Prabirjit Sarkar, Centre for Business Research,University of Cambridge, Jadavpur University and Ajit Singh, University of Cambridge explore Law, Finance and Development: Further Analyses of Longitudinal Data.
ABSTRACT: This paper analyses a longitudinal dataset on legal protection of shareholders over a 36 year period, 1970-2005, for four advanced countries, the UK, France, Germany and the USA. It examines two aspects of the legal origin hypothesis-whether shareholder protection is higher in the common law countries (UK and USA) than in the civil law countries (France and Germany) and whether shareholder protection matters for stock market development in the short and long runs. It also examines the ‘causation’ issue and the ‘endogeneity’ problem-whether greater shareholder protection leads to stock market development or whether stock market development leads to changes in law. The paper casts serious doubt on the validity of the basic theses of the Anglo Saxon legal and developmental model.
Sunday, March 14, 2010
Afghanistan and the Future of State Building
The University of La Verne College of Law presents What Makes States Successful? Afghanistan and the Future of State Building April 15-17, 2010.
State failure is one of the most challenging public policy problems of our age. Despite the pressures of globalization on the autonomy of states, they remain the most important locations of institutions to promote justice and the welfare of the peoples of the world. States are vital to maintaining peace and security across the globe. We need states to succeed. But they sometimes fail. Why? And how do we turn failed states into successful states? This symposium examines these questions with a four-fold focus. First, the focus is on state failure that is either caused by or is in some way related to armed conflict within a state, either from a civil war or from armed intervention by intervening states, United Nations Security Council action, or otherwise. Second, the focus is on institutional solutions to state failure, with an emphasis on rule of law. Third, the focus is on developing action plans or protocols containing concrete solutions to help failed states become successful states. Fourth, the symposium focuses on Afghanistan. Afghanistan provides a rich source of data and experience on what works and what fails, although Afghanistan remains very much a work in progress. An important symposium aim is to produce policy guidance for future directions in that country. The symposium approach is multi-disciplinary, with the goal of learning from a diversity of views.
Keynote Speakers:
•H.E. Mohammad Eshak Aloko
Attorney General of Afghanistan
•Cherif Bassiouni
Distinguished Research Professor of Law, DePaul University
College of Law , President Emeritus of the International
Human Rights Law Institute
•Hon. Pierre-Richard Prosper
Former U.S. Ambassador-at-Large for War Crimes Issues
Panel Discussions Include:
•Are Protocols Possible?
•Constitutions, Multicultural Democracies, and Citizenship
•Criminal Justice
•Human Rights
•Immediate Post-Conflict Priorities
•Militaries and National Security Institutions
•Military Intervention
•Transitional Justice
Event Schedule:
Event Schedule
Panelists Include:
•Juan Botero
Rule of Law Index Director, World Justice Project
•Hon. David O. Carter
U.S. District Judge, Central District of California
•Feryal Cherif
Assistant Professor of Political Science,
University of California Riverside
•Marisa S. Cianciarulo
Associate Professor of Law, Chapman University School of Law
•Erin Daly
Professor of Law and Associate Dean for Research and Faculty Development, Widener University School of Law
•Michael Delaney
Assistant U.S. Trade Representative for South Asia
•John Dempsey
Senior Rule of Law Adviser, Kabul,
United States Institute of Peace
•Jasteena Dhillon
Associate Fellow, Harvard University, Kennedy School of Government, Carr Center for Human Rights Policy
•Elise Groulx Diggs
President, International Criminal Defence Attorneys Association
•Lew Diggs
Principal, L.H. Diggs Consulting Services
•Jonathan Eddy
Director, Asian Law Center; Manager, Afghanistan Legal Educators Project and Professor of Law, University of Washington School of Law
•Pierre Englebert
Professor of Politics, Pomona College
•Fatima Gailani
President, Afghanistan Red Crescent Society
•David Glazier
Professor of Law, Loyola Los Angeles Law School
•Tiffany Graham
Associate Professor of Law, University of La Verne College of Law
•Ric Grenell
Former Director of Communications and Public Diplomacy for the United States Permanent Representative to the United Nations; Senior Vice President for Communications for DaVita, Inc.
•John Hall
Associate Professor of Law, Chapman University School of Law
•Hon. Kerry Murphy Healey
Former Lieutenant Governor, Commonwealth of Massachusetts
•Col. V. Joshi
Canada Deputy Judge Advocate General/Military Justice and Administrative Law
•David Kaye
Executive Director, UCLA International Human Rights Program
•Steve Kraft
Director, Afghanistan-Pakistan Office, Bureau of International Narcotics and Law Enforcement Affairs, U.S. Department of State
•Hon. Stephen G. Larson
Partner, Girardi Keese
•LCol (Ret.) David Last
Professor of Political Science, Royal Military College of Canada
•John Linarelli
Associate Dean for Academic Affairs and Professor of Law,
University of La Verne College of Law
•Grey Maggiano
Justice Program Manager, Afghanistan-Pakistan Office, Bureau of International Narcotics and Law Enforcement Affairs,
U.S. Department of State
•Major Jeremy Marsh
U.S. Army Judge Advocate General’s Legal Center and School, Charlottesville, VA
•Admiral (Ret.) Bruce MacDonald
former Judge Advocate General, U.S. Navy
•Col. Dominic D. McAlea
Canada Deputy Judge Advocate Regional Services Ottawa
•CDR Caren McCurdy
U.S. Navy Judge Advocate General
•Serge Michailof
former Executive Director Agence
Francaise de Développement
•Hon. Douglas P. Miller
Associate Justice, California Court of Appeal
•Hon. Robert O’Brien
Managing Partner, Arent Fox LLP; Co-Chair, U.S. Department of State Public-Private Partnership for Justice Reform in Afghanistan
•Mary Ellen O’Connell
Robert and Marion Short Professor of Law and Research Professor of International Dispute Resolution, University of Notre Dame Law School
•Cesare Pinelli
Professor of Regional and Constitutional Law,
University of Rome La Sapienza
•Rohullah Qarizada
President, Afghanistan Independent Bar Association
•Lako Tongun
Associate Professor of International and Intercultural Studies,
Pitzer College
State failure is one of the most challenging public policy problems of our age. Despite the pressures of globalization on the autonomy of states, they remain the most important locations of institutions to promote justice and the welfare of the peoples of the world. States are vital to maintaining peace and security across the globe. We need states to succeed. But they sometimes fail. Why? And how do we turn failed states into successful states? This symposium examines these questions with a four-fold focus. First, the focus is on state failure that is either caused by or is in some way related to armed conflict within a state, either from a civil war or from armed intervention by intervening states, United Nations Security Council action, or otherwise. Second, the focus is on institutional solutions to state failure, with an emphasis on rule of law. Third, the focus is on developing action plans or protocols containing concrete solutions to help failed states become successful states. Fourth, the symposium focuses on Afghanistan. Afghanistan provides a rich source of data and experience on what works and what fails, although Afghanistan remains very much a work in progress. An important symposium aim is to produce policy guidance for future directions in that country. The symposium approach is multi-disciplinary, with the goal of learning from a diversity of views.
Keynote Speakers:
•H.E. Mohammad Eshak Aloko
Attorney General of Afghanistan
•Cherif Bassiouni
Distinguished Research Professor of Law, DePaul University
College of Law , President Emeritus of the International
Human Rights Law Institute
•Hon. Pierre-Richard Prosper
Former U.S. Ambassador-at-Large for War Crimes Issues
Panel Discussions Include:
•Are Protocols Possible?
•Constitutions, Multicultural Democracies, and Citizenship
•Criminal Justice
•Human Rights
•Immediate Post-Conflict Priorities
•Militaries and National Security Institutions
•Military Intervention
•Transitional Justice
Event Schedule:
Event Schedule
Panelists Include:
•Juan Botero
Rule of Law Index Director, World Justice Project
•Hon. David O. Carter
U.S. District Judge, Central District of California
•Feryal Cherif
Assistant Professor of Political Science,
University of California Riverside
•Marisa S. Cianciarulo
Associate Professor of Law, Chapman University School of Law
•Erin Daly
Professor of Law and Associate Dean for Research and Faculty Development, Widener University School of Law
•Michael Delaney
Assistant U.S. Trade Representative for South Asia
•John Dempsey
Senior Rule of Law Adviser, Kabul,
United States Institute of Peace
•Jasteena Dhillon
Associate Fellow, Harvard University, Kennedy School of Government, Carr Center for Human Rights Policy
•Elise Groulx Diggs
President, International Criminal Defence Attorneys Association
•Lew Diggs
Principal, L.H. Diggs Consulting Services
•Jonathan Eddy
Director, Asian Law Center; Manager, Afghanistan Legal Educators Project and Professor of Law, University of Washington School of Law
•Pierre Englebert
Professor of Politics, Pomona College
•Fatima Gailani
President, Afghanistan Red Crescent Society
•David Glazier
Professor of Law, Loyola Los Angeles Law School
•Tiffany Graham
Associate Professor of Law, University of La Verne College of Law
•Ric Grenell
Former Director of Communications and Public Diplomacy for the United States Permanent Representative to the United Nations; Senior Vice President for Communications for DaVita, Inc.
•John Hall
Associate Professor of Law, Chapman University School of Law
•Hon. Kerry Murphy Healey
Former Lieutenant Governor, Commonwealth of Massachusetts
•Col. V. Joshi
Canada Deputy Judge Advocate General/Military Justice and Administrative Law
•David Kaye
Executive Director, UCLA International Human Rights Program
•Steve Kraft
Director, Afghanistan-Pakistan Office, Bureau of International Narcotics and Law Enforcement Affairs, U.S. Department of State
•Hon. Stephen G. Larson
Partner, Girardi Keese
•LCol (Ret.) David Last
Professor of Political Science, Royal Military College of Canada
•John Linarelli
Associate Dean for Academic Affairs and Professor of Law,
University of La Verne College of Law
•Grey Maggiano
Justice Program Manager, Afghanistan-Pakistan Office, Bureau of International Narcotics and Law Enforcement Affairs,
U.S. Department of State
•Major Jeremy Marsh
U.S. Army Judge Advocate General’s Legal Center and School, Charlottesville, VA
•Admiral (Ret.) Bruce MacDonald
former Judge Advocate General, U.S. Navy
•Col. Dominic D. McAlea
Canada Deputy Judge Advocate Regional Services Ottawa
•CDR Caren McCurdy
U.S. Navy Judge Advocate General
•Serge Michailof
former Executive Director Agence
Francaise de Développement
•Hon. Douglas P. Miller
Associate Justice, California Court of Appeal
•Hon. Robert O’Brien
Managing Partner, Arent Fox LLP; Co-Chair, U.S. Department of State Public-Private Partnership for Justice Reform in Afghanistan
•Mary Ellen O’Connell
Robert and Marion Short Professor of Law and Research Professor of International Dispute Resolution, University of Notre Dame Law School
•Cesare Pinelli
Professor of Regional and Constitutional Law,
University of Rome La Sapienza
•Rohullah Qarizada
President, Afghanistan Independent Bar Association
•Lako Tongun
Associate Professor of International and Intercultural Studies,
Pitzer College
Wednesday, March 10, 2010
Important Law and Development Session at Law and Society this May in Chicago
Scheduled Time: Sat, May 29 - 2:30pm - 4:15pm Building/Room: Renaissance / tba 03
Title Displayed in Event Calendar: CRN24 Rule of Law, State Building, and Transition--Roundtable--Success in Law and Development: Evaluating the Conventional Wisdom of Using Evidence from the Field 3403
Abstract: Law and development works involves Assessing existing rights and duties, Building capacity, Contesting existing and future rights and duties, Delegating the implementation of projects and Evaluating outcomes. This round table is made up of participants who have conducted extensive field work in developing and transitional economies. Drawing on their field work, each participant will give a short presentation about the extent to which a specific legal reform program has achieved its objectives. Thereafter, there will be a round table discussion covering a broader discussion on the role of legal reforms and what is working and what is not. At this point the audience will be invited to participate in the discussion.
Session chair: Amanda Perry-Kessaris, Birkbeck, University of London
Participants:
Elin Cohen (University of Washington) evaluates the Kenyan government's efforts to improve the business climate and stimulate economic growth by supporting small business associations.
Jon Eddy (Univeristy of Washington) rethinks assumptions underlying US Rule of Law efforts in Afghanistan.
Kevin Fandl (American University) examines the relationship between weak rule of law, including business registration and legal compliance and the informal economy in Colombia.
Amanda Perry-Kessaris (Birkbeck, University of London) evaluates the World Bank's attempts to increase foreign direct investment by encouraging the Government of India to reform Indian laws and legal institutions.
Veronica Taylor (University of Washington/ Australian National University) presents new empirical findings from China that challenge the common assumptions about the benefits of clinical law programs and legal aid projects.
Title Displayed in Event Calendar: CRN24 Rule of Law, State Building, and Transition--Roundtable--Success in Law and Development: Evaluating the Conventional Wisdom of Using Evidence from the Field 3403
Abstract: Law and development works involves Assessing existing rights and duties, Building capacity, Contesting existing and future rights and duties, Delegating the implementation of projects and Evaluating outcomes. This round table is made up of participants who have conducted extensive field work in developing and transitional economies. Drawing on their field work, each participant will give a short presentation about the extent to which a specific legal reform program has achieved its objectives. Thereafter, there will be a round table discussion covering a broader discussion on the role of legal reforms and what is working and what is not. At this point the audience will be invited to participate in the discussion.
Session chair: Amanda Perry-Kessaris, Birkbeck, University of London
Participants:
Elin Cohen (University of Washington) evaluates the Kenyan government's efforts to improve the business climate and stimulate economic growth by supporting small business associations.
Jon Eddy (Univeristy of Washington) rethinks assumptions underlying US Rule of Law efforts in Afghanistan.
Kevin Fandl (American University) examines the relationship between weak rule of law, including business registration and legal compliance and the informal economy in Colombia.
Amanda Perry-Kessaris (Birkbeck, University of London) evaluates the World Bank's attempts to increase foreign direct investment by encouraging the Government of India to reform Indian laws and legal institutions.
Veronica Taylor (University of Washington/ Australian National University) presents new empirical findings from China that challenge the common assumptions about the benefits of clinical law programs and legal aid projects.
Monday, March 8, 2010
Book review for Latin American Competition Law and Policy
Ricardo Jungmann of the Catholic University of Chile has a very nice book review of my book Latin American Competition Law and Policy.
Friday, March 5, 2010
Formal or Informal Justice in Afghanistan
Interesting view on role law and development might play in Afghanistan. Here
Sunday, February 14, 2010
The Future of Development: Human Rights and International Aid Beyond the Economic Crisis
Yale Law School will host
Bernstein Symposium 2010
The Future of Development:
Human Rights and International Aid Beyond the Economic Crisis
Robert L. Bernstein International Human Rights Fellowship Symposium
Sponsored by the Ewing Marion Kauffman Foundation
April 8-9, 2010
Bernstein Symposium 2010
The Future of Development:
Human Rights and International Aid Beyond the Economic Crisis
Robert L. Bernstein International Human Rights Fellowship Symposium
Sponsored by the Ewing Marion Kauffman Foundation
April 8-9, 2010
Friday, February 12, 2010
Competition Policy and Comparative Corporate Governance of State-Owned Enterprises
My newest paper, Competition Policy and Comparative Corporate Governance of State-Owned Enterprises, is available on SSRN.
ABSTRACT: The legal origins literature overlooks a key area of corporate governance - the governance of state-owned enterprises (“SOEs”). There are key theoretical differences between SOEs and publicly-traded corporations. In comparing the differences of both internal and external controls of SOEs, none of the existing legal origins allow for effective corporate governance monitoring. Because of the difficulties of undertaking a cross-country quantitative review of the governance of SOEs, this Article examines, through a series of case studies, SOE governance issues among postal providers. The examination of postal firms supports the larger theoretical claim about the weaknesses of SOE governance across legal origins. In itself, the lack of effective corporate governance would not be fatal if some of the SOE’s inefficient and societal-welfare-reducing behavior could be remedied under antitrust law. However, a review of antitrust decisions on the issue of predatory pricing by SOEs reveals that antitrust is equally ineffective in its attempts to monitor SOEs. This Article concludes by identifying a number of devices to reduce the current inadequacies of both antitrust and corporate governance of SOEs.
ABSTRACT: The legal origins literature overlooks a key area of corporate governance - the governance of state-owned enterprises (“SOEs”). There are key theoretical differences between SOEs and publicly-traded corporations. In comparing the differences of both internal and external controls of SOEs, none of the existing legal origins allow for effective corporate governance monitoring. Because of the difficulties of undertaking a cross-country quantitative review of the governance of SOEs, this Article examines, through a series of case studies, SOE governance issues among postal providers. The examination of postal firms supports the larger theoretical claim about the weaknesses of SOE governance across legal origins. In itself, the lack of effective corporate governance would not be fatal if some of the SOE’s inefficient and societal-welfare-reducing behavior could be remedied under antitrust law. However, a review of antitrust decisions on the issue of predatory pricing by SOEs reveals that antitrust is equally ineffective in its attempts to monitor SOEs. This Article concludes by identifying a number of devices to reduce the current inadequacies of both antitrust and corporate governance of SOEs.
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