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Timothy P Glynn - One of the best experts on this subject based on the ideXlab platform.
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beyond unlimiting shareholder liability vicarious tort liability for corporate officers
2004Co-Authors: Timothy P GlynnAbstract:Although limited liability is the primary benefit of the corporate form, it continues to generate controversy. In this Article, Professor Glynn argues that extending vicarious tort liability to corporate officers is the best way to retain the benefits of limited shareholder liability while reducing its social costs. Some commentators defend limited shareholder liability; others contend it inflicts excessive costs, including encouraging unduly risky corporate activities. These costs are most pronounced in the tort context because tort victims rarely are able to protect themselves through monitoring corporate activities or bargaining with corporate actors. Proposed reforms almost always focus on extending liability for corporate activities to some or all shareholders. To date, however, the discussion has largely overlooked a more promising solution: holding top corporate officers responsible for the torts of their enterprises. Professor Glynn argues that extending vicarious liability to high-ranking corporate officers, rather than to shareholders, is the most efficient and realistic way to ensure that firms internalize tort risks. Given their unique role, these officers are the firm's most efficient risk bearers: they are best situated to monitor and avoid risks, and to implement efficient levels of risk spreading among customers, shareholders, and insurers. And officer liability, unlike shareholder liability, cannot be evaded through judgment proofing techniques. Ultimately, Professor Glynn's proposal synthesizes modern tort theory and corporate law theory, and offers a viable resolution to the lingering tension between limited liability and the aims of our tort regime.
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beyond unlimiting shareholder liability vicarious tort liability for corporate officers
Vanderbilt Law Review, 2004Co-Authors: Timothy P GlynnAbstract:Although limited liability is the primary benefit of the corporate form, it continues to generate controversy. In this Article, Professor Glynn argues that extending vicarious tort liability to corporate officers is the best way to retain the benefits of limited shareholder liability while reducing its social costs. Some commentators defend limited shareholder liability; others contend it inflicts excessive costs, including encouraging unduly risky corporate activities. These costs are most pronounced in the tort context because tort victims rarely are able to protect themselves through monitoring corporate activities or bargaining with corporate actors. Proposed reforms almost always focus on extending liability for corporate activities to some or all shareholders. To date, however, the discussion has largely overlooked a more promising solution: holding top corporate officers responsible for the torts of their enterprises. Professor Glynn argues that extending vicarious liability to high-ranking corporate officers, rather than to shareholders, is the most efficient and realistic way to ensure that firms internalize tort risks. Given their unique role, these officers are the firm's most efficient risk bearers: they are best situated to monitor and avoid risks, and to implement efficient levels of risk spreading among customers, shareholders, and insurers. And officer liability, unlike shareholder liability, cannot be evaded through judgment proofing techniques. Ultimately, Professor Glynn's proposal synthesizes modern tort theory and corporate law theory, and offers a viable resolution to the lingering tension between limited liability and the aims of our tort regime. I. INTRODUCTION Debate continues to rage over limited shareholder liability and the social costs it imposes.1 While proposals flourish for imposing liability on shareholders to reduce these costs, little attention has been devoted to a more promising solution: vicarious tort liability for high-ranking corporate officers. Limited shareholder liability produces benefits, but it also inflicts costs, including encouraging excessively risky corporate activity. These costs are most pronounced in the tort context because potential tort victims rarely can protect themselves by monitoring corporate activities or bargaining with corporate actors. Commentators disagree on limited shareholder liability's net impact on social utility and what, if anything, should be done to change limited liability. Some defend the current regime as efficient or at least preferable to alternatives, even in the tort context.2 Others propose curtailing limited liability, arguing that vicarious liability for corporate torts ought to extend to some or all shareholders in closely held corporations,3 or that courts ought to "pierce the corporate veil" more often.4 Still others have gone much further, arguing that liability for corporate torts should extend to all shareholders.5 Few, however, have seriously considered extending vicarious liability to the firm's other primary stakeholders, corporate management.6 Most who have addressed the idea have dismissed it with little analysis.7 In this post-Enron environment of concerns over corporate accountability and participant behavior, it is time to take seriously the option of holding top corporate officers responsible for the torts of their enterprises. In a recent Columbia Law Review article, Professor Nina Mendelson offers the most thorough analysis to date of limited shareholder liability's moral hazard, i.e., its encouragement of excessively risky activities.8 Building on existing scholarship, she contends that the efficiency-based arguments in favor of limited shareholder liability fail to take into account qualitative differences among shareholders, that these arguments at most support limited liability only for small or passive investors, and that the limited liability of controlling shareholders for corporate torts harms social utility. …
Yoshimi Kadota - One of the best experts on this subject based on the ideXlab platform.
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Pliability of the vocal fold mucosa in relation to the mucosal upheaval during phonation
Archives of Otolaryngology-head & Neck Surgery, 1998Co-Authors: Eiji Yumoto, Yoshimi KadotaAbstract:Objectives: To quantitatively evaluate the effect of vocal fold lengthening on Pliability of the mucosa measured along the superior-inferior axis and to examine the relation of the location of mucosal upheaval (MU) during phonation to the changes in Pliability pattern of the mucosa when the vocal fold was lengthened. Design: Investigation of mechanical characteristics of the vocal fold in relation to the MU during phonation. Materials: Five excised canine larynges. Interventions: Vibrations with and without vocal fold lengthening were recorded from the tracheal side via highspeed photography or video recording combined with stroboscopic illumination. Tattooed marks on the lower surface of the vocal fold were used to locate the MU. Pliability was defined as the maximal distance elevated in response to a constant focal negative pressure. Results: Pliability decreased significantly (P=.05) when the vocal fold was lengthened. The point of minimal Pliability and MU without vocal fold lengthening were located slightly above the area where the muscular layer approached the epithelial layer. They were located closer to the free edge of the vocal fold when it was lengthened than when it was not. Discrepancy of their locations when the vocal fold was lengthened was suggested. Conclusions: The MU occurs around the point of minimal Pliability when the vocal fold is not lengthened, whereas the MU occurs slightly more laterally than the point of minimal Pliability when the vocal fold is lengthened. Although further study is necessary to explain this discrepancy, the presence of the sparse deep layer of the lamina propria seems to be essential in the generation of the mucosal wave. Arch Otolaryngol Head Neck Surg. 1998;124:897-902
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quantitative evaluation of the effects of thyroarytenoid muscle activity upon Pliability of vocal fold mucosa in an in vivo canine model
Laryngoscope, 1997Co-Authors: Eiji Yumoto, Yoshimi KadotaAbstract:Stiffness of the vocal fold is a significant factor in determining mucosal wave propagation and in the control of the fundamental frequency of phonation. We measured Pliability of the vocal fold mucosa in an in vivo canine model as an index of stiffness while the histological layer-by-layer structure of the vocal fold was not disrupted. The point 1 mm below the free edge showed a maximal Pliability that gradually diminished toward the tracheal side and reached a minimum. When the thyroarytenoid (TA) muscle contracted, Pliability of the mucosa was significantly increased (P < 0.001). Mucosal Pliability of the excised larynx was significantly increased compared with that in vivo (P < 0.001). The point of minimal Pliability in the absence of TA muscle contraction did not shift after excision of the larynx, while TA muscle contraction caused a downward shift of the point of minimal Pliability. Mucosal Pliability can thus be used to quantitatively assess the effects of TA muscle contraction on stiffness of the vocal fold mucosa.
Mark Mcclellan - One of the best experts on this subject based on the ideXlab platform.
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malpractice law and health care reform optimal liability policy in an era of managed care
Journal of Public Economics, 2002Co-Authors: Daniel P Kessler, Mark McclellanAbstract:Abstract Because fee-for-service health insurance insulates providers from the costs of treatment decisions, it may lead to “defensive medicine” — precautionary treatment with minimal expected medical benefit administered out of fear of legal liability. By giving providers higher-powered incentives, managed care may affect optimal liability policy. Among elderly Medicare beneficiaries with heart disease in 1984–1994, we find that liability-reducing “tort reforms” reduce defensive practices in areas with high and low managed care enrollment, but that managed care and liability reform are substitutes. We consider some implications of these results for the current debate over the appropriateness of extending malpractice liability to managed care organizations.
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do doctors practice defensive medicine
Quarterly Journal of Economics, 1996Co-Authors: Daniel P Kessler, Mark McclellanAbstract:"Defensive medicine" is a potentially serious social problem: if fear of liability drives health care providers to administer treatments that do not have worthwhile medical benefits, then the current liability system may generate inefficiencies much larger than the costs of compensating malpractice claimants. To obtain direct empirical evidence on this question, we analyze the effects of malpractice liability reforms using data on all elderly Medicare beneficiaries treated for serious heart disease in 1984, 1987, and 1990. We find that malpractice reforms that directly reduce provider liability pressure lead to reductions of 5 to 9 percent in medical expenditures without substantial effects on mortality or medical complications. We conclude that liability reforms can reduce defensive medical practices.
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do doctors practice defensive medicine
National Bureau of Economic Research, 1996Co-Authors: Daniel P Kessler, Mark McclellanAbstract:`Defensive medicine' is a potentially serious social problem: if fear of liability drives health care providers to administer treatments that do not have worthwhile medical benefits, then the current liability system may generate inefficiencies many times greater than the costs of compensating malpractice claimants. To obtain direct empirical evidence on this question, we analyze the effects of malpractice liability reforms using data on all elderly Medicare beneficiaries treated for serious heart disease in 1984, 1987, and 1990. We find that malpractice reforms that directly reduce provider liability pressure lead to reductions of 5 to 9 percent in medical expenditures without substantial effects on mortality or medical complications. We conclude that liability reforms can reduce defensive medical practices.
Daniel P Kessler - One of the best experts on this subject based on the ideXlab platform.
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malpractice law and health care reform optimal liability policy in an era of managed care
Journal of Public Economics, 2002Co-Authors: Daniel P Kessler, Mark McclellanAbstract:Abstract Because fee-for-service health insurance insulates providers from the costs of treatment decisions, it may lead to “defensive medicine” — precautionary treatment with minimal expected medical benefit administered out of fear of legal liability. By giving providers higher-powered incentives, managed care may affect optimal liability policy. Among elderly Medicare beneficiaries with heart disease in 1984–1994, we find that liability-reducing “tort reforms” reduce defensive practices in areas with high and low managed care enrollment, but that managed care and liability reform are substitutes. We consider some implications of these results for the current debate over the appropriateness of extending malpractice liability to managed care organizations.
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do doctors practice defensive medicine
Quarterly Journal of Economics, 1996Co-Authors: Daniel P Kessler, Mark McclellanAbstract:"Defensive medicine" is a potentially serious social problem: if fear of liability drives health care providers to administer treatments that do not have worthwhile medical benefits, then the current liability system may generate inefficiencies much larger than the costs of compensating malpractice claimants. To obtain direct empirical evidence on this question, we analyze the effects of malpractice liability reforms using data on all elderly Medicare beneficiaries treated for serious heart disease in 1984, 1987, and 1990. We find that malpractice reforms that directly reduce provider liability pressure lead to reductions of 5 to 9 percent in medical expenditures without substantial effects on mortality or medical complications. We conclude that liability reforms can reduce defensive medical practices.
-
do doctors practice defensive medicine
National Bureau of Economic Research, 1996Co-Authors: Daniel P Kessler, Mark McclellanAbstract:`Defensive medicine' is a potentially serious social problem: if fear of liability drives health care providers to administer treatments that do not have worthwhile medical benefits, then the current liability system may generate inefficiencies many times greater than the costs of compensating malpractice claimants. To obtain direct empirical evidence on this question, we analyze the effects of malpractice liability reforms using data on all elderly Medicare beneficiaries treated for serious heart disease in 1984, 1987, and 1990. We find that malpractice reforms that directly reduce provider liability pressure lead to reductions of 5 to 9 percent in medical expenditures without substantial effects on mortality or medical complications. We conclude that liability reforms can reduce defensive medical practices.
Eiji Yumoto - One of the best experts on this subject based on the ideXlab platform.
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Pliability of the vocal fold mucosa in relation to the mucosal upheaval during phonation
Archives of Otolaryngology-head & Neck Surgery, 1998Co-Authors: Eiji Yumoto, Yoshimi KadotaAbstract:Objectives: To quantitatively evaluate the effect of vocal fold lengthening on Pliability of the mucosa measured along the superior-inferior axis and to examine the relation of the location of mucosal upheaval (MU) during phonation to the changes in Pliability pattern of the mucosa when the vocal fold was lengthened. Design: Investigation of mechanical characteristics of the vocal fold in relation to the MU during phonation. Materials: Five excised canine larynges. Interventions: Vibrations with and without vocal fold lengthening were recorded from the tracheal side via highspeed photography or video recording combined with stroboscopic illumination. Tattooed marks on the lower surface of the vocal fold were used to locate the MU. Pliability was defined as the maximal distance elevated in response to a constant focal negative pressure. Results: Pliability decreased significantly (P=.05) when the vocal fold was lengthened. The point of minimal Pliability and MU without vocal fold lengthening were located slightly above the area where the muscular layer approached the epithelial layer. They were located closer to the free edge of the vocal fold when it was lengthened than when it was not. Discrepancy of their locations when the vocal fold was lengthened was suggested. Conclusions: The MU occurs around the point of minimal Pliability when the vocal fold is not lengthened, whereas the MU occurs slightly more laterally than the point of minimal Pliability when the vocal fold is lengthened. Although further study is necessary to explain this discrepancy, the presence of the sparse deep layer of the lamina propria seems to be essential in the generation of the mucosal wave. Arch Otolaryngol Head Neck Surg. 1998;124:897-902
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quantitative evaluation of the effects of thyroarytenoid muscle activity upon Pliability of vocal fold mucosa in an in vivo canine model
Laryngoscope, 1997Co-Authors: Eiji Yumoto, Yoshimi KadotaAbstract:Stiffness of the vocal fold is a significant factor in determining mucosal wave propagation and in the control of the fundamental frequency of phonation. We measured Pliability of the vocal fold mucosa in an in vivo canine model as an index of stiffness while the histological layer-by-layer structure of the vocal fold was not disrupted. The point 1 mm below the free edge showed a maximal Pliability that gradually diminished toward the tracheal side and reached a minimum. When the thyroarytenoid (TA) muscle contracted, Pliability of the mucosa was significantly increased (P < 0.001). Mucosal Pliability of the excised larynx was significantly increased compared with that in vivo (P < 0.001). The point of minimal Pliability in the absence of TA muscle contraction did not shift after excision of the larynx, while TA muscle contraction caused a downward shift of the point of minimal Pliability. Mucosal Pliability can thus be used to quantitatively assess the effects of TA muscle contraction on stiffness of the vocal fold mucosa.