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Journalists sued for defamation may refuse to reveal their anonymous sources. To escape liability under the traditional English rule, they then need to show proof that the news is correct. By contrast, many US states have switched the burden of proof such that plaintiffs must first present evidence that the news is false. Focusing on the incentives of sources to leak, we find that the American rule reduces the frequency of type I errors (true stories are not learned by the society) at the expense of a higher frequency of type II errors (the society believes wrong stories). The American rule is superior when courts are likely to find the truth without knowing the identity of sources, and when firms can severely punish even honest sources. Furthermore, when courts rule that sources must be revealed, they should ensure a higher compliance rate of journalists under the American rule.

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Public debate on mandating gender representation on boards of directors in the United States is close to a boiling point. California introduced a mandatory quota in 2018 only to see it constitutionally disqualified in 2022, and the Nasdaq Stock Market followed suit with new diversity rules in 2021 for all corporations listed on the exchange. While public discourse focuses on corporate performance, not much is known about the link between gender diversity and corporate normative obedience. In this study we explore the relationship between boardroom gender representation and corporate compliance with the law. We examine the impact of gender diversity on corporate obedience in a sample of 660 public corporations. Our findings indicate that gender diversity has a substantial positive impact on corporate compliance. Notably, every one percent increase in female representation on the board is associated with at least a four percent decrease in the probability that the corporation will be associated with a violation of the law. The key contributions of this Article to the literature are threefold: First, the findings of this Article call for an empirical reevaluation of gendered theories of female white-collar offenders. Second, this Article adds a unique perspective to the broad discussion of environmental, social, and governance (ESG) aspects of corporate purpose. Third, this Article sheds innovative light on the discussion about corporate social responsibility (CSR) and the means to enhance it.

How can regulators keep up with sea changes in dynamic markets? This article proposes the use of competitive forces to generate innovative regulation. In markets where national, social, cultural, economic or other interests must be maintained in the face of evolving risks, heightened uncertainties and dynamic technological developments, regulators have to learn by doing.This article proposes the novel concept of intra-regulatory competition (IRC), a powerful method for developing innovative regulatory solutions by staging a contest between different regulatory regimes imposed simultaneously on market participants in a given jurisdiction. The article describes the principles of and justifications for IRC, conditions for its effective implementation, its potential benefits and drawbacks. IRC is analysed against the backdrop of similar concepts such as randomised law, experimental law and inter-jurisdictional competition. Finally, the article argues that the regulation of media content in order to promote cultural pluralism and the regulation of computerised trading in securities and futures markets are fields that are ripe for and compatible with the application of IRC.