There are few types of securities as internationally traded as those issued in securitization (also spelled securitisation) transactions. The post-financial crisis regulatory responses to securitization in the United States and Europe are, at least in part, political and ad hoc. To achieve a more systematic regulatory framework, this Essay examines how existing regulation should be supplemented by identifying the market-failure causes that apply distinctively to securitization and analyzing how they could be addressed. Among other things, the Essay argues that Europe’s regulatory framework for simple, transparent, and standardised (STS) securitizations goes a long way towards addressing complexity as a cause of market failure, and that the United States should consider a similar regulatory approach.
Current Print Issue
People are frequently exposed to competing evidence about climate change. We examined how new information alters people’s beliefs. We find that people who are not sure that man-made climate change is occurring, and who do not favor an international agreement to reduce greenhouse gas emissions, show a form of asymmetrical updating: They change their beliefs […]
As class certification wanes, plaintiffs’ lawyers resolve hundreds of thousands of individual lawsuits through aggregate settlements in multidistrict litigation. But without class actions, formal rules are scarce and judges rarely scrutinize the private agreements that result. Meanwhile, the same principal- agent concerns that plagued class-action attorneys linger. These circumstances are ripe for exploitation: few rules, […]
Today, intellectual property (IP) scholars accept that IP as an approach to information production has serious limits. But what lies beyond IP? A new literature on “intellectual production without IP” (or “IP without IP”) has emerged to explore this question, but its examples and explanations have yet to convince skeptics. This Article reorients this new […]
In Volume 101, we published an article by Professors Christopher Serkin and Nelson Tebbe entitled Is the Constitution Special? That article argued that, contrary to common belief, it is difficult to justify lawyers’ distinct interpretive approach to the Constitution, as opposed to statutory or common law. This was a novel and controversial claim that begged […]
Symposium on Reassessing the Restatement of Employment Law
The Cornell Law Review hosted a Symposium on Reassessing the Restatement of Employment Law on Friday, November 21, 2014, at Cornell Law School. The Symposium offered the first commentary on Restatement of Employment Law, a twelve-year project, which the American Law Institute approved in 2014. Click for Symposium Agenda
Symposium on Extraterritorialism
The Cornell Law Review will publish its annual Symposium issue for Volume 99 with a focus on extraterritorialism in September 2014. The flurry of recent Supreme Court decisions turning on a revived door-closing territorialism is attracting the attention of legal scholars in various substantive as well as methodological fields of federal law, and the lines […]
Cornell Law Review Submission box is now open
The Cornell Law Review is accepting submissions for Volume 103.
Welcome to CornellLawReview.org
Welcome to CornellLawReview.org, the new online home of the Cornell Law Review. In the spirit of its mission as a student-run journal, the Law Review is launching this site to provide greater access to its top-notch legal scholarship and more publishing opportunities for legal academics. The website will host all of the content that the Law Review publishes in print […]