Mainstream policy discussions take as given that the United States will and must pay its debts in full and on time, and that restructuring is legally and politically impossible. In our judgment, this assumption is unwarranted. Far from being unthinkable, under some circumstances restructuring...

In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties...

We evaluate the effects of laws designed to protect borrowers from foreclosure. We find that these laws delay but do not prevent foreclosures. We first compare states that require lenders to seek judicial permission to foreclose with states that do not. Borrowers in judicial states are no more...

On the basis of accounting and market data for firms and groups listed on German stock exchanges between 1997 and 2003, we show that the value relevance of R&D information under German accounting standards can be superior to that provided by US-GAAP and IAS. The results, obtained while...

In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties...

This article examines two of the major water legal regimes in the Americas - that of Brazil and the United States. Both countries have extensive wet and dry regions and both hydro-regimes face a significant threat from global warming. Brazil, for instance, is home to between eight and fifteen...

Competition authorities in foreign jurisdictions have recently adopted or are considering guidelines on applying competition law to intellectual property rights (IPR). A common concern that certain exercises of IPR can restrict competition underlies IPR provisions that would enable competition...

The United States Court of Appeals for the Federal Circuit currently reverses from one-third to nearly one-half of all patent claim construction decisions by the U.S. district courts. Because claim construction often determines the outcome of patent litigation, the high appellate claim...

The United States Court of Appeals for the Federal Circuit currently reverses from one-third to nearly one-half of all patent claim construction decisions by the U.S. district courts. Because claim construction often determines the outcome of patent litigation, the high appellate claim...

This paper considers the history of affordable housing in the Unites States, and discusses the further leadership role that state and local governments can play in meeting the affordable housing needs of communities by using their authority to implement effective and creative land use planning...