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Trust, Reputation, and Law: the Evolution of Commitment in Investment Banking 信任、声誉与法律:投资银行承诺的演变
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2015-12-01 DOI: 10.1093/JLA/LAV007
A. Morrison, W. Wilhelm
We discuss the commitment mechanisms that underpin social orderings. We categorize commitments in relationships along a hierarchy that runs from the most extra-legal to the most legally intensive devices. Commitment devices are chosen in light of their social, legal and technological contexts. Changes to these contexts therefore change the social order and, in extremis, can cause significant social dislocation. We use a new new dataset of underwriting syndicates between 1933 and 2008 to argue that financial market have experienced such a dislocation. We discuss the policy implications of this dislocation with specific reference to cases in securitization and M&A markets.
我们讨论了支持社会秩序的承诺机制。我们把关系中的承诺按等级分类从最不合法的到最合法的。承诺手段是根据其社会、法律和技术背景来选择的。因此,这些环境的变化改变了社会秩序,在极端情况下,可能造成严重的社会混乱。我们使用1933年至2008年间承销辛迪加的新数据集来证明,金融市场经历了这样的混乱。我们讨论了这种错位的政策含义,具体参考了证券化和并购市场的案例。
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引用次数: 11
Social Capital and the Formal Legal System: Evidence from Prefecture-Level Data in Japan 社会资本与正式法律制度:来自日本地级数据的证据
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2015-12-01 DOI: 10.1093/JLA/LAV008
John M. Olin, M. Ramseyer
Verifiable proxies for social capital potentially provide an empirically tractable way to identify environments where social norms both constrain behavior and substitute for judicial enforcement. Using regression and factor analysis with Japanese prefecture-level data, I explore several aspects of this possibility. First, I find that people in prefectures with high levels of social capital more readily comply with a range of low-level legal mandates. Second, reflecting the fact that social norms need not point toward government-approved ends, taxpayers in high social-capital prefectures (particularly in the agricultural sector) are more -- not less -- likely to evade taxes. Third, conditional on levels of economic welfare, I find that: (a) firms in prefectures with low levels of social capital are more likely to default on their contracts; (b) residents in low social-capital prefectures are probably (the results are ambiguous) more likely to litigate; (c) creditors of distressed debtors in low social-capital prefectures are more likely to apply in court for enforcement orders, and (d) distressed debtors in low social-capital prefectures are more likely to file in court for bankruptcy protection.
可验证的社会资本代理可能提供一种经验上易于处理的方法来识别社会规范既约束行为又替代司法执法的环境。通过对日本地级市的数据进行回归和因子分析,我探讨了这种可能性的几个方面。首先,我发现社会资本水平高的县的人更容易遵守一系列低水平的法律命令。其次,社会规范不一定指向政府批准的目标,社会资本高的县(尤其是农业部门)的纳税人更有可能(而不是更少)逃税,这反映了这一事实。第三,在经济福利水平的条件下,我发现:(a)社会资本水平较低的县的企业更有可能违约;(b)低社会资本县的居民可能(结果不明确)更有可能提起诉讼;(c)低社会资本州的陷入困境债务人的债权人更有可能向法院申请执行令,(d)低社会资本州的陷入困境债务人更有可能向法院申请破产保护。
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引用次数: 9
Beyond Relational Contracts: Social Capital and Network Governance in Procurement Contracts 超越关系契约:采购契约中的社会资本与网络治理
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2015-12-01 DOI: 10.1093/JLA/LAW001
Lisa E. Bernstein
The master agreements that nominally govern the transactions between mid-western Original Equipment Manufacturers and their suppliers are not, for the most part, designed to create legal obligations. Rather, they create a space in which private order can flourish, much like the role played by firm boundaries in the Coase-Williamson theory of the firm. This Article explores how sophisticated transactors in this market have combined governance techniques associated with arm’s-length contracting, intrafirm hierarchy, and trust-based relational contracting to create relationships that are long-term, highly cooperative, and characterized by significant relationship-specific investment. It suggests that these transactors have been able to accomplish these outcomes with only minimal reliance on the legal system, in large part because they operate in a market of highly interconnected firms — a network that itself functions as a contract governance mechanism. It then explores the implications of these contract structures and the availability of network governance for firms’ make-or-buy decisions and the likelihood of innovation.
名义上管理中西部原始设备制造商与其供应商之间交易的主协议,在很大程度上并不是为了创造法律义务而设计的。相反,它们创造了一个私人秩序可以蓬勃发展的空间,就像科斯-威廉姆森企业理论中企业边界所扮演的角色一样。本文探讨了这个市场中成熟的交易者如何结合与公平契约、公司内部层次结构和基于信任的关系契约相关的治理技术,以创建长期、高度合作的关系,并以重要的关系特定投资为特征。它表明,这些交易者能够在对法律体系的依赖最小的情况下实现这些结果,这在很大程度上是因为他们在一个由高度相互关联的企业组成的市场中运作——这个网络本身就起到了合同治理机制的作用。然后探讨了这些契约结构的含义,以及网络治理对公司“自行决定还是购买”决策的可用性和创新的可能性。
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引用次数: 67
Trade Associations, Lobbying, and Endogenous Institutions 行业协会、游说和内生制度
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2015-12-01 DOI: 10.1093/JLA/LAV009
Maria Larrain, J. Prüfer
A trade association is a millennium-old organizational form that has existed on all continents. It is a private, formal, nonprofit organization designed to promote the common interests of its members, even if these members are competitors on product (or research) markets. While it is straightforward to assume that an association creates net benefits for its members – why would they join, otherwise? – it is unclear whether, or under which circumstances, the existence of an association has positive net effects for the rest of the economy. In “Trade Associations, Lobbying, and Endogenous Institutions,” Maria Larrain and Jens Prufer study this question by means of a game-theoretic model. The answer is, of course, “it depends.” But on what does it depend? And why?
行业协会是一种有上千年历史的组织形式,存在于各大洲。它是一个私人的、正式的、非营利性的组织,旨在促进其成员的共同利益,即使这些成员是产品(或研究)市场上的竞争对手。虽然一个协会为其成员创造净利益是很简单的假设,但他们为什么要加入呢?——目前尚不清楚一种关联的存在是否或在何种情况下会对经济的其他部分产生积极的净影响。在《行业协会、游说和内生制度》一书中,Maria Larrain和Jens Prufer通过博弈论模型研究了这个问题。答案当然是“视情况而定”。但是它取决于什么呢?,为什么?
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引用次数: 10
The Medieval Law Merchant: The Tyranny of a Construct 中世纪法律商人:一种建构的暴政
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2015-06-26 DOI: 10.1093/JLA/LAV004
Emily E. Kadens
The story of a medieval law merchant has a strong hold on scholars interested in private ordering. Despite numerous historical works demonstrating the falsity of the myth, it continues to be discussed regularly in scholarship as if it were an accurate portrayal of the past. This article tests the law merchant story against evidence about the mechanisms of medieval trade. It suggests that medieval commerce had little space for a specialized law, and that merchants had little need for it because of both the well-developed trading infrastructure and the actions of local governments to ensure the protection of legal rights.
一个中世纪法律商人的故事对对私人订货感兴趣的学者有很强的吸引力。尽管许多历史著作证明了这个神话的虚假性,但它仍在学术界定期讨论,就好像它是对过去的准确描绘一样。本文用中世纪贸易机制的证据来检验法律商人的故事。它表明,中世纪的商业几乎没有专门法律的空间,商人也不需要专门法律,因为既有发达的贸易基础设施,也有地方政府确保合法权利得到保护的行动。
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引用次数: 17
Trademark Functionality Reexamined 商标功能再审
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2015-05-28 DOI: 10.1093/JLA/LAV002
R. Bone
The functionality doctrine in trademark law bars protection for some, but not all, source-identifying product features — so-called trade dress — that contribute to a product’s functional performance. Despite the doctrine’s lengthy history, its critical role in promoting intellectual property policies, and the considerable attention devoted to it in recent decades, courts and commentators still disagree about what functionality means, the reasons why functional marks should not be protected, and how far the functionality bar should extend. This confusion is due largely to a lack of clarity and rigor at the normative level. This article seeks to remedy the deficiency. It traces the history of the functionality doctrine, critically analyzes its policy foundations, and outlines an analytical approach for designing optimal functionality rules.
商标法中的功能原则禁止对部分(但不是全部)来源识别产品特征(即所谓的商业外观)进行保护,这些特征有助于产品的功能性能。尽管这一原则有着悠久的历史,在促进知识产权政策方面发挥了关键作用,近几十年来也受到了相当多的关注,但法院和评论家们仍然对功能性的含义、功能性商标不应受到保护的原因以及功能性界限应该延伸到什么程度存在分歧。这种混淆主要是由于在规范层面缺乏明确性和严谨性。本文试图弥补这一缺陷。它追溯了功能主义的历史,批判性地分析了其政策基础,并概述了设计最佳功能规则的分析方法。
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引用次数: 3
The American Criminal Code: General Defenses 美国刑法典:一般辩护
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2015-03-15 DOI: 10.1093/JLA/LAV001
P. Robinson, M. Kussmaul, Camber M. Stoddard, I. Rudyak, A. Kuersten
There are fifty-two different bodies of criminal law at work in the United States, as diverse as they are many. Each one stakes out seemingly innumerable positions on a range of highly contested issues. So, how is one to know what the “American rule” is on any given matter of criminal law? This article takes the first step towards answering this question by presenting the first installment of the “American Criminal Code.”This article is the result of an exhaustive research project that examined every contested issue relating to the general defenses to criminal liability, including all justification, excuse, and non-exculpatory defenses. With this foundation, the article determines the majority American position among the fifty-two jurisdictions, and formulates statutory language for each defense that reflects the majority American rule in all respects. The article also compares and contrasts the majority position on each issue to all significant minority positions, the Model Penal Code, and the National Commission’s proposed code.Finally, using the results of these analyses, the article compares patterns among the states for issues within the most controversial justification defense, the Defense of Persons, to a wide range of other variables — such as state population, racial characteristics, violent crime rates, and gun ownership — and highlights many interesting correlations. While applying this kind of doctrinal correlation analysis to all of the project’s existing data would be a major undertaking many times larger than the present project, the article illustrates how such analysis can be done, and how interesting the revealed patterns can be.
在美国,有52个不同的刑法机构在起作用,它们种类繁多。在一系列高度争议的问题上,两党似乎都表明了无数的立场。那么,一个人如何知道在任何特定的刑法问题上的“美国规则”是什么呢?本文通过介绍“美国刑法典”的第一部分,迈出了回答这个问题的第一步。本文是一项详尽的研究项目的结果,该项目审查了与刑事责任一般辩护有关的每一个有争议的问题,包括所有的正当理由、借口和非无罪辩护。在此基础上,本文确定了美国多数人在52个司法管辖区中的立场,并为每种辩护制定了反映美国多数人统治各方面的法定语言。本文还将多数人在每个问题上的立场与所有重要的少数人立场、《示范刑法典》和国家委员会的拟议法典进行了比较和对比。最后,利用这些分析的结果,本文比较了各州在最具争议的辩护辩护(人身辩护)问题上的模式,以及其他广泛的变量——如州人口、种族特征、暴力犯罪率和枪支所有权——并强调了许多有趣的相关性。虽然将这种理论相关分析应用于所有项目的现有数据将是一项比当前项目大许多倍的主要任务,但本文说明了如何进行这种分析,以及揭示的模式是多么有趣。
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引用次数: 3
Incentives to Invest in Litigation and the Superiority of the Class Action 诉讼投资激励与集体诉讼的优越性
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2014-09-12 DOI: 10.1093/JLA/LAU006
D. Rosenberg, K. Spier
We formally demonstrate the general case for class action in a rent-seeking contest model, explaining why separate action adjudication is biased in the defendant’s favor and collective adjudication is bias-free. Separate action bias arises from the defendant’s investment advantage in capitalizing on centralized control over the aggregate (classwide) stake in the common question defense, while the plaintiff, with only an individual recovery at stake, spends much less. Class action eliminates bias by enabling both parties to make their best case through centralized optimal classwide investments. Our social benefit-cost analysis shows that class action surpasses alternative methods for achieving bias-free adjudication.
我们正式论证了寻租竞赛模式下集体诉讼的一般案例,解释了为什么单独诉讼裁决偏向于被告而集体裁决没有偏见。单独诉讼偏见产生于被告的投资优势,即利用对共同问题辩护的总体(全班范围内)利益的集中控制,而原告只有个人的恢复,花费要少得多。集体诉讼消除了偏见,使双方能够通过集中最优的集体投资来实现最佳案例。我们的社会效益-成本分析表明,集体诉讼优于其他实现无偏见裁决的方法。
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引用次数: 18
Moral Realism and the Heuristics Debate 道德现实主义与启发式辩论
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2013-12-01 DOI: 10.1093/JLA/LAT004
M. Kelman
There has been substantial debate in the legal academy centered on the questions of whether universal moral intuitions exist and, if so, whether these intuitions have a privileged normative status, a debate both reflecting and partly reinterpreting classical jurisprudential debates about the existence of “natural law” and “natural rights.” There is a strong but underappreciated homology between the debates about the nature and quality of intuitive moral reasoning, and debates, associated with the Heuristics and Biases (H&B) school on the one hand and the “Fast and Frugal” (F&F) school on the other, about the nature and quality of our capacity to make self-interested decisions (decisions requiring both factual and a-moral evaluative judgment and decision making ability. There are those in the legal academy, most prominently Cass Sunstein, who accept that people indeed often have strong moral intuitions but believe these predispositions deserve little or no normative deference because the intuitions frequently merely reflect the use of inapt rules of thumb. Others, most prominently John Mikhail, believe people readily make non-reflective moral judgments that we cannot readily explain or justify logically that are grounded in our capacity to process a quite small number of critical features of a decision situation in precisely the way that F&F theorists believe we make most judgments. I explore the degree to which some of the virtues, and, more importantly, most of the problems, in both Sunstein's and Mikhail’s work are the features and shortcomings that have bedeviled the work of each of the schools on heuristic reasoning.
在法学界,围绕普遍的道德直觉是否存在以及如果存在,这些直觉是否具有特殊的规范地位的问题进行了大量辩论,这一辩论既反映了关于“自然法”和“自然权利”存在的古典法学辩论,也在一定程度上重新解释了这些辩论。关于直觉道德推理的本质和质量的辩论,以及与启发式和偏见(H&B)学派和“快速和节俭”(F&F)学派有关的辩论,关于我们做出自利决策的能力的本质和质量(决策需要事实性和非道德性的评估判断和决策能力)之间存在着强烈但未被充分认识的相似之处。法律学院中有一些人,最著名的是卡斯·桑斯坦(Cass Sunstein),他们承认人们确实经常有强烈的道德直觉,但认为这些倾向不值得或不应该得到规范的尊重,因为直觉经常只是反映了不恰当的经验法则的使用。另一些人,最著名的是约翰·米哈伊尔,认为人们很容易做出非反思性的道德判断,我们无法轻易地解释或逻辑地证明这些道德判断是基于我们处理决策情境中少数关键特征的能力,而F&F理论家认为我们做出大多数判断的方式正是如此。我探讨了在何种程度上,桑斯坦和米哈伊尔的作品中的一些优点,更重要的是,大多数问题,都是困扰着启发式推理各学派工作的特点和缺点。
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引用次数: 6
An Information-Forcing Approach to the Motion to Dismiss 驳回动议的信息强制方法
IF 2.2 1区 社会学 Q1 LAW Pub Date : 2013-12-01 DOI: 10.1093/JLA/LAT002
S. Issacharoff, G. Miller
This article proposes a new approach to the 12(b)(6) motion to dismiss. The idea works as follows. Defendant moves to dismiss exactly as under current practice. Plaintiff either responds to the motion, thus submitting the matter for decision, or files an affidavit proposing a plan of targeted discovery. After receiving defendant’s response, the court approves, rejects, or revises the proposed discovery plan. If the judge allows discovery, defendant either withdraws the motion or produces the information. If defendant withdraws the motion, the litigation proceeds in the usual way. If defendant continues the motion the parties engage in targeted discovery. The court then reviews the motion taking account of information which either party brings to the court’s attention, including information produced in discovery. If the court grants the motion, the case is dismissed and plaintiff pays defendant’s reasonable fees and costs associated with the motion and associated discovery. If the court denies the motion, the case continues and defendant pays plaintiff’s reasonable fees and costs. Our proposal would incentivize both parties to reveal information pertinent to the court’s decision. It promises to improve the operation of the motion to dismiss regardless of the substantive standard used to evaluate the sufficiency of the claims for relief.
本文提出了一种新的方法,以12(b)(6)动议驳回。其工作原理如下。被告完全按照现行惯例提出驳回诉讼。原告要么对动议作出回应,从而将此事提交裁决,要么提交一份宣誓书,提出一项有针对性的证据开示计划。在收到被告的答复后,法院批准、拒绝或修改所提议的证据开示计划。如果法官允许发现,被告要么撤回动议,要么提供信息。如果被告撤回动议,诉讼照常进行。如果被告继续提出动议,双方将进行定向证据开示。然后,法院考虑到任何一方提请法院注意的信息,包括在发现中提供的信息,审查该动议。如果法院批准动议,案件被驳回,原告支付被告与动议和相关发现相关的合理费用和成本。如果法院驳回动议,案件继续进行,被告支付原告合理的费用和成本。我们的提议将激励双方披露与法院裁决有关的信息。它承诺改善驳回动议的运作,而不管用于评估救济要求的充分性的实质性标准是什么。
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引用次数: 11
期刊
Journal of Legal Analysis
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