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Corporate & Securities Law

Truth on the Market

Academic commentary on law, business, economics and more.

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Last Entry: April 01, 2011 at 00:51:38

Should the Supreme Court Grant Cert in Rambus?

Posted on December 01, 2008
As noted, the FTC has exercised its right under 15 USC 56(a)(3) to petition for a writ of certiorari to review the judgment of the D.C. Circuit in its FTC v. Rambus. The FTC press release is here. The petition is here. The questions presented, as framed by the Commission are: 1...

Price Discrimination is Good, Part 2

Posted on December 01, 2008
Yesterday I started a new TOTM feature on why price discrimination is good in light of the bad rap that the practice gets in public policy circles and with the public generally. Lest one believe that the examples of regulatory scrutiny of price discrimination in antitrust and regulated industries are special cases, a reader [...

Happy Thanksgiving!

Posted on November 27, 2008
To TOTM readers. And Happy Thanksgiving and Retirement to my colleague, now of the Emeritus variety, Gordon Tullock.

FTC Seeks Cert in Rambus

Posted on November 25, 2008
The press release is here. The petition is here. The questions presented, as framed by the Commission are: 1. Whether deceptive conduct that significantly contributes to a defendant?s acquisition of monopoly power violates Section 2 of the Sherman Act...

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College Athlete Drives a Hard Bargain Over Letter of Intent

Posted on November 24, 2008
Seth Davis (Sports Illustrated) has an interesting column on the intersection of two issues I hold near and dear: contracts and college basketball. For those unfamiliar, college recruits in football, basketball and some other sports sign National Letters of Intent (NLI) committing themselves to spend at least one full year at the college...

Principles for Bailout Management

Posted on November 21, 2008
I had the pleasure last week of participating in a bailout panel at William & Mary Law School. The William & Mary Federalist Society, which hosted the event, asked each panelist to address three topics: what led to the current situation, how the bailout plan will (or won’t) fix things, and suggestions for implementing [...

The Butcher, the Baker and the Candlestick Maker (2.0)

Posted on November 19, 2008
My colleague Tom Hazlett strikes again in Barron’s on Google’s transformation from its initial reluctance to advertise and its desire to stick to the non-profit sector to an unrelenting market driven approach to its discovery that search-term clicks were … well … profitable...

Bainbridge on the Cuban Insider Trading Case

Posted on November 18, 2008
Professor Bainbridge offers a very detailed analysis of the complaint in the SEC’s case against Dallas Mavericks owner Mark Cuban.

Wanted: NSF Law and Social Science Program Director

Posted on November 18, 2008
Last Spring, I had the pleasure of serving on the NSF Law and Social Science Advisory Panel. It was an honor to be invited and a fantastic experience that gave me exposure to accomplished interdisciplinary scholars in fields and perspectives with which I rarely have the opportunity to interact...

Doherty on Empirical Toolkits and the Future of ELS

Posted on November 18, 2008
UCLA’s Joe Doherty is guest blogging over at ELS Blog and is first post is a must read for folks engaged in empirical legal studies generally which strikes at the heart of defining our enterprise. Doherty points out the tendency toward the adoption of narrow toolkits within fields (methodological differences between political scientists and [...

Top Ten Econ Blogs!

Posted on November 17, 2008
TOTM has never been afraid of a little bit of self-promotion, but in this case, we’re happy to report that the promotion is coming from the outside. Craig Newmark, of the always excellent Newmark’s Door, has ranked us in the Top 10 “Really Best Economics Blogs...

Inter-Agency Teleseminar Showdown

Posted on November 17, 2008
You may recall we’ve been blogging quite a bit about the FTC and DOJ scuffle over Section 2 (See here and here). On Thursday, December 11th, the ABA Antitrust Division is sponsoring a Teleseminar that will feature my former FTC colleague Ken Glazer (Deputy Director, Bureau of Competition, Federal Trade Commission), Bill Kolasky (WilmerHale, [...

“This Liberal Will Be All About Socializing … Uhhh … Basically … Taking Over and the Government Running All of Your Companies”

Posted on November 13, 2008
That is from Maxine Waters (HT: Luke Froeb). It is increasingly difficult these days to figure out whether socialization/ nationalization is a threat or a promise. The clip is priceless. You can see her two colleagues getting a kick out of Waters’ rant (which starts about the 1:10 mark) in response to [...

Global Competition Policy Symposium on Section 5

Posted on November 11, 2008
The newest issue in Global Competition Policy includes a symposium (disclosure: for which I was the senior editor) on Section 5 enforcement under the FTC Act. Contributors included Commissioner Rosch’s attorney advisor Kyle Andeer, Doug Melamed (WilmerHale) and Joe Sims...

My Encounter With Rahm

Posted on November 10, 2008
The business section of yesterday’s New York Times included advice to President-elect Obama from a number of econ-types. Greg Mankiw, for example, exhorted Obama to heed the advice of his (quite capable) economic advisers and, in essence, govern from the center...

Taking Price Gouging Laws Seriously

Posted on November 10, 2008
Over at Organization and Markets, Peter Klein notes that consumers have been exploiting producers by taking advantage of market conditions, reducing their demand for gasoline, and earning windfall profits.

Who Does Best on the GRE?

Posted on November 07, 2008
Greg Mankiw links to a chart which provides the evidence (or click here for the larger version). The answer is physics (1899), math (1877), computer science (1862) and, of course, economics (1857) … followed by a handful of engineering majors and philosophy...

The Antitrust Rumormill …

Posted on November 06, 2008
So, now that the election is over, it must be time to start speculating as to who will fill what spots in the Obama administration. I already made some predictions about what an Obama antitrust regime might look like, but who will be running the show at the DOJ and the FTC? The [...

Will This Be a Bull Market for Law and Economics?

Posted on November 05, 2008
Larry Ribstein thinks so. The argument is that current economic conditions have exposed the costs of economic naivete and that now is the time for rational and serious discourse about the costs and benefits of specific regulations: The last election has revealed clearly the costs of economic cluelessness...

Antitrust under President Obama: “I will direct my administration to reinvigorate antitrust enforcement”

Posted on November 05, 2008
Danny Sokol makes some predictions about Post-Obama antitrust, and about my disappointment in what he perceives to be the likely direction of antitrust policy in the Obama administration: 1. increased challenges of mergers and monopolization cases, especially at DOJ 2...

No Google-Yahoo Deal

Posted on November 05, 2008
From the Google Public Policy Blog: In June we announced an advertising agreement with Yahoo! that gave Yahoo! the option of using Google to provide ads on its websites (and its publisher partners’ sites) in the U.S. and Canada. At the same time, both companies agreed to delay implementation of the agreement to give regulators the [...

Feeding at the trough

Posted on November 04, 2008
I love it! Today saw the “biggest presidential election day rally [in the stock markets] in 24 years.” And why, you ask? Is it because the seemingly-certain Obama victory has calmed all our fears of economic catastrophe (to say nothing of terrorist-induced catastrophe)? Nope...

For you statist libertarians out there

Posted on November 03, 2008
Tom Smith ups the ante with a brilliant post–far and away the best Obama endorsement I’ve seen yet. Here’s a taste, but head over and read the whole thing. Some may say, and you call yourself a libertarian. But I have decided I can be a kind of statist, big government, expansive regulation, high taxing, low [...

NY Times Endorses Pre-Chicago Antitrust

Posted on November 02, 2008
The NY Times (HT: Danny Sokol) decided to run an editorial blasts the DOJ’s Section 2 Report, asserting that the “antitrust division is supposed to be the agency looking out for the interests of American consumers, not big companies ? a role it has clearly forgotten over the last eight years” citing the familiar bullet [...

Mr. Anti-Smith Goes to Washington

Posted on November 02, 2008
Senator Barack Obama, October 30, 2008: You know I don?t know when, when they decided they wanted to make a virtue out of selfishness. Adam Smith, 1776: It is not from the benevolence of the butcher, the brewer, or the baker that we can expect our dinner, but from their regard to their own interest...

Obama “Voted With the Socialist” 92% of the Time

Posted on October 30, 2008
The Mizzou campus is all atwitter today over a scheduled appearance this evening by the world?s biggest celebrity — my old constitutional law prof, Barack Obama. As I write this, I?m watching the Obama folks prepare for the rally, which is to take place on the quad my office overlooks...

Speaking of Resale Price Maintenance …

Posted on October 29, 2008
It looks like the FTC is interested in doing more than just investigating RPM (see Thom’s excellent post), as the agency just announced a series of public workshops on the question of how best to distinguish pro-competitive uses of RPM from those that raise competitive concerns...

FTC’s Latest RPM Investigation: Sound and Fury Signifying Nothing?

Posted on October 24, 2008
Once again displaying its tenacious devotion to old Dr. Miles, the FTC is investigating whether makers of musical instruments and audio equipment have engaged in illegal resale price maintenance (RPM). Yesterday’s WSJ reported that the Commission has issued subpoenas to a number of prominent musical instrument manufacturers, including Fender, Yamaha, and Gibson, as well [...

UC Irvine School of Law Update

Posted on October 23, 2008
Dean Erwin Chemerinsky and UCI School of Law are in the news. WSJ Law Blog reports on a little scuffle between Chemerinsky and Second Circuit Chief Judge Jacobs about the purported public interest mission of the law school whether it entails a distinct political leaning...

The End of Libertarianism?

Posted on October 23, 2008
Not so fast, says Will Wilkinson is this must read (and well earned) dismantling of Jacob Weisberg’s recent Slate column which has been getting a lot of attention: If you think ?libertarianism? caused the financial crisis, you?re either stupid or dishonest...

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