Symposium, JOBS Act: The Terrible Twos – General Solicitation & Crowdfunding, the Next Frontier of Securities Regulation

On March 24th, 2014, The Fordham Corporate Law Center and the Fordham Journal of Corporate & Financial Law will hold its 19th Annual Symposium focusing... Read More

New: History of Law and Economics

The roots of law & economics lie in late 19th century continental Europe. However, this early movement did not persist, having been cut off in the 1930s. After World War II, modern law & economics was (re-)invented in the United States and subsequently grew into a major field of research at U.S. law schools. In continental Europe, law & economics was re-imported as a discipline within economics, driven by economists interested in legal issues rather than by legal scholars. Hence, the European discourse was more strongly influenced by formal analysis, using mathematical models. Today, research in the U.S., Europe, and in other countries around the world, including Latin America and Asia, uses formal, empirical, and intuitive methods. New subfields, such as behavioral law & economics and experimental law & economics, have grown in the U.S. and in Europe during the past two decades.

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POSTED IN Faculty Research

New: Lift not the Painted Veil! To Whom are Directors’ Duties Really Owed?

In this article, we identify a fundamental contradiction in the law of fiduciary duty of corporate directors across jurisdictions, namely the tension between the uniformity of directors’ duties and the heterogeneity of directors themselves. American scholars tend to think of the board as a group of individuals elected by shareholders, even though it is widely acknowledged (and criticized) that the board is often a largely self-perpetuating body whose inside members dominate the selection of their future colleagues and eventual successors. However, this characterization is far from universally true internationally, and it tends to be increasingly less true even in the United States. Directors are often formally or informally selected by specific shareholders (such as a venture capitalist or an important shareholder) or other stakeholders of the corporation (such as creditors or employees), or they are elected to represent specific types of shareholders (e.g. minority investors). The …

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POSTED IN Faculty Research

New: Whose Trojan Horse? The Dynamics of Resistance against IFRS

The introduction of International Financial Reporting Standards (IFRS) has been debated in the United States since at least the accounting scandals of the early 2000s. While publicly traded firms around the world are increasingly switching to IFRS, oft…

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POSTED IN Faculty Research

New: Payroll Taxes, Mythology, and Fairness

As the 2012 fiscal cliff approached, Congress and President Obama bickered over the top marginal income tax rate that would apply to a tiny sliver of the population, while allowing payroll taxes to quietly rise for all working Americans. Though most Am…

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POSTED IN Faculty Research

Delaware Supreme Court Holds that the Business Judgment Standard of Review, Not Entire Fairness, Applies to Going-Private Transactions Involving Controlling Shareholders

(Editor’s note: The following post comes to us from Todd Cosenza, partner at Willkie, Farr & Gallagher LLP. The post is a client memorandum authored by Mr. Cosenza and Tariq Mundiya. The full article is available here.) In a case of first impression, on March 14, 2014, the Delaware Supreme Court in Kahn v. M&F Worldwide, C.A. No. 65661 (Del. [...]

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POSTED IN Corporate Governance, Mergers & Acquisitions, Practitioner Post, Private Equity

Duncan Niederauer Speaks at Fordham Law School

Duncan Niederauer, Chief Executive Officer of NYSE Euronext and co-president of InterContinental Exchange Group, Inc. (ICE), came to Fordham Law School on Tuesday, March 4 to speak as part of the Corporate Law Center’s Business Law Practitioner Series. His wife is a graduate of Fordham Law, and one of his daughters is a current student. [...]

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POSTED IN BLPS

New: Divergente Evolution Des Rechtsdenkens – Von Amerikanischer Rechtsökonomie Und Deutscher Dogmatik (Divergent Evolution of Legal Thought – On American Law & Economics and German Doctrinalism)

German Abstract: Die Arbeiten von Juristen und Wirtschaftswissenschaftlern haben zu allen Zeiten Verbindungslinien zueinander aufgewiesen. Seit den 1960er Jahren ist in den Vereinigten Staaten jedoch eine Law-and-economics-Bewegung entstanden, die breite Bedeutung an amerikanischen Rechtsfakultäten erlangt hat. Auf den nicht rechtsvergleichend arbeitenden deutschsprachigen Beobachter wirken Aufsätze in amerikanischen Rechtszeitschriften mitunter befremdend. Dies beruht nicht allein auf den unterschiedlichen klassischen Rechtstraditionen (common law bzw. civil law), sondern vor allem auf der interdisziplinären Ausrichtung der Beiträge. Während sich im deutschsprachigen Raum die Rechtsdogmatik in erster Linie mit der systemimmanenten Weiterentwicklung des Rechts befasst, gehen amerikanische Rechtslehrer fast immer von einem externen Blickwinkel aus. Insbesondere wird das geltende Recht auch von Juristen an externen Maßstäben, etwa ökonomischen Effizienzkriterien, gemessen. In …

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POSTED IN Faculty Research

Does Good Faith Compliance Actually Exist?

In the last few years since the 2010 Dodd-Frank Act was enacted, not much had come of the Volcker Rule until recently. In short, the Volcker Rule is a rule that prohibits banks from engaging in proprietary trading, subject, of course, to a multitude of exceptions. It was not until December 2013 that the proposed [...]

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POSTED IN Dodd-Frank, Volcker Rule

REVISION: Juristischer Diskurs und Rechtsökonomie (Legal Discourse and the Economic Analysis of Law)

German Abstract: Dieser Beitrag soll zeigen, dass die Rechtswissenschaft ihren Gegenstand sinnvoll erweitern kann bzw eine bereits vollzogene Erweiterung anerkennen sollte. Die Rechtsökonomie bietet einerseits ein analytisches Instrumentarium für rechtspolitische Erwägungen, andererseits lässt sich mit ihrer Hilfe untersuchen, ob eine Auslegung überhaupt geeignet ist, einen bestimmten Zweck zu erreichen. Dabei wird in Erinnerung gerufen, dass eine Unterscheidung zwischen Rechtspolitik und Rechtsdogmatik nicht eindeutig möglich ist. Die rechtsökonomische Methode erzwingt die Offenlegung solcher „nicht-juristischer“ Entscheidungsgründe und fördert damit Transparenz in der Diskussion. Durch eine länderübergreifende Sprache kann sie auch einen Beitrag dazu leisten, Missverständnisse zwischen verschiedenen europäischen Rechtsordnungen zu entschärfen, die auf national geprägten Vorverständnissen beruhen und eine Harmonisierung erheblich erschweren.

English Abstract: This …

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POSTED IN Faculty Research

An Iron Fist in a Velvet Glove

Raquel Thompson ’10 returned to Fordham Law last Tuesday as part of the Corporate Law Center’s Business Law Practitioners Series. Thompson, a legal and compliance associate at Alphadyne Asset Management, outlined her own career path, gave an overview of a compliance officer’s responsibilities, and shared a bevy of career tips for the law students in [...]

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POSTED IN BLPS

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