Priority Matters: Absolute Priority, Relative Priority, and the Costs of Bankruptcy
Chapter 11 of the Bankruptcy Code is organized around the absolute priority rule. This rule mandates the rank‐ordering of claims.… Continue reading →
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“A Radical Proposal”: The Multidistrict Litigation Act of 1968
One of the central stories in current procedural law is the recent and rapid ascendance of federal multidistrict litigation, or,… Continue reading →
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Cleaning Corporate Governance
Although empirical scholarship dominates the field of law and finance, much of it shares a common vulnerability: an abiding faith in the… Continue reading →
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The Value of the Right to Exclude: An Empirical Assessment
Property theorists have long deemed the right to exclude as fundamental and essential for the efficient use and allocation of… Continue reading →
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Terms of Service and Fourth Amendment Rights
Almost everything you do on the Internet is governed by Terms of Service. The language in Terms of Service typically… Continue reading →
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On Mandatory Labeling, with Special Reference to Genetically Modified Foods
As a result of movements for labeling food with genetically modified organisms (GMOs), Congress enacted a mandatory labeling requirement in… Continue reading →
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Will Tax Reform Be Stable?
Stability is essential to any reform’s success, yet it is hardly guaranteed. This is particularly true in tax policy, where… Continue reading →
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Independent Directors and Controlling Shareholders
Independent directors are an important feature of modern corporate law. Courts and lawmakers around the world increasingly rely on these… Continue reading →
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Legislating in the Shadows
Federal agencies are deeply involved in both the foreground and shadows of legislative drafting. In the foreground, agencies draft the… Continue reading →
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Health Insurance, Risk, and Responsibility after the Patient Protection and Affordable Care Act
The Affordable Care Act embodies a new social contract of health care solidarity through private ownership, markets, choice, and individual… Continue reading →