The public debate over the need to raise judicial salaries has been one-sided. Sentiment appears to be that judges are underpaid. But neither theory nor evidence provides much support for this view. The primary argument being made in favor of a pay increase is that it will raise the quality of...

This Article tests for the presence of bias in judicial citations within federal circuit court opinions. Our findings suggest bias along three dimensions. First, judges base outside circuit citation decisions in part on the political party of the cited judge. Judges tend to cite judges of the...

This article tests the hypothesis that U.S. issuers may use offshore securities offerings to sell overvalued securities indirectly into the United States securities markets. The article?s data sample consists of 701 offshore offerings conducted under Regulation S of the Securities Act from 1993...

Market Lessons For Gatekeepers grows out of my earlier work on how intermediaries may work to alleviate problems of fraud in markets, as discussed in my articles on company registration (64 U. Chi. L. Rev. 567 (1997)) and securities fraud class actions (144 U. Penn. L. Rev. 903 (1996)). Where...

This paper argues that regulators should embrace international regulatory competition. Specifically, it advocates the adoption of a regime termed quot;portable reciprocity.quot; Under such a regime, a firm would be able to issue its securities under the laws of any country and, regardless of...

Using fund flow data from 1994 to 2004, we examine the market response to mutual fund scandals. During the 12 month period beginning with the first report of a scandal in the Wall Street Journal, scandal funds experience an economically and statistically significant outflow of assets. The...

Network externalities may lead contracting parties to stay with a standardized term despite preferences for another term. Using a dataset of sovereign bond offerings from 1995 to early 2004, we test the importance of standardization for the modification provisions relating to payment terms. We...