robert W. Vishny -- Recent research on corporate governance has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of financial markets, and in the access of firms to external finance. We suggest that there is a common element to the explanations of these differences, namely how well investors, both shareholders and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe the differences in laws and the effectiveness of their enforcement across countries, summarize the consequences of these differences, and suggest potential strategies of reform of corporate governance. We argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems. -- PDF File: 40 -- saved to briefcase
paper  SSRN  corporate_law  corporate_governance  fiduciaries  investor_protection  corporate_ownership  shareholders  capital_markets  banking-universal 
july 2015 by dunnettreader
Sticky Covenants by Gus De Franco, Florin P. Vasvari, Dushyantkumar Vyas, Regina Wittenberg Moerman :: SSRN ( rev'd Jan 2014)
Gus De Franco, U of Toronto, Rotman School of Management; Florin P. Vasvari, London Business School; Dushyantkumar Vyas, Rotman School of Management; Regina Wittenberg Moerman, U of Chicago, Booth School of Business -- We examine the determinants of the strength of bond covenants in protecting bondholders’ interests using a unique dataset constructed by Moody’s that allows us to measure the restrictiveness of bond covenant packages beyond the covenant inclusion measures used in the prior literature. We find that the covenant restrictiveness of a bond is highly persistent over time: it is strongly associated with the covenant restrictiveness of the borrower’s previous bond issues. We show that this persistence is driven by the restrictiveness of the covenant packages in previous bonds arranged by the firm’s underwriter or advised by the firm’s and underwriter’s legal counsels, consistent with these debt market intermediaries facing high switching costs in changing bond contractual terms. The restrictiveness of covenants in bonds issued by industry peers is another driver of the persistence, suggesting that covenants are written to facilitate bonds’ comparability. We next document that the bond covenant restrictiveness changes only when the borrower experiences a significant decline in its creditworthiness or when there is a substantial tightening in the credit supply in the economy. We also show that secondary bond market investors discount bond prices when bond covenants’ restrictiveness remains persistent despite a substantial decline in a borrower’s creditworthiness since the previous bond issue. PDF File: 64 -- Covenants, Covenant Restrictiveness, Persistence, Secondary Bond -- saved to briefcase
paper  SSRN  capital_markets  corporate_finance  bond_markets  risk  risk_management  asset_prices  spreads  risk_assessment  credit_ratings  covenants  intermediation  primary_markets  secondary_markets  creditors 
july 2015 by dunnettreader
Michael Minnis, Andrew G. Sutherland - Financial Statements as Monitoring Mechanisms: Evidence from Small Commercial Loans :: SSRN February 1, 2015
Both at University of Chicago - Booth School of Business -- We examine when banks use financial statements to monitor small commercial firms. Theoretical research offers competing predictions surrounding the use of financial statements as a monitoring device in such settings where reporting between firms and banks is not mandated. Using a proprietary dataset of bank information requests after loan initiation, we examine these predictions and find that financial statements are requested for only half of the loans in the sample. This variation is mediated by borrower credit risk, contracting mechanisms, such as collateral, and alternative information sources, such as tax returns. However, the relations we identify are not straightforward — the relation between borrower risk and financial statement requests is nonlinear and financial statements can be both substitutes and complements to the alternative mechanisms. Collectively, our results provide novel evidence of the fundamental demand for financial reporting in the small commercial loan market and the manner in which banks fulfill their role as delegated monitors. -- PDF File: 50 -- Keywords: loan monitoring, financial contracting, collateral, debt, relationship lending, taxes -- saved to briefcase
paper  SSRN  banking  SMEs  access_to_finance  credit  collateral  relationship_lending  intermediation  risk_management  risk_assessment  accounting  disclosure  credit_ratings 
july 2015 by dunnettreader
Frederick Tung -Leverage in the Board Room: The Unsung Influence of Private Lenders in Corporate Governance:: SSRN - UCLA Law Review, Vol. 57, 2009 (rev'd 2012)
Boston University School of Law --:The influence of banks and other private lenders pervades public companies. From the first day of a lending arrangement, loan covenants and built-in contingency provisions affect managerial decision making. Conventional corporate governance analysis has been slow to notice or account for this lender influence. Corporate governance discourse has traditionally focused only on corporate law arrangements. The few existing accounts of creditors' influence over firm managers emphasize the drastic actions creditors take in extreme cases - when a firm is in serious trouble - but in fact, private lender influence is a routine feature of corporate governance even absent financial distress. (..) I explain the regularity of lender influence on managerial decision making - "lender governance" - comparing this routine influence to conventional governance arrangements and boards of directors in particular. I show that the extent of private lender influence rivals that of conventional governance mechanisms, and I discuss the doctrinal and policy implications of this unsung influence. Accounting for lender governance requires a new examination of corporate fiduciary duties, debtor-creditor laws, and the regulatory reform proposals that have emerged to address the current financial crisis. I also discuss the implications of private lender influence for future corporate governance research. -- PDF File: 69 -- lender governance, corporate governance, covenants, credit agreement, private lender, private debt, creditor, financial regulation, financial crisis -- saved to briefcase
article  SSRN  corporate_finance  corporate_governance  creditors  banking  relationship_lending  financial_regulation  corporate_law  capital_markets  commercial_law  debtors  debtor-creditor  debt-restructuring  financial_crisis  finance_capital  corporate_control 
july 2015 by dunnettreader
The Contribution of Bank Regulation and Fair Value Accounting to Procyclical Leverage by Amir Amel-Zadeh, Mary E. Barth, Wayne R. Landsman :: SSRN ( rev'd June 19, 2015)
Amir Amel-Zadeh, University of Cambridge, Judge Business School; Mary E. Barth, Stanford, Graduate School of Business; Wayne R. Landsman, U of North Carolina Kenan-Flagler Business School -- Rock Center for Corporate Governance at Stanford University Working Paper No. 147 -- Our analytical description of how banks’ responses to asset price changes can result in procyclical leverage reveals that for banks with a binding regulatory leverage constraint, absent differences in regulatory risk weights across assets, leverage is not procyclical. For banks without a binding constraint, fair value and bank regulation both can contribute to procyclical leverage. Empirical findings based on a large sample of US commercial banks reveal that bank regulation explains procyclical leverage for banks facing a binding regulatory leverage constraint and contributes to procyclical leverage for those that do not. Fair value accounting does not contribute to procyclical leverage. -- PDF File: 46 -- Keywords: Fair value accounting, procyclicality, leverage, risk-based capital regulation, financial institutions, commercial banks -- saved to briefcase
paper  SSRN  financial_system  financial_regulation  banking  capital_adequacy  leverage  procyclical  countercyclical_policy  macroprudential_regulation  risk  risk_management  asset_prices  firesales  accounting  financial_crisis  bubbles  Basle  international_finance 
july 2015 by dunnettreader
Anne Beatty, Scott Liao - Financial Accounting in the Banking Industry: A Review of the Empirical Literature:: SSRN October 23, 2013
Anne Beatty, Ohio State - Dept of Accounting & Management Information Systems; Scott Liao, U of Toronto, Rotman School of Management -- Rotman School of Management Working Paper No. 2346752 -- We survey research on financial accounting in the banking industry. After providing a brief background of the micro-economic theories of the economic role of banks, why bank capital is regulated, and how the accounting regime affects banks’ economic decisions, we review three streams of empirical research. Specifically we focus on research examining the relation between bank financial reporting and the valuation and risk assessments of outside equity and debt, the relation between bank financial reporting discretion, regulatory capital and earnings management, and banks’ economic decisions under differing accounting regimes. We provide our views about what we have learned from this research and about what else we would like to know. We also provide some empirical analyses of the various models that have been used to estimate discretion in the loan loss provision. We further discuss the inherent challenges associated with predicting how bank behavior will respond under alternative accounting and regulatory capital regimes.-- PDF File: 121 -- Keywords: financial accounting; bank regulatory capital; information asymmetry -- saved to briefcase
paper  SSRN  financial_system  financial_regulation  capital_markets  banking  disclosure  accounting  capital_adequacy  asset_prices  risk  investors  leverage  incentives  incentives-distortions  balance_sheet  Basle 
july 2015 by dunnettreader
Lyman Johnson, David Millon - Recalling Why Corporate Officers are Fiduciaries :: SSRN - William & Mary Law Review, Vol. 46, 2005
Lyman Johnson, Washington and Lee U Law School; U of St. Thomas, St. Paul/Minneapolis, MN - School of Law -- David Millon,Washington and Lee U Law School -- For all the recent federal attention to ...corporate officer and director functions, ... state fiduciary duty law makes no distinction between the fiduciary duties of these two groups. (..) The thesis of this article is that corporate officers are fiduciaries because they are agents. (..) drawing on the fiduciary duties of agents for guidance in fashioning modern understandings of corporate officer duties - and differentiating those duties from those of directors - can provide much-needed structure to what otherwise threatens to be an ad hoc enterprise. There are at least 3 benefits of our thesis. (1) state law remains the primary source for establishing the basic framework of corporate governance relations, both through corporate statutes and through judge-made fiduciary duty law. (..) (2) our thesis clarifies immensely why courts can and should more closely scrutinize officer conduct than they now review director performance (..). (3) At a theoretical level, ...our thesis has several implications. (..) we are entering an era when, due to heavier corporate regulation, the entity conception of the firm will be strengthened, as positive law, including agency law, still builds on that understanding of corporate relations. This period follows a span of perhaps 20 years when a highly disaggregated conception of corporate relations - the nexus of contracts theory - has predominated. We also believe that in the policy arguments for and against strong fiduciary duties over the years, virtually no attention has been given to distinguishing whether what is fitting for outside directors in the fiduciary duty area - relatively slack duties - is also fitting for corporate officers. -- saved to briefcase
article  SSRN  corporate_law  financial_regulation  capital_markets  fiduciaries  principal-agent  agents  duties-legal  officers-&-directors  corporate_governance  shareholders  investors  state_law  federalism  federal_preemption  SEC  SROs  corporate_personhood  directors  duty_of_care  duty_of_loyalty  conflict_of_interest  legal_remedies  law-and-economics  law-and-finance 
july 2015 by dunnettreader
The Misrepresentation of Earnings by Ilia D. Dichev, John R. Graham, Campbell R. Harvey, Shivaram Rajgopal :: SSRN June 2, 2015
Ilia D. Dichev, Emory University - Goizueta Business School -- John R. Graham, Duke University; NBER -- Campbell R. Harvey, Duke University - Fuqua School of Business; NBER -- Shivaram Rajgopal, Emory University - Goizueta Business School -- We ask nearly 400 CFOs about the definition and drivers of earnings quality, with a special emphasis on the prevalence and detection of earnings misrepresentation. CFOs believe that the hallmarks of earnings quality are sustainability, absence of one-time items, and backing by actual cash flows. Earnings quality is determined in about equal measure by controllable factors like internal controls and corporate governance, and non-controllable factors like industry membership and macroeconomic conditions. On earnings misrepresentation, CFOs believe that in any given period a remarkable 20% of firms intentionally distort earnings, even though they are adhering to generally accepted accounting principles. The economic magnitude of the misrepresentation is large, averaging about 10% of reported earnings. While most misrepresentation involves earnings overstatement, interestingly, one third of the firms that are misrepresenting performance are low-balling their earnings or reversing a prior intentional overstatement. Finally, CFOs provide a list of red flags that can be used to detect earnings misrepresentation. --"PDF File: 23 -- saved to briefcase
paper  SSRN  financial_system  financial_regulation  capital_markets  disclosure  accounting  GAAP  corporate_governance  corporate_citizenship  business_practices  business-norms  business-ethics  market_manipulation  markets-psychology  profits  investors  investor_protection  incentives-distortions 
july 2015 by dunnettreader
Lyman Johnson, David Millon - Corporate Law after Hobby Lobby :: SSRN (rev'd Jan 2015) THE BUSINESS LAWYER, Vol 70 - November 2014
Lyman Johnson, Washington and Lee University - School of Law; University of St. Thomas, St. Paul/Minneapolis, MN - School of Law -- David Millon
Washington and Lee University - School of Law -- We evaluate the U.S. Supreme Court's controversial decision in the Hobby Lobby case from the perspective of state corporate law. We argue that the Court is correct in holding that corporate law does not mandate that business corporations limit themselves to pursuit of profit. Rather, state law allows incorporation 'for any lawful purpose.' We elaborate on this important point and also explain what it means for a corporation to 'exercise religion.' In addition, we address the larger implications of the Court's analysis for an accurate understanding both of state law's essentially agnostic stance on the question of corporate purpose and also of the broad scope of managerial discretion. -- PDF File: 33 -- Keywords: Corporate purpose, Corporate personhood, Shareholder wealth maximization, Shareholder primacy, Corporate social responsibility -- downloaded pdf to Note
article  SSRN  corporate_law  corporate_citizenship  corporate_governance  shareholders  freedom_of_conscience  SCOTUS  civil_liberties  corporate_control  corporate_personhood  limited_liability  corporations-closely-held  corporations  CSR  shareholder_value  shareholder_voting  profit_maximization  law-and-economics  labor_law  employee_benefits  power-asymmetric  capital_as_power  constitutional_law  downloaded 
july 2015 by dunnettreader
Edward B. Rock - Institutional Investors in Corporate Governance (Jan 2015) :: SSRN - Oxford Handbook on Corporate Law and Governance, 2015, Forthcoming
Penn Law School -- chapter examines the role of institutional investors in corporate governance and the role of regulation in encouraging institutional investors to become active stewards. (..) what lessons we can draw from the US experience for the EU’s 2014 proposed amendments to the Shareholder Rights Directive.(...) survey how institutional investors themselves are governed and how they organize share voting. (...) 2 central questions: (a) why, over the last 25 years, have institutional investors not fulfilled the optimists’ hopes?; and (b) can the core incentive problems that subvert Institutional Investor activism be cured by regulation? The US experience [substantial deregulation led to only modest increases in shareholder activism], suggests (..) institutional investors’ relative passivity is a fundamental lack of incentives. I examine the disappointing results of the SEC’s long experiment with incentivizing mutual funds to vote their shares (...) the EU efforts are likely to be similarly disappointing. I then examine the important role that hedge funds now play in catalyzing institutional shareholders, and consider some of the risks in relying on such highly incentivized actors. -- PDF File: 26 -- saved to briefcase
chapter  books  SSRN  law-and-economics  behavioral_economics  financial_economics  financial_regulation  corporate_governance  corporate_law  corporate_finance  capital_markets  corporate_control_markets  institutional_investors  shareholders  shareholder_voting  mutual_funds  incentives  activist_investors  investors  hedge_funds  proxies  comparative_law  administrative_law  EU-law  regulation-harmonization  regulation-enforcement  fiduciaries  profit_maximization  EU-regulation 
july 2015 by dunnettreader
David Millon - The Ideology of Jury Autonomy in the Early Common Law :: SSRN - Nov 2000
Washington & Lee Public Law Research Paper No. 00-5 -- This article looks closely at the substantial discretion exercised by the premodern English jury. Through the sixteenth century, jurors enjoyed broad autonomy with respect to fact-finding. For much of the medieval period they came to court already knowledgeable about the facts of a case and rendered their verdicts on that basis. Even after they ceased to be self-informed and had to rely instead on evidence presented in court, jurors continued to exercise their fact-finding authority with substantial independence from judicial control and review. The premodern jury also had significant autonomy regarding what we would call questions of law, an aspect of jury discretion that has received little attention from historians. In this article I look closely at the evidence bearing on both facets of jury autonomy, including trial records, accounts of trial proceedings, and legislation relating to the jury. In addition, I attempt to shed some light on the ideological assumptions that justified the early common law's commitment to jury autonomy, a commitment that is hard to understand in light of the modern rule of law idea. -- PDF File: 44. -- downloaded pdf to Note
paper  SSRN  legal_history  British_history  medieval_history  16thC  common_law  trials  juries  evidence  epistemology-social  Europe-Early_Modern  legal_culture  legal_validity  legitimacy  civic_virtue  citizenship  local_government  public_goods  commonwealth  governance-participation  status  cities-governance  persona  judgment-independence  autonomy  authority  elites  clientelism  duties  duties-civic  community  rule_of_law  fairness  downloaded 
july 2015 by dunnettreader
David Millon - Radical Shareholder Primacy :: SSRN - Aug 2014
Washington and Lee University - School of Law -- University of St. Thomas Law Journal, Vol. 10:4 (2013) -- Washington & Lee Legal Studies Paper No. 2014-17 -- written for a symposium on the history of CSR, seeks to make sense of the surprising disagreement on the foundational legal question of corporate purpose: does the law require shareholder primacy or not? (..) disagreement is due to the unappreciated ambiguity in the shareholder primacy idea. (.. ) 2 models, the 'radical' and the 'traditional.' Radical shareholder primacy originated at Chicago in the later 1970s, (Daniel Fischel and Frank Easterbrook). [It asserts] that corporate management is the agent of the shareholders, charged with maximizing their wealth. There is no legal authority for this claim; Fischel drew it from the financial economists Michael Jensen and William Meckling, who used the agency idea in a non-legal sense. [The traditional model is] the idea that shareholders hold a privileged position within the corporation's governance structure, ... and (..) fiduciary duties as being owed to 'the corporation and its shareholders.' (..) shareholders enjoy primacy over (..) other stakeholders, although there is no maximization mandate and shareholders [have limited effective legal means] to insist that management privilege their interests. Nevertheless, this version of shareholder primacy is enshrined in the law, and, if the radical version's agency claim is laid to rest, there is no harm in acknowledging that fact. -- PDF File: 34 -- saved to briefcase
paper  SSRN  corporate_law  corporate_citizenship  corporate_governance  shareholder_value  profit_maximization  principal-agent  fiduciaries  law-and-economics  CSR  capital_as_power  status_quo_bias 
july 2015 by dunnettreader
Andrew S. Gold, Paul B. Miller, eds. -- Introduction: Philosophical Foundations of Fiduciary Law (Oxford UP 2014) :: SSRN
Andrew S. Gold, DePaul University, College of Law and Paul B. Miller, McGill University Faculty of Law -- This Introduction outlines core questions of fiduciary law theory and provides thematic discussion of the contributions to the volume. The volume includes chapters by Richard Brooks, Hanoch Dagan, Evan Criddle, Deborah DeMott, Avihay Dorfman, Justice James Edelman, Evan Fox-Decent, Tamar Frankel, Joshua Getzler, Andrew Gold, Michele Graziadei, Sharon Hannes, Genevieve Helleringer, Ethan Leib, Daniel Markovits, Paul Miller, Irit Samet, Robert Sitkoff, Henry Smith, and Lionel Smith. -- PDF File: 17 -- Keywords: Philosophy of Law, Legal Theory, Philosophy of Private Law, Private Law Theory, Fiduciary Law, Fiduciary Relationships, Fiduciary Duties, Fiduciary Remedies, Duty of Loyalty, Duty of Care, Duty of Candour -- downloaded pdf to Note
chapter  books  SSRN  philosophy_of_law  jurisprudence  legal_theory  legal_reasoning  fiduciaries  principal-agent  agents  duties-legal  rights-legal  trust  trusts  duty_of_care  duty_of_loyalty  conflict_of_interest  legal_remedies  law-and-economics  law-and-finance  Roman_law  civil_law  common_law  property  inheritance  family_law  downloaded 
july 2015 by dunnettreader
David Millon - The Single Constituency Argument in the Economic Analysis of Business Law :: SSRN - Jan 2007
David Millon, Washington and Lee University - School of Law -- Research in Law and Economics, 2007 -- Washington & Lee Legal Studies Paper No. 2007-01 -- The essay points out an interesting parallel in law-and-economics business law scholarship. Working largely independently of each other, economically oriented scholars working in different areas have argued that the law should focus on the interests of a single constituency - shareholders in corporate law, creditors in bankruptcy law, and consumers in antitrust law. Economic analysts thus have rejected arguments advanced by progressive scholars working in each of these areas that the law should instead concern itself with the full range of constituencies affected by business activity. The law-and-economics single constituency claim rests in part on skepticism about judicial competence but the underlying objection is to the use of law for redistributive purposes. The primary value is efficiency, defined in terms of market-generated outcomes. In this essay, I question this political commitment, suggesting that it implies a strong tendency toward maintenance of the existing distribution of wealth. Even more importantly, the single constituency claim may actually have redistributive implications. In each of these areas of business law, however, it is a regressive program that favors owners of capital against those who are generally less well of, such as workers and small business owners. -- Number of Pages in PDF File: 31 -- saved to briefcase
paper  SSRN  philosophy_of_law  jurisprudence  legal_theory  political_philosophy  political_economy  law-and-economics  conflict_of_interest  principal-agent  profit_maximization  incentives  incentives-distortions  efficiency  shareholder_value  creditors  consumers  consumer_protection  competition  status_quo_bias  capital  inequality-wealth  inequality-opportunity  power-asymmetric  capital_as_power  distribution-income  distribution-wealth  corporate_governance  corporate_law  corporate_citizenship  bankruptcy  antitrust  conservative_legal_challenges 
july 2015 by dunnettreader
Ronald J. Gilson, Reinier Kraakman - Market Efficiency after the Financial Crisis: It's Still a Matter of Information Costs :: SSRN - European Corporate Governance Institute Law Working Paper No. 242/2014
Ronald J. Gilson, Stanford Law & Columbia Law; Reinier Kraakman, Harvard Law; both ECGI -- [Financial crisis is said] to have demonstrated the bankruptcy of the Efficient Capital Market Hypothesis (“ECMH”). (..) the ECMH had moved beyond academia, fueling decades of a deregulatory agenda. (..) when economic theory moves from academics to policy, (..) inevitably refashioned to serve the goals of political argument. This happened starkly with the ECMH. It was subject to its own bubble – (..) expanded from a narrow but important academic theory about the informational underpinnings of market prices to a broad ideological preference for market outcomes over even measured regulation. (..) the ECMH addresses informational efficiency, which is a relative, not an absolute measure. This focus on informational efficiency leads to a more focused understanding of what went wrong in 2007-2008. Yet informational efficiency is related to fundamental efficiency (..) Properly framing market efficiency focuses our attention on the frictions that drive a wedge between relative efficiency and efficiency under perfect market conditions. (..) relative efficiency is a diagnostic tool that identifies the information costs and structural barriers that reduce price efficiency which, in turn, provides part of a realistic regulatory strategy. While it will not prevent future crises, improving the mechanisms of market efficiency will make prices more efficient, frictions more transparent, and the influence of politics on public agencies more observable, which may allow us to catch the next problem earlier. PDF File: 87 -- saved to briefcase
paper  SSRN  financial_system  financial_regulation  financial_crisis  capital_markets  EMH  information-markets  information-asymmetric  efficiency  prices  financial_economics  animal_spirits  behavioral_economics 
july 2015 by dunnettreader
Robert H. Sitkoff - An Economic Theory of Fiduciary Law :: SSRN - Philosophical Foundations of Fiduciary Law, Andrew Gold & Paul Miller eds. (Oxford UP, 2014
Harvard Law -- In consequence of this common economic structure [agency problem], there is a common doctrinal structure that cuts across the application of fiduciary principles in different contexts. However, (..) the particulars of fiduciary obligation vary in accordance with the particulars of the agency problem in the fiduciary relationship at issue. This explains (1) the purported elusiveness of fiduciary doctrine and (2) why courts apply fiduciary law both categorically, such as to trustees and (legal) agents, as well as ad hoc to relationships involving a position of trust and confidence that gives rise to an agency problem. (...) a functional distinction between primary and subsidiary fiduciary rules. In all fiduciary relationships we find general duties of loyalty and care, typically phrased as standards, (..) we also find specific subsidiary fiduciary duties, often phrased as rules, that elaborate on the application of loyalty and care to commonly recurring circumstances in the particular form of fiduciary relationship. (..) the puzzle of why fiduciary law includes mandatory rules that cannot be waived in a relationship deemed fiduciary. Committed economic contractarians, such as Easterbrook and Fischel, have had difficulty in explaining why the parties to a fiduciary relationship do not have complete freedom of contract. The answer is that the mandatory core of fiduciary law serves a cautionary and protective function within the fiduciary relationship as well as an external categorization function that clarifies rights for third parties. -- PDF File: 14 -- Keywords: fiduciary, agency, trust, loyalty, care, prudence, agency costs, duty
chapter  books  SSRN  law-and-economics  behavioral_economics  philosophy_of_law  jurisprudence  fiduciaries  agents  principal-agent  freedom_of_contract  trust  trusts  duty_of_care  duty_of_loyalty  conflict_of_interest  legal_reasoning  rights-legal  duties-legal  common_law 
july 2015 by dunnettreader
Lee Anne Fennell, Richard H. McAdams, eds. - Fairness in Law and Economics: Introduction :: SSRN - (Edward Elgar 2013)
Lee Anne Fennell and Richard H. McAdams, both University of Chicago Law School -- University of Chicago Coase-Sandor Institute for Law & Economics Research Paper No. 704 -- This introduction, prepared for an edited volume, offers some observations on the importance — indeed, inescapability — of fairness concerns in law and economics. The relationship between fairness and the economic concept of efficiency is usually cast as an adversarial one. Rational choice economics typically describes human behavior as motivated by simple self-interest, rather than by concerns of morality, justice, or fairness. But we have found that the connections between concepts of fairness and the economic analysis of law are robust and diverse. After discussing some of these linkages, we describe the organization and content of the volume we have compiled. In it, economics engages with fairness, challenging the idea that the two concepts are alien to each other. -- PDF File: 18 -- Keywords: fairness, law and economics -- downloaded pdf to Note
chapter  books  SSRN  law-and-economics  behavioral_economics  game_theory  rational_choice  rationality-economics  fairness  efficiency  welfare_economics  self-interest  altruism  microeconomics  policymaking  legal_system  legal_theory  legal_reasoning  utility  status_quo_bias  downloaded 
july 2015 by dunnettreader
Jonathan R. Macey, Joshua Mitts - Finding Order in the Morass: The Three Real Justifications for Piercing the Corporate Veil :: SSRN - Cornell Law Review, Forthcoming (Sept 2014)
Jonathan R. Macey, Yale Law School and Joshua Mitts, Columbia Law School & Business School -- Few doctrines are more shrouded in mystery and yet more litigated than piercing the corporate veil. We develop a new theoretical taxonomy which postulates that veil-piercing decisions fall into three categories: (1) achieving the purpose of a statutory or regulatory scheme, (2) preventing shareholders from obtaining credit by misrepresentation, and (3) promoting the bankruptcy values of achieving the orderly, efficient resolution of a bankrupt’s estate. We analyze the facts of several veil-piercing cases to show how the outcomes are explained by the three theories we put forth and show that undercapitalization is rarely, if ever, an independent grounds for piercing the corporate veil. In addition, we employ modern quantitative machine learning methods never before utilized in legal scholarship to analyze the full text of 9,380 judicial opinions. We demonstrate that our theories systematically predict veil-piercing outcomes, the widely-invoked rationale of “undercapitalization” of the business poorly explains these cases, and our theories most closely reflect the textual structure of the opinions. -- PDF File: 80 -- saved to briefcase
article  SSRN  corporate_law  limited_liability  bankruptcy  fraud  regulation-enforcement  regulatory_avoidance 
july 2015 by dunnettreader
Originalism's Promise, and Its Limits by Lee J. Strang :: SSRN - 63 Cleveland State Law Review 81 (2014) (rev' June 2015)
University of Toledo College of Law -- In this Symposium Essay, I summarize originalism’s promise and limits. Part II succinctly explains originalism’s promise. Part III briefly describes originalism’s limits. Part IV then suggests that originalism’s limits contribute to its promise. -- PDF File: 20 -- Keywords: constitutional interpretation, originalism, nonoriginalism, normatively attractive, judicial capacity, Aristotle, St. Thomas Aquinas -- saved to briefcase
article  SSRN  US_constitution  constitutional_law  originalism  Aristotle  Aquinas  hermeneutics  judiciary  judicial_review  natural_law 
july 2015 by dunnettreader
Lee Anne Fennell, Richard H. McAdams - The Distributive Deficit in Law and Economics :: SSRN - Minnesota Law Review, Forthcoming (April 2015)
Lee Anne Fennell, Richard H. McAdams, both University of Chicago Law School -- University of Chicago Coase-Sandor Institute for Law & Economics Research Paper No. 713 -- Welfarist law and economics ignores the distributive consequences of legal rules to focus solely on efficiency, even though distribution unambiguously affects welfare, the normative maximand. The now-conventional justification for disregarding distribution is the claim of tax superiority: that the best means of influencing or correcting distribution is via tax-and-transfer. Critics have observed that optimal redistribution through tax may be politically infeasible, but have generally overlooked the rejoinder that the same political impediments to redistribution through tax will block redistribution through legal rules. This “invariance hypothesis,” as we label it, holds that there is only one distributive equilibrium and that Congress will offset through tax any deviations from it. We highlight the centrality of invariance to the conventional economic wisdom and assert that it is just as relevantly false as the zero transaction cost assumption. In contexts where political impediments to tax-based redistribution exceed the impediments to doctrinal redistribution, it may be possible to increase welfare by redistributing outside of tax. Welfarists should, therefore, devote as much scholarly attention to the “political action costs” of redistribution as they do to transaction costs.-- PDF File: 65. -- Keywords: redistribution, tax-and-transfer, legal rules, law and economics, welfare economics -- saved to briefcase
article  SSRN  philosophy_of_law  welfare_economics  behavioral_economics  law-and-economics  redistribution  tax_policy  transaction_costs  inequality  inequality-wealth  policymaking  US_politics 
july 2015 by dunnettreader
Lawrence B. Solum - Originalism and Constitutional Construction by :: SSRN - 82 Fordham L. Rev. 453 (2013)
Georgetown University Law Center -- Constitutional interpretation is the activity that discovers the communicative content or linguistic meaning of the constitutional text. Constitutional construction is the activity that determines the legal effect given the text, including doctrines of constitutional law and decisions of constitutional cases or issues by judges and other officials. The interpretation-construction distinction, frequently invoked by contemporary constitutional theorists and rooted in American legal theory in the nineteenth and twentieth centuries, marks the difference between these two activities. (..) Part I of this Article situates the idea of constitutional construction in the context of contemporary debates about originalism and among originalists. Part II argues that the interpretation-construction distinction provides conceptual clarity and answers a variety of objections to the distinction itself and the use of the terms “interpretation” and “construction” to express the distinction. Part III advances the claim that construction is ubiquitous; Part IV makes the case for the ineliminability of the construction zone. Part V discusses the relationship between constitutional construction and debates about originalism and living constitutionalism. A conclusion follows. -- PDF File: 85 -- Keywords: constitution, interpretation, construction, interpretation-construction distinction, vagueness, ambiguity, original methods, deference, constraint -- saved to briefcase
article  SSRN  constitutional_law  US_constitution  legal_theory  legal_reasoning  originalism 
july 2015 by dunnettreader
Joseph Fishkin, Heather Gerken - The Party's Over: McCutcheon, Shadow Parties, and the Future of the Party System :: SSRN - Supreme Court Review, Vol. 2015, No. 1, 2015
Joseph Fishkin, University of Texas School of Law -- Heather Gerken, Yale University - Law School -- McCutcheon v Federal Election Commission can only be understood against the deep shifts taking place in American politics. By some measures, party identity is very strong, and the Democratic Party and the Republican Party are at the height of their power. Other measures suggest that the parties are losing their grip on politics to “outside groups” (..) which have taken over a startling array of core party functions. But these “outside groups” are are deeply and durably aligned with one party or the other and run by consummate party insiders. That’s why we call them shadow parties.(..) What we are witnessing is not outside spenders pulling power away from the parties but an intraparty battle for the heart and soul of the party writ large. Although we see this battle as an intraparty fight, its likely outcome is one that “small-d” democrats ought to find disquieting. The parties have been important sites of pluralist competition. The shift toward shadow parties threatens to flatten the party structure and inhibit pluralist politics. (..) They are closed to most and controlled by few. We are especially concerned that the shift to the shadow parties will permanently squeeze out the party faithful – the activists and highly engaged citizens who serve as a bridge between everyday citizens and political elites – and largely eliminate their already-diminished role within the party writ large. The shift toward shadow parties thus raises important questions about the future of American politics and who ought to control political parties. -- PDF File: 28 -- downloaded pdf to Note
paper  SSRN  SCOTUS  elections  campaign_finance  parties  partisanship  political_participation  politics-and-money  shadow_parties  business_influence  democracy_deficit 
july 2015 by dunnettreader
Jack M. Balkin -The Last Days of Disco: Why the American Political System is Dysfunctional :: SSRN - Boston University Law Review, Vol. 94, 2014
...what looks like constitutional dysfunction is actually constitutional transition, (..)Americans last experienced this sense of dysfunction during the late 1970s and early 1980s (..) the transition to a new constitutional regime will be far more difficult than those effected in 1932 and 1980. (1) the growth of the modern state and changes in the role of the presidency mean that even the most politically adept and fortunate presidents face greater obstacles to implementing transformative change than they once did; they are less able than past reconstructive leaders to disrupt existing institutions and clear the ground for a new politics. This, by itself, does not prevent the emergence of a new constitutional regime. But (2) the current transition will be especially difficult because we are near the peak of a long cycle of increasing polarization between the nation’s two major political parties. That polarization greatly raises the stakes of a transition to a new constitutional regime. The defenders of the old order have every incentive to resist the emergence of a new regime until the bitter end. A long and frustrating transition will have important side effects. (1) a dysfunctional Congress tempts the Executive to act unilaterally, (..). Future presidents may use these new sources of power even when the period of dysfunction has passed. (2) sustained political dysfunction also tends to empower the judiciary vis-à-vis Congress. Moreover, judges appointed by the older dominant party, late in the regime, are less likely to engage in judicial restraint and more likely to push the jurisprudential envelope. This helps explain some of the Roberts Court's recent work. -- PDF File: 40 -- downloaded pdf to Note
article  SSRN  US_politics  US_constitution  SCOTUS  exec_branch  US_President  Congress  US_judiciary  separation-of-powers  faction  GOP  Democrats  legal_history  political_change  political_culture  legal_culture  originalism  change-social  power-asymmetric  ideology  conflict  competition-political  constitutional_law  constitutional_regime  government-forms  government-roles  polarization  policymaking  political_gridlock  limited_government  judicial_review  conservatism  right-wing  political_participation  rule_of_law  instrumentalist  means-justify-ends  legitimacy  downloaded 
july 2015 by dunnettreader
John Mikhail - The Constitution and the Philosophy of Language: Entailment, Implicature, and Implied Powers :: SSRN - Virginia Law Review, Vol. 101, No. 4, 2015 (rev'd June 11 2015)
Georgetown University Law Center -- The main purpose of this Article is to begin to recover and elucidate the core textual basis of a progressive approach to constitutional law, which appears to have been embraced in essential respects by many influential figures, including Wilson, Hamilton, Marshall, and the two Roosevelts, and which rests on an implied power to promote the general welfare. To pursue this objective, the Article relies on two strange bedfellows: the law of corporations and the philosopher Paul Grice. An ordinary language philosopher like Grice, (..) might seem like an unlikely ally to enlist in this endeavor. (..) underestimating the significance of Grice’s ideas for constitutional law would be a mistake. Plausibly interpreted, the Constitution vests an implied power in the Government of the United States to promote the general welfare, and Grice’s distinction between semantic and pragmatic implication is a helpful means of understanding why. After a general introduction, the Article first summarizes some key aspects of Grice’s philosophy of language and then briefly illustrates their relevance for constitutional law. The remainder of the Article is then devoted to explaining how, along with a relatively simple principle in the law of corporations, according to which a legal corporation is implicitly vested with the power to fulfill its purposes, Grice’s distinction between semantic and pragmatic implication helps to illuminate a thorny problem of enduring interest: What powers does the Constitution vest in the Government of the United States? -- Pages in PDF File: 41 -- Keywords: James Wilson, Charles Beard, James Madison, Gouverneur Morris, Paul Grice, constitution, implication, implicature, entailment, semantics, pragmatics, implied powers, enumerated powers, preamble, vesting clause, necessary and proper clause, sweeping clause, tenth amendment, originalism -- downloaded pdf to Note
article  SSRN  philosophy_of_law  philosophy_of_language  ordinary_language_philosophy  legal_reasoning  constitutional_law  US_constitution  US_history  federalism  US_government  US_legal_system  originalism  common_good  commonwealth  progressivism  Founders  Madison  Morris_Gouverneur  downloaded 
june 2015 by dunnettreader
Heather K. Gerken and Joseph Fishkin - Whose party is it anyway? | Balkinization - June 2015
Description of key portion of paper published *downloaded from SSRN to Note) we imagine three models of who should control a party: 1. The equality model: On this model, each party member should have equal influence over the direction of the party. 2. The elite-driven model: On this model, the parties are not democracies; they are more like firms, competing in the broader democratic arena. In this analogy, party elites are the executives; the donors are the shareholders; and ordinary voters are like consumers who can accept or reject what the elites are selling. This model has its roots in a Schumpeterian conception of democracy. -- Neither of these models, we think, is adequate—either positively or normatively. (..) So we propose 3. The pluralist model: This hybrid model takes into account the party’s multi-layered role in our politics. On this model, the party stands in part for ordinary voters who make up the base of the party, in part for the party elites who run it, and in part for the activists in between—the party faithful, who knock on doors and show up at rallies and caucuses and provide much of the party’s energy. The party faithful are much more heavily involved in the party than ordinary voters, but much less influential than the Koch brothers. One major worry we have about the shift from official parties to shadow parties is that the party faithful may get squeezed out, leaving us with a politics that is more centralized and broadcast-like.
Instapaper  paper  SSRN  US_politics  parties  shadow_parties  political_participation  pluralism  voting  elections  democracy  democracy-direct  elites-political_influence  oligarchy  politics-and-money  partisanship  parties-transmission_belts  public_sphere  public_opinion  competition-political  from instapaper
june 2015 by dunnettreader
Jeremy Waldron - Can There Be a Democratic Jurisprudence? :: SSRN - Nov 2008
NYU School of Law, Public Law Research Paper No. 08-35 -- General jurisprudence purports to consider law in general. But to break out of the arid abstractions of analytic legal philosophy, it may be worth also giving some jurisprudential consideration to the distinctive features of law in the context of a particular kind of political system. This paper considers the jurisprudence of law in a modern democracy. It explores a suggestion (made by Ronald Dworkin and others) that legal positivism might be a theory particularly apt for a democracy. And it explores the meaning and significance for democratic political theory of ideas like the generality of law, the separation of law and morality, the sources thesis, and law's public orientation. At the very end, the paper also considers Jean-Jacques Rousseau's view that the word "law" should be confined to measures that are applicable to all, made by all, and enacted in the spirit of a general will. -- Pages in PDF File: 5 -- Keywords: analytic legal philosophy, democracy, Hart, jurisprudence, legal positivism, Rousseau, separation of law and morality, sources of law -- downloaded pdf to Note
paper  SSRN  philosophy_of_law  jurisprudence  legal_theory  legal_system  political_philosophy  government-forms  democracy  positivism-legal  analytical_philosophy  Hart  general_will  moral_philosophy  Dworkin  lawmaker  politics-and-religion  legal_reasoning  downloaded 
june 2015 by dunnettreader
Conscience Wars: Complicity-Based Conscience Claims in Religion and Politics by Douglas NeJaime, Reva Siegel :: SSRN - Yale Law Journal, Vol. 124, pp. 2516-2591, 2015
Douglas NeJaime, University of California, Irvine School of Law -- Reva Siegel, Yale University - Law School -- (...) Complicity claims focus on the conduct of others outside the faith community. Their accommodation therefore has potential to harm those the claimants view as sinning. (..) Some, tacitly acknowledging the democratic contests in which complicity claims are entangled, urge religious accommodation in the hopes of peaceful settlement. Yet, as we show, complicity-based conscience claims can provide an avenue to extend, rather than settle, conflict about social norms. We highlight the distinctive form and social logic of complicity-based conscience claims so that those debating accommodation do so with the impact on third parties fully in view. The Article considers a range of legal and institutional contexts in which complicity claims are arising, paying particular attention to RFRA. We show how concern about the third-party impact of accommodation structured the Court’s decision in Hobby Lobby. And looking beyond Hobby Lobby, we show how this concern with third-party harm is an integral part of the compelling interest and narrow tailoring inquiries that courts undertake in applying the statute. At issue is not only whether but how complicity claims are accommodated. -- Pages in PDF File: 76 -- Keywords: religion, accommodation, complicity, Hobby Lobby, Holt, contraception, abortion, marriage, exemptions, religious liberty, religious freedom, equality, liberty, healthcare, burwell -- saved to briefcase
paper  SSRN  constitutional_law  politics-and-religion  culture_wars  US_politics  US_constitution  religious_belief  religious_culture  health_care  women-rights  liberty  equality  employee_benefits  work-life_balance  labor_law  freedom_of_conscience  norms  discrimination 
june 2015 by dunnettreader
Jeremy Waldron - Ius Gentium: A Defense of Gentili's Equation of the Law of Nations and the Law of Nature :: SSRN November 2008
NYU School of Law, Public Law Research Paper No. 08-34 -- The relation between the law of nature and the law of nations (ius gnetium) remains unclear. This paper examines Gentili's apparent equation of the two, and it considers more generally how abstract natural law reasoning might be improved by the sort of empirical/comparative law reasoning (as we would call it) that thinkers like Gentili, Grotius and others engaged in when they tried to determine what natural law teaches us about the regulation of war. -- Pages in PDF File: 17 -- Keywords: Gentili, ius gentium, law of nations, laws of war, moral reasoning, natural law, positive law -- downloaded pdf to Note
paper  SSRN  philosophy_of_law  jurisprudence  legal_theory  analytical_philosophy  Roman_law  natural_law  international_law  positivism-legal  positive_law  moral_philosophy  comparative_law  17thC  18thC  Europe-Early_Modern  Grotius  gentility  law_of_the_sea  law_of_nations  ius_gentium  downloaded 
june 2015 by dunnettreader
Jeremy Waldron - What do the Philosophers Have against Dignity? (Nov 2014) :: SSRN
NYU School of Law, Public Law Research Paper No. 14-59 -- Among analytic philosophers, there is considerable antipathy towards the concept of human dignity. It is not always expressed, but the impression is conveyed that this is a rather disreputable idea and that its trumpeting in legal and political theory is to be deplored. The present paper tries to get to grips with the sources of this antipathy. Is it based on the unclarity of the concept, its religious overtones, its speciesism, or its redundancy as a moral idea. The paper makes a case for dignity as a status-concept -- denoting a particular sort of moral/legal status that all humans have. -- Pages in PDF File: 23 -- Keywords: definition, dignity, foundationalism, human dignity, religion, rights -- downloaded pdf to Note
paper  SSRN  philosophy_of_law  jurisprudence  legal_theory  analytical_philosophy  concepts  dignity  moral_philosophy  political_philosophy  status  human_rights  foundationalism  politics-and-religion  natural_law  natural_rights  downloaded 
june 2015 by dunnettreader
Jeremy Waldron -Judicial Review and Judicial Supremacy (Nov 2014) :: SSRN
NYU School of Law, Public Law Research Paper No. 14-57 -- This paper attempts to identify a particular constitutional evil -- namely, judicial supremacy -- and to distinguish the objection to judicial supremacy from the broader case that can be made against judicial review. Even if one supports judicial review, one ought to have misgivings about the prospect of judicial supremacy. The paper associates judicial supremacy with three distinct tendencies in constitutional politics: (1) the temptation of courts to develop and pursue a general program (of policy and principle of their own) rather than just to intervene on a piecemeal basis; (2) the tendency of the highest court to become not only supreme but sovereign, by taking on a position of something like broad sovereignty within the constitutional scheme (thus confirming Thomas Hobbes in his conviction that the rule of law cannot be applied at the highest level of political authority in a state because any attempt to apply it just replicates sovereignty at a higher level)); (3) the tendency of courts to portray themselves as entitled to "speak before all others" for those who made the constitution, to take on the mantle of pouvoir constituant and to amend or change the understanding of the constitution when that is deemed necessary. -- Pages in PDF File: 44 -- Keywords: constitutions, Hobbes, judicial review, judicial supremacy, judges, judiciary, popular constitutionalism, rule of law, Sieyes, sovereignty -- downloaded pdf to Note
paper  SSRN  philosophy_of_law  jurisprudence  legal_theory  legal_system  political_philosophy  government-forms  Hobbes  Sieyes  sovereignty  authority  democracy  accountability  constitutions  constitutionalism  judicial_review  judiciary  conflict  public_policy  public_opinion  change-social  political_change  policymaking  downloaded 
june 2015 by dunnettreader
Jeremy Waldron - The Rule of Law in Public Law (September 2014) :: SSRN - Cambridge Companion to Public Law, Forthcoming
NYU School of Law, Public Law Research Paper No. 14-40 -- This paper explores the possibility of a conception of the rule of law that is oriented specifically to public law. It is not a conception of the rule of law that privileges private law rights (like rights of property) nor is it an abstract or anodyne conception that is supposed to apply to all areas of governance indiscriminately. Instead this is an account of the rule of law that takes the mission of public administration seriously and seeks to establish it on a footing of legality rather than managerialism, while at the same time acknowledging that sometimes private interests have to give way to the interests of the public. -- Number of Pages in PDF File: 19 -- Keywords: Dicey, discretion, public law, public administration, rule of law -- downloaded pdf to Note
chapter  SSRN  philosophy_of_law  jurisprudence  legal_theory  legal_system  public_law  administrative_law  rule_of_law  discretion  managerialism  public_interest  public_goods  rights-legal  constitutional_law  property_rights  property-confiscations  downloaded 
june 2015 by dunnettreader
Jeremy Waldron - Public Rule of Law (keynote address) :: SSRN September 2014
Inaugural Conference of International Society for Public Law, June 2014 -- NYU School of Law, Public Law Research Paper No. 14-41 -- This paper was delivered as the keynote address at the inaugural conference of the International Society for Public Law, in the Palazzo Vecchio in Florence, on 26 June, 2014. It develops an understanding of public law that takes seriously both the idea of public governance and the idea of individual parties as members of the public. And it outlines an understanding of the rule of law that matches these public-spirited conceptions. -- Number of Pages in PDF File: 22 -- Keywords: private property, public administration, public law, republicanism, rule of law -- downloaded pdf to Note
paper  SSRN  philosophy_of_law  jurisprudence  legal_theory  legal_system  common_good  public_law  public_goods  government-roles  administrative_law  administrative_agencies  government_agencies  property  property_rights  republicanism  rule_of_law  political_participation  governance  downloaded 
june 2015 by dunnettreader
Thomas Colby and Peter J. Smith - The Return of Lochner :: SSRN - April 2015 - Cornell Law Review, Vol. 100, No. 527, 2015
Both at GW Law School - For a very long time, it has been an article of faith among liberals and conservatives alike that Lochner v. New York was obviously and irredeemably wrong. Lochner is one of only a few cases that constitute our “anticanon,” universally reviled by the legal community as the “worst of the worst.” (..) conservatives are ready, once again, to embrace Lochner — although perhaps not in name — by recommitting to some form of robust judicial protection for economic rights. (...) this impending change has been greatly facilitated by important modifications to the theory of originalism, which has served for nearly a half century as the intellectual framework for conservative legal thought (..) and it has now evolved to the point where it can plausibly accommodate claims that the Constitution protects economic liberty. (..) how legal movements evolve generally. Sometimes the courts change the doctrine, and the theorists scramble to keep up. This is, roughly speaking, what happened with liberal legal thought in the second half of the 20thC. Just when liberal legal theorists, reeling from the Lochner era, had settled on the view that the courts should exercise judicial review very sparingly — and perhaps never to enforce rights not specifically identified in the Constitution — the liberal Court began to exercise judicial review more frequently and aggressively, often to protect rights not clearly identified in the Constitution. Liberal theorists then struggled for years to develop an account of the appropriate judicial role that condemned Lochner but legitimized later cases protecting fundamental rights and vulnerable minorities. Modern conservative legal thought seems to be following the opposite progression: the theorists lead, the opinion leaders gradually sign on, and judges eventually follow. — conservatives have patiently waited for the theory to come together — for the blueprints to be drawn — before moving forward. But the plans are now largely ready, and we expect that it will not be long before the bulldozers break ground. - 77 pages saved to SSRN briefcase
article  SSRN  SCOTUS  libertarianism  US_constitution  US_legal_system  legal_history  legal_theory  legal_reasoning  constitutional_law  civil_liberties  liberty-negative  laisser-faire  freedom_of_contract  freedom_of_conscience  equality  judicial_review 
june 2015 by dunnettreader
Andrew W. Lo - The Gordon Gekko Effect: The Role of Culture in the Financial Industry | NBER June 2015
NBER Working Paper No. 21267 -- Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the recent financial crisis. I present a brief overview of the role of culture according to psychologists, sociologists, and economists, and then present a specific framework for analyzing culture in the context of financial practices and institutions in which three questions are answered: (1) What is culture?; (2) Does it matter?; and (3) Can it be changed? I illustrate the utility of this framework by applying it to five concrete situations—Long Term Capital Management; AIG Financial Products; Lehman Brothers and Repo 105; Société Générale’s rogue trader; and the SEC and the Madoff Ponzi scheme—and conclude with a proposal to change culture via “behavioral risk management.” -- check SSRN
paper  paywall  SSRN  financial_instiutions  business_practices  business-norms  risk_management  economic_culture  financial_crisis  financial_regulation  incentives  incentives-distortions  social_psychology  economic_sociology  firms-structure  firms-organization 
june 2015 by dunnettreader
K. Vela Velupillai - Conning Variations on the Theme of in :: SSRN - Journal of Economic Surveys, Vol. 21, Issue 3, pp. 466-505, July 2007
K. Vela Velupillai, National University of Ireland, Galway (NUIG) - Department of Economics; Università degli Studi di Trento - Department of Economics and Management. -- The mathematization of economics is almost exclusively in terms of the mathematics of real analysis which, in turn, is founded on set theory (and the axiom of choice) and orthodox mathematical logic. In this paper I try to point out that this kind of mathematization is replete with economic infelicities. The attempt to extract these infelicities is in terms of three main examples and one general discussion: dynamics, policy and rational expectations and learning are the examples; a game theory without subjectivism, based on the axiom of determinateness, is discussed in general terms. The focus is on the role and reliance of standard fixed-point theorems in orthodox mathematical economics. -- Pages in PDF File: 40 -- via Lars Syll -- didn't download -- added to My Briefcase
article  SSRN  philosophy_of_science  philosophy_of_social_science  mathematics  economic_theory  economic_models  deduction  rational_expectations  game_theory  mathematization 
june 2015 by dunnettreader
Roger Backhouse, Mauro Boianovsky - Secular Stagnation: The History of a Macroeconomic Heresy :: SSRN - May 5, 2015
Roger Backhouse, University of Birmingham - Department of Economics -- Mauro Boianovsky, Universidade de Brasilia. *--* This paper covers the history of secular stagnation from Alvin's Hansen's AEA Presidential address in 1938 to the recent re-discovery of the idea by Lawrence Summers. It is argued that the story of secular stagnation is more complicated than the simple version usually told: the theory changed in ways that meant that, though its immediate relevance might be less, postwar prosperity left open the possibility that it might one day become relevant. It is also pointed out that the history of the term has never been free of political concerns, and it is suggested that changing conceptions of economic theory played an important role in the fate of secular stagnation -- Pages in PDF File: 36 -- Keywords: secular stagnation, unemployment equilibrium, Keynesian economics, Hansen -' downloaded to Note
paper  SSRN  economic_theory  intellectual_history  economic_history  US_economy  US_politics  20thC  Great_Depression  post-WWII  Keynesianism  stagnation  macroeconomics  institutional_economics  prices  competition  deficit_finance  downloaded 
may 2015 by dunnettreader
Kathleen Perkins Miller, George Serafeim - Chief Sustainability Officers: Who Are They and What Do They Do? (revised September 2014) :: SSRN
Kathleen Perkins Miller, Miller Consultants -- George Serafeim, Harvard University - Harvard Business School *--* Chapter 8 in Leading Sustainable Change, Oxford University Press, 2014 *--* While a number of studies document that organizations go through numerous stages as they increase their commitment to sustainability over time, we know little about the role of the Chief Sustainability Officer (CSO) in this process. Using survey and interview data we analyze how a CSO’s authority and responsibilities differ across organizations that are in different stages of sustainability commitment. We document increasing organizational authority of the CSO as organizations increase their commitment to sustainability moving from Compliance to Efficiency and then to Innovation. However, we also document a decentralization of decision rights from the CSO to different functions, largely driven by sustainability strategies becoming more idiosyncratic at the Innovation stage. The study concludes with a discussion of practices that CSOs argue to accelerate the commitment of organizations to sustainability. -- Pages in PDF File: 22 -- Keywords: sustainability, organizational change, Chief Sustainability Officer, innovation, -- downloaded pdf to Note
chapter  SSRN  business_practices  business-norms  CSR  sustainability  firms-organization  firms-structure  Innovation  corporate_governance  accountability  institutional_change  institutional_capacity  downloaded 
april 2015 by dunnettreader
Robert G. Eccles, Jock Herron, George Serafeim - Reliable Sustainability Ratings: The Influence of Business Models on Information Intermediaries (revised October 2014) :: SSRN
ility Ratings: The Influence of Business Models on Information Intermediaries

Robert G. Eccles, Harvard Business School -- Jock Herron, Harvard University - School of Design -- George Serafeim, Harvard University - Harvard Business School -- Chapter in Routledge Handbook on Responsible Investing (Forthcoming) *--* A new generation of corporate reporting - integrated reporting - is emerging that will help investors and other key stakeholders such as employees, customers, suppliers, and NGOs develop a deeper and more comprehensive appreciation of corporate performance than what is currently provided by GAAP financial reporting. The purpose of this paper is to examine the optimal design of information intermediaries that can increase the impact of sustainability information on corporate conduct. Specifically, we focus on two issues: who pays for the information and which performance metrics should be included in assessing the sustainability performance of a company. -- Pages in PDF File: 28 -- Keywords: sustainability, ratings, corporate performance, rating agencies, conflicts of interest, integrated reporting, corporate social responsibility -- downloaded pdf to Note
chapter  SSRN  CSR  sustainability  accounting  disclosure  disclosure-integrated  corporate_governance  corporate_citizenship  business_practices  information-markets  information-intermediaries  rating_agencies  ratings  conflict_of_interest  downloaded 
april 2015 by dunnettreader
Robert G. Eccles, George Serafeim - Corporate and Integrated Reporting: A Functional Perspective (revised September 2014) :: SSRN
Robert G. Eccles, Harvard Business School -- George Serafeim, Harvard University - Harvard Business School *--* Chapter in Stewardship of the Future, edited by Ed Lawler, Sue Mohrman, and James O’Toole, Greenleaf, 2015. *--* In this paper, we present the two primary functions of corporate reporting (information and transformation) and why currently isolated financial and sustainability reporting are not likely to perform effectively those functions. We describe the concept of integrated reporting and why integrated reporting could be a superior mechanism to perform these functions. Moreover, we discuss, through a series of case studies, what constitutes an effective integrated report (Coca-Cola Hellenic Bottling Company) and the role of regulation in integrated reporting (Anglo-American). -- Pages in PDF File: 21 -- Keywords: corporate reporting, integrated reporting, information, investing, sustainability, accounting -- downloaded pdf to Note
paper  SSRN  CSR  sustainability  accounting  disclosure  disclosure-integrated  corporate_governance  corporate_citizenship  business_practices  information-markets  investors  risk_management  institutional_change  downloaded 
april 2015 by dunnettreader
George Serafeim - The Role of the Corporation in Society: An Alternative View and Opportunities for Future Research b(revised June 2014) :: SSRN
Harvard University - Harvard Business School *--* A long-standing ideology in business education has been that a corporation is run for the sole interest of its shareholders. I present an alternative view where increasing concentration of economic activity and power in the world’s largest corporations, the Global 1000, has opened the way for managers to consider the interests of a broader set of stakeholders rather than only shareholders. Having documented that this alternative view better fits actual corporate conduct, I discuss opportunities for future research. Specifically, I call for research on the materiality of environmental and social issues for the future financial performance of corporations, the design of incentive and control systems to guide strategy execution, corporate reporting, and the role of investors in this new paradigm. -- Pages in PDF File: 27 -- Keywords: corporate performance, corporate size, sustainability, corporate social responsibility, accounting -- downloaded pdf to Note
paper  SSRN  corporate_governance  corporate_citizenship  global_economy  global_governance  international_political_economy  shareholder_value  shareholders  CSR  disclosure  accountability  accounting  institutional_economics  institutional_investors  incentives  institutional_change  long-term_orientation  business-and-politics  business-norms  business_practices  business_influence  sustainability  MNCs  firms-theory  firms-structure  firms-organization  power  power-concentration  concentration-industry  downloaded 
april 2015 by dunnettreader
Russell J. Lundholm, George Serafeim, Gwen Yu - FIN Around the World: The Contribution of Financing Activity to Profitability - July 1, 2012 :: SSRN
Russell J. Lundholm, University of British Columbia - Sauder School of Business -- George Serafeim ,Harvard University - Harvard Business School -- Gwen Yu, Harvard Business School -- Harvard Business School Accounting & Management Unit Working Paper No. 2113557 -- We study how the availability of domestic credit influences the contribution that financing activities make to a firm’s return on equity (ROE). Using a sample of 51,866 firms from 69 countries, we find that financing activities contribute more to a firm’s ROE in countries with higher domestic credit. The higher contribution of financing activities is not driven by firms taking greater leverage in these countries, but by firms realizing a higher spread (i.e., a greater difference in operating performance and borrowing cost) when more domestic credit is available. Also, we find that firms partially substitute trade credit for financial credit, with large firms exhibiting the greatest rate of substitution. For small firms, the rate of substitution improves with the country’s available domestic credit, while large firms are insensitive to this friction. The findings suggest that both country and firm-level factors have a significant impact on how financing activities contribute to corporate performance. -- Pages in PDF File: 51 -- Keywords: Domestic Credit, Financial Statement Analysis, Return on Equity, Corporate Performance -- didn't download
paper  SSRN  corporate_finance  profit  interest_rates  financial_sector_development  credit  SMEs  financial_access  trade_finance  leverage  shareholder_value 
april 2015 by dunnettreader
Beiting Cheng, Ioannis Ioannou, George Serafeim - Corporate Social Responsibility and Access to Finance - May 19, 2011 | Strategic Management Journal, 35 (1): 1-23. :: SSRN
Beiting Cheng, Harvard University - Harvard Business School -- Ioannis Ioannou, London Business School -- George Serafeim, Harvard University - Harvard Business School **--** In this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to a) reduced agency costs due to enhanced stakeholder engagement and b) reduced informational asymmetry due to increased transparency. Using a large cross-section of firms, we find that firms with better CSR performance face significantly lower capital constraints. Moreover, we provide evidence that both of the hypothesized mechanisms, better stakeholder engagement and transparency around CSR performance, are important in reducing capital constraints. The results are further confirmed using several alternative measures of capital constraints, a paired analysis based on a ratings shock to CSR performance, an instrumental variables and also a simultaneous equations approach. Finally, we show that the relation is driven by both the social and the environmental dimension of CSR. -- Pages in PDF File: 43 -- Keywords: corporate social responsibility, sustainability, capital constraints, ESG (environmental, social, governance) performance -- didn't download
article  SSRN  business_practices  business-norms  corporate_finance  corporate_governance  shareholder_value  CSR  environment  sustainability  accounting  accountability  firms-theory  firms-structure  information-asymmetric  disclosure  finance-cost 
april 2015 by dunnettreader
Robert G. Eccles, Ioannis Ioannou, George Serafeim - The Impact of Corporate Sustainability on Organizational Processes and Performance - November 23, 2011 :: SSRN - Management Science, Forthcoming
Robert G. Eccles, Harvard Business School -- Ioannis Ioannou, London Business School -- George Serafeim, Harvard University - Harvard Business School *--* We investigate the effect of a corporate culture of sustainability on multiple facets of corporate behavior and performance outcomes. Using a matched sample of 180 companies, we find that corporations that voluntarily adopted environmental and social policies many years ago – termed as High Sustainability companies – exhibit fundamentally different characteristics from a matched sample of firms that adopted almost none of these policies – termed as Low Sustainability companies. In particular, we find that the boards of directors of these companies are more likely to be responsible for sustainability and top executive incentives are more likely to be a function of sustainability metrics. Moreover, they are more likely to have organized procedures for stakeholder engagement, to be more long-term oriented, and to exhibit more measurement and disclosure of nonfinancial information. Finally, we provide evidence that High Sustainability companies significantly outperform their counterparts over the long-term, both in terms of stock market and accounting performance. The outperformance is stronger in sectors where the customers are individual consumers instead of companies, companies compete on the basis of brands and reputations, and products significantly depend upon extracting large amounts of natural resources. -- Keywords: sustainability, corporate social responsibility, culture, governance, disclosure, performance -- didn't download
paper  SSRN  corporate_governance  corporate_citizenship  corporate_finance  CSR  brands  reputation  incentives  sustainability  long-term_orientation  natural_resources  firms-theory  firms-structure  firms-organization  executive_compensation  business-norms  profit  disclosure 
april 2015 by dunnettreader
Richard N. Langlois - Knowledge, Consumption, and Endogenous Growth - January 2000 :: SSRN
University of Connecticut - Department of Economics -- working paper for Knowledge, Consumption, and Endogenous Growth. Journal of Evolutionary Economics, Vol. 11, No. 1. http://ssrn.com/abstract=257785 -- Abstract of article: In neoclassical theory, knowledge generates increasing returns-and therefore growth-because it is a public good that can be costlessly reused once created. In fact, however, much knowledge in the economy is actually tacit and not easily transmitted-and thus not an obvious source of increasing returns. Several writers have responded to this alarming circumstances by affirming hopefully that knowledge today is increasingly codified, general, and abstract-and increasingly less tacit. This paper disputes such a trend. But all is not lost: for knowledge does not have to be codified to be reused and therefore to generate economic growth. -- Abstract of paper adds -- This essay takes a skeptical view of the proposition that we are experiencing greater codification hand in hand with modern technology and economic growth. ... [and] an equally skeptical view ...that only codified knowledge, and never tacit knowledge, can generate economic growth. Knowledge can be externalized and made less idiosyncratic in ways that do not necessarily involve codification. Knowledge is structure. And knowledge can be externalized beyond an individual creator by being imbedded either in machines and other physical technology or in various kinds of social or behavioral structures that I will broadly call institutions. Using a wonderful 1912 essay by Wesley Clair Mitchell as a starting point, I examine, as a kind of case study, the way in which knowledge is embedded and shared in consumption -- an important and neglected aspect of the process of economic growth. -- Pages in PDF 38 -- Keywords: Tacit knowledge, Increasing returns, Growth theory, Knowledge reuse, Codification -- downloaded pdf to Note
article  SSRN  philosophy_of_social_science  institutions  institutional_economics  firms-theory  firms-structure  knowledge  knowledge_economy  know-how  public_goods  epistemology-social  technology  technology_transfer  technology-adoption  economic_growth  economic_sociology  Innovation  increasing_returns  bibliography  consumption  consumers  downloaded 
april 2015 by dunnettreader
Giovanni Dosi, et al -Fiscal and Monetary Policies in Complex Evolving Economies -- 2013 :: SSRN
Giovanni Dosi, Giorgio Fagiolo, Mauro Napoletano, Andrea Roventini, Tania Treibich -- In this paper we explore the effects of alternative combinations of fiscal and monetary policies under different income distribution regimes. In particular, we aim at evaluating fiscal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model populated by heterogeneous capital- and consumption-good firms, heterogeneous banks, workers/consumers, a Central Bank and a Government. We show that the model is able to reproduce a wide array of macro and micro empirical regularities, including stylised facts concerning financial dynamics and banking crises. Simulation results suggest that the most appropriate policy mix to stabilize the economy requires unconstrained counter-cyclical fiscal policies, where automatic stabilizers are free to dampen business cycles fluctuations, and a monetary policy targeting also employment. Instead, "discipline-guided" fiscal rules such as the Stability and Growth Pact or the Fiscal Compact in the Eurozone always depress the economy, without improving public finances, even when escape clauses in case of recessions are considered. Consequently, austerity policies appear to be in general self-defeating. Furthermore, we show that the negative effects of austere fiscal rules are magnified by conservative monetary policies focused on inflation stabilization only. Finally, the effects of monetary and fiscal policies become sharper as the level of income inequality increases. -- Pages in PDF File: 38 -- Keywords: agent-based model, fiscal policy, monetary policy, banking crises, income inequality, austerity policies, disequilibrium dynamics -- downloaded pdf to Note
paper  SSRN  macroeconomics  fiscal_policy  fiscal_drag  austerity  Eurozone  EU_governance  EU  equilibrium  financial_crisis  bank_runs  inequality  countercyclical_policy  agent-based_models  complexity  recessions  dynamic_attractors  complex_adaptive_systems  downloaded 
april 2015 by dunnettreader
Andrew W. Lo - Reconciling Efficient Markets with Behavioral Finance: The Adaptive Markets Hypothesis - 2005 :: SSRN - Journal of Investment Consulting, Forthcoming
Massachusetts Institute of Technology (MIT) - Sloan School of Management; Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL); National Bureau of Economic Research (NBER) -- The battle between proponents of the Efficient Markets Hypothesis and champions of behavioral finance has never been more pitched, and there is little consensus as to which side is winning or what the implications are for investment management and consulting. In this article, I review the case for and against the Efficient Markets Hypothesis, and describe a new framework - the Adaptive Markets Hypothesis - in which the traditional models of modern financial economics can co-exist alongside behavioral models in an intellectually consistent manner. Based on evolutionary principles, the Adaptive Markets Hypothesis implies that the degree of market efficiency is related to environmental factors characterizing market ecology such as the number of competitors in the market, the magnitude of profit opportunities available, and the adaptability of the market participants. Many of the examples that behavioralists cite as violations of rationality that are inconsistent with market efficiency - loss aversion, overconfidence, overreaction, mental accounting, and other behavioral biases - are, in fact, consistent with an evolutionary model of individuals adapting to a changing environment via simple heuristics. Despite the qualitative nature of this new paradigm, I show that the Adaptive Markets Hypothesis yields a number of surprisingly concrete applications for both investment managers and consultants. -- Pages in PDF File: 44 Keywords: Efficient markets, behavioral finance, adaptive markets
paper  SSRN  financial_economics  EMH  behavioral_economics  markets-structure  markets-psychology  rationality-economics  rationality-adaptive  efficiency  heuristics  methodology-qualitative  methodology-quantitative  complex_adaptive_systems  downloaded 
april 2015 by dunnettreader
Andrew W. Lo, Thomas J. Brennan - Do Labyrinthine Legal Limits on Leverage Lessen the Likelihood of Losses?: An Analytical Framework - Texas Law Review, Vol. 90, No. 7, 2012 :: SSRN
Andrew Lo - Massachusetts Institute of Technology (MIT) - Sloan School of Management; Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL); National Bureau of Economic Research (NBER) *--* Thomas J. Brennan - Northwestern University School of Law. **--** A common theme in the regulation of financial institutions and transactions is leverage constraints. Although such constraints are implemented in various ways — from minimum net capital rules to margin requirements to credit limits — the basic motivation is the same: to limit the potential losses of certain counterparties. However, the emergence of dynamic trading strategies, derivative securities, and other financial innovations poses new challenges to these constraints. We propose a simple analytical framework for specifying leverage constraints that addresses this challenge by explicitly linking the likelihood of financial loss to the behavior of the financial entity under supervision and prevailing market conditions. An immediate implication of this framework is that not all leverage is created equal, and any fixed numerical limit can lead to dramatically different loss probabilities over time and across assets and investment styles. This framework can also be used to investigate the macroprudential policy implications of microprudential regulations through the general-equilibrium impact of leverage constraints on market parameters such as volatility and tail probabilities. -- Pages in PDF File: 36 -- Leverage, Liquidity, Financial Regulation, Capital Requirements, Macroprudential Policies, Net Capital Rules -- downloaded pdf to Note
article  SSRN  financial_system  financial_regulation  financial_crisis  markets-structure  banking  NBFI  shadow_banking  leverage  capital_adequacy  liquidity  capital_markets  money_market  derivatives  arbitrage  macroprudential_policies  macroprudential_regulation  risk-systemic  financial_innovation  bank_runs  downloaded 
april 2015 by dunnettreader
Reading About the Financial Crisis: A 21-Book Review by Andrew W. Lo :: SSRN
Massachusetts Institute of Technology (MIT) - Sloan School of Management; Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL); National Bureau of Economic Research (NBER) -- The recent financial crisis has generated many distinct perspectives from various quarters. In this article, I review a diverse set of 21 books on the crisis, 11 written by academics, and 10 written by journalists and one former Treasury Secretary. No single narrative emerges from this broad and often contradictory collection of interpretations, but the sheer variety of conclusions is informative, and underscores the desperate need for the economics profession to establish a single set of facts from which more accurate inferences and narratives can be constructed. -- Pages in PDF File: 41 -- Keywords: Financial Crisis, Systemic Risk, Book Review -- downloaded pdf to Note
paper  SSRN  reviews  books  economic_history  21stC  Great_Recession  financial_crisis  financial_system  financial_regulation  financialization  capital_markets  banking  NBFI  shadow_banking  regulation-enforcement  rent-seeking  fraud  debt  debtors  housing  securitization  derivatives  bank_runs  banking-universal  Glass-Steagal  risk_management  risk-systemic  financial_economics  global_system  global_imbalance  capital_flows  institutional_investors  institutional_economics  bubbles  Minsky  downloaded 
april 2015 by dunnettreader
William P. Li, David Larochelle, Andrew W. Lo Estimating Policy Trajectories During the Financial Crisis - June 26, 2014 :: SSRN
William P. Li - Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL) *--* David Larochelle -
Harvard University - Berkman Center for Internet & Society *--* Andrew W. Lo -
Massachusetts Institute of Technology (MIT) - Sloan School of Management; Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL); National Bureau of Economic Research (NBER) -- NLP Unshared Task in PoliInformatics 2014 -- We apply text-matching techniques to trace the trajectory of policy ideas contained in four bills related to the Financial Crisis during the 110th (2007-08) and 111th (2009-10) Congresses. By identifying the first appearance of bill text, visualizing the results, and constructing metrics to quantify the congressional “consideration time” of a bill’s ideas, our analysis reveals that two of the four bills were dominated by ideas that were first introduced many months before their eventual passage, while the other two bills contained mostly new text and were truly novel responses to the Crisis. In addition, we also apply the method to find policy ideas related to the Financial Crisis that were not included in successful bills. We suggest possible applications by both researchers and open-government advocates. -- Pages in PDF File: 5 -- Keywords: financial crisis, public policy, natural language processing, analytics, machine learning, data mining -- downloaded pdf to Note
paper  SSRN  political_science  Congress  legislation  legislature-process  data_mining  natural_language_processing  text_analysis  financial_crisis  Dodd-Frank  machine_learning  open_government  downloaded 
april 2015 by dunnettreader
Xavier Gabaix - The Granular Origins of Aggregate Fluctuations - August 17, 2009 :: SSRN
New York University - Stern School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI) -- This paper proposes that idiosyncratic firm-level fluctuations can explain an important part of aggregate shocks, and provide a microfoundation for aggregate productivity shocks. Existing research has focused on using aggregate shocks to explain business cycles, arguing that individual firm shocks average out in aggregate. I show that this argument breaks down if the distribution of firm sizes is fat-tailed, as documented empirically. The idiosyncratic movements of the largest 100 firms in the US appear to explain about one third of variations in output and the Solow residual. This "granular" hypothesis suggests new directions for macroeconomic research, in particular that macroeconomic questions can be clarified by looking at the behavior of large firms. This paper's ideas and analytical results may also be useful to think about the fluctuations of other economic aggregates, such as exports or the trade balance. -- Pages in PDF File: 44 -- Keywords: Business cycle, idiosyncratic shocks, productivity, Solow residual, granular residual, comovement -- didn't download
paper  SSRN  economic_theory  macroeconomics  microeconomics  business_cycles  economic_growth  productivity 
april 2015 by dunnettreader
Geoffrey Jones - Entrepreneurs, Firms and Global Wealth Since 1850 - March 2013 | SSRN
Modern economic growth diffused from its origins in the North Sea region to elsewhere in western and northern Europe, across the Atlantic, and later to Japan, but struggled to get traction elsewhere. The societal and cultural embeddedness of the new technologies posed significant entrepreneurial challenges. The best equipped to overcome these challenges were often entrepreneurs based in minorities who held significant advantages in capital-raising and trust levels. By the interwar years productive modern business enterprise was emerging across the non-Western world. Often local and Western managerial practices were combined to produce hybrid forms of business enterprise. After 1945 many governmental policies designed to facilitate catch-up ended up crippling these emergent business enterprises without putting effective alternatives in place. The second global economy has provided more opportunities for catch up from the Rest, and has seen the rapid growth of globally competitive businesses in Asia, Latin America and Africa. This is explained not only by institutional reforms, but by new ways for business in the Rest to access knowledge and capital, including returning diaspora, business schools and management consultancies. Smarter state capitalism was also a greater source of international competitive advantage than the state intervention often seen in the past. -- downloaded pdf to Note
economic_history  development  industrialization  institutional_economics  19thC  20thC  21stC  post-WWII  competition-interstate  globalization  industrial_policy  emtrepreneurs  diaspora  SMEs  technology_transfer  trust  access_to_finance  modernization_theory  business_history  firms-organization  downloaded  SSRN  Industrial_Revolution 
april 2015 by dunnettreader
Paul A. Lewis - Notions of Order and Process in Hayek: The Significance of Emergence (Cambridge Journal of Economics, 2014) :: SSRN
DOI: 10.1093/cje/beu043 -- King's College London - Department of Political Economy -- This article explores the notions of order and process to which Friedrich Hayek subscribed. It is argued that a satisfactory understanding of Hayek’s conceptions of ‘order’ and ‘process’ — and in particular a clear understanding of those how the two concepts relate to each other in his scheme of thought — requires an appreciation of the ontological categories of ‘emergence’ and ‘emergent properties.’ Ultimately, for Hayek the capacity of liberal market economies to co-ordinate people’s actions in the face of tacit and dispersed knowledge is an emergent property that arises only when people’s interactions are governed by certain sets of rules. This static analysis of the co-ordinative powers of the market as an emergent property of a given system of rules must be supplemented by a dynamic account of the process through which the set of rules in question comes into being. Hayek provides such an account in his account of society as developing through a multi-level evolutionary process. Key implications of Hayek’s accounts of order and process for debates about the co-ordinative powers of free market economies are drawn out. -- Number of Pages in PDF File: 27 -- Keywords: Hayek, order, process, emergence, ontology, Austrian economics -- downloaded pdf to Note
article  SSRN  philosophy_of_social_science  social_theory  ontology-social  markets  markets-structure  social_order  emergence  heterodox_economics  Austrian_economics  evolution-social  social_process  coordination  downloaded  EF-add 
february 2015 by dunnettreader
Paul A. Lewis, review essay - Varieties of Emergence: Minds, Markets and Novelty (STUDIES IN EMERGENT ORDER, VOL 4 (2011): 170-192) :: SSRN
King's College London - Department of Political Economy -- This paper is an essay review of Richard Wagner's book, 'Mind, Society and Human Action'. It focuses on the ontological presuppositions of Wagner's account of of the social world (that is, on what Wanger's account presupposes about the nature of social reality). Issue discussed include the following: the nature of emergence and emergent properties; spontaneous order, and the shortcomings of Walrasian general equilibrium theory in modelling it; the significance of the impact of social interaction on peolpe's preferences and dispositions; and the role of novelty and innovation in Wagner's account of the market process. -- Number of Pages in PDF File: 23 -- Keywords: Emergence, complexity, Austrian Economics, ontology, spontaneous order, novelty -- downloaded pdf to Note
article  review  SSRN  philosophy_of_social_science  social_theory  ontology-social  mind  social_order  social_process  preferences  emergence  equilibrium  heterodox_economics  Innovation  complexity  economic_models  utility  behavioral_economics  markets-psychology  markets  methodology  methodology-qualitative  downloaded  EF-add 
february 2015 by dunnettreader
Paul A. Lewis - Certainly Not! A Critical Realist Recasting of Ludwig Von Mises’s Methodology of the Social Sciences (Journal of Economic Methodology (2010), 17(3): 277-99) :: SSRN
King's College London - Department of Political Economy -- This paper focuses on Ludwig von Mises methodological apriorism. It uses Wittgenstein’s private language argument as the basis for a critique of Mises’s claim to have found apodictically certain foundations for economic analysis. It is argued instead that Mises’s methodology is more fruitfully viewed as an exercise in social ontology, the objective of which is to outline key features of the socio-economic world that social scientific research ought to take into account if it is to be fruitful. The implications of this perspective for three key methodological issues, namely the relationship between theory and history, the possibility of naturalism, and the place of Austrian economics within the discipline of economics as a whole, are brought out. -- Number of Pages in PDF File: 22 -- Keywords: Austrian economics; Ludwig von Mises; praxeology; private language -- downloaded pdf to Note
article  SSRN  philosophy_of_social_science  social_theory  ontology-social  Mises  apriori  Wittgenstein  philosophy_of_language  economic_theory  economic_models  heterodox_economics  Austrian_economics  methodology  downloaded  EF-add 
february 2015 by dunnettreader
Paul A. Lewis - Tempered Steele? On the Merits of Critical Realism and the ‘Ontological Turn’ in Economics (2011: Critical Review, 23: 207-30) :: SSRN
King's College London - Department of Political Economy -- The discipline of economics can benefit a more explicit, systematic and sustained concern with ontology, that is, with the philosophical analysis of the nature of the social world. Contrary to the argument advanced in an article recently published in Critical Review (Steele 2005), the ontological analysis provided by critical realism can assist in the development of fruitful economic analysis in a number of ways: (i) by helping to identify research methods suitable for analysing economic issues; (ii) by promoting the development of key substantive economic concepts; and (iii) by helping to reveal and resolve inconsistencies in existing research. -- Number of Pages in PDF File: 30 -- Keywords: Economics, ontology, critical realism -- downloaded pdf to Note
article  SSRN  philosophy_of_social_science  economic_sociology  social_theory  economic_theory  ontology-social  critical_realism  downloaded  EF-add 
february 2015 by dunnettreader
Paul A. Lewis - Far from a Nihilistic Crowd: The Theoretical Contribution of Radical Subjectivist Austrian Economics ( Review of Austrian Economics, 2011, vol. 24: 185-98) :: SSRN
King's College London - Department of Political Economy -- This paper compares and contrasts the hermeneutic turn advocated by Don Lavoie in this 1985 essay on "The Interpretive Dimension of Economics" with the ontological turn that was gathering momentum amongst other groups of heterodox economists at about the same time. It is argued that an explicit focus on ontological issues can complement and support the ‘interpretive turn’, most notably by helping to show that the charge of nihilism that are sometimes levelled against Lavoie and his followers is unwarranted. The argument is illustrated by a case study of one of the inspirations of, and contributors to, Lavoie’s project, namely Ludwig Lachmann. -- Number of Pages in PDF File: 20 -- Keywords: Austrian economics, hermeneutics, social order, nihilism, social ontology, emergence, Ludwig Lachmann, Don Lavoie. -- downloaded pdf to Note
article  SSRN  philosophy_of_social_science  economic_sociology  social_theory  economic_theory  hermeneutics  social_order  ontology-social  emergence  Austrian_economics  heterodox_economics  critical_realism  nihilism  intellectual_history  20thC  downloaded  EF-add 
february 2015 by dunnettreader
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