The Rise of Nonbanks in Servicing Household Debt – Manisha Padi (UC Berkeley)

In this episode of the CLE Vlog & Podcast Series, Raquel De Haro (ETH Zurich) interviews Anu Bradford (Columbia University) about her recent paper “The False Choice Between Digital Regulation and Innovation.” Prof. Bradford is the Henry L. Moses Professor of Law and International Organization, and a leading scholar on the EU’s regulatory power and digital regulation. She coined the term “Brussels Effect” and is the author of the influential books "The Brussels Effect: How the European Union Rules the World" and "Digital Empires: The Global Battle to Regulate Technology".This discussion addresses the widespread belief that digital regulation inevitably harms innovation, and why that assumption is often wrong. Prof. Bradford explains the real factors that have prevented EU technology companies from thriving. She also provides examples illustrating why digital regulation and innovation are not mutually exclusive and can even be mutually reinforcing under certain circumstances.A thought-provoking conversation for anyone interested in tech policy, digital markets, or the global race to govern big platforms.Paper Reference: Anu Bradford – Columbia UniversityThe False Choice Between Digital Regulation and Innovationhttps://scholarlycommons.law.northwestern.edu/nulr/vol119/iss2/3/Audio Credits for Trailer:AllttA by AllttA https://youtu.be/ZawLOcbQZ2w

In this episode of the CLE Vlog & Podcast Series, Prof. Francesco Parisi (University of Minnesota & University of Bologna) discusses his paper "Rewarding Failure" with Gianmarco Torchetti (ETH Zurich).In their work, Parisi and his co-authors Alice Guerra and Andres Sawicki challenge the one-sided incentive structure of intellectual property law, which rewards only successful innovations while overlooking the social value of failed research. The paper shows how negative results – information about what does not work – can generate significant learning externalities that benefit future research. Yet, under current legal frameworks, these valuable failures often go unshared. Paper Reference: Alice Guerra – University of Bologna Francesco Parisi – University of Minnesota & University of BolognaAndres Sawicki – University of MiamiRewarding FailureUniversity of Miami Legal Studies Research Paper No. 4726758 Minnesota Legal Studies Research Paper No. 24-12https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4726758Audio Credits for Trailer:AllttA by AllttA https://youtu.be/ZawLOcbQZ2w

In this episode of the CLE Vlog & Podcast Series, Prof. Manisha Padi (University of California, Berkeley) discusses her study "The Rise of Nonbanks in Servicing Household Debt" with Karol Rutkowski (ETH Zurich). In their work, Padi and co-authors study the effects of capital regulation focusing on the case of the market for mortgage servicing rights (MSRs) and the Basel III regulation. Using a theoretical model and U.S. credit registry data, the authors analyze the shift in servicing riskier mortgages from banks towards non-bank servicers triggered by Basel III. Their analysis shows the tension between reducing agency conflicts and enhancing investor welfare on one side, and the borrowers' welfare on the other. Paper Reference: The Rise of Nonbanks in Servicing Household DebtOlin Business School Center for Finance & Accounting Research Paper No. 2023/08 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4550175Naser Hamdi – Equifax, Inc. Erica Xuewei Jiang – University of Southern CaliforniaBrittany Almquist Lewis – Washington University in Saint Louis & Indiana University Manisha Padi – University of California, Berkeley Avantika Pal – Washington University in Saint LouisAudio Credits for Trailer: AllttA by AllttA https://youtu.be/ZawLOcbQZ2w

In this episode of the CLE Vlog & Podcast Series, Prof. Kevin Cope (University of Virginia) discusses his paper "An Expert-Sourced Measure of Judicial Ideology" with Benjamin Kohler (ETH Zurich). In his work, Kevin Cope investigates how to measure judicial ideology and how this construct influences legal decisions. He introduces the Jurist-Derived Judicial Ideology Scores (JuDJIS), a new metric based on over 10,000 written evaluations of judges by thousands of jurists collected over three decades. The paper shows that these ideology estimates outperform existing measures in predicting appellate decisions. This innovative dataset opens up new possibilities for empirical research in judicial politics that were previously constrained by limited data.Paper Reference:Kevin Cope – University of VirginiaAn Expert-Sourced Measure of Judicial Ideology, Political Analysis (forthcoming)https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4742254Audio Credits for Trailer:AllttA by AllttAhttps://youtu.be/ZawLOcbQZ2w

In this episode of the CLE Vlog & Podcast Series, Prof. Jacob Goldin (University of Chicago) discusses his paper "Work Requirements and Child Tax Benefits" with Noah Fehr (ETH Zürich). In his work, Jacob Goldin examines the trade-offs between targeting child tax benefits to the most vulnerable families and preserving incentives to work. Alongside his co-authors, Goldin uses administrative tax data and quasi-random variation in eligibility to estimate the labor supply effects of removing work requirements from child tax credits. The findings suggest that eliminating these requirements leads to negligible reductions in maternal labor force participation, challenging the notion that such provisions are essential for maintaining work incentives.Paper Reference: Jacob Goldin et. alWork Requirements and Child Tax Benefitshttps://www.nber.org/papers/w32343Revised in December 2024Audio Credits for Trailer:AllttA by AllttA https://youtu.be/ZawLOcbQZ2w

In this episode of the CLE Vlog & Podcast Series, Daniel Hemel (New York University School of Law) discusses his paper "Law and the New Dynamic Public Finance" with Luca Baltensperger (ETH Zurich).In his work, Prof. Hemel explores how insights from the new dynamic public finance can inform legal policy. This framework challenges conventional wisdom in classical tax theory, offering novel perspectives on taxation, social insurance, and regulatory design. The paper highlights the potential benefits of age-dependent tax schedules, provides fresh justifications for capital taxation, and critiques the structure of retirement savings programs like IRAs and 401(k)s. Paper Reference:Daniel Hemel – New York UniversityLaw and the New Dynamic Public FinanceSSRN Working Paper, March 2025https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5154785Audio Credits for Trailer:AllttA by AllttA https://youtu.be/ZawLOcbQZ2w

In this episode of the CLE vlog series, Raquel De Haro (ETH Zurich) interviews Professor Nick Feamster (University of Chicago) about his studies on compliance with the California Consumer Privacy Act (CCPA). Prof. Feamster’s research examines how businesses implement opt-out options for data sharing and explores the use of "dark patterns”. His findings reveal that many websites do not fully comply with CCPA regulations, either by employing tactics that complicate the opt-out process or by failing to provide opt-out options altogether. The discussion further addresses whether the CCPA is emerging as the de facto national privacy standard in the US.Paper References:Van Hong Tran, Aarushi Mehrotra, Ranya Sharma, Marshini Chetty, Nick Feamster, Jens Frankenreiter & Lior StrahilevitzDark Patterns in the Opt-Out Process and Compliance with the California Consumer Privacy Act (CCPA) https://arxiv.org/abs/2409.09222Van Tran, Aarushi Mehrotra, Marshini Chetty, Nick Feamster, Jens Frankenreiter & Lior StrahilevitzMeasuring Compliance with the California Consumer Privacy Act Over Space and Time https://arxiv.org/abs/2403.17225Audio Credits for Trailer:AllttA by AllttA https://youtu.be/ZawLOcbQZ2w

In this episode of the CLE Vlog & Podcast Series, Libertad González (Universitat Pompeu Fabrica and Barcelona School of Economics) discusses her paper on the effect of paternity leave on early child development with Claudia Marangon (ETH Zurich). For their study, Prof. González, Prof. Lídia Farré (IAE-CSIC and BSE), Prof. Claudia Hupkau (CUNEF Universidad and CEP (LSE)), and Prof. Jenifer Ruiz-Valenzuela (UFP, IEB and CEP (LSE)) collected survey data on 5,000 children under the age of six in Spain, and exploited several extensions of paternity leave that took place between 2017 and 2021. Following a differences-in-discontinuities research design, the authors show that four additional weeks of paternity leave led to a significant increase in the fraction of children with developmental delays. The results of the study suggest that paternity leave replaces higher-quality modes of early care. The authors conclude that the impact of parental leave policies on children largely depends on the quality of care provided by parents compared to other childcare options available during that time.Paper References: Libertad González – Universitat Pompeu Fabrica & Barcelona School of Economics Lídia Farré – Institute for Economic Analysis (IAE-CSIC) & Barcelona School of Economics Claudia Hupkau – CUNEF Universidad & CEP (LSE) Jenifer Ruiz-Valenzuela – Universitat de Barcelona & IEB & CEP (LSE)Paternity Leave and Child Development BSE Working Paper 1455, July 2024 https://bw.bse.eu/wp-content/uploads/2024/07/1455-file.pdf

Fines are efficient and widely adopted criminal sanctions due to their low enforcement burdens and the wealth transfer from offenders to society. Among the various fining regimes that have emerged, day fines have been proposed as an optimal way to ensure equality across social classes, yet questions remain about their effectiveness and the fulfilment of their promises in practice. In this episode of the CLE Vlog Series, Alessandro Tacconelli (ETH Zurich) and Prof. Elena Kantorowicz-Reznichenko (Erasmus University Rotterdam) talk about the topic of day fines. Starting from a discussion of her article “Day-Fines: Should the Rich Pay More? – in which she asserts the superiority of day-fine model to other forms of fines – Prof. Kantorowicz-Reznichenko explains some of the main features of those punitive measures, including the quantification of the daily units and their limitations. Her book “Day Fines in Europe,” coedited with Michael Faure (Maastricht University), is recommended to anybody interested to know more about the topic. Paper References:Elena Kantorowicz-Reznichenko – Erasmus University Rotterdam Michael Faure – Maastricht University Day Fines in Europe: Assessing Income-Based Sanctions in Criminal Justice Systems Cambridge University Press (2021) https://doi.org/10.1017/9781108855020Elena Kantorowicz-Reznichenko – Erasmus University Rotterdam Day Fines in Europe: Should the Rich Pay More Review of Law and Economics, 11(3), 481–501 (2015) https://www.degruyter.com/document/doi/10.1515/rle-2014-0045/html Audio Credits for Trailer: AllttA by AllttA https://youtu.be/ZawLOcbQZ2w

In this episode of the CLE Vlog & Podcast series, Prof. Paul Ohm (Georgetown University) and Prof. Filippo Lancieri (Georgetown University, formerly ETH Zurich) discuss Prof. Ohm's study on the pathways for shaping generative AI, with a special focus on fine-tuning.In his study, Prof. Ohm explains the differences between pretraining, fine-tuning, in-context learning, and input and output filtering, highlighting why in particular fine-tuning presents the best mix of cost versus capability for shaping the outputs of generative AI. He also analyzes why fine-tuning is especially well-suited for legal interventions, through a case study on fixing biased models. Finally, Paul Ohm evaluates the market and competition implications of focusing on fine-tuning, such as considerations about the small number of market actors who can afford the costs of the pretraining stage. In this vlog episode, Paul Ohm discusses his study in detail with Filippo Lancieri.Paper References:Paul Ohm – Georgetown UniversityFocusing on Fine-Tuning: Understanding the Four Pathways for Shaping Generative AI Columbia Science and Technology Law Review, 25, 214–240 (2024)https://journals.library.columbia.edu/index.php/stlr/article/view/12762/6286Audio Credits for Trailer:AllttA by AllttA https://youtu.be/ZawLOcbQZ2w