Jonathan R. Macey

Publications

• Are Banks Obsolete?
  5 U. CHI. BUS. L. REV. (2025) · The University of Chicago Business Law Review · 2025
• Fraud in a Land of Plenty
  118 NW. U. L. REV. 227 (2023) · Northwestern University Law Review · 2023
• Insider Trading: Easterbrook and Fischel and Easterbrook vs. Fischel
  1 U. CHI. BUS. L. REV. (2022) · The University of Chicago Business Law Review · 2022
• ESG Investing: Why Here? Why Now?
  19 BERKELEY BUS. L.J. 256 (2022) · Berkeley Business Law Journal · 2022
• Extended Shareholder Liability for Systematically Important Financial Institutions
  69 AM. U. L. REV. (2020) · American University Law Review · 2020

• <em>Martoma</em> and <em>Newman</em>: Valid Corporate Purpose and the Personal Benefit Test
  71 SMU L. REV. 869 (2018) · SMU Law Review · 2018
• The Genius of the Personal Benefit Test
  69 STAN. L. REV. 1 (2016) · Stanford Law Review · 2016
• Finding Order in the Morass: The Three Real Justifications for Piercing the Corporate Veil
  100 CORNELL L. REV. 99 (2014) · Cornell Law Review · 2014
• The Regulator Effect in Financial Regulation
  98 CORNELL L. REV. 591 (2013) · Cornell Law Review · 2013
• Enforcing Self-Regulatory Organization's Penalties and the Nature of Self-Regulation
  40 HOFSTRA L. REV. (2012) · Hofstra Law Review · 2012
• Failure Is an Option: An Ersatz-Antitrust Approach to Financial Regulation
  120 YALE L.J. 1368 (2011) · Yale Law Journal · 2011

• Down and Out in the Stock Market: The Law and Economics of the Delisting Process
  51 J. L. & ECON. (2008) · Journal of Law and Economics · 2008
• Getting the Word Out about Fraud: A Theoretical Analysis of Whistleblowing and Insider Trading
  105 MICH. L. REV. 1899 (2007) · Michigan Law Review · 2007
• Executive Branch Usurpation ofPower: Corporations and Capital Markets
  115 YALE L.J. 2416 (2006) · Yale Law Journal · 2006
• Positive Political Theory and Federal Usurpation of the Regulation of Corporate Governance: The Coming Preemption of the Martin Act
  80 NOTRE DAME L. REV. 951 (2005) · Notre Dame Law Review · 2005
• Institutional and Evolutionary Failure and Economic Development in the Middle East
  30 YALE J. INT'L L. 397 (2005) · Yale Journal of International Law · 2005
• Occupation Code 541110: Lawyers, Self Regulation, and the Idea of a Profession
  74 FORDHAM L. REV. 1079 (2005) · Fordham Law Review · 2005
• Delaware: Home of the World's Most Expensive Raincoat
  33 HOFSTRA L. REV. (2005) · Hofstra Law Review · 2005
• Wall Street in Turmoil: State-Federal Relations Post-Eliot Spitzer
  70 BROOK. L. REV. (2004) · Brooklyn Law Review · 2004
• Monitoring Corporate Performance: The Role of Objectivity, Proximity, and Adaptability in Corporate Governance
  89 CORNELL L. REV. 356 (2004) · Cornell Law Review · 2004
• Efficient Capital Markets, Corporate Disclosure, and Enron
  89 CORNELL L. REV. 394 (2004) · Cornell Law Review · 2004
• Legal Scholarship: A Corporate Scholar's Perspective
  41 SAN DIEGO L. REV. 1759 (2004) · San Diego Law Review · 2004
• A Pox on Both Your Houses: Enron, Sarbanes-Oxley and the Debate Concerning the Relative Efficacy of Mandatory Versus Enabling Rules
  81 WASH. U. L. REV. 329 (2003) · Washington University Law Review · 2003
• Observations on the Role of Commodification, Indpendence, and Governance in the Accounting Industry
  48 VILL. L. REV. 1167 (2003) · Villanova Law Review (1956 - ) · 2003
• Cynicism and Trust in Politics and Constitutional Theory
  87 CORNELL L. REV. 280 (2002) · Cornell Law Review · 2002
• Creditors Versus Capital Formation: The Case against the European Legal Capital Rules
  86 CORNELL L. REV. 1165 (2001) · Cornell Law Review · 2001

• Securities Trading: A Contractual Perspective
  50 CASE W. RES. L. REV. 269 (1999) · Case Western Reserve Law Review · 1999
• Fiduciary Duties as Residual Claims: Obligations to Nonshareholder Constituencies from a Theory of the Firm Perspective
  84 CORNELL L. REV. 1266 (1999) · Cornell Law Review · 1999
• Regulating Exchanges and Alternative Trading Systems: A Law and Economics Perspective
  28 J. LEGAL STUD. (1999) · Journal of Legal Studies · 1999
• Lawyers in Agencies: Economics, Social Psychology, and Process
  61 LAW & CONTEMP. PROBS. 109 (1998) · Law and Contemporary Problems · 1998
• The Legality and Utility of the Shareholder Rights Bylaw
  26 HOFSTRA L. REV. (1998) · Hofstra Law Review · 1998
• Wall Street versus Main Street: How Ignorance, Hyperbole, and Fear Lead to Regulation (reviewing <i>F.I.A.S.C.O.: Blood in the Water on Wall Street</i> by Frank Partnoy)
  65 U. CHI. L. REV. (1998) · University of Chicago Law Review · 1998
• Flexibility in Determining the Role of the Board of Directors in the Age of Information
  19 CARDOZO L. REV. 291 (1997) · Cardozo Law Review · 1997
• Public and Private Ordering and the Production of Legitimate and Illegitimate Legal Rules
  82 CORNELL L. REV. 1123 (1997) · Cornell Law Review · 1997
• A Public Choice Model of International Economic Cooperation and the Decline of the Nation State
  18 CARDOZO L. REV. 925 (1996) · Cardozo Law Review · 1996
• Public Choice, Public Opinion, and the Fuller Court
  49 VAND. L. REV. 373 (1996) · Vanderbilt Law Review · 1996
• Externalities and the Matching Principle: The Case for Reallocating Environmental Regulatory Authority
  14 YALE L. & POL'Y REV. 23 (1996) · Yale Law & Policy Review · 1996
• A Rejoinder
  16 CARDOZO L. REV. 1781 (1995) · Cardozo Law Review · 1995
• Market Approach to Tort Reform via Rule 23
  80 CORNELL L. REV. 909 (1995) · Cornell Law Review · 1995
• Public Choice Theory and the Transition Market Economy in Eastern Europe: Currency Convertibility and Exchange Rates
  28 CORNELL INT'L L.J. 387 (1995) · Cornell International Law Journal · 1995
• Language and Self-Interest: Preliminary Notes Towards a Public Choice Approach to Legal Language
  73 WASH. U. L. REV. 1001 (1995) · Washington University Law Review · 1995
• The Limited Liability Company: Lessons for Corporate Law
  73 WASH. U. L. REV. 433 (1995) · Washington University Law Review · 1995
• Administrative Agency Obsolescence and Interest Group Formation: A Case Study of the SEC at Sixty
  15 CARDOZO L. REV. 909 (1994) · Cardozo Law Review · 1994
• Health Care Reform: Perspectives from the Economic Theory of Regulation and the Econimc Theory of Statutory Interpretation
  79 CORNELL L. REV. 1434 (1994) · Cornell Law Review · 1994
• Comment: Confrontation or Cooperation for Mutual Gain
  57 LAW & CONTEMP. PROBS. 45 (1994) · Law and Contemporary Problems · 1994
• Packaged Preferences and the Institutional Transformation of Interests
  61 U. CHI. L. REV. (1994) · University of Chicago Law Review · 1994
• Judicial Preferences, Public Choice, and the Rules of Procedure
  23 J. LEGAL STUD. (1994) · Journal of Legal Studies · 1994
• The Inevitability of Universal Banking
  19 BROOK. J. INT'L L. 203 (1993) · Brooklyn Journal of International Law · 1993
• The Community Reinvestment Act: An Economic Analysis
  79 VA. L. REV. 291 (1993) · Virginia Law Review · 1993
• The End of History and the New World Order: The Triumph of Capitalism and the Competition between Liberalism and Democracy
  25 CORNELL INT'L L.J. 277 (1992) · Cornell International Law Journal · 1992
• Mandatory Pro Bono: Comfort for the Poor or Welfare of the Rich
  77 CORNELL L. REV. 1115 (1992) · Cornell Law Review · 1992
• Nondeposit Deposits and the Future of Bank Regulation
  91 MICH. L. REV. 237 (1992) · Michigan Law Review · 1992
• The Canons of Statutory Construction and Judicial Preferences
  45 VAND. L. REV. 647 (1992) · Vanderbilt Law Review · 1992
• The Plaintiffs' Attorney's Role in Class Action and Derivative Litigation: Economic Analysis and Recommendations for Reform
  58 U. CHI. L. REV. (1991) · University of Chicago Law Review · 1991
• State and Federal Regulation of Corporate Takeovers: A View from the Demand Side
  69 WASH. U. L. REV. 383 (1991) · Washington University Law Review · 1991
• America's Banking System: The Origins and Future of the Current Crisis
  69 WASH. U. L. REV. 769 (1991) · Washington University Law Review · 1991
• The Fraud-on-the-Market Theory Revisited
  77 VA. L. REV. 1001 (1991) · Virginia Law Review · 1991
• Lessons from Financial Economics: Materiality, Reliance, and Extending the Reach of Basic v. Levinson
  77 VA. L. REV. 1017 (1991) · Virginia Law Review · 1991
• Firm-Specific Human Capital Investments and Hegelian Ethics: A Comment on Cornell and Posner
  11 CARDOZO L. REV. 505 (1990) · Cardozo Law Review · 1990
• Macey Responds to Lubet
  75 CORNELL L. REV. 958 (1990) · Cornell Law Review · 1990
• The Role of the Democratic and Republican Parties as Organizers of Shadow Interest Groups
  89 MICH. L. REV. 1 (1990) · Michigan Law Review · 1990
• Federal Deference to Local Regulators and the Economic Theory of Regulation: Toward a Public-Choice Explanation of Federalism
  76 VA. L. REV. 265 (1990) · Virginia Law Review · 1990
• Stock Exchange as a Firm: The Emergence of Close Substitutes for the New York and Tokyo Stock Exchanges
  75 CORNELL L. REV. 1006 (1990) · Cornell Law Review · 1990

• Fraud on the Market Theory: Some Preliminary Issues
  74 CORNELL L. REV. 923 (1989) · Cornell Law Review · 1989
• Restrictions on Short Sales: An Analysis of the Uptick Rule and Its Role in View of the October 1987 Stack Market Crash
  74 CORNELL L. REV. 799 (1989) · Cornell Law Review · 1989
• Externalities, Firm-Specific Capital Investments, and the Legal Treatment of Fundamental Corporate Changes
  38 DUKE L.J. 173 (1989) · Duke Law Journal · 1989
• The Internal and External Costs and Benefits of Stare Decisis
  65 CHI.-KENT. L. REV. 93 (1989) · Chicago-Kent Law Review · 1989
• Chicken Wars as Prisoners' Dilemma: What's in a Game?
  64 NOTRE DAME L. REV. 447 (1989) · Notre Dame Law Review · 1989
• Public Choice: The Theory of the Firm and the Theory of Market Exchange
  74 CORNELL L. REV. 43 (1988) · Cornell Law Review · 1988
• Myth of Competition in the Dual Banking System
  73 CORNELL L. REV. 677 (1988) · Cornell Law Review · 1988
• Allan Bloom and the American Law School
  73 CORNELL L. REV. 1038 (1988) · Cornell Law Review · 1988
• The Myth of "Reregulation": The Interest Group Dynamics of Regulatory Change in the Financial Services Industry
  45 WASH. & LEE L. REV. 1275 (1988) · Washington and Lee Law Review · 1988
• The Missing Element in the Republican Revival
  97 YALE L.J. 1673 (1988) · Yale Law Journal · 1988
• Trans Union Reconsidered
  98 YALE L.J. 127 (1988) · Yale Law Journal · 1988
• Transaction Costs and the Normative Elements of the Public Choice Model: An Application to Constitutional Theory
  74 VA. L. REV. 471 (1988) · Virginia Law Review · 1988
• Regulation on Demand: A Private Interest Model, with an Application to Insider Trading Regulation
  30 J. L. & ECON. (1987) · Journal of Law and Economics · 1987
• Regulation 13D and the Regulatory Process
  65 WASH. U. L. REV. 131 (1987) · Washington University Law Review · 1987
• Property Rights in Assets and Resistance to Tender Offers
  73 VA. L. REV. 701 (1987) · Virginia Law Review · 1987
• Takeover Defense Tactics and Legal Scholarship: Market Forces Versus the Policymaker's Dilemma
  96 YALE L.J. 342 (1986) · Yale Law Journal · 1986
• A Theoretical Analysis of Corporate Greenmail
  95 YALE L.J. 13 (1985) · Yale Law Journal · 1985
• From Fairness to Contract: The New Direction of the Rules Against Insider Trading
  13 HOFSTRA L. REV. (1984) · Hofstra Law Review · 1984
• Toward a New Pedagogy
  93 YALE L.J. 1173 (1984) · Yale Law Journal · 1984