Behavioral finance raises questions about market efficiency, suggesting that noise, and not just information, moves securities prices. This creates a conundrum for the fraud on the market theory. While some fraud remedy is arguably necessary to ensure adequate disclosure, behavioral finance...

Newly released data on corporate governance and disclosure practices reveal wide within-country variation, with the variation increasing as legal environment gets less investor friendly. This paper examines why firms practice high-quality governance when law does not require it; firm attributes...

This article examines a landmark constitutional law case, Pierce v. Society of Sisters. Pierce is a product of the post World War I era, when nativist sentiments and fears of communism created a culture that was hostile to immigrants and to ideas that were seen as anti-American. Assimilation of...

The phenomenon of lawyers serving on their clients' boards of directors has been around for many years, as has the debate on its ethical implications. This practice has both a number of advantages and disadvantages, but the advantages outweigh the disadvantages and, regardless, the decision...

The article discusses the nature of corporate personhood and the propriety of using certain types of evidence to prove corporate misconduct. Under Federal Rule of Evidence 404, the character evidence rule, evidence of a person's bad character generally is not admissible to prove that a person...

This article explains the roots of financial crises in one of the oldest and most fundamental problems of commercial law: hidden leverage. Common law courts wrestled with this problem for centuries and developed a time - tested solution: the doctrine of secret liens. If the debtor becomes...

Since its passage in 1996, the Economic Espionage Act (EEA) has been the subject of intense debate and discussion. Criminal penalties for both individuals and corporations violating the Act are severe. Expectations of protection against foreign and domestic trade secret misappropriation have...

On August 17, 1998, Russia defaulted on its domestic public debt, declared a moratorium on the private banks' foreign liabilities which was equivalent to an outright default, and abandoned its exchange rate regime. The depth of the Russian meltdown shocked the international markets, and...