Volume 158, Issue 7 
June 2010

Lying and Getting Caught: An Empirical Study of the Effect of Securities Class Action Settlements on Targeted Firms

Lynn Bai, James D. Cox, & Randall S. Thomas

Paying for Long-Term Performance

Lucian A. Bebchuk & Jesse M. Fried

In the aftermath of the financial crisis, regulators, firms, and investors are seeking to put in place executive pay arrangements that avoid rewarding executives for short-term gains that do not reflect long-term performance. This Article seeks to contribute to these efforts by analyzing how pay arrangements can and should best be tied to long-term performance. Our analysis focuses on equity-based compensation, the most important component of executive pay arrangements.

Rethinking the Regulation of Securities Intermediaries

Jill E. Fisch

Do Class Action Lawyers Make Too Little?

Brian T. Fitzpatrick

Credit Default Swap Spreads as Viable Substitutes for Credit Ratings

Mark J. Flannery, Joel F. Houston, & Frank Partnoy

In response to the recent financial crisis, commentators have criticized certain credit rating agencies, known as Nationally Recognized Statistical Rating Organizations (NRSROs), and credit default swaps (CDSs). Regulators have proposed a range of reforms in both areas but have not considered the links between them. This Article considers one potential link: whether CDS markets could play a role in financial reform related to NRSROs.

More specifically, one set of proposals suggests that legislators and regulators reduce the dysfunctional incentives associated with overreliance on NRSRO credit ratings. Although there is support for this proposal in theory, one objection forestalling reform has been that, notwithstanding the problems associated with credit rating agencies, there do not appear to be viable substitutes for credit ratings. Indeed, ongoing skepticism and criticism about CDS markets has reinforced the objection. In simple terms, the objection is that regulators and investors should not replace one broken system (credit ratings) with another broken system (CDSs).

Reading Stoneridge Carefully: A Duty-Based Approach to Reliance and Third-Party Liability Under Rule 10b-5

Donald C. Langevoort

The Multienforcer Approach to Securities Fraud Deterrence: A Critical Analysis

Amanda M. Rose

Volume 158, Issue 6 
May 2010

Key Issues in the Resettlement of Formerly Trafficked Persons in the United States

Denise Brennan

Tensions and Trade-Offs: Protecting Trafficking Victims in the Era of Immigration Enforcement

Jennifer M. Chacón

Rescuing Trafficking from Ideological Capture: Prostitution Reform and Anti-Trafficking Law and Policy

Janie A. Chuang

Sex Trafficking and Criminalization: In Defense of Feminist Abolitionism

Michelle Madden Dempsey

Lessons from Bosnia's Arizona Market: Harm to Women in a Neoliberalized Postconflict Reconstruction Process

Dina Francesca Haynes

A Response to Sex Trafficking Chicago Style: Follow the Sisters, Speak Out

Kaethe Morris Hoffer

A Free Labor Approach to Human Trafficking

James Gray Pope



Christine Stark

Volume 158, Issue 5 
April 2010

Temporal Imperialism

Alison L. LaCroix

Equal Access and the Right to Marry

Nelson Tebbe & Deborah A. Widiss


Cashing in on Capitol Hill: Insider Trading and the Use of Political Intelligence for Profit

Bud W. Jerke

When Should Discovery Come with a Bill? Assessing Cost Shifting for Electronic Discovery

Vlad Vainberg


Not Since Thomas Jefferson Dined Alone: For Geoff Hazard at Eighty

Stephen B. Burbank

A Time-Honored Model for the Profession and the Academy

Michael Fitts


Harold Hongju Koh

A Wise Man of the Law

Anthony J. Scirica

Geoffrey C. Hazard, Jr.: Scholar, Law Reformer, Teacher, and Mentor

Catherine T. Struve

Geoffrey C. Hazard, Jr.: A Curious American

Michele Taruffo

Geoffrey C. Hazard, Jr.: Director Exemplar of the American Law Institute

Michael Traynor

Geoffrey C. Hazard, Jr., and the Lessons of History

Tobias Barrington Wolff

Volume 158, Issue 4 
March 2010

Contracting Over Liability: Medical Malpractice and the Cost of Choice

Jennifer Arlen

The Irrelevance of Writtenness in Constitutional Interpretation

Andrew B. Coan

From the Greenhouse to the Poorhouse: Carbon-Emissions Control and the Rules of Legislative Joinder

David A. Super


Racing to Settlement: The Applicability of Federal Rule of Evidence 408 to Nonparty Settlement Communications

Chad Albert

The Plain Meaning of Section 365(c): The Tension Between Bankruptcy and Patent Law in Patent Licensing

Jennifer Ying

Volume 158, Issue 3 
February 2010

The Case Against Shareholder Empowerment

William W. Bratton & Michael L. Wachter

Culture, Cognition, and Consent: Who Perceives what and why in Acquaintance-Rape Cases

Dan M. Kahan

Interest Groups and the Problem with Incrementalism

Saul Levmore


Want Less Ideology on the Federal Bench? Pay Judges More

Thomas J. Forr

Preserving Facts, Form, and Function when a Deaf Witness with Minimal Language Skills Testifies in Court

Brandon M. Tuck

In Memoriam

Remembering Ed Baker

Seth Kreimer

Volume 158, Issue 2 
January 2010

Rationality Analysis in Antitrust

Christopher R. Leslie

The Right to Abandon

Lior Jacob Strahilevitz


Freedom from Religion: RLUIPA, Religious Freedom, and Representative Democracy on Trial

Anthony Lazzaro Minervini

Classifying Constructive Amendment as Trial or Structural Error

Kendra Oyer


Foreword: Procedure as Palimpsest

Catherine T. Struve

Comparative Convergences in Pleading Standards

Scott Dodson

Taming Twombly, Even After Iqbal

Edward A. Hartnett

The Changing Shape of Federal Civil Pretrial Practice: The Disparate Impact on Civil Rights and Employment Discrimination Cases

Elizabeth M. Schneider

Volume 158, Issue 1 
December 2009

Extreme Value or Trolls on Top? The Characteristics of the Most Litigated Patents

John R. Allison, Mark A. Lemley & Joshua Walker

The Constitutionality of International Courts: The Forgotten Precedent of Slave-Trade Tribunals

Eugene Kontorovich

The Inexorable Radicalization of Textualism

Jonathan R. Siegel

Some scholars have recently suggested that textualism, intentionalism, and purposivism are more similar than is generally realized.  These new “accommodationist” scholars claim either that the rival methods share the same goals or even that the methods themselves have become indistinguishable. In The Inexorable Radicalization of Textualism, Professor Jonathan Siegel argues that in fact, not only does textualism differ fundamentally from intentionalism and purposivism, but the gap between them gets wider with time. Textualism’s prime directive—the formalist axiom that statutory text is the law—fundamentally distinguishes textualism from other interpretive methods. Moreover, Siegel argues, the formalist axiom has an expansionist logic that causes the gap between textualism and other methods to grow wider as the logical implications of the axiom are worked out. Siegel concludes that textualism inexorably radicalizes itself as textualists gradually realize that their axiom compels them to reject moderating influences, such as the “absurd results exception,” that accommodationists claim bring interpretive methods together. Intentionalism and purposivism, by contrast, are less dogmatic and better able to absorb the best lessons of rival methods without being untrue to their core principles. Siegel finds that textualism worsens over time, whereas intentionalism and purposivism are better able to improve themselves over time.


Vows to Collide: The Burgeoning Conflict Between Religious Institutions and Same-Sex Marriage Antidiscrimination Laws

Fredric J. Bold, Jr.

Six Unconstitutional Homicide Statutes: Rational Basis Review and the Problem of Harsher Punishment for Less Culpable Offenders

Justin V. Rodriguez

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