In describing the UConn School of Business at this moment, 76 years into its accomplished history, the word “engaged” captures the essence. Our students, faculty and staff are engaged with each other, with our alumni, with the corporate community and with the University.
The School’s growth has been extraordinary, both in terms of enrollment and creating and maintaining vibrant, effective and relevant academic programs. We are transforming the future—of our students, our state, our industries and our world. There is much to celebrate.
Sovereigns are unique market participants in the global financial system, and sovereign debt markets largely operate in a legal and regulatory void. This Article adds an important and timely perspective by examining the concept of equity in sovereign debt finance. Governments, unlike corporations, rely almost exclusively on debt to externally finance their investments and operations. GDP-linked securities, which provide interest payments indexed to the sovereign issuer’s rate of growth, are sovereign debt instruments with certain equity-like characteristics. This Article considers whether innovation towards sovereign equity can help mitigate problems associated with sovereign debt crises. To address this question, we analyze the use of GDP-linked securities in recent sovereign debt restructurings by Argentina, Greece, and Ukraine. Drawing on this analysis, we explore more broadly the legal implications of sovereign equity, and conclude that these applications offer opportunities to help manage sovereign finance in the absence of readily enforceable international financial regulation. Full article.
This special issue of the Journal of Strategic Contracting and Negotiation (JSCAN) is devoted to “contracting for innovation and innovating contracts.” From the inception of planning for the issue, the co-editors hoped to attract contributions from a full range of professionals engaged in contract theory and practice: research academics, contract managers, corporate executives, and legal counsel, plus what JSCAN Editor-in-Chief Tyrone Pitsis told us are called “pracademics:” those who straddle research and commercial environments, making concrete contributions through collaborative projects, experiments, interviews, software development, or theory-building. JSCAN is a natural publication outlet for such partnerships, since so many of the 40,000 worldwide members of the International Association of Contract and Commercial Management (JSCAN’s parent organization) are thought-leaders in every aspect of commercial contracting. Full article.
Harvard Law School Forum on Corporate Governance and Financial Regulation – Facing a self-declared “death spiral” of public debt, the Governor of Puerto Rico announced a debt moratorium earlier this year, halting payments to bondholders. A series of missed payments followed, including a landmark default on constitutionally guaranteed bonds in July. At the same time, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA or “promise” in Spanish), which combines a debt restructuring system with federal controls over the island’s finances. But enacting PROMESA is only a first step. Coordination and engagement with creditors is the next step—and an even more complicated one—in Puerto Rico’s long journey towards solvency and fiscal stability.
Two UConn business law professors received prestigious research awards over the summer.
Professors Stephen Park and Robert Bird received the Hoeber Memorial Award for Excellence in Research for their article, “The Domains of Corporate Counsel in an Era of Compliance.” The Hoeber award, given in memory of prominent business law professor Ralph C. Hoeber, is awarded by the editors of the American Business Law Journal to recognize excellent research. Continue Reading
Professor Park, Colleagues Awarded UConn Academic-Plan Grant to Help Further the Study, Practice of Human Rights in Business
Business law professor Stephen Park and UConn colleagues have been awarded a $265,000 research grant under UConn’s Academic Plan to investigate ways to protect and promote human rights in the business world.Continue Reading
Can Corporate Compliance be Achieved without Breaking the Bank? Two UConn Professors Offer a New Way to Answer this Increasingly Important Business Question
Corporate compliance is one of the hot-button topics in business today, and the need to identify, prioritize and optimize it is a growing source of concern for companies, business managers, lawyers and legal scholars alike.Continue Reading