Law & Society: Legislation eJournal最新文献

{"title":"An Untrustworthy Presumption: Replacing the Moench Presumption with a Sound Standard for Stock-Drop Litigation","authors":"Christopher J. Bryant","doi":"10.2139/SSRN.2367613","DOIUrl":"https://doi.org/10.2139/SSRN.2367613","url":null,"abstract":"On December 13, 2013, the Supreme Court granted certiorari in Fifth Third Bancorp v. Dudenhoeffer to determine the fate of the Moench presumption. The Moench presumption, which establishes a broad presumption of prudence for fiduciaries plans designed to invest in company stock, was adopted by the Third Circuit in 1995. The six circuits to subsequently consider the issue have also adopted the presumption.Under the Moench presumption, judicial review of fiduciaries’ decisions to purchase, hold, or sell company stock is subject to an abuse of discretion standard. To overcome the Moench presumption, plaintiffs must show the existence of a “dire situation” that threatens a company’s viability or renders the stock essentially worthless. Plaintiffs have experienced great difficulty in meeting this standard, which has effectively insulated fiduciaries from liability in all but the most extreme circumstances.This Note argues that the Moench presumption is unsound in both theory and practice because it is unsupported by the common law of trusts, ERISA, and public policy. This Note draws heavily from the common law of trusts and ERISA's prudent person standard to articulate and apply a doctrinally sound alternative standard that protects both plan participants and fiduciaries.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133705004","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":"Designing Administrative Law for Adaptive Management","authors":"R. Craig, J. Ruhl","doi":"10.2139/SSRN.2222009","DOIUrl":"https://doi.org/10.2139/SSRN.2222009","url":null,"abstract":"Administrative law needs to adapt to adaptive management. Adaptive management is a structured decision-making method the core of which is a multi-step iterative process for adjusting management measures to changing circumstances or new information about the effectiveness of prior measures or the system being managed. It has been identified as a necessary or best practices component of regulation in a broad range of fields, including drug and medical device warnings, financial system regulation, social welfare programs, and natural resources management. Nevertheless, many of the agency decisions advancing these policies remain subject to the requirements of either the federal Administrative Procedure Act or the states’ parallel statutes. Adaptive management theorists have identified several features of such administrative law requirements — especially public participation, judicial review, and finality — as posing barriers to true adaptive management, but they have put forward no reform proposals. This Article represents the first effort in adaptive management theory to go beyond complaining about the handcuffs administrative law puts on adaptive management and to suggest a solution. The Article begins by explaining the theory and limits of adaptive management to emphasize that it is not appropriate for all or even most agency decision making. For its appropriate applications, however, we argue that conventional administrative law has unnecessarily shackled effective use of adaptive management. We show that the core values of administrative law can be implemented in ways that much better allow for adaptive management through a specialized “adaptive management track” of administrative procedures. Going further, we propose and explain draft model legislation that would create such a track for the specific types of agency decision making that could benefit from adaptive management.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129066134","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":"Review of Russia's Economic Legislation in October 2013","authors":"I. Tolmacheva, Julia Grunina","doi":"10.2139/ssrn.2359338","DOIUrl":"https://doi.org/10.2139/ssrn.2359338","url":null,"abstract":"In October, the following amendments were introduced into the legislation: such new as well as updated norms of the Civil Code of the Russian Federation as regulate the civil institute of the international private law will become effective from November 2013; the annual quota on education of foreign nationals and stateless persons at the expense of allocations from the federal budget does not exceed 15,000 persons.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"341 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124217102","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":"Political Parties and Election Fraud","authors":"Fredrik M. Sjoberg","doi":"10.2139/ssrn.2274873","DOIUrl":"https://doi.org/10.2139/ssrn.2274873","url":null,"abstract":"Autocrats face a dilemma. Continue with fraudulent electoral practices and risk revolt, or reduce fraud and risk losing elections. One solution is to structure electoral governance such that it allows for independence and professionalism at the center, lending credibility to the electoral process, and partisan local-level administration, enabling fraud at the micro level. Partisan poll workers can help deliver the vote by the use of ‘smart fraud’ – fraud that minimizes the risk of being caught and is used only when needed. In Armenia, the ruling party’s vote share, as a proportion of all registered voters, increases with 8.2 percent in polling stations where the chairperson was randomly assigned to the ruling party. Fraud forensics suggests that one of the mechanisms behind this was falsification of the results protocol during the count. I conjecture that fraud is only used in high-stakes elections and that election observers are unable to detect it.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127440759","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":"Saving Rutgers Camden","authors":"Perry Dane, A. Stein, Robert F. Williams","doi":"10.2139/SSRN.2302826","DOIUrl":"https://doi.org/10.2139/SSRN.2302826","url":null,"abstract":"In January 2012, Chris Christie, Governor of New Jersey, announced that the Camden campus of Rutgers, the State University, was to be severed from Rutgers and taken over by Rowan University. Every major political force in the state, Democratic and Republican, elected and behind the scenes, lined up in support of the plan. Nevertheless, Rutgers-Camden faculty, students, administrators, alumni, and trustees, and their allies, vigorously fought the plan, convinced that it made no sense and would be devastating to the campus and higher education in the State more generally. The campaign opposing the merger with Rowan was popular and political, but it ultimately depended on powerful legal arguments grounded in Rutgers’ distinct and complex history. By the end of June, the merger idea had been defeated. As one assistant professor put it, “The bad guys got outmaneuvered by a bunch of nerds.” This article is a scholarly effort by three faculty participants to make sense of the struggle to save Rutgers-Camden and put it in theoretical context. The article narrates the story of the fight over the proposed merger and carefully analyzes the legal constraints on the plan. It also links the story to important broader questions about legal pluralism, the public/private divide, the relationship between state universities and state governments, and competing visions of the modern university faculty. Through this combination of case study, legal argument, and conceptual inquiry, the article provides a cautionary but hopeful tale about the importance of academic communities defending sound public policy and their own historical rights to self determination against the machinations that can infect our political culture and legislative process.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"3 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129307568","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":"Corruption and Manipulation in Sports: Interdisciplinary Perspectives","authors":"R. Rodenberg, Brian Tuohy, Richard Borghesi, Katarina Pijetlovic, S. Griffin","doi":"10.1089/GLRE.2013.1736","DOIUrl":"https://doi.org/10.1089/GLRE.2013.1736","url":null,"abstract":"On October 12, 2012, Florida State University hosted a two-hour roundtable panel entitled “Corruption and Manipulation in Sports” in Tallahassee, Florida.1 Panelists included Rick Borghesi, Sean Patrick Griffin, Katarina Pijetlovic, Jeff Reel, and Brian Tuohy. Ryan Rodenberg moderated the multi-disciplinary symposium. The foci of the panel were two-fold. First, with integrity-related concerns central to the passage of the federal Professional and Amateur Sports Protection Act (“PASPA”) twenty years ago as a backdrop, speakers discussed discrete issues related to how sports can be corrupted and manipulated. Second, the panel sought to collectively provide a primer that academics and professionals working in the gaming or sports law realm could subsequently turn to as a guide. This paper represents an outgrowth of the panel, providing stand-alone pieces (by individual authors) on specific issues under the sports corruption/manipulation umbrella that were addressed during the symposium and relevant to legal and economic issues in the gaming sector, particularly sports-related gambling. The result is an article reflective of how sports-related corruption and manipulation is interdisciplinary in nature. Ryan Rodenberg, an assistant professor of sports law analytics at Florida State University, penned the introduction to this article. In it, his aim was to provide a high-level outline of the relevant issues with citations to authority and illustrative examples. Independent author Brian Tuohy’s contribution introduces his findings from over 400 Federal Bureau of Investigation (“FBI”) files pertaining to sports bribery that he obtained via a number of requests under the Freedom of Information Act (“FOIA”). University of South Florida associate professor of finance Rick Borghesi’s essay explains how he tested the so-called “widespread point shaving hypothesis” in college basketball. Tallin (Estonia) Law School professor Katarina Pijeltovic’s piece flags a number of important issues related to the “pandemic” of match-fixing in various European sports. Sean Patrick Griffin, an associate professor of criminal justice at Penn State Abington, provides an overview of the recent National Basketball Association (“NBA”) referee betting scandal and details his statistical analysis of line movements in connection therewith.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132750721","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":"Explaining Legislative Extremity: Examining the Effect of Electoral and Campaign Constituencies on Legislative Behavior in the US House","authors":"Lindsay Nielson, Neil Visalvanich","doi":"10.2139/ssrn.2254596","DOIUrl":"https://doi.org/10.2139/ssrn.2254596","url":null,"abstract":"There have been many studies that have attempted to explain why members of Congress vote the way they do. Previous studies of legislative behavior have looked at both roll call votes and other measures of position taking and have found that this behavior can be explained by a combination of constituency, party, and interest group influence. The literature has not yet adequately addressed, however, whether members' roll call voting behavior is driven to a larger degree by campaign donations or by the member's electoral constituency. Members of Congress are beholden to both constituencies in some way, and because these two constituencies may at times place different demands on a legislator it is important to investigate which group has greater pull when the legislator is determining how to vote on a bill. Using new data that estimates the ideology of a member of Congress using the campaign finance donations a member receives during their election campaign, along with measures of the ideology of different electoral constituencies from the Campaign Congressional Election Study in the 111th and 112th Congresses, we find that roll call voting is most driven by party affiliation and the ideology of a member's contributors. These findings hold for a number of subgroups, including Democrats, Republicans, freshmen, and incumbents. We also explore the consequences this finding could have for representation in Congress.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123413249","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":"Electoral and Policy Consequences of Voter Turnout: Evidence from Compulsory Voting in Australia","authors":"Anthony Fowler","doi":"10.2139/ssrn.1816649","DOIUrl":"https://doi.org/10.2139/ssrn.1816649","url":null,"abstract":"Despite extensive research on voting, there is little evidence connecting turnout to tangible outcomes. Would election results and public policy be different if everyone voted? The adoption of compulsory voting in Australia provides a rare opportunity to address this question. First, I collect two novel data sources to assess the extent of turnout inequality in Australia before compulsory voting. Overwhelmingly, wealthy citizens voted more than their working-class counterparts. Next, exploiting the differential adoption of compulsory voting across states, I find that the policy increased voter turnout by 24 percentage points which in turn increased the vote shares and seat shares of the Labor Party by 7–10 percentage points. Finally, comparing across OECD countries, I find that Australia's adoption of compulsory voting significantly increased turnout and pension spending at the national level. Results suggest that democracies with voluntary voting do not represent the preferences of all citizens. Instead, increased voter turnout can dramatically alter election outcomes and resulting public policies.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"9 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129040034","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":"Power Brokers: Middlemen in Legislative Bargaining","authors":"Matias Iaryczower, Santiago Oliveros","doi":"10.2139/ssrn.2236557","DOIUrl":"https://doi.org/10.2139/ssrn.2236557","url":null,"abstract":"We consider a model of decentralized bargaining among three parties. Parties meet one-on-one after being randomly matched, and can sell or buy votes to one another. The party with a majority of the votes can decide to implement its preferred policy or extend negotiations to capture additional rents. We provide necessary and sufficient conditions for the existence of an equilibrium in which a party acts as an intermediary, transferring resources and voting rights among parties that wouldn't negotiate directly with one another. These conditions are generic, do not require special frictions, and include `well-behaved' (i.e., single-peaked) preference profiles.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114461547","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":"Listen up Chicago City Council: Chicago Municipal Code Chapter 8-20 is in Need of Reform!","authors":"E. Novak","doi":"10.2139/SSRN.2206032","DOIUrl":"https://doi.org/10.2139/SSRN.2206032","url":null,"abstract":"This paper seeks to offer guidance to the Chicago City Council and awareness to other communities with regards to the constitutionality and harmful effects of the current Chicago Municipal Code Chapter 8-20. While this paper argues in support of gun control legislation, it questions whether current legislation effectuates its public goals, and attempts to shed light on its irrational consequences. This article will argue that while the current Chicago Municipal Code, Chapter 8-20, is facially neutral, it contains provsions that are unreasonable and unnecessary in effectuating its goals while maintaining white privilege and control. Further, the implimentation and effects of the Code infringe upon citizens' fundamental right to bear arms, and result in various forms of discrimination to Chicagoans on the basis of race, class, and gender. For these reasons, the Chicago City Council should reform the language of the Code and impliment additional strategies, programs, and community services so not to infringe upon the fundamental right to bear arms and minimize the ensuing gender, racial, and class discrimination created by Chicago Municipal Code, Chapter 8-20.","PeriodicalId":280037,"journal":{"name":"Law & Society: Legislation eJournal","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122601060","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}