{"title":"The Illusory Promise of Free Enterprise: A Primer for Promoting Racially Diverse Entrepreneurship","authors":"Mirit Eyal-Cohen","doi":"10.2139/ssrn.3732998","DOIUrl":"https://doi.org/10.2139/ssrn.3732998","url":null,"abstract":"The U.S. Census reports that minority business ownership exceeds the corresponding racial makeup of U.S. demographics. Based on these figures, the principle of free enterprise seems to be acting on equal grounds. Could entrepreneurship be the social panacea for abolishing racial biases and the inequality gap? \u0000 \u0000This Essay argues that this parity of minority entrepreneurship is misleading. The Kaufman Foundation and Small Business Administration most recently reported that Black-owned firms represent only 7% of all U.S. businesses, Asian-owned firms represent only 4.3%, and Hispanic-owned firms represent only 10.6%. These businesses typically do not grow or expand, leaving the number of people employed by them relatively constant. Overall, minority-owned firms experience more business failure, turnover, and job loss than traditional businesses. This disparity in American free enterprise is, in and of itself, a source of systemic racism and social injustice. \u0000 \u0000Seemingly, American minority entrepreneurs are given a false hope of economic independence. In fact, This Essay illustrates that current legal programs destine many of them for insolvency, bad credit, debt accumulation, or, at best, being rendered small and meaningless in the marketplace without the proper tools and opportunities to increase equity and wealth. \u0000 \u0000The Essay concludes by proposing new legal methods to increase dedicated access to capital, networking, guidance, and education for racially diverse entrepreneurs. Specifically, it proposes relaxing bureaucracy, fixing biases in lending, forming racially inclusive networks, and cultivating the role of lawyers as social agents who can inform minorities about impediments and opportunities to accumulate wealth and economic growth. Such methods may, in turn, reduce systemic inequities caused by racism.","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"146 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126187502","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":"Disruptive Innovation and Sunset Clauses: The Case of Uber and Other on Demand Transportation Networks","authors":"Antonios Kouroutakis","doi":"10.2139/ssrn.3417083","DOIUrl":"https://doi.org/10.2139/ssrn.3417083","url":null,"abstract":"Uber and other on-demand transportation network companies, such as Lyft and Cabify, have brought significant change in the transportation industry within cities. Calling a taxi was never so simple and easy, while the payment transaction was never so fast and convenient. However, such ride sharing platforms brought significant disruption within the taxi business. Nowadays, ride-sharing platforms operate in the vast majorities of the big cities; in some cities like New York, cars affiliated with on-demand ridesharing platforms have not only outnumbered taxis but also and more importantly have taken away millions of rides from taxi drivers. <br><br>Due to the noticeable drop in passengers, the value of taxi licences has drastically reduced. According to anecdotal references, in 2013, a taxi licence in New York was worth as much as $1.3 million, however, nowadays the price has dropped down to as low as $200,000. As a result, such disruption in the taxi business has brought protests from taxi drivers around the world, and has created challenges to policy makers on how to resolve the conflicting interests and resolve the tension. Such challenges are expected to rise with the spread of the autonomous cars in the future. <br><br>This chapter aims to examine the utility of sunset clauses in order to resolve this issue. It will use the progressive abolition of roaming changes as a pilot case, which took place with a number of laws subject to sunset clauses, in order to show how such clauses may with temporary regulations to deregulate the taxi industry by creating a predictable business environment for all parties involved.<br>","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132240438","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":"Artificial Intelligence and the Future of Law Practice in Africa","authors":"Ademola Adeyoju","doi":"10.2139/SSRN.3301937","DOIUrl":"https://doi.org/10.2139/SSRN.3301937","url":null,"abstract":"Law is the only self-regulated profession on earth. It has not changed much since the industrial revolution. \u0000 \u0000It enjoys substantial immunity from outside challengers, particularly in comparison to other professions. This immunity is safeguarded by the enactment of protectionist professional rules and guidelines which govern civility, ethics, and protect lawyers from overthrow. But it appears very likely that law — though shielded by regulations and imbued in tradition — might not be able to withstand the sweeping influence of the digital revolution for long. “Carefully erected protections sheltering the legal profession from disruption is now being eroded”, and the foundation of the monopoly over legal work and the ‘practice of law’ is beginning to crumble. \u0000 \u0000Traditionally and historically, only lawyers can legally engage in the practice of law. But things are beginning to change. In the landmark case of Lola v Skadden, the Court held that “tasks that could otherwise be performed entirely by a machine cannot be said to engage in the practice of law,” meaning that once some task can be entirely performed by a machine, that task can no longer be considered to be ‘the practice of law’ \u0000 \u0000Just as Salomon v Salomon revolutionized corporate law, the decision in Lola v Skadden may soon spark a global trend. Predictions already abound. According to Deloitte, over 100,000 thousand jobs will be automated in the legal sector in the UK alone by 2025, and companies that fail to adopt AI are fated to be left behind. Law is no longer safe from AI. And a single rock from the agile and fluid AI’s sling may knock down the highly regulated, heavily armored, and greatly encumbered legal profession.","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130464463","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":"Company Law is Bananas","authors":"K. J. Berg, M. Kawakami","doi":"10.2139/SSRN.3265199","DOIUrl":"https://doi.org/10.2139/SSRN.3265199","url":null,"abstract":"While corporations wield tremendous amounts of power that can – in theory – ameliorate some of the global challenges that the world faces today, as things stand, the right incentives are not in place for the stakeholders to transform companies into socially responsible and environmentally conscious entities as a whole. While company law could be put forth as an instrument that incentivizes companies to be more socially aware and attentive to sustainability issues – in reality – relying on company law to change the true nature of companies and how they operate is akin to hammering a nail with a banana. While bananas are nutritious and delicious, they are not practical tools for a wide assortment of tasks. Similarly, although company law can serve a wide variety of purposes, it is not necessarily the instrument to change the incentives of corporate stakeholders to be more socially responsible in its present state.","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134369847","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":"Convergence in Public and Private Law Doctrines - The Case of Public Contracts","authors":"J. McLean","doi":"10.2139/SSRN.2690935","DOIUrl":"https://doi.org/10.2139/SSRN.2690935","url":null,"abstract":"Is it possible for public and private law doctrines to converge in response to contemporary modes of mixed public-private governance? Such an approach has certain attractions. It side-steps difficult and often circular a priori assessments of whether a transaction or body is sufficiently “public” or “commercial”, and it sometimes provides a space in which the countervailing threats of public corruption and private coercion can be weighed. Three examples of modern convergence are identified in relation to public contracts: the law of public tendering; controls on contractual discretion; and the concept of non-delegable duties in tort law which impacts on contracting out.","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131005183","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":"Economic Efficiency and the Law: Distinguishing Form from Substance","authors":"R. Wagner","doi":"10.2139/ssrn.2686422","DOIUrl":"https://doi.org/10.2139/ssrn.2686422","url":null,"abstract":"This essay is written for a Festschrift to commemorate Jurgen Backhaus’s contribution to law and economics in recognition of his long service as Editor of the European Journal of Law and Economics. Scholars of law and economics have long been intrigued by the possibility that legal processes operate to promote economic efficiency. This essay probes the problematical character of the efficiency claim. This appraisal operates by refracting the efficiency claim through Pareto (The Mind and Society: A Treatise on General Sociology, Harcourt Brace, New York, 1935 [1923]) distinction between logical and nonlogical action. What results from this refraction is recognition that economic efficiency is an objectively meaningful concept only inside a model of competitive equilibrium. Outside that model, economic efficiency depends on the perspective of a theorizing subject. Economic efficiency pertains to the form of an argument but not to its substance. Efficiency claims are Paretian derivations and not refutable hypotheses.","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124874356","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":"Bankruptcy Risk Exposure of Serbian Hotels in the Period 2008-2012","authors":"Vule Mizdraković, G. Knežević, Nenad Stanić","doi":"10.15308/SITCON-2015-164-167","DOIUrl":"https://doi.org/10.15308/SITCON-2015-164-167","url":null,"abstract":"The purpose of this paper is to determine the indebtedness level of hotels operating in the Republic of Serbia during the period from 2008-2012. It is presumed that the weakened worldwide economy resulted in the decrease of general business solvency and increase of bankruptcy probability in all industries. Service providers have certainly not been left out, and hotels have been in the focus of this paper. We have collected available financial statements of hotels operating in the Republic of Serbia for the period from 2008-2012. We have calculated several bankruptcy prediction models including: Altman’s Z’ and Z’’-score, M-score, Kralicek’s df score and Z-score for hospitality industry. The results show that the average implicated bankruptcy probability increased in 2010 and 2011, and reached its peak value in 2011. When comparing 2008 and 2011, the average Altman’s scores recorded decrease of approximately 70% and other scores confirm the same results. Therefore, it can be concluded that hotel industry in Serbia recorded the weakest results and has been insolvent and had the greatest risk of going bankrupt in 2010, and especially in 2011.","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124818760","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":"Organizational Innovations: The Intersection of Constitutional Rights and Economics of Intellectual Property Law","authors":"S. R. Eftekhari","doi":"10.2139/ssrn.2623721","DOIUrl":"https://doi.org/10.2139/ssrn.2623721","url":null,"abstract":"It is a permanent question whether the traditional copyright law should recognize novelties and research activities and protect them as individual rights along with organizational achievements as intellectual property. As suggested by some scholars, conventional wisdom holds that patents contribute to progress. However, both current IPR systems including powerful ones such as USA’s, and international agreements overlooked two constitutionally recognized rights. The first is the huge bulk of research and production efforts by human resources and their creative ideas behind these, and the second is the common idea of consumers’ welfare around the world. As a result, one unsettled point is how personal works and achievements, practically produced within organizational research programs or by individual innovations can be legitimate sources of only exclusive rights of those organizations. We pose the question whether personal research and working innovations a person makes, while he is bond with organizational obligations should be organization’s assets or are they under his personal patent rights? Patents normally protect research products in scientific areas entailing huge investments such as HIV drugs, agricultural products, pharmaceutics and informational items as they are intellectual property that belong to corresponding operating bodies. Organizations today depend heavily on personal innovations of their human resources to develop new products and technologies. We, referring to some IP research and legal models, suggest that the ideas and innovative thoughts behind these copy righted products are subsidiary in relation to human resources. Conventional IP law has not yet come to the stand that local and global policies should take into account a kind of differentiation between these two factors as organizational assets.","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133423187","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":"Online Gambling as a Game Changer to Money Laundering?","authors":"Ingo Fiedler","doi":"10.2139/ssrn.2261266","DOIUrl":"https://doi.org/10.2139/ssrn.2261266","url":null,"abstract":"$1.6 billion criminal proceedings are transferred yearly into the legal system by money laundering (UNODC 2011). Only about 0.2% are identified and confiscated. The manifold negative consequences of money laundering are devastating and threaten the functionality of capital markets (Unger 2007). An important aspect of money laundering is that it is a necessity for organized crime. Without money laundering most crime would not pay. This paper analyses why the relatively new market of online gambling provides different opportunities to launder money cheaply and its consequences.","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133504895","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":"Law, Finance, and Venture Capital: The Cost of Capital for High-Tech Firms","authors":"T. Hall","doi":"10.2139/ssrn.1071644","DOIUrl":"https://doi.org/10.2139/ssrn.1071644","url":null,"abstract":"We use data from a professionally-conducted survey of high-technology managers to examine international variation in private equity contracting and cost of capital. Employing new variables and analyzing hundreds of financing rounds in the U.S., Europe, and Israel, we find that investor sophistication is associated with the ownership ratio (amount raised/valuation), but that funding rounds in common law countries do not receive lower ownership ratios vis-a-vis those in civil law countries. We also find that the institutional environment matters for exit strategy and valuation.","PeriodicalId":180020,"journal":{"name":"IRPN: Other Innovation & Law & Policy (Topic)","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131425540","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}