Founded in 2007, the Program in the Law and Economics of Capital Markets was created with the goal of bringing together the disparate work of lawyers and economists in the field of capital markets and their regulation.

Scholars in market microstructure, the study of the economic forces affecting securities market trades, quotes and transaction prices, have traditionally not taken into account the regulatory structures of real-world securities market operations. On the other hand, legal literature has largely focused on describing institutional regulatory structures and has not taken advantage of the work done in the field of market microstructure.

The center's program focuses on producing high-quality scholarly literature on capital markets regulation that is significantly informed by financial economic principles.

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Articles

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Anticipating Litigation in Contract Design, Robert E. Scott and George G. Triantis

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A Relational Theory of Secured Financing, Robert E. Scott

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A Theory of Self-Enforcing Indefinite Agreements, Robert E. Scott

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Can Restitution Save Fragile Spiderless Networks?, Ariel Porat and Robert E. Scott

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Compensation for Victims of Violent Crimes: An Analysis, Robert E. Scott

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Competition Versus Consolidation: The Significance of Organizational Structure in Financial and Securities Regulation, John C. Coffee Jr.

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Conflict and Cooperation in Long-Term Contracts, Robert E. Scott

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Constitutional Regulation of Provisional Creditor Remedies: The Cost of Procedural Due Process, Robert E. Scott

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Contract Design and the Shading Problem, Robert E. Scott

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Contract Interpretation Redux, Alan Schwartz and Robert E. Scott

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Contract Theory and the Limits of Contract Law, Alan Schwartz and Robert E. Scott

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Embedded Options in the Case Against Compensation in Contract Law, Robert E. Scott and George G. Triantis

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Enforcing Promises: An Examination of the Basis of Contract, Charles J. Goetz and Robert E. Scott

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Hoffman v. Red Owl Stores and the Myth of Precontractural Reliance, Robert E. Scott

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In (Partial) Defense of Strict Liability in Contract, Robert E. Scott

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Is Article 2 the Best We Can Do?, Robert E. Scott

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Liquidated Damages, Penalties and the Just Compensation Principle: Some Notes on an Enforcement Model and a Theory of Efficient Breach, Charles J. Goetz and Robert E. Scott

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Market Damages, Efficient Contracting, and the Economic Waste Fallacy, Alan Schwartz and Robert E. Scott

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Maximizing Autonomy in the Shadow of Great Powers: The Political Economy of Sovereign Wealth Funds, Kyle Hatton and Katharina Pistor

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Measuring Sellers' Damages: The Lost-Profits Puzzle, Charles J. Goetz and Robert E. Scott

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Plea-Bargaining as a Social Contract, Robert E. Scott and William J. Stuntz

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Precontractual Liability and Preliminary Agreements, Alan Schwartz and Robert E. Scott

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Principles of Relational Contracts, Charles J. Goetz and Robert E. Scott

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Redesigning the SEC: Does the Treasury Have a Better Idea?, John C. Coffee Jr. and Hillary A. Sale

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Rethinking the Regulation of Coercive Creditor Remedies, Robert E. Scott

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Sectoral Strategies and Participant Commitments: The Keys to Effective Trade and Industrial Policies, Robert E. Scott

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Self-Enforcing International Agreements and the Limits of Coercion, Robert E. Scott and Paul B. Stephan

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Sharing the Risks of Bankruptcy: Timbers, Ahlers, and Beyond, Robert E. Scott

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The Case for Formalism in Relational Contract, Robert E. Scott

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The Case for Market Damages: Revisiting the Lost Profits Puzzle, Robert E. Scott

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The Common Law of Contract and the Default Rule Project, Alan Schwartz and Robert E. Scott

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The Future as History: The Prospects for Global Convergence in Corporate Governance and Its Implications, John C. Coffee Jr.

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The Limits of Behavioral Theories of Law and Social Norms, Robert E. Scott

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The Limits of Expanded Choice: An Analysis of the Interactions between Express and Implied Contract Terms, Charles J. Goetz and Robert E. Scott

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The Mitigation Principle: Toward a General Theory of Contractual Obligation, Charles J. Goetz and Robert E. Scott

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The Reality of Procedural Due Process – A Study of the Implementation of Fair Hearing Requirements by the Welfare Caseworker, Robert E. Scott

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The Regulation and Administration of the Welfare Hearing Process – The Need for Administrative Responsibility, Robert E. Scott

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The Three and a Half Minute Transaction: Boilerplate and the Limits of Contract Design, Mitu Gulati and Robert E. Scott

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The Truth About Secured Financing, Robert E. Scott

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Third-Party Beneficiaries and Contractual Networks, Alan Schwartz and Robert E. Scott

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Twenty-Five Years Through the Virginia Law Review (with Gun and Camera), Robert E. Scott

Books

The New Stock Market: Law, Economics, and Policy, Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg

Book Reviews

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Through Bankruptcy with the Creditors' Bargain Heuristic, Robert E. Scott

Essays

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Chaos Theory and the Justice Paradox, Robert E. Scott

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Error and Rationality in Individual Decisionmaking: An Essay on the Relationship Between Cognitive Illusion and the Management of Choice, Robert E. Scott

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Local Institutions, Foreign Investment and Alternative Strategies of Development: Some Views from Practice, Tamara Lothian and Katharina Pistor

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On the Nature of Bankruptcy: An Essay of Bankruptcy Sharing and the Creditor's Bargain, Thomas H. Jackson and Robert E. Scott

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Rethinking the Laws of Good Faith Purchase, Alan Schwartz and Robert E. Scott

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The Rise and Fall of Article 2, Robert E. Scott

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Who Tolls the Bells for Firms? Tales from Transition Economies, Katharina Pistor

Responses/Comments

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A Reply: Imperfect Bargains, Imperfect Trials, and Innocent Defendants, Robert E. Scott

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Law and Regulatory Competition: Can They Co-Exist?, John C. Coffee Jr.

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The Mythology of Article 9, Robert E. Scott

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The Politics of Article 9, Robert E. Scott

Working Papers

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A Theory of Self-Enforcing Indefinite Agreements, Robert E. Scott

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Can Restitution Save Fragile Spiderless Networks?, Ariel Porat and Robert E. Scott

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Contract Interpretation Redux, Alan Schwartz and Robert E. Scott

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Contract Theory and the Limits of Contract Law, Alan Schwartz and Robert E. Scott

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Contractual Arbitrage, Stephen J. Choi, G. Mitu Gulati, and Robert E. Scott

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Contract, Uncertainty and Innovation, Ronald J. Gilson, Charles F. Sabel, and Robert E. Scott

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Economic Crisis and the Integration of Law and Finance: The Impact of Volatility Spikes, Edward G. Fox, Merritt B. Fox, and Ronald J. Gilson

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Ex Ante Choice of Jury Waiver Clauses in Mergers, Darius Palia and Robert E. Scott

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Hoffman v. Red Owl Stores and the Myth of Precontractual Reliance, Robert E. Scott

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Idiosyncratic Risk During Economic Downturns: Implications for the Use of Event Studies in Securities Litigation, Edward G. Fox, Merritt B. Fox, and Ronald J. Gilson

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Indemnity of Legal Fees, Avery W. Katz

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In (Partial) Defense of Strict Liability in Contract, Robert E. Scott

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Market Damages, Efficient Contracting and the Economic Waste Fallacy, Alan Schwartz and Robert E. Scott

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Market Damages, Efficient Contracting and the Economic Waste Fallacy, Alan Schwartz and Robert E. Scott

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Maximizing Autonomy in the Shadow of Great Powers: The Political Economy of Sovereign Wealth Funds, Kyle J. Hatton and Katharina Pistor

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On the Origins of Originalism, Jamal Greene

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Origin Myths, Contracts, and the Hunt for Pari Passu, Mark C. Weidemaier, Robert E. Scott, and G. Mitu Gulati

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Ratings Reform: The Good, The Bad, and The Ugly, John C. Coffee Jr.

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Rethinking the Laws of Good Faith Purchase, Alan Schwartz and Robert E. Scott

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Rethinking the Uniformity Norm in Commercial Law: Optimal Institutional Design for Regulating Incomplete Contracts, Robert E. Scott

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Rules for Growth: Promoting Innovation and Growth Through Legal Reform, Robert E. Litan, Yochai Benkler, Henry N. Butler, John Henry Clippinger, Robert Cook-Deegan, Robert Cooter, Aaron Edlin, Nicole Garnett, Ronald J. Gilson, Oliver Goodenough, Gillian Hadfield, Mark Lemley, Frank Partnoy, George Priest, Larry E. Ribstein, Charles F. Sabel, Peter Schuck, Hal Scott, Robert E. Scott, Alex Stein, Victoria Stodden, John E. Tyler, Alan D. Viard, and Benjamin Wittes

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Self-Enforcing International Agreements and the Limits of Coercion, Robert E. Scott and Paul B. Stephan

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Supreme Court Amicus Brief of 19 Corporate Law Professors, Friedrichs v. California Teachers Association, No. 14-915, John C. Coates, IV; Lucian A. Bebchuk; Bernard S. Black; John C. Coffee Jr.; James D. Cox; Ronald J. Gilson; Jeffrey N. Gordon; Lawrence A. Hamermesh; Henry Hansmann; Robert J. Jackson Jr.; Marcel Kahan; Vikramaditya S. Khanna; Michael Klausner; Reinier Kraakman; Donald C. Langevoort; Edward B. Rock; Mark J. Roe; and Helen S. Scott

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The Case for Formalism in Relational Contract, Robert E. Scott

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The Common Law of Contract and the Default Rule Project, Alan Schwartz and Robert E. Scott

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The Common Law of Contract and the Default Rule Project, Alan Schwartz and Robert E. Scott

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The Limits of Behavioral Theories of Law and Social Norms, Robert E. Scott

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The Political Economy of International Sales Law, Clayton P. Gillette and Robert E. Scott

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The Rise and Fall of Article 2, Robert E. Scott

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Third Party Beneficiaries and Contractual Networks, Alan Schwartz and Robert E. Scott

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Understanding Enron: "It's About the Gatekeepers, Stupid", John C. Coffee Jr.