Predatory pricing has long been a contentious issue among lawmakers and economists. Legal actions are continually brought against companies. But the question remains: how likely are firms to cut prices in order to drive rivals out of business? Predatory firms risk having to keep prices below cost for such an extended period that it would become cost-prohibitive. Recently, economists have turned to game theory to examine circumstances under which predatory tactics could be profitable.
John R. Lott, Jr. provides long-awaited empirical analysis in this book. By examining firms accused of or convicted of predation over a thirty-year period of time, he shows that these firms are not organized as the game-theoretic or other models of predation would predict. In contrast, what evidence exists for predation suggests that government enterprises are more of a threat.
Lott presents crucial new data and analysis, attacking an issue of major legal and economic importance. This impressive work will be of great interest to economists, legal scholars, and antitrust policy makers.
The Consumer Trap blows the lid off the trillion-dollar-a-year business marketing industry, explaining how it continues to soak up economic and environmental resources and dominate the personal lives of citizens. Flouting conventional mainstream and radical thinking about consumer culture, Michael Dawson reveals how corporate marketing embodies and extends into personal life the scientific management principles famously enunciated by Frederick Winslow Taylor, whose earliest disciples predicted the big business marketing revolution.
After revealing why corporate capitalism fuels an ever-increasing marketing race, Dawson provides a step-by-step account of how this behemoth works and expands. Using firsthand evidence, he explains in detail how big business marketing campaigns penetrate and profoundly affect the lives of ordinary Americans.
Dawson argues that if people are to escape the costly consumer trap set by the overclass, they will need to renew class struggle from below, inventing new institutions for democratically governing and implementing major economic decisions. A blueprint for reinventing the study and debate of the sociocultural effects of corporate marketing practices, The Consumer Trap makes big business marketing a target of direct historical and sociological scrutiny.
Over the past few decades, significant changes have occurred across capital markets. Shareholder activists have become more prominent, institutional investors have begun to wield more power, and intermediaries like investment advisory firms have greatly increased their influence. These changes to the economic environment in which corporations operate have outpaced changes in basic corporate law and left corporations uncertain of how to respond to the new dynamics and adhere to their fiduciary duties to stockholders.
With The Corporate Contract in Changing Times, Steven Davidoff Solomon and Randall Stuart Thomas bring together leading corporate law scholars, judges, and lawyers from top corporate law firms to explore what needs to change and what has prevented reform thus far. Among the topics addressed are how the law could be adapted to the reality that activist hedge funds pose a more serious threat to corporations than the hostile takeovers and how statutory laws, such as the rules governing appraisal rights, could be reviewed in the wake of appraisal arbitrage. Together, the contributors surface promising paths forward for future corporate law and public policy.
LoPucki's provocative critique of Chapter 11 is required reading for everyone who cares about bankruptcy reform. This empirical account of large Chapter 11 cases will trigger intense debate both inside the academy and on the floor of Congress. Confronting LoPucki's controversial thesis-that competition between bankruptcy judges is corrupting them-is the most pressing challenge now facing any defender of the status quo."
-Douglas Baird, University of Chicago Law School
"This book is smart, shocking and funny. This story has everything-professional greed, wrecked companies, and embarrassed judges. Insiders are already buzzing."
-Elizabeth Warren, Leo Gottlieb Professor of Law, Harvard Law School
"LoPucki provides a scathing attack on reorganization practice. Courting Failure recounts how lawyers, managers and judges have transformed Chapter 11. It uses empirical data to explore how the interests of the various participants have combined to create a system markedly different from the one envisioned by Congress. LoPucki not only questions the wisdom of these changes but also the free market ideology that supports much of the general regulation of the corporate sector."
-Robert Rasmussen, University of Chicago Law School
A sobering chronicle of our broken bankruptcy-court system, Courting Failure exposes yet another American institution corrupted by greed, avarice, and the thirst for power.
Lynn LoPucki's eye-opening account of the widespread and systematic decay of America's bankruptcy courts is a blockbuster story that has yet to be reported in the media. LoPucki reveals the profound corruption in the U.S. bankruptcy system and how this breakdown has directly led to the major corporate failures of the last decade, including Enron, MCI, WorldCom, and Global Crossing.
LoPucki, one of the nation's leading experts on bankruptcy law, offers a clear and compelling picture of the destructive power of "forum shopping," in which corporations choose courts that offer the most favorable outcome for bankruptcy litigation. The courts, lured by big money and prestige, streamline their requirements and lower their standards to compete for these lucrative cases. The result has been a series of increasingly shoddy reorganizations of major American corporations, proposed by greedy corporate executives and authorized by case-hungry judges.
The central theme of this book is that an economic framework—incorporating such concepts as information asymmetry, moral hazard, and adaptation to changed circumstances—is appropriate for contract interpretation, analyzing contract disputes, and developing contract doctrine. The value of the approach is demonstrated through the close analysis of major contract cases. In many of the cases, had the court (and the litigators) understood the economic context, the analysis and results would have been very different.
Admirably clear, concise, down-to-earth, and powerful-unfortunately, these adjectives rarely describe legal writing, whether in the form of briefs, opinions, contracts, or statutes. In Legal Writing in Plain English, Bryan A. Garner provides lawyers, judges, paralegals, law students, and legal scholars sound advice and practical tools for improving their written work. The book encourages legal writers to challenge conventions and offers valuable insights into the writing process: how to organize ideas, create and refine prose, and improve editing skills. In essence, it teaches straight thinking—a skill inseparable from good writing.
Replete with common sense and wit, the book draws on real-life writing samples that Garner has gathered through more than a decade of teaching in the field. Trenchant advice covers all types of legal materials, from analytical and persuasive writing to legal drafting. Meanwhile, Garner explores important aspects of document design. Basic, intermediate, and advanced exercises in each section reinforce the book's principles. (An answer key to basic exercises is included in the book; answers to intermediate and advanced exercises are provided in a separate Instructor's Manual, free of charge to instructors.) Appendixes include a comprehensive punctuation guide with advice and examples, and four model documents.
Today more than ever before, legal professionals cannot afford to ignore the trend toward clear language shorn of jargon. Clients demand it, and courts reward it. Despite the age-old tradition of poor writing in law, Legal Writing in Plain English shows how legal writers can unshackle themselves.
Legal Writing in Plain English includes:
*Tips on generating thoughts, organizing them, and creating outlines.
*Sound advice on expressing your ideas clearly and powerfully.
*Dozens of real-life writing examples to illustrate writing problems and solutions.
*Exercises to reinforce principles of good writing (also available on the Internet).
*Helpful guidance on page layout.
*A punctuation guide that shows the correct uses of every punctuation mark.
*Model legal documents that demonstrate the power of plain English.
In 1998, the United States Department of Justice and state antitrust agencies charged that Microsoft was monopolizing the market for personal computer operating systems. More than ten years later, the case is still the defining antitrust litigation of our era. William H. Page and John E. Lopatka’s The Microsoft Case contributes to the debate over the future of antitrust policy by examining the implications of the litigation from the perspective of consumer welfare.
The authors trace the development of the case from its conceptual origins through the trial and the key decisions on both liability and remedies. They argue that, at critical points, the legal system failed consumers by overrating government’s ability to influence outcomes in a dynamic market. This ambitious book is essential reading for business, law, and economics scholars as well as anyone else interested in the ways that technology, economics, and antitrust law have interacted in the digital age.
“This book will become the gold standard for analysis of the monopolization cases against Microsoft. . . . No serious student of law or economic policy should go without reading it.”—Thomas C. Arthur, Emory University
Pay without Performance
Lucian A. BEBCHUK Harvard University Press, 2004 Library of Congress HD4965.2.B43 2004 | Dewey Decimal 331.2816584
Douglas G. Baird Harvard University Press, 2013 Library of Congress KF801.B35 2013 | Dewey Decimal 346.73022
Douglas Baird takes stock of the current state of contract doctrine and in the process reinvigorates the classic framework of Anglo-American contract law, showing that Oliver Wendell Holmes’s set of principles, properly understood, continue to provide the best guide to contracts for a new generation of students, practitioners, and judges.
The efficacy of various political institutions is the subject of intense debate between proponents of broad legislative standards enforced through litigation and those who prefer regulation by administrative agencies. This book explores the trade-offs between litigation and regulation, the circumstances in which one approach may outperform the other, and the principles that affect the choice between addressing particular economic activities with one system or the other. Combining theoretical analysis with empirical investigation in a range of industries, including public health, financial markets, medical care, and workplace safety, Regulation versus Litigation sheds light on the costs and benefits of two important instruments of economic policy.