Print Issue Volume 101 - Issue 4

Board and Shareholder Power, Revisited

This Article offers a novel theory of the optimal balance of power between boards and shareholders. It does so by shedding light on the information structure of the shareholder-manager relationship, showing that shareholders face problems of adverse selection in addition to classic problems of managerial opportunism, i.e., moral hazard. Adverse selection arises when a manager’s […]

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Coverage Information in Insurance Law

The central goal of insurance law is to clarify, produce, and disseminate information about the scope of insurers’ coverage obligations to policyholders. This Article examines how insurance law and regulation seek to achieve these objectives, and to what ends. To do so, it distinguishes among three different types of coverage information: (1) purchaser information, or […]

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What Legal Authority Does the Fed Need During a Financial Crisis?

The financial crisis of 2007–08 revealed gaps in the laws that authorize federal agencies to provide emergency liquidity support. On numerous occasions the Fed, FDIC, and Treasury acted without legal authorization, exposing them to criticism from Congress and the U.S. government to legal liability. I propose reforms that would make possible a unified and strong […]

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The Geography of Equal Protection

This Article examines the geographic dimension of equal protection analysis. Whether a law violates the Equal Protection Clause generally depends on what level of scrutiny a court applies in reviewing that law. Laws that employ suspect classifications are subjected to heightened scrutiny. Whether a classification is suspect depends in part on whether the group targeted […]

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The Luxembourg Effect: Patent Boxes and the Limits of International Cooperation

This Article uses patent boxes, which reduce taxes on income from patents and other IP assets, to illustrate the fact that the jurisprudence of the European Court of Justice (ECJ) has a longer reach than has previously been recognized. This Article argues that, along with having effects within the European Union (EU), the ECJ’s decisions […]

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Note: Economic Protectionism and Occupational Licensing Reform

State-mandated occupational licensing laws are prevalent in the United States. Indeed, one-quarter of all Americans need a license to engage in their professions. Over the past decade, the most onerous of these regulations have come under attack in federal court for violating the Due Process and Equal Protection Clauses of the Fourteenth Amendment. State officials, […]

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Note: Providing Clarity for Standard of Conduct for Directors Within Benefit Corporations: Requiring Priority of a Specific Public Benefit

One of the newest social enterprise business forms—the benefit corporation—is becoming increasingly popular throughout the United States. Since its formal beginnings in 2010, thirty states and the District of Columbia have passed benefit corporation legislation, and seven other states are currently in the process of passing legislation. The benefit corporation is a for-profit company that […]

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De Novo

  • Prison for the Innocent

    PRISON FOR THE INNOCENT: THE ‘NEWLY DISCOVERED EVIDENCE’ STANDARD THROUGH THE LENS OF NASH V. RUSSELL By: Alexa Ely, Volume 102 Staff Member Since 1989, there have been over 2,120 exonerations with nearly 18,450 years lost in prison by innocent men and women in the United States criminal justice system.[1] […]

  • “Transgender Need Not Apply”

    ‘TRANSGENDER NEED NOT APPLY’[1]: HOW THE SESSIONS MEMO THREATENS ESSENTIAL WORKPLACE PROTECTIONS FOR TRANSGENDER INDIVIDUALS By: Libby Bulinski, Volume 102 Staff Member On October 4th, 2017, U.S. Attorney General Jeff Sessions issued a memorandum stating that Title VII of the 1964 Civil Rights Act does not prohibit discrimination based on […]

  • Scandal in the NCAA

    SCANDAL IN THE NCAA: A FIDUCIARY TALE By: Andrew Escher, Volume 102 Staff Member Common wisdom holds that sports bring people together. In circumstances as varied as a Texas high school at a Friday night football game or an entire country during the Olympics, athletics gives disparate groups of people […]


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