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...

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...

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...

In RadLAX Gateway Hotel, LLC v Amalgamated Bank, the Supreme Court's statutory interpretation focuses on an emerging theme of its bankruptcy jurisprudence: the proper domain of the bankruptcy judge. While one might expect the Court to approach that question of domain as it has for administrative...

Defining failures and pathologies can be difficult. Finding and fixing them can be even more difficult. This is the main lesson of Morrison and Uettwiller's essay on Consumer Bankruptcy Pathologies (Morrison and Uettwiller, 2017). The essay is a major contribution to the literature on consumer...

A fundamental question for corporate bankruptcy law is why it exists in the first place. To put it another way, why do we have special rules that apply only in financial distress? The conventional law-and-economics answer—known as the Creditors' Bargain Theory—identifies two core purposes of...

Many current bankruptcy debates—from critical vendor orders to the Supreme Court's decision last year in Czyzewski v. Jevic Holding Corporation—begin with bankruptcy's distributional rules and questions about how much discretion a judge should have in applying them. It is a mistake, however,...

This article provides a framework for analyzing side agreements in corporate bankruptcy, such as intercreditor and “bad boy” agreements. These agreements are controversial because they commonly include a promise by one party to remain silent – to waive some procedural right they would...

AI technologies can improve upon the current system of merger notification and review. Predictive technologies—such as supervised machine learning—combined with unprecedented growth in data will provide antitrust agencies with the opportunity to better refine the law and the review process....