Over forty years after the Hatch-Waxman Act created a patent-based framework for balancing pharmaceutical innovation with competition, the system it established needs reform. We use data on pharmaceutical research and development over this four-decade period to argue that the current equilibrium is accurately characterized as an arms race of strategic legal activity. Brand-name firms amass […]
“Frictionless financing” platforms promise consumers a simple, seamless, and instantaneous financing experience that allows them to finance any number of products through their preferred retailer. For many consumers, frictionless financing is a welcome development that eliminates irritating design barriers that hamper consumers’ ability and desire to obtain financing at the point of sale. However, frictionless […]
The third-party litigation funding (TPLF) industry is a rapidly growing phenomenon in the United States, making headlines in cases ranging from celebrity privacy scandals to multimillion-dollar NFL head-injury lawsuits. Proponents praise TPLF for increasing access to justice, particularly for underprivileged parties who may otherwise lack the resources to pursue their claims. Critics, however, warn that […]
Over the course of the twentieth century, the administrative state grew under the auspices of a functionalist understanding of constitutional and statutory provisions allocating decisions among the three branches of the federal government. That understanding eschewed well-defined limits on the roles of the branches in favor of a flexible approach that allowed the branches to […]
The frontier of contemporary AI development is dominated by AI systems built on foundation models—highly versatile algorithms, trained in the first instance on broad swaths of data, that can function as speakers, tools, and agents across a wide variety of commercial, social, military, and political domains. For the moment, at least, the process of developing […]
For nearly a century, debates over “corporate purpose” have framed the issue as a clash between two contested visions: should corporations maximize profits, or should they pursue broader social goals? This Article argues that this conventional framing obscures the true nature of the dispute. Using Wesley Hohfeld’s map of rights, duties, privileges, and no-rights, I […]
Make-whole provisions appear in more than eighty percent of corporate bond issuances. They emerged in the mid-1990s after traditional call provisions failed to protect bondholders from opportunistic refinancing. Outside bankruptcy, they are routinely enforced. But inside bankruptcy, they have generated extensive litigation over three issues: whether acceleration extinguishes the make-whole premium, whether the Bankruptcy Code […]