This article examines whether strong laws are effective when regulatory institutions are weak. This has become especially relevant due to criticisms of financial market regulation in the United States. I test the impact of imposing strong laws on a weak regulatory environment by using China's principled reforms to market manipulation law as a natural experiment. The results from difference-in-difference tests suggest that China's principled law reforms did not improve the market's information environment,...
By this time next year, we may be on the cusp of another major set of amendments to the discovery provisions of the Federal Rules of Civil Procedure. The United States Courts' Advisory Committee on Civil Rules voted last week to send a slate of proposed amendments up the rulemaking chain, to its Standing Committee on Rules of Practice and Procedure, with a recommendation that the proposals be approved for publication and public comment later this year.
The most significant — and controversial...
The managing partner of a law firm called me and asked my opinion of how his firm’s blog was doing. This struck me as an odd question. After all, wouldn’t he know this better than I? So I put the question back to him.
“How do you think your blog is doing?” I asked.
“I have no idea,” he answered.
“Well, how has the traffic been?” I asked.
“I have no idea,” he answered.
“Has it generated any contacts?” I asked.
“I don’t know,” he answered.
“Are you getting...
The past 20 years have transformed business litigation. We have witnessed a perfect storm of expanding legal issues, contracting budgets, and clogging dockets. The deluge of discovery issues involving digital devices and social media threatens to overwhelm the system. Attorneys and the courts have been asked to do more with less, and they have struggled to keep up. Reactive adjustments to these challenges have come in fits and starts, including rule changes, court experiments, and various pilot projects....
This project empirically explores civil litigation from its inception by examining the content of civil complaints. We utilize spectral cluster analysis on a newly compiled federal district court data set of causes of action in complaints to illustrate the relationship of legal claims to one another, the broader composition of lawsuits in trial courts, and the breadth of pleading in individual complaints. Our results shed light not only on the networks of legal theories in civil litigation but also...