Brigham Young University Law Review

Brigham Young University Law Review is a magazine focusing on Law

Articles from Vol. 2009, No. 6, 2009

A "Law & Personal Finance" View of Legal Origins Theory
In two seminal papers,1 Rafael La Porta, Florencio Lopez-deSilanes, Andrei Shleifer, and Robert Vishny (LLSV) spell out a theory for the interrelationship between law and economic development now commonly referred to as "Legal Origins Theory." Legal...
Boumediene V. Bush: Habeas Corpus, Exhaustion, and the Special Circumstances Exception
I. INTRODUCTIONOn November 20, 2008, six native Algerian detainees at Guantanamo anxiously listened over a phone line for District Judge Richard Leon's ruling from the bench on their writ of habeas corpus petitions.1 After numerous legal proceedings...
Competition Policy and Comparative Corporate Governance of State-Owned Enterprises
ABSTRACTThe 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...
Contemporary Legal Transplants: Legal Families and the Diffusion of (Corporate) Law
ABSTRACT:This paper empirically documents the continued importance of the legal families (common law and civil law) for the diffusion of formal legal materials from the core to the periphery, and some possible channels of diffusion, in post-colonial...
"Law and Finance": Inaccurate, Incomplete, and Important
"On the face of it, shareholder value is the dumbest idea in the world. Shareholder value is a result, not a strategy. . . . Your main constituents are your employees, your customers and your products."- Jack Welch, former CEO of General ElectricI. INTRODUCTIONWhile...
Law and Financial Development: What We Are Learning from Time-Series Evidence
AbstractThe legal origins hypothesis is one of the most important and influential ideas to emerge in the social sciences in the past decade. However, the empirical base of the legal origins claim has always been contestable, as it largely consists of...
Legal Origins and the Tasks of Corporate Law in Economic Development: A Preliminary Exploration
I. INTRODUCTIONThe Legal Origins approach, and the wealth of literature it has spawned, is surely good for something other than generating more literature (for which it clearly is very good). The approach has garnered a great deal of criticism,1 but...
Legal Origins, Functionalism, and the Future of Comparative Law
I. INTRODUCTIONFunctionalism is historically one of the most influential approaches to the study of comparative law,1 and perhaps the most controversial.2 According to functionalism, comparative legal scholars should understand different countries' laws...
Legal Origins, Investor Protection, and Canada
I. INTRODUCTIONBeginning with their publication of Legal Determinants of External Finance,1 Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny ("LLSV") asked: "Why do some countries have so much bigger capital markets than...
Legal Regimes and Political Particularism: An Assessment of the "Legal Families" Theory from the Perspectives of Comparative Law and Political Economy
ABSTRACT:The "legal families" theory of corporate law and ownership structures pioneered by Rafael La Porta, Florencio Lopez-deSilanes, Andrei Shleifer, and Robert Vishny provides one of the most influential accounts of why "law matters" in shaping economic...
Mixing-and-Matching across (Legal) Family Lines
ABSTRACT"Legal origins" scholars explain economic performance by a country's membership in a given "legal family." To demonstrate the proposition, they regress various indices of performance on, inter alia, that membership.These regressions are properly...
Rethinking the "Law and Finance" Paradigm
I. INTRODUCTIONThe label "Law and Finance" stands for a body of literature that has dominated policy-making and academic debates for the past decade. The literature has its origin in a series of papers co-authored by Andrei Shleifer, Rafael La Porta,...
The Legal Origins Theory in Crisis
I. INTRODUCTION .................................................................... 1571II. THE LEGAL ORIGINS THEORY ............................................. 1575III. FINANCIAL CRISIS AND THE GOVERNMENT'S RESPONSE.... 1578A. A Financial Crisis...
Unpacking Adaptability
I. INTRODUCTIONLegal Origins Theory holds that "legal origins - broadly interpreted as highly persistent systems of social control of economic life - have significant consequences for the legal and regulatory framework of the society, as well as for...