Even before law school, I became fascinated by what is sometimes called the “law of creditors and debtors.” This cat-and-mouse game between creditors and the people who owe them money was intellectually stimulating—and, I realized, terribly important. Even though the first year of law school focuses on liability, debt collection becomes all-important when judgment debtors… Read More »
The Securities and Exchange Commission (SEC) is the primary securities regulator for U.S. public companies, so its oversight effectiveness is critical for well-functioning capital markets. However, the regulator’s Division of Enforcement, which handles the investigation and prosecution of possible securities violations, has frequently been criticized and characterized as ineffective by the media, congressional members, and… Read More »
In today’s rapidly changing business landscape, new technologies have become essential. The digital revolution, built on data-driven innovations, has permanently shifted how businesses collect, analyze, and utilize information. This transformation comes with significant challenges. As companies navigate the digital landscape, they must address cybersecurity, privacy, and ethical considerations alongside legal requirements. In our recent paper,… Read More »
Securities law has long regulated speech with little (if any) First Amendment controversy. Yet the contemporary antiregulatory turn in the Supreme Court’s Free Speech Clause doctrine has inspired increasingly successful efforts to resist regulation in various settings—settings that now include securities law. Among other things, the Court now scrutinizes the government’s compelled informational disclosures with… Read More »
What is a fair price for an insurance policy? Standard actuarial thinking suggests that a fair price is the one that most closely reflects the risk (expected costs) of that policy. This type of actuarial fairness ensures that, within an insurance portfolio, the premiums collected from homogenous groups of policyholders will, on average, match the… Read More »
In a new study, we investigate the relationship between executives who exploit their position in the firm to reduce their tax liabilities (i.e., “personally tax aggressive” executives) and corporate violations across various activities, including workplace safety and environmental regulations. Specifically, we examine executives who consistently gift corporate stock at or near the maximum of the… Read More »
Antitrust laws in the U.S. prohibit firms from engaging in anticompetitive mergers and acquisitions (M&As) that may harm consumer welfare. While the merger control procedure requires firms to notify the Department of Justice (DOJ) and the Federal Trade Commission (FTC) of prospective M&As, many deals are exempt from such a requirement. Consequently, firms voluntarily disclosing… Read More »
Private and commercial law affects behavior not just directly, by ordering damages, but also indirectly, by providing information on how the parties to the dispute behaved. Information from litigation can then help third parties decide whether to do business with or avoid the disputants going forward. In other words, the law affects behavior by shaping… Read More »
Over the past year, three converging trends have put environmental, social, and governance (“ESG”) topics at the center of yet another polarizing national debate. ESG Mainstreaming. The first is that investments that integrate ESG factors in some way have gone mainstream over the past decade. ESG is no longer limited to “sustainable, responsible, and impact”… Read More »
Due to market and regulatory failures, production activities often result in excessive pollution, which can cause damage to human health, property, and nature. According to the 2005 Survey of Pollution Abatement Costs and Expenditures, the US manufacturing sector invested $26.6 billion in pollution abatement activities. However, this amount is less than 1% of other investments,… Read More »
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