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Law and economics or economic analysis of law is the application of economic theory to the analysis of law that began mostly with scholars from the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated.
James Bradford "Brad" DeLong is an economic historian who is professor of Economics at the University of California, Berkeley. DeLong served as Deputy Assistant Secretary of the U.S. Department of the Treasury in the Clinton Administration under Lawrence Summers.
Andrew Alan Samwick is an American economist, who served as Chief Economist on the staff of the United States President's Council of Economic Advisors from July 2003 to July 2004. Samwick is currently Professor of Economics at Dartmouth College and the director of the Nelson A. Rockefeller Center for Public Policy and the Social Sciences. He has also held teaching positions at Columbia University’s Graduate School of Business. In 2009, Samwick was named the New Hampshire Professor of the Year by the Carnegie Foundation for the Advancement of Teaching. He is also a current editor of Economics Letters.
Tunneling or tunnelling is financial fraud committed by "the transfer of assets and profits out of firms for the benefit of those who control them". In legal terms, this is known as a fraudulent transfer. For example, a group of major shareholders or the management of a publicly traded company orders that company to sell off its assets to a second company at unreasonably low prices. The shareholders or management typically own the second company outright, and thus profit from the otherwise disastrous sale. Tunneling differs from outright theft because people who engage in tunneling generally comply with all of the relevant legal procedures; it is thus a subtler scheme than simply writing checks from a company to a private bank account. While people widely agree that tunneling is unethical, penalties for it vary widely; some states impose criminal sanctions, whereas other states provide either for civil suits only, or for no sanctions at all.
The legal origins theory claims that the two main legal traditions or origins, civil law and common law, crucially shape lawmaking and dispute adjudication and have not been reformed after the initial exogenous transplantation by Europeans. Therefore, they affect economic outcomes to date. According to the evidence reported by the initial proponents of such a theory, countries that received civil law would display today less secure investor rights, stricter regulation, and more inefficient governments and courts than those that inherited common law. These differences would reflect both a stronger historical emphasis of common law on private ordering and the higher adaptability of judge-made law. Recent contributions however have criticized the idea that transplanted legal institutions remained intact and have documented that indeed they evolve moved by how each country solves the trade-off between the uncertainty of judge-made law and the bias possibly injected into civil law by inefficient political institutions. Crucially, these latest studies show that considering both the endogeneity between legal traditions and the economy and the evolution of legal systems over time implies that civil law can often economically dominate common law.
A noise trader also known informally as idiot trader is described in the literature of financial research as a stock trader whose decisions to buy, sell, or hold are irrational and erratic. The presence of noise traders in financial markets can then cause prices and risk levels to diverge from expected levels even if all other traders are rational.
Andrei Shleifer is a Russian-American economist and Professor of Economics at Harvard University, where he has taught since 1991. Shleifer was awarded the biennial John Bates Clark Medal in 1999 for his seminal works in three fields: corporate finance, the economics of financial markets, and the economics of transition.
Edward Ludwig "Ed" Glaeser is an American economist and Fred and Eleanor Glimp Professor of Economics at Harvard University. He was educated at The Collegiate School in New York City before obtaining his B.A. in economics from Princeton University and his Ph.D. in economics from the University of Chicago. Glaeser joined the faculty of Harvard in 1992, where he is currently the Fred and Eleanor Glimp Professor at the Department of Economics. He previously served as the Director of the Taubman Center for State and Local Government and the Director of the Rappaport Institute for Greater Boston. He is a senior fellow at the Manhattan Institute, and a contributing editor of City Journal. He was also an editor of the Quarterly Journal of Economics. Glaeser and John A. List were mentioned as reasons why the AEA committee began to award the Clark Medal annually in 2009.
Kenneth Ronald "Ken" French is the Roth Family Distinguished Professor of Finance at the Tuck School of Business, Dartmouth College. He has previously been a faculty member at MIT, the Yale School of Management, and the University of Chicago Booth School of Business. He is most famous for his work on asset pricing with Eugene Fama. They wrote a series of papers that cast doubt on the validity of the Capital Asset Pricing Model (CAPM), which posits that a stock's beta alone should explain its average return. These papers describe two factors above and beyond a stock's market beta which can explain differences in stock returns: market capitalization and "value". They also offer evidence that a variety of patterns in average returns, often labeled as "anomalies" in past work, can be explained with their Fama–French three-factor model.
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Robert Ward Vishny is an American economist and is the Myron S. Scholes Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. He was the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.
David Daokui Li is the Mansfield Freeman Professor of Economics and director of the Center for China in the World Economy (CCWE) at Tsinghua University's School of Economics and Management (SEM). He teaches courses on economic transition, corporate finance, international economics, and China's economy. In 2013, he was appointed director of the Schwarzman Scholars program at Tsinghua.
Simeon Djankov is a Bulgarian economist. From 2009 to 2013, he was the Deputy Prime Minister and Minister of Finance of Bulgaria in the government of Boyko Borisov. Prior to his cabinet appointment, Simeon Djankov was a Chief economist of the finance and private sector vice-presidency of the World Bank. He was an associate editor of the Journal of Comparative Economics from 2004 to 2009. Djankov was a chairman of the board of the European Bank for Reconstruction and Development. In 2013 he was appointed rector of the New Economic School in Moscow, a title he held until July 2015. He is a Senior Fellow at the Peterson Institute for International Economics, on leave for public service. Since November 2015, Dr Djankov is research fellow of the Financial Markets Group at the London School of Economics.
Ivo Welch, is an American economist and finance academic. He is the J. Fred Weston Professor of Finance at UCLA Anderson.
State media or state-owned media is media for mass communication These news outlets may be the sole media outlet or may exist in competition with corporate and non-corporate media.
Julio Jacobo Rotemberg was an Argentine/American economist at Harvard Business School. He was known for his collaboration with Michael Woodford on the first New Keynesian DSGE model, especially on monopolistic competition. He was also known for an alternative model of sticky prices.
The Starting a Business Index is a sub-index of the World Bank Ease of Doing Business Index.
A public bank is a bank, a financial institution, in which a state, municipality, or public actors are the owners. It is an enterprise under government control. Prominent among current public banking models are the Bank of North Dakota, the German public bank system, and many nations’ postal bank systems.
Leximetrics is a field which attempts to rank the strength or weaknesses of laws, by assigning a numerical value to each type of law in a particular field. The law's numbers are then used to compare the efficacy of different legal systems, and how these numbers correlate with particular goals such as economic growth or employment.
Gordon Phillips is an American financial economist, currently at Tuck School of Business, Dartmouth College. He obtained his bachelor's degree at Northwestern University in 1986 and his Ph.D. and M.A. from Harvard University in 1991.
References
- ↑ La Porta, Rafael; Lopez‐De‐Silanes, Florencio; Shleifer, Andrei; Vishny, Robert W. (1998). "Law and Finance". Journal of Political Economy. 106 (6): 1113–1155. doi:10.1086/250042. JSTOR 10.1086/250042.
