Monday, April 13, 2015

Wei Jiang at NYU on April 14

Sunday, April 12, 2015

Kathy Zeiler at Northwestern Law on April 13, 2015

Kathy Zeiler, Professor of Law, Georgetown Law (moving to BU)


April 12, 2015 | Permalink | Comments (0)

Saturday, April 11, 2015

Eric Talley at Columbia Law School on April 13, 2015

Eric Talley, The Rosalinde and Arthur Gilbert Foundation Professor of Law; Director, Berkeley Center for Law, Business, and the Economy, UC Berkeley Law

"Corporate Inversions and the Unbundling of Regulatory Competition"

Abstract: A sizable number of US public companies have recently executed “tax inversions” – acquisitions that move a corporation’s residency abroad while maintaining its listing in domestic securities markets.  When appropriately structured, inversions replace American with foreign tax treatment of extraterritorial earnings, often at far lower effective rates.  Regulators and politicians have reacted with alarm to the “inversionitis” pandemic, with many championing radical tax reforms. This paper questions the prudence of such extreme reactions, both on practical and on conceptual grounds....

April 11, 2015 | Permalink | Comments (0)

Monday, April 6, 2015

Morgan Ricks at NYU on April 7, 2015

Paper TBA

April 6, 2015 | Permalink | Comments (0)

Joe Bankman (Stanford) and Daniel Shaviro (NYU) at Harvard Law School on April 7, 2015

Piketty in America: A Tale of Two Literatures

April 6, 2015 | Permalink | Comments (0)

Sunday, April 5, 2015

Anastasia Zokolyukina at Northwestern Law on April 6, 2015

Anastasia Zakolyukina, Assistant Professor of Accounting, The University of Chicago Booth School of Business 
CEO Personality and Firm Policies

April 5, 2015 | Permalink | Comments (0)

Robert Marquez at Berkeley Law on April 6, 2015

Supervisory Incentives in a Banking Union




April 5, 2015 | Permalink | Comments (0)

Friday, April 3, 2015

SSRN Top Ten, Law & Economics of Private Law, 4/3/15

1 338 Hello Barbie: First They Will Monitor You, Then They Will Discriminate Against You. Perfectly. 
Irina D. Manta and David S. Olson 
Hofstra University - Maurice A. Deane School of Law and Boston College Law School 
Date posted to database: 16 Mar 2015 
Last Revised: 1 Apr 2015
2 267 The Valuation of Unprotected Works: A Case Study of Public Domain Photographs on Wikipedia 
Paul J. HealdKris Erickson and Martin Kretschmer 
University of Illinois College of Law, University of Glasgow and University of Glasgow 
Date posted to database: 6 Feb 2015 
Last Revised: 6 Feb 2015
3 168 Contract as Empowerment 
Robin Bradley Kar 
University of Illinois College of Law 
Date posted to database: 23 Feb 2015 
Last Revised: 31 Mar 2015
4 163 Regulating Against Bubbles: How Mortgage Regulation Can Keep Main Street and Wall Street Safe - from Themselves 
Ryan Bubb and Prasad Krishnamurthy 
New York University School of Law and U.C. Berkeley School of Law 
Date posted to database: 1 Feb 2015 
Last Revised: 31 Mar 2015
5 134 The Author's Place in the Future of Copyright 
Jane C. Ginsburg 
Columbia Law School 
Date posted to database: 7 Mar 2015 
Last Revised: 8 Mar 2015
6 119 The Opening of American Law: Neoclassical Legal Thought, 1870-1970: Epilogue 
Herbert J. Hovenkamp 
University of Iowa - College of Law 
Date posted to database: 4 Feb 2015 
Last Revised: 24 Feb 2015
7 112 Conflating Politics and Development? Examining Investment Treaty Arbitration Outcomes 
Susan D. Franck 
Washington and Lee University - School of Law 
Date posted to database: 14 Mar 2015 
Last Revised: 18 Mar 2015
8 110 Economic 'Necessity' in International Law 
Alan O. Sykes 
New York University School of Law 
Date posted to database: 3 Mar 2015 
Last Revised: 7 Mar 2015
9 97 Corporate Governance, Pay Equity, and the Limitations of Agency Theory 
Marc T. Moore 
University of Cambridge, Faculty of Law 
Date posted to database: 18 Feb 2015 
Last Revised: 18 Feb 2015
10 92 A Fuller Understanding of Contractual Commitment 
Zev J. Eigen and David A. Hoffman 
Northwestern University School of Law and Temple University - James E. Beasley School of Law 
Date posted to database: 22 Feb 2015 
Last Revised: 16 Mar 2015

April 3, 2015 | Permalink | Comments (0)

SSRN Top Ten, Law & Economics of Public Law, 4/3/15

1 716 Rethinking Presumed Knowledge of the Law in the Regulatory Age 
Michael Anthony Cottone 
Date posted to database: 24 Mar 2015 
Last Revised: 24 Mar 2015
2 337 Executive Compensation: A Modern Primer 
Alex Edmans and Xavier Gabaix 
London Business School - Institute of Finance and Accounting and New York University - Stern School of Business 
Date posted to database: 13 Mar 2015 
Last Revised: 20 Mar 2015
3 236 Which Way to Nudge? Uncovering Preferences in the Behavioral Age 
Jacob Goldin 
Stanford Law School 
Date posted to database: 28 Feb 2015 
Last Revised: 13 Mar 2015
4 186 Nudges, Agency, Navigability, and Abstraction: A Reply to Critics 
Cass R. Sunstein 
Harvard Law School 
Date posted to database: 13 Mar 2015 
Last Revised: 25 Mar 2015
5 172 An Empirical Examination of Why Mobile Money Schemes Ignite in Some Developing Countries but Flounder in Most 
David S. Evans and Alexis Pirchio 
University of Chicago Law School and Global Economics Group 
Date posted to database: 18 Mar 2015 
Last Revised: 26 Mar 2015
6 144 Regulating Internalities 
Hunt Allcott and Cass R. Sunstein 
New York University (NYU) and Harvard Law School 
Date posted to database: 1 Mar 2015 
Last Revised: 1 Mar 2015
7 137 Behavioral Public Choice: The Behavioral Paradox of Government Policy 
W. Kip Viscusi and Ted Gayer 
Vanderbilt University - Law School and Brookings Institution 
Date posted to database: 4 Feb 2015 
Last Revised: 4 Feb 2015
8 135 Critiques of Law and Economics 
David M. Driesen and Robin Paul Malloy 
Syracuse University - College of Law and Syracuse University College of Law 
Date posted to database: 4 Mar 2015 
Last Revised: 4 Mar 2015
9 94 Using the 'Smart Return' to Reduce Tax Evasion 
Joseph BankmanClifford Nass and Joel B. Slemrod 
Stanford Law School, Stanford University and University of Michigan, Stephen M. Ross School of Business 
Date posted to database: 16 Mar 2015 
Last Revised: 2 Apr 2015
10 91 What Caused the Crime Decline? 
Oliver K. RoederLauren-Brooke EisenJulia BowlingJoseph E. Stiglitz and Inimai M. Chettiar 
University of Texas at Austin - Department of Economics, New York University (NYU) - Brennan Center for Justice, New York University (NYU) - Brennan Center for Justice, Columbia Business School - Finance and Economics and New York University (NYU) - Brennan Center for Justice 
Date posted to database: 20 Feb 2015 
Last Revised: 16 Mar 2015

April 3, 2015 | Permalink | Comments (0)

Wednesday, April 1, 2015

An Example of Realistic Paternal Rationality

Yes, as Prof. G. said, my last post was not meant to subject us to legal liability. I hope this one doesn't provoke tortious action either, if it turns out to be practical advice for some readers: 

Heard on the bus. A passenger with a strong Boston accent  telling his friend that his mother told him all his brothers and sisters were functional alcoholics and his son was no good, but  "I knew he'd be doing time eventually, so I taught him boxing."

April 1, 2015 | Permalink | Comments (0)

Tuesday, March 31, 2015

How To Prevent Someone Else from Applying As You To Steal Your Tax Refund

Via Taxprof, Krebs on Security says in Sign Up at  Before Crooks Do It For You: 

If you’re an American and haven’t yet created an account at, you may want to take care of that before tax fraudsters create an account in your name and steal your personal and tax data in the process.

I left a comment at Taxprof, and repeat it here:

Getting registered is indeed a good idea. I did it at:

What you do is start ordering a transcript. You'll first be registered, after answering some questions. You put in your name and a few things, and they'll send you an email code that will last 15 minutes. This took a while. First, their email took 40 minutes to arrive, and so was dead on arrival. Next, it took perhaps 10 minutes, but I wasn't watching my email carefully, so it died too. Next, it took 30 seconds, so I succeeded. After that, you'll answer some hard questions such as what year you bought your house and signed up for credit cards. I don't know if I answered correctly or not. It's multiple choice. I seemed to get registered, though. Then I logged out, rather than ordering a transcript.
     I should have my wife do this too. I wonder whether children's accounts and trusts need to do this? If they are due for refunds, I suppose so.

  Actually, another aspect of this is that it might be interesting to steal politicians' tax returns this way. I suppose one could legally publish them then, and be punished only if it could be proven that you stole them, which would be difficult.  Harry Reid's tax returns would be interesting. 

March 31, 2015 | Permalink | Comments (1)

Saturday, March 28, 2015

Negative Growth and Dissaving Can Be Good and Appropriate

Via Marginal Revolution,  I see that  Edward Hugh says

So, what do you do about the problem of secular stagnation, if that is what it is? Again here there is divergence of opinion. Some still seek to treat the phenomenon as if it were a variant of the liquidity trap issue. Most notably Paul Krugman, who continues to hope that massive quantitative easing backed by strong fiscal stimulus will push economies like the Finnish one back onto a healthy path. But if the issue is secular stagnation, and the root is population ageing and shrinking, it is hard to see how this can be.

    Very good. People have to realize that sometimes negative growth and dissaving is optimal. Just think of any elderly man. His productivity used to be much higher, before he retired or cut back his hours of work, so he has negative personal product growth. His savings used to be higher too, before he started drawing on his retirement account. Does he have an economic problem and needs to be forced to go back to work? No. Multiply him by 10 million and nothing changes.

March 28, 2015 | Permalink | Comments (0)

Friday, March 27, 2015

Spamann on the Perils of Cross-Country Legal Empirics

"Empirical Comparative Law" Free Download 
Annual Review of Law and Social Science, Vol. 11, 2015, Forthcoming
HOLGER SPAMANNHarvard Law School

I review the empirical comparative law literature with an emphasis on quantitative work. After situating the field and surveying its main applications to date, I turn to methodological issues. I discuss at length the obstacles to causal inference from comparative data, and caution against inappropriate use of instrumental variables and other techniques. Even if comparative data cannot identify any single causal theory, however, they are extremely important in narrowing down the set of plausible theories. I report progress in measurement design, and suggest improvements in data analysis and interpretation using techniques from other fields, particularly growth econometrics.

March 27, 2015 | Permalink | Comments (0)

Eric Hellend at Northwestern Law---March 30

Eric Helland, William F. Podlich Professor of Economics and George R. Roberts Fellow, Claremont McKenna College
Estimating Effects of English Rule on Litigation Outcomes

March 27, 2015 | Permalink | Comments (0)

Marina Halac at Columbia Law School--March 30

Marina Halac, David W. Zalaznick Associate Professor of Business, Columbia Business School

"Contests for Experimentation"

Abstract: We study the design of contests for specific innovations when there is learning: contestants’ beliefs dynamically evolve about both the innovation’s feasibility and opponents’ success. Our model builds on exponential-bandit experimentation. We characterize contests that maximize the probability of innovation when the designer chooses how to allocate a prize and what information to disclose over time about contestants’ successes. A “public winner-takes-all contest” dominates public contests—those where any success is immediately disclosed—with any other prize-sharing scheme as well as winner-takes-all contests with any other disclosure policy. Yet, it is often optimal to use a “hidden equal-sharing contest”.

March 27, 2015 | Permalink | Comments (0)

Jill E. Fisch at Berkeley Law--March 30

Jill E. FischUniversity of Pennsylvania Law School

Does Majority Voting Improve Board Accountability?


March 27, 2015 | Permalink | Comments (0)

Monday, March 23, 2015

Jill Fisch at NYU Law--March 24

Jill Fisch, University of Pennsylvania Law School

March 23, 2015 | Permalink | Comments (0)

Emiliano Catan and Marcel Kahan at Harvard Law School--March 24

 Emiliano Catan (NYU) and Marcel Kahan* (NYU), The Law and Finance of Anti-Takeover Statutes

March 23, 2015 | Permalink | Comments (0)

Tuesday, March 17, 2015

Reaching the Moon by Climbing a Tree

"A man  tried to get to the moon by climbing a tree. It almost worked. He reported steady progress--- all the way to the top of the tree. "

 (I forget where I got this idea. It sounds like a Chinese  proverb; I think it would work well in characters. Google Translate gives " 一個人試圖去月球通過爬樹。它幾乎工作。他報導穩步推進---一路樹的頂端," which returns as "A person trying to use the trees to the moon. It's almost working.   He reported steadily all the way to the top of the tree." But something more succinct is needed--- it should only take half that number of characters.)




March 17, 2015 | Permalink | Comments (0)

Monday, March 16, 2015

Do We Know What Happened to the JD Class of 2010?

Deborah Jones Merritt ("DJM"), a law professor at Ohio State, has posted a new paper analyzing employment outcomes for recent law graduates.  DJM does a fantastic amount of legwork, collecting the late-2014 employment status for more than 1,000 lawyers admitted to the Ohio bar around 2010.  From these data, she makes some claims (of increasingly problematic nature) about the path of employment progress for those lawyers, for lawyers around the country, and for legal education.  

This would be an excellent paper if DJM had been content to offer us a snapshot of employment outcomes for a cross-section of new lawyers in a second-tier legal market.  It's a sobering picture, with about one-sixth of the pool in "solo practice," which she convincingly shows often equates to a struggle to make ends meet.   And the methodology -- hand-gathering results for every lawyer -- is impressive.

My problem is that instead DJM wants to offer us a dynamic analysis, comparing 2014 to 2011, and arguing that the resulting differential tells us that there has been a "structural shift" in the market for lawyers.  It might be that the data exist somewhere to conduct that kind of analysis, but if so they aren't in the paper.  Nearly all the analysis in the paper is built on the tend line between DJM's 2014 Ohio results and national-average survey results from NALP.  

Let me say that again.  Almost everything DJM says is built on a mathematical comparison between two different pools whose data were constructed using different methods.  I would not blame you if now stopped reading.  But below the jump, some elaboration.

Continue reading

March 16, 2015 | Permalink | Comments (2)