This paper analyzes the effects of the legal rules governing transnational bankruptcies. We compare a regime of "territoriality" in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy with a regime of "universality" in which all assets are...

This paper empirically investigates the determinants of firms' decisions where to incorporate. We find that states that offer stronger antitakeover protections are substantially more successful both in retaining in-state firms and in attracting out-of-state incorporations. We estimate that,...

Assessment of damages is a principal issue in litigation and, in light of this, we consider the social justification for, and the private benefits of, accurate measurement of harm. Greater accuracy induces injurers to exercise levels of precaution that better reflect the magnitude of the harm...