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Dan Kelly--Toward Economic Analysis of the Uniform Probate Code

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Professor Kelly has authored a new article, Toward Economic Analysis of the Uniform Probate Code. Insights from economics and the economic analysis of law may be useful in analyzing succession law, including intestacy and wills as well as nonprobate transfers such as trusts. After surveying prior works that have examined succession from a functional perspective, I explore the possibility of utilizing tools like (i) transaction costs, (ii) the ex ante/ex post distinction, and (iii) rules versus standards, to illuminate the design of the Uniform Probate Code. Specifically, I investigate how these tools, which legal scholars have employed widely in other contexts, may be relevant
in understanding events like the nonprobate revolution and issues like “dead hand” control; analyzing UPC provisions pertaining to the harmless error rule, reformation, and ademption by extinction; and evaluating law reforms such as proposals to abolish attestation or prevent the disinheritance of children.

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Two NDLS Grads Accept Supreme Court Clerkship Offers

Megan Dillhoff

Shortly after taking the phone call from Associate Justice Samuel A. Alito Jr., Megan Dillhoff became the second NDLS graduate to accept a Supreme Court judicial clerkship for the October 2014 Supreme Court term. Earlier this term, G. Ryan Snyder accepted his clerkship offer from Chief Justice John G. Roberts, Jr.

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Justice Thomas Teaches Seminar on Religious Freedom

Associate Justice Clarence Thomas

Associate Justice Clarence Thomas of the United States Supreme Court visited Notre Dame Law School the week of February 3, 2014, serving as the James J. Clynes Visiting Chair in Judicial Ethics. Over the course of the week, Justice Thomas co-taught with Professor Richard W. Garnett an intensive seminar on “Religious Freedom and the Establishment Clause.”

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K.J. Martijn Cremers--Thirty Years of Shareholder Rights and Firm Valuation

Professor Martijn Cremers has co-authored a new research article, Thirty Years of Shareholder Rights and Firm Valuation, that introduces the concept of a new hand-collected dataset that tracked restrictions on shareholder rights at approximately 1,000 firms from 1978-1989. In conjunction with 1990-2006 IRRC data, the authors tracked firms’ shareholder rights over thirty years. Most governance changes occurred during the 1980s. The data found a robustly negative association between restrictions on shareholder rights (using the G-Index as a proxy) and Tobin’s Q. The negative association only appears after the judicial approval of antitakeover defenses in the 1985 landmark Delaware Supreme Court decision of Moran v. Household. This decision was an unanticipated, exogenous shock that increased the importance of shareholder rights.

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