June 4, 2008 11:57 Age: 6 yrs

Emory Law Faculty Present at 2008 ALEA Annual Meeting

Four Emory Law faculty members were invited to present scholarly papers at the prestigious American Law and Economics Association (ALEA) 2008 Annual Meeting, held at Columbia Law School.

Professor Liza Vertinksy, a Harvard-trained lawyer-economist, presented her paper Reconsidering Patent Licensing in the Aftermath of Medimmune. She proposes a law and economics framework for analyzing the effects of the Supreme Court's recent MedImmune decision, concluding that it will increase litigation without improving patent quality and will decrease the volume and increase the cost of licensing. More generally, Professor Vertinsky demonstrates that any change in patent laws that seriously undermines the strength of patent rights will have a negative effect on patent markets that outweighs any positive effects on patent quality.

Professor Fred Tung, a corporate and bankruptcy law specialist, presented his paper Law, Agency Costs and Project Finance, co-authored with Subbu Subramanian and Xue Wang, both professors at Emory’s Goizueta Business School. The paper shows empirically across forty countries that project finance offers a contractual and organizational substitute for poor investor protection.

Professor Jonathan Nash, who will join the Emory Law faculty this fall from the University of Chicago and Tulane University, presented his paper Allocation and Uncertainty: Strategic Responses to Environmental Grandfathering, in which he evaluates government schemes for retrospective resource allocation for potential strategic inefficiencies, and proposes solutions.

Professor Sasha Volokh, who will join the Emory Law faculty in fall 2009, presented his paper Privatization, Free Riding, and Industry-Expanding Lobbying. Professor Volokh offers a formal model challenging the criticism of privatization that it distorts the political system by giving incentive to private contractors to self-interestedly lobby for changes in substantive laws.

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