Practitioners and academics have long assumed that financial markets value the deal-specific legal terms of public company acquisition agreements, yet legal scholarship has failed to subject this premise to empirical scrutiny. The conventional wisdom is that markets must value the tremendous...

The economic crisis has fueled the debate on regulated state insolvencies. And while debt relief is being considered for nations, in some European countries consumers live their whole lives in debt as there is no consumer bankruptcy process which provides for an exemption from residual debt....

State bar licensing authorities and law schools have been debating whether the passing score on the bar exam is set at the right level or should be lowered. Much of the debate centers on generalizations without evidence about the effect that changes to the bar exam may have.We present data...

Commercially available factor models provide good predictions of short-horizon (e.g. one day or one week) portfolio volatility, based on estimated portfolio factor loadings and responsive estimates of factor volatility. These predictions are of significant value to certain short-term investors,...

A movement is growing among commentators in the academy, the bench, and the bar that sees short-term shareholders — especially activist institutional shareholders — as a threat to the long-term best interests of publicly traded corporations. These “long-and-short” commentators argue that...