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Georgetown University Law Center

About: Georgetown University Law Center is a based out in . It is known for research contribution in the topics: Supreme court & Global health. The organization has 585 authors who have published 2488 publications receiving 36650 citations. The organization is also known as: Georgetown Law & GULC.


Papers
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Journal ArticleDOI
TL;DR: In this article, the authors show that the commercial real estate price bubble was accompanied by a change in the source of commercial real-estate financing, and the result was a decline in underwriting standards in commercial mortgage backed securities.
Abstract: Two parallel real estate bubbles emerged in the United States between 2004 and 2008, one in residential real estate, the other in commercial real estate. The residential real estate bubble has received a great deal of popular, scholarly, and policy attention. The commercial real estate bubble, in contrast, has largely been ignored.This Article shows that the commercial real estate price bubble was accompanied by a change in the source of commercial real estate financing. Starting around 1998, securitization became an increasingly significant part of commercial real estate financing. The commercial mortgage securitization market underwent a major shift in 2004, however, as the traditional buyers of subordinated commercial real estate debt were outbid by collateralized debt obligations (CDOs). Savvy, sophisticated, experienced commercial mortgage securitization investors were replaced by investors who merely wanted “product” to securitize. The result was a decline in underwriting standards in commercial mortgage backed securities (CMBS).The commercial real estate bubble holds important lessons for understanding the residential real estate bubble. Unlike the residential market, there is almost no government involvement in commercial real estate. The existence of the parallel commercial real estate bubble presents a strong challenge to explanations of the residential bubble that focus on government affordable housing policy, the Community Reinvestment Act, and the role of Fannie Mae and Freddie Mac.

33 citations

Journal ArticleDOI
TL;DR: In this paper, the authors make a number of comments relevant to revising the Merger Guidelines, focusing on the use of the gross upward pricing pressure index (GUPPI) in unilateral effects analysis.
Abstract: These comments (originally submitted to the DOJ and FTC in November 2009) make a number of comments relevant to revising the Merger Guidelines. The comments focus on the use of the GUPPI (gross upward pricing pressure index) in unilateral effects analysis. They also comment on the deterrence and incipiency standard, exclusionary effects of horizontal mergers and market definition when there are multi-product firms or pre-merger coordination, among other issues.

33 citations

Posted Content
TL;DR: A risk assessment of the threat posed by bioterrorism is set forth and it is concluded that the risk is sufficiently high to justify liberty-limiting powers to detect and respond to that threat.
Abstract: The U.S. government's homeland security project is a controversial one, largely because it has the effect of placing into conflict two sets of fundamental values: the public's health and safety versus personal and economic liberties. Resolving this conflict requires an understanding of the various interests, a recognition of key choices, and the development of a framework to balance individual and collective interests. Part I of this paper sets forth a risk assessment of the threat posed by bioterrorism and concludes that the risk is sufficiently high to justify liberty-limiting powers to detect and respond to that threat. Such powers include vaccination, treatment, quarantine, nuisance abatements, and takings of private property. Part II argues that instead of focusing the debate on whether the government should have these powers, it is more appropriate, given that the risk from bioterrorism is stratified, to ask under what circumstances may an exercise of authority be justified. Part III examines two political theories, liberalism and communitarianism, as a way to test the assumption that state power may, in some circumstances, be justified. Though at first glance these two theories would seem to advocate distinct responses to the question of the legitimacy of state power, in reality, the exercise of public health powers to avert a considerable risk is justifiable under both theories. Finally, Part IV presents a framework for balancing competing personal and collective interests to address the question of when, that is, under what circumstances, state power should be exercised. This framework advocates the use of traditional powers to further the goal of public security while requiring compliance with predetermined standards and procedures. Difficult trade-offs are an inevitability - at times, national security will be compromised out of respect for constitutional values, and at other times individual freedom and autonomy will be compromised out of respect for collective interests. Ultimately, the question as to how far personal and economic liberties can be circumscribed in the name of protecting the public's health and security is answered by way of categories. The first risk category involves targeted state action to avert a significant risk to the public's health - here, liberal and communitarian thought converge in supporting state action in such instances. The second risk category refers to state action exercised arbitrarily or pretextually - again, liberalism and communitarianism converge, but in rejecting the use of such power in the absence of risk. The final category involves state action to avert a moderate risk, that is the government reasonably believes the risk is real, yet hard evidence is lacking as to the nature and probability of that risk. It is in this category that hard trade-offs exist. The framework posed in this article is one way to facilitate those decisions which will allow the use of state power to safeguard the public's health while preventing state overreaching.

33 citations

Journal ArticleDOI
TL;DR: In this paper, the authors provide the first theoretical account tracking the migration of technology across multiple domains of today's securities infrastructure and argue that an array of technological innovations are facilitating what can be understood as the disintermediation of the traditional gatekeepers that regulatory authorities have relied on (and regulated) since the 1930s for investor protection and market integrity.
Abstract: Nowhere has disruptive technology had a more profound impact than in financial services — and yet nowhere more do academics and policymakers lack a coherent theory of the phenomenon, much less a coherent set of regulatory prescriptions. Part of the challenge lies in the varied channels through which innovation upends market practices. Problems also lurk in the popular assumption that securities regulation operates against the backdrop of stable market gatekeepers like exchanges, broker-dealers and clearing systems — a fact scenario increasingly out of sync in 21st century capital markets. This Article explains how technological innovation not only “disrupts” capital markets — but also the exercise of regulatory supervision and oversight. It provides the first theoretical account tracking the migration of technology across multiple domains of today’s securities infrastructure and argues that an array of technological innovations are facilitating what can be understood as the disintermediation of the traditional gatekeepers that regulatory authorities have relied on (and regulated) since the 1930s for investor protection and market integrity. Effective securities regulation will thus have to be upgraded to account for a computerized (and often virtual) market microstructure that is subject to accelerating change. To provide context, the paper examines two key sources of disruptive innovation: 1) the automated financial services that are transforming the meaning and operation of market liquidity and 2) the private markets — specifically, the dark pools, ECNs, 144A trading platforms, and crowdfunding websites — that are creating an ever-expanding array of alternatives for both securities issuances and trading.

33 citations

Posted Content
TL;DR: In this article, the authors trace how the academic discourse evolved, both in its treatment of commodification as an academic topic (subject) of study and in its views of the purpose (object) of the commodification.
Abstract: This book reveals the changing subject(s) and object(s) of commodification. It traces how the academic discourse evolved, both in its treatment of commodification as an academic topic (subject) of study and in its views of the purpose (object) of commodification; as well as how the discourse evolved in its views of the subject in a relationship of commodification (the owner) and the object in a relationship of commodification (the thing owned). The book begins by establishing a canon of commodification discourse. Debates over commodification have occurred primarily within two disciplinary frameworks: economics and cultural studies. We review the foundational works of scholars in these fields. We observe that in the two decades since these works surfaced, the subject and object of commodification have taken a distinctly cultural turn. What might broadly be called a cultural studies approach animates much of the new commodification scholarship published herein. For these scholars, commodification and culture are indelibly linked. The cultural study of commodities in motion focuses on the changing meaning of the commodity as it passes through various local and global circuits, including markets. Cultural studies theorists argue that, in many cases, individual agents, not just the hegemonic market, control those meanings. Thus, commodities are in motion both literally and figuratively. As they pass through various physical spaces, they also undergo semiotic changes. A new age of freedom through commodification, or what Arjun Appadurai has termed commodity resistance? According to some, yes. Read as a whole, the essays in the latter half of this volume suggest an emerging new conception of human flourishing itself: today, demands for equality include a right to compensation and control in the world's markets. This rhetoric hearkens back to old-style market-liberationism. The question is if, and how, they are different.

32 citations


Authors

Showing all 585 results

NameH-indexPapersCitations
Lawrence O. Gostin7587923066
Michael J. Saks381555398
Chirag Shah343415056
Sara J. Rosenbaum344256907
Mark Dybul33614171
Steven C. Salop3312011330
Joost Pauwelyn321543429
Mark Tushnet312674754
Gorik Ooms291243013
Alicia Ely Yamin291222703
Julie E. Cohen28632666
James G. Hodge272252874
John H. Jackson271022919
Margaret M. Blair26754711
William W. Bratton251122037
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
202174
2020146
2019115
2018113
2017109
2016118