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Dozens of people worked together to produce Casablanca. But a single person working alone wrote The Sound and the Fury. While almost all films are produced by large collaborations, no great novel ever resulted from the work of a team. Why does the frequency and success of collaborative creative...
Persistent link: https://www.econbiz.de/10014159014
In this Article, we explore a central problem facing creative industries: how to organize collaborative creative production? We identify informal rules as a significant and pervasive — but nonetheless overlooked — tool for solving that problem. While existing literature has focused on the...
Persistent link: https://www.econbiz.de/10012969390
During the height of the financial crisis in 2008 and 2009, the government bailed out numerous corporations, including banks, investment banks, and automobile manufacturers. While the bailouts helped end the financial crisis, they were intensely controversial at the time, and were marred by the...
Persistent link: https://www.econbiz.de/10012972147
This Article reconsiders the implementation of Article III in the bankruptcy context. Recent rulings limiting the delegation of adjudicative power to non-Article III tribunals have generated only uncertainty and a profusion of litigation. The reason for this is that the Court's Article III cases...
Persistent link: https://www.econbiz.de/10012972747
In August of 2012, the Department of Treasury redirected the profits of Fannie Mae and Freddie Mac away from common shareholders and into the Treasury. Those shareholders have filed multiple lawsuits challenging this action. The complaints allege, among other claims, that the decision to wipe...
Persistent link: https://www.econbiz.de/10013033966
Scholars and policymakers now debate reforms that would prevent a bankruptcy filing from being a moment that forces valuation of the firm, crystallization of claims against it, and elimination of junior stakeholders' interest in future appreciation in firm value. These reforms have many names,...
Persistent link: https://www.econbiz.de/10012980898
This Article proposes reforms to bankruptcy law’s venue rules. These reforms would expand venue choice, reduce opportunistic venue shopping, and account for the rise of global forum shopping. To date, the leading proposals to reform venue selection rules for bankruptcy cases have ignored...
Persistent link: https://www.econbiz.de/10013224256
In this article, I attempt to clarify the appropriate government tools for responding to different forms of market distress in times of crisis. I provide my analysis in the context of the United States responses to market distress related to the COVID-19 pandemic.With the exception of measures...
Persistent link: https://www.econbiz.de/10013234231
We examine the cooperative production of corporate governance.We explain that this production does not occur exclusively within a“team” or “firm.” Rather, several aspects of corporate governance are quintessentially market products. Like Blair and Stout, we view the shareholder as but...
Persistent link: https://www.econbiz.de/10013234739
Corporate reorganization under Chapter 11 of the Bankruptcy Code is built on the foundation of the absolute priority rule, which requires that senior creditors be paid in full before any value can be distributed to junior creditors. The standard law and economics understanding is that absolute...
Persistent link: https://www.econbiz.de/10013133079