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We would like to thank Chad Garrett for his excellent assistance with gathering the data needed for this Article.

I am grateful to Barry Adler, Christopher Bruner, Joshua Fairfield, Anna Gelpern, Clay Gillette, Claire Hill, Margaret Howard, Richard Hynes, Tom Jackson, Lyman Johnson, John Langbein, Michael McConnell, Joshua Rauh, Roberta Romano, and to participants at the Yale Law School Corporate Law Center breakfast program in New York City, the State and Municipal Default Workshop at the Hoover Institution, the law and economics seminar at the University of Minnesota Law School, and a faculty workshop at Washington and Lee School of Law for helpful comments and conversation; to Bill Draper for comments and legislative analysis; to Elizabeth Hendee, Albert Lichy, David Payne, and Spencer Pepper for research assistance; to the University of Pennsylvania Law School for generous summer funding; and to the editors of The University of Chicago Law Review for terrific editorial suggestions.

Sincere thanks to Ed Brunet, Arthur Bryant, Sergio Campos, Howard Erichson, Brian Fitzpatrick, Samuel Issacharoff, Margaret Lemos, David Marcus, Geoffrey Miller, Alexander Reinert, Judith Resnik, Charles Silver, Alex Stein, Stewart Sterk, Jean Sternlight, James Tierney, Stephen Ware, and Adam Zimmerman, as well as participants in the Cardozo Law School summer brown bag series, for thoughtful comments. All errors are our own.

We thank Rebecca Aviel, Ben Barros, Ursula Bentele, Peter Byrne, Michael Cahill, Ed Cheng, John Echeverria, George Fisher, Susan Herman, Brian Lee, Amnon Lehavi, Gregg Macey, Jonathan Masur, Jon Michaels, Eduardo Peñalver, Jim Pfander, Shelley Saxer, Nelson Tebbe, Jay Tidmarsh, Alan Trammell, and the faculty workshop participants at Vanderbilt Law School for helpful comments and conversations. We thank Liz Austin, Andrew Kenny, Tammy Wang, and the staff of the University of Chicago Law Review for truly fantastic editorial guidance. And we thank the Brooklyn Law School Dean’s Summer Research Stipend Program for its financial support.

Thanks to Ty Alper, Michelle Wilde Anderson, Robert Bartlett, Holly Doremus, Dan Farber, Prasad Krishnamurthy, Brian Leiter, Katerina Linos, Prasad Krishnamurthy, Anup Malani, Emily Hammond Meazell, Martha Nussbaum, Dave Owen, Eric Posner, Bertrall Ross, Adam Samaha, Joseph Sax, Eleanor Swift, David Takacs, David Weisbach, David Winickoff, and Katrina Wyman, and participants at workshops at UC Berkeley School of Law, the University of Chicago Law School, the University of Maine School of Law, the Law and Society Association 2011 Annual Meeting, and the Colloquium on Environmental Scholarship at Vermont Law School for helpful comments. Thanks to Santosh Sagar, Jill Jaffe, Jennifer Aengst, Zachary Markarian, and Jessica Cheng for research assistance.

Many thanks to Michael Abramowicz, Amitai Aviram, Eric Biber, Ralph Brubaker, Thomas Colby, Dan Cole, John Colombo, Dhammika Dharmapala, Kirsten Engel, Lee Fennell, David Fontana, Eric Freyfogle, Robert Glicksman, Shi-Ling Hsu, Bruce Huber, Heidi Hurd, Christine Hurt, David Hyman, Charles Imohiosen, Eric Johnson, Robin Juni, Richard Kaplan, Robin Kar, Patrick Keenan, Dan Kelly, Jay Kesan, Scott Kieff, William Kovacic, Robert Lawless, Michael Livermore, Tim Malloy, Jonathan Masur, Jud Mathews, Brian McCall, Emily Meazell, John Nagle, Jonathan Nash, Lee Paddock, Richard Pierce, Jeffrey Pojanowski, Dara Purvis, Andrew Reeves, Larry Ribstein, Richard Ross, J.B. Ruhl, Steven Schooner, Karen Bradshaw Schulz, Justin Sevier, Jamelle Sharpe, Nicola Sharpe, Paul Stancil, Suja Thomas, Robert Tuttle, Lesley Wexler, Jonathan Wiener and Verity Winship for their comments and suggestions. Thanks also to the editors of The University of Chicago Law Review, including Liz Austin, Brad Hubbard, and Matt Rozen, for outstanding editorial support.

Thanks to my sister, Rachel Best, for valuable suggestions and assistance. Thanks also to Crystal Huang and Kelly Murdock for excellent assistance with the quantitative analysis.

The author thanks Faisal Alam, Jelena Kristic, Brad Reid, Chris Vidiksis, and Eugene Weber for expert research assistance. Thanks for helpful suggestions and discussion are owed to Marvin Ammori, Miriam Baer, Katherine Barnes, Scott Boone, Annemarie Bridy, Ellen Bublick, Robin Effron, Kirsten Engel, Tom Folsom, James Grimmelmann, Rob Heverly, Dan Hunter, Margo Kaplan, Rebecca Kysar, Brian Lee, Lyrissa Lidsky, Sarah Light, Tom Lin, Gregg Macey, Irina Manta, David Marcus, Toni Massaro, Milton Mueller, Thinh Nguyen, Mark Noferi, Liam O’Melinn, Jim Park, David Post, Christopher Robertson, Simone Sepe, William Sjostrom, Roy Spece, Nic Suzor, Alan Trammell, Greg Vetter, Brent White, Mary Wong, Jane Yakowitz Bambauer, Peter Yu, Jonathan Zittrain, the participants in the IP Scholars Roundtable at Drake University School of Law, the participants in a workshop at Florida State University College of Law, and the participants in a workshop at the University of Arizona James E. Rogers College of Law. The author gratefully acknowledges the Dean’s Summer Research Stipend Program, Dean Michael Gerber, and President Joan G. Wexler at Brooklyn Law School for financial support. The author welcomes comments at derekbambauer@email.arizona.edu.

For helpful comments and discussions, I thank Charles Barzun, Christopher Eisgruber, Chad Flanders, Richard Garnett, Abner Greene, John Harrison, Andrew Koppelman, Jody Kraus, Douglas Laycock, Matthew Lister, Christopher Lund, Charles Mathewes, James Nelson, Saikrishna Prakash, George Rutherglen, Fred Schauer, Seana Shiffrin, Lawrence Solum, Mark Storslee, Nelson Tebbe, Pierre-Hugues Verdier, Xiao Wang, Free Williams, and audiences at Brooklyn Law School, the University of Pennsylvania Law School, and the Nootbaar Institute’s Annual Conference on Religion and Ethics at the Pepperdine University School of Law. I owe special thanks to Leslie Kendrick and Richard Schragger, who read and commented on multiple drafts. I am also grateful to Adam Yost for excellent research assistance.