University of Texas School of Law最新文献

{"title":"Excessive Fee Wave Ends With Little Benefit To Investors And Flawed Analysis","authors":"Aaron C. Morris","doi":"10.2139/ssrn.3936737","DOIUrl":"https://doi.org/10.2139/ssrn.3936737","url":null,"abstract":"The most recent wave of excessive fee cases brought under Section 36(b) of the Investment Company Act has ended. While a handful of cases were litigated to bench trials, federal judges did not find in favor of investors. The legacy of this wave is that a number of high-fee funds survived unscathed, despite significant analytical deficiencies in the judicial opinions. This paper argues that federal courts, in applying Section 36(b), have granted too much deference to ineffective and flawed board processes and have been unable to identify and cull specious arguments in support of the fees at issue. In so doing, the courts have have rendered Section 36(b) an entirely ineffective check on excessive management fees, leaving investors dependent entirely on the market to police fees (an outcome that the legislature never intended).","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"290 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123271818","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":"Local Content Policies and Cameroon’s Petroleum Industry: Emerging Challenges and the Way Forward","authors":"Enow Godwill Baiye","doi":"10.2139/ssrn.3607533","DOIUrl":"https://doi.org/10.2139/ssrn.3607533","url":null,"abstract":"Although oil exploration and production has been going on in Cameroon, one of the greatest challenges has been how Cameroon can maximise the potential benefits from oil to avoid the under-development path that hits other oil producing countries. This challenge sprout as a result of lack of specialised skills in the development of her oil industry. Thus, the promotion of LCPs in her oil industry is seen as an ideal means to enhance skills and technology transfer in the oil sector. It is in this light that this paper seeks principally to examine how LCPs have been effectively implemented within the Petroleum industry in Cameroon which will go a long way to enhance economic development. To achieve this principal objective, the paper aims specifically to examine the opportunities that the State and the local oil producing communities could derive from a viable LCP framework within the oil industry in Cameroon. The findings of this research reveal that in as much as there exists a regulatory frame work to promote the implementation of the local content policies in the oil industry, the lacunae of the Petroleum Code, weak monitoring committee, limited human resource capacity and insufficient capital has been the major drawbacks for the ineffective implementation of the local content policies in the oil industry in Cameroon. It is in this respect that this paper strongly advocates for the government to define the quantitative, qualitative, reliable and verifiable indicators of local content, outlining a detailed schedule of the implementation of the local content requirements, formulating sanctions via a gradual regime of sanctions for non-compliance with local content obligations, strengthening the capacities of the national workforce as well as suppliers and other national service providers on jobs related to oil exploitation, involving both the local and indigenous communities in the definition and formulation of the objectives of the local content, creating a commission to monitor and evaluate the execution of the fiscal obligations and local content and reinforcing technical education to curb with technology transfer as a means to address the ineffective implementation of the local content policies in the oil sector of Cameroon.","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117305530","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":"Decrypting the Concept of Abuse of Dominant Market Position: Trends in India and EU","authors":"Zisha Rizvi","doi":"10.2139/ssrn.3578864","DOIUrl":"https://doi.org/10.2139/ssrn.3578864","url":null,"abstract":"“With great power, comes great responsibility.”<br><br>The above quote by Stan Lee, also known as the Peter Parker principle, beautifully describes the concept of market dominance. It is this underlying principle that forms basis of Section 4 of the Indian Competition Act 2002 (the Act), resonating the same principle across major competition law regulations globally. <br><br>Healthy competition is the essence of a productive market space. It therefore rightly follows that the Act does not forbid enjoyment of market dominance, monopoly or a position of strength by an enterprise. However, almost like the object of any other law, it aims to bring about a level playing field by restricting the abuse or rather misuse of such dominance to the prejudice of a non-dominant market player. The term abuse of dominant position refers to anti-competitive business practices in which a dominant firm may engage in order to maintain or increase its position in the market. These business practices by the firm, not without controversy, may be considered as \"abusive or improper exploitation\" of monopolistic control of a market aimed at restricting competition. Holding an enterprise accountable for the ‘abuse of dominance’ is not free from its own challenges. The regulating agencies have to tread with caution or they risk acting as a deterrent to growth. In this paper we examine what amounts to ‘abuse of market dominance’ by doctrinal research and case study method. <br><br>This paper explores how major market players should regulate their conduct to in order to not fall within the perilous Section 4 of the Law. Although the focus of this paper is on India, it also seeks inspiration from the approach in other jurisdiction (particularly the European Union) to understand the interpretation of certain concepts.<br><br>","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124371728","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":"Double Tax Relief in Relation to Business Income","authors":"O. Olajide","doi":"10.2139/ssrn.3530406","DOIUrl":"https://doi.org/10.2139/ssrn.3530406","url":null,"abstract":"As companies seek to expand their operations, globally, a major regulatory bottleneck they encounter is that of Double Taxation. This portends a sort of nauseating feeling for investors who might find the tax burden too heavy to bear. Issues ranging from tax avoidance to outright evasion have emanated from this global operations by ‘big businesses’ and puts the double tax arrangement as a Check and motivation. \u0000 \u0000Double Tax Relief is an elixir that guarantees investor’s protection based on a mutually benefitting arrangement between contracting states. This has culminated into several Tax Treaties based on the OECD guidelines. \u0000 \u0000This paper will look into the Double Tax Relief in Nigeria and the pending issues with domestication of signed treaties.","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128870662","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 Growth and Its Determinants in Countries in Transition","authors":"Kestrim Avdimetaj, M. Morina","doi":"10.2139/ssrn.2825067","DOIUrl":"https://doi.org/10.2139/ssrn.2825067","url":null,"abstract":"Main purpose of this scientific research is to analyze the countries in transition; in particular, through this research we will explain the economic growth and its determinants in the countries in transition. Referring to the fact that many ex-communist countries were faced with a transition from a socialist economic system into the economic system of free market, and this phase of transformation is also known as transition, we will analyze this phase in details. The materials contained in this research are based on data taken directly from Financial Institutions, European Central Bank, as well as many other relevant prestigious institutions of countries in transition. The first section of this research begins with the introduction, presenting broadly the economic growth in countries in transition and the manner of their transformation, as well as the identification of hypothesis contained in this research. The second section contains the review of the literature, where we have cited parts from many authors who conducted studies in this broadly and productive field. In the third section are explained the mathematical formulas, that specify the econometric model, as well as the method of assessment, i.e. multiple regression analysis. Then, through the calculations of STATA, we will substitute the values of variables obtained in formula and test them through the selected model. In the last section we will interpret the outcomes derived from calculations in the program, supporting or dismissing hypothesis presented in this scientific research. This scientific research is limited, because many other important variables impacting the economic growth, such as instruments of monetary and fiscal policy, economic freedom, etc., have not been incorporated.","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121561719","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":"Copyright Term Extension Economic Effect on the New Zealand Economy","authors":"G. Barker, S. Liebowitz","doi":"10.2139/ssrn.2770914","DOIUrl":"https://doi.org/10.2139/ssrn.2770914","url":null,"abstract":"This paper reviews an estimate of the economic effect on the New Zealand economy of copyright term extension which was recently released by the New Zealand Government but which was tabled as part of the Trans Pacific Partnership (TPP) negotiations on the IP Chapter. The estimate is that the average cost to New Zealand from the obligation under TPP to extend New Zealand’s copyright period from 50 to 70 years would average around $55 million per year. Our review of this estimate suggests it is clearly incorrect, and indeed seriously over-estimates costs. As we demonstrate, the expert report by Henry Ergas on which it was based made major errors. First it focused only on the well-known social costs of copyright while completely excluding the equally well-known social benefits from copyright, thus ensuring, given that New Zealand is a net importer of copyrighted goods, that term extension would be found to have a negative impact. Second it made serious errors in its calculations of the costs of copyright, leading to an enormous overestimation of the costs of term extension, as much as 77 times higher than a correctly performed analysis that follows Ergas' general procedure generates. Finally the New Zealand Government exacerbated these misleadingly high costs by assuming, completely out of thin air, a cost of term extension for film and television that was not estimated by Ergas, and then compounded this unfounded claim by including in its cost estimate “range” a high value from the Ergas report that was contingent on a particular legal result that was known to have not occurred by the time the government came up with its range. Finally, when converting Ergas’ present value results into a yearly value, the government inappropriately used a discount rate inconsistent with that used by Ergas, a decision that increased the estimated costs from what they would have been had a consistent discount rate been used, as was appropriate.","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115510076","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":"Pound's Sociological Jurisprudence: European Roots and American Applications","authors":"David M. Rabban","doi":"10.2139/ssrn.2688094","DOIUrl":"https://doi.org/10.2139/ssrn.2688094","url":null,"abstract":"Roscoe Pound, widely viewed by his contemporaries and subsequent scholars as the most important American legal thinker during the first decades of the twentieth century, was by far the leading proponent of the “critique social et critique sociologique du droit aux Etats-Unis.” This article stresses the extent to which Pound relied on German and French legal scholars in developing what he called “sociological jurisprudence.” It then examines how Pound applied its central themes to propose legal reforms designed to address the social and economic problems of a society transformed by urbanization and corporate capitalism. It closes by examining Pound’s legacy.","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131038653","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":"Corporate Formalism in a Global Economy","authors":"J. L. Westbrook","doi":"10.2139/ssrn.2676232","DOIUrl":"https://doi.org/10.2139/ssrn.2676232","url":null,"abstract":"Cross-border insolvency cases are at the cutting edge of international litigation of all kinds. They are generating remarkable developments in doctrine and in systems cooperation. In re Nortel importantly develops a new and important approach to corporate groups that may compel pro rata distribution of certain assets to all creditors of the group while avoiding any overall equitable subordination or piercing of the corporate veil. Yet the case also demonstrates that deference to the corporate form within an integrated group of corporations can result in very expensive litigation, especially in multinational cases. A major issue that results is allocation of group value among creditors. Procedurally, Nortel’s achievements in a value-maximizing global sale of assets and joint judicial proceedings across national borders represent a rejection of territorialism and reveal the enormous advantages of modified universalism in cross-border cases.","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128142063","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":"When ‘Simplification’ is a Trojan Horse for Great Harm","authors":"C. Johnson","doi":"10.2139/SSRN.2611359","DOIUrl":"https://doi.org/10.2139/SSRN.2611359","url":null,"abstract":"In this article, Johnson argues that simplification is sometimes used as a cover for terrible tax policy. A flat tax, for instance, will increase harm by shifting the burden of tax from Uncle Scrooge, who can bear tax on a dollar without much loss in value, to the Little Match Girl, who cannot. Flat tax does not accomplish substantial simplification. An add-on VAT is not a simplification, but another level of complication. So too, expensing of inventory, repeal of net operating loss carryover limitations, and repeal of straddle rules are not are not well illuminated by calling them simplification and are not justified by simplification. Johnson recommends 10 proposals to simplify the law while improving its efficiency and fairness. He suggests repealing all qualified pension plans, and that withholding would depend on the amount paid. Johnson also recommends simplifying partnership tax law and that partnership tax should be computed and collected at the entity level. He further suggests disallowing deductions for the cost of tax planning, and would require tax liens to be filed via the internet. Moreover, he would require capitalizing prepayments, and he recommends ways to reduce valuation disputes in both charitable deductions and estate tax cases.","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"145 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132383192","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":"Sovereign Debt and Exclusions from Insolvency Proceedings","authors":"J. L. Westbrook","doi":"10.2139/SSRN.2478856","DOIUrl":"https://doi.org/10.2139/SSRN.2478856","url":null,"abstract":"Underlying this short paper are two propositions. The first is that three forms of exclusion from bankruptcy laws or bankruptcy-like procedures represent a serious threat to the global financial system that has developed since the Second World War. The exclusions are sovereign default, SIFI default, and default on derivative contracts. The second proposition is that the danger to the financial system represented by these exclusions is greatly increased by the fact that the three excluded phenomena are strongly interactive and reinforcing. These two propositions were the subject of a symposium held at The University of Texas School of Law in February of 2013.The excellent conference organized by Professor Christopher Paulus addresses sovereign default directly and implicates the SIFI and derivative defaults indirectly. In this paper I will write in a preliminary way about sovereign debt, including the United States experience with debt at the level of individual states of the United States; and about the derivative exemption from bankruptcy as it relates to sovereign debt.","PeriodicalId":296385,"journal":{"name":"University of Texas School of Law","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132842794","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}