{"title":"Georgetown University Law Center","authors":"Colleen Reding","doi":"10.4324/9781003235361-7","DOIUrl":"https://doi.org/10.4324/9781003235361-7","url":null,"abstract":"Network externalities may lead contracting parties to stay with a “standardized” term despite preferences for another term. Using a dataset of sovereign bond offerings from 1995 to early 2004, we test the importance of standardization for the modification provisions relating to payment terms. We provide evidence that (a) standardization may lead parties to adopt provisions not necessarily out of preference and (b) standards, nonetheless, may change. The process of change, however, is not necessarily quick or straightforward. In the sovereign bond context, change came by way of an “interpretive shock”. Contracts with modification provisions requiring the unanimous consent of bondholders (UACs) suddenly became vulnerable to change with less than unanimous approval through the unexpected use of exit consents. After the shock, sovereigns and investors did not initially react with a significant shift in contract terms. However, we provide evidence that after this initial lull (once investors and sovereign gained experience on the value of allowing modification of payment terms with less than unanimous consent), large shifts in contract terms followed, moving sovereign bond contracts even further away from UACs toward collective action clauses (CACs). We also report evidence that issuer’s attorneys dealing with a high volume of sovereign offerings were the driving factor behind this delayed large shift in contract terms. * Roger J. Traynor Professor of Law, University of California at Berkeley (Boalt Hall). ** Professor of Law, Georgetown Law Center. We thank Ed Bartholomew, Anna Gelpern, Ashoka Mody, Un Kyung Park, Anthony Richards, Anne Salladin, and Ashoka Mody for their advice and comments at multiple stages of the project. Lee Buchheit, Bill Bratton, and Bill Klein are owed special thanks for being willing to answer even our most outlandish and arcane questions regarding the world of bond contracts. Responsibility for errors, however, is ours. We are also grateful to Robert Ahdieh, Albert Choi, Jody Kraus, Kim Krawiec, Herwig Shlunk, Dan Tarullo, Randall Thomas, Robert Thompson, George Triantis, J.B.Ruhl, and participants at presentations at the Vanderbilt Law Shool, the Goergetown Sovereign Debt Conference, and the 2004 American Law and Economics Annual Meeting for comments on the draft. Jack DiMonte, Kevin Hands, Edeanna Johnson, Amita Singh, Mary Thompson, and Emily Zalesky were all generous in their assistance and advice on how best to track down sovereign debt contracts. Our respective law schools (Georgetown and Boalt) provided the financial support that enabled us to put together this project. Finally, our thanks to Jason Medinger, Chris Nace, Ann Kustoff, Chris McLean, Kirsten O’Connell, and the other editors of the Emory Law Journal and the Georgetown Journal of International Law for putting together the Georgetown Sovereign Debt Conference. Note on the Interviews that Served as Background for this paper: The research for this paper requi","PeriodicalId":129419,"journal":{"name":"Grad's Guide to Graduate Admissions Essays","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117203382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Georgetown University School of Medicine","authors":"Colleen Reding","doi":"10.4324/9781003235361-35","DOIUrl":"https://doi.org/10.4324/9781003235361-35","url":null,"abstract":"","PeriodicalId":129419,"journal":{"name":"Grad's Guide to Graduate Admissions Essays","volume":"541 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125978438","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"London Business School","authors":"Colleen Reding","doi":"10.4324/9781003235361-21","DOIUrl":"https://doi.org/10.4324/9781003235361-21","url":null,"abstract":"Information for the candidate Two references are required in order to complete your application. One should be from your current employer or a colleague if you do not want to use your line manager at this time. The other referee could be a former employer, a long-standing client, or someone else who knows you well in a work context. You should only select someone who taught you at university if you have remained in close contact. Whoever you choose should know you in a professional capacity.","PeriodicalId":129419,"journal":{"name":"Grad's Guide to Graduate Admissions Essays","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126664342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"University of Florida Levin College of Law","authors":"Colleen Reding","doi":"10.4324/9781003235361-5","DOIUrl":"https://doi.org/10.4324/9781003235361-5","url":null,"abstract":"UNIVERSITY OF FLORIDA LEVIN COLLEGE OF LAW STUDENT’S EVALUATION OF FIELD PLACEMENT Instructions: You must complete this form at the end of your field placement and return it to the Externship Office. Name: Semester: Employment Location: Field Supervisor’s Name and Title: Faculty Supervisor’s Name: 1. Please briefly describe the types of work you performed during your externship. Was most of your time spent on legal work (vs. administrative or clerical work)?","PeriodicalId":129419,"journal":{"name":"Grad's Guide to Graduate Admissions Essays","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123057841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Harvard Law School","authors":"Colleen Reding","doi":"10.4324/9781003235361-13","DOIUrl":"https://doi.org/10.4324/9781003235361-13","url":null,"abstract":"I am grateful for the opportunity to comment on the recommendation of the Market Structure Subcommittee (the “MSS”) of the IAC with respect to decimalization and tick sizes (the “Recommendation”). 1 The purpose of this letter is to urge the MSS to adopt Alternative Recommendation #1, as set forth in the dissenting opinion of MSS member Stephen Holmes, which calls for a pilot program for small-capitalization public companies to trade at wider ticksizes and limited trading increments within the tick.","PeriodicalId":129419,"journal":{"name":"Grad's Guide to Graduate Admissions Essays","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114948195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Stanford Graduate School of Business","authors":"Colleen Reding","doi":"10.4324/9781003235361-27","DOIUrl":"https://doi.org/10.4324/9781003235361-27","url":null,"abstract":"","PeriodicalId":129419,"journal":{"name":"Grad's Guide to Graduate Admissions Essays","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129734257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"University of Dayton","authors":"Colleen Reding","doi":"10.4324/9781003235361-51","DOIUrl":"https://doi.org/10.4324/9781003235361-51","url":null,"abstract":"The University of Dayton considers assessment to be an integral component of the daily operations of every unit on campus, both in the classroom setting and outside of the classroom. All units at UD engage in some form of assessment. Units continually evaluate the success of their efforts and view assessment as a tool rather than a target. The definition of “unit” is left to the discretion of the deans and vice presidents – whatever is appropriate for their situation. A unit might be a department, a program, or a function. Faculty or staff could conceivably belong to more than one unit for the purposes of assessment.","PeriodicalId":129419,"journal":{"name":"Grad's Guide to Graduate Admissions Essays","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125074126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"George Mason University School of Law","authors":"Colleen Reding","doi":"10.4324/9781003235361-9","DOIUrl":"https://doi.org/10.4324/9781003235361-9","url":null,"abstract":"Class Prerequisites: Students are to have completed Patent Law I and II. The course is a survey course of legal concepts learned in basic patent law classes, but with particular focus on areas that are unique to, or especially problematic in, the chemical/biotech arts, with the majority of readings and examples drawn from legal decisions in those arts. While a background in chemistry, biochemistry or biology is desirable, many prior students have not had a scientific background, and the professors will explain to the extent practical any necessary concepts during class.","PeriodicalId":129419,"journal":{"name":"Grad's Guide to Graduate Admissions Essays","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126934762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Ohio State University College of Medicine","authors":"Colleen Reding","doi":"10.4324/9781003235361-38","DOIUrl":"https://doi.org/10.4324/9781003235361-38","url":null,"abstract":"","PeriodicalId":129419,"journal":{"name":"Grad's Guide to Graduate Admissions Essays","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121262476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}