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Corporate & Securities Law

Truth on the Market

Academic commentary on law, business, economics and more.

Post Frequency: 39.9/day

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

Howard Stern and Unilateral Effects

Posted on September 02, 2008
That’s a catchy title for a merger conference (HT: Danny Sokol). The program faculty include: David L. Meyer, Deputy Assistant Attorney General, Antitrust Division, U.S. Department of Justice, Ketan P. Jhaveri, Senior Associate, Simpson Thacher & Bartlett LLP, Charles E...

Harold Demsetz: From Economic Man to Economic System

Posted on September 01, 2008
Just when I thought I had read it all, and re-read most of it a few times, Harold Demsetz releases a new book, From Economic Man to Economic System (Cambridge University Press, table of contents available here). My colleague Lloyd Cohen has a very nice blurb that captures the spirit of Harold’s work: This lovely set [...

Cross-Price Elasticity of Demand, Diddy Edition

Posted on September 01, 2008
It’s not quite a bump in scooter sales or farmers switching from tractors to mules in response to rising gasoline prices: The hip-hop mogul said he is now flying on commercial airlines instead of in private jets, which Combs said had previously cost him $200,000 and up for a roundtrip between New York and Los Angeles...

AALS Agency, Partnerships and LLCs Section Call for Papers

Posted on August 31, 2008
Larry Ribstein is organizing the upcoming AALS session of agency, partnerships and LLCs and has posted the following call for papers: The Section on Agency, Partnerships and Limited Liability Companies is calling for papers for the 2009 AALS Annual Meeting in San Diego...

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Welcome D.C. Circuit Law Clerks to our Whole Foods Coverage

Posted on August 28, 2008
Our friends at Antitrust Review point to the Petition for Rehearing En Banc in Whole Foods. As readers of the blog will know, Geoff and Thom have been exhaustively covering the Whole Foods litigation. Now, their latest efforts have been cited by the parties in the Petition (see n...

Antitrust Links

Posted on August 28, 2008
Luke Froeb (and the WSJ) on learning about potentially anticompetitive mergers from false negatives The Onion does antitrust (its a bit old, but still quite funny) Rumors of Microsoft investigation in China pickup again … Antitrust Review links to the petition for rehearing en banc and motion to disqualify the Commission as the administrative law judge in Whole [...

Gordon Tullock Retires From George Mason

Posted on August 24, 2008
News like this, is in no small part due to men scholars like Gordon Tullock whose presence at the law school was a significant one. Gordon announced his retirement today (HT: Boettke). In the coming days, there will likely be a number of statements of admiration of Gordon and his work from people who knew [...

Searle Center Events this Fall

Posted on August 24, 2008
Northwestern University’s Searle Center on Law, Regulation and Economic Growth is one of the most intellectually interesting and active centers for law and economics around. Here’s a lineup of research roundtables and conferences scheduled for this fall...

Antitrust Fallacies of Fact and Theory

Posted on August 22, 2008
Steve Hurwitz as a characteristically thoughtful and provocative post over at Austrian Economists on identifying the most dangerous fallacies of fact and theory in economics that a reasonably informed layperson would believe. Steve’s nominations are that the average person believes that the “economic well-being of the average American is on the decline” (fallacy of [...

FTC at 100 Online Forum

Posted on August 21, 2008
We’ve mentioned the FTC at 100 self-assessment project before. The FTC at 100 home page is available here and has links to webcasts and other relevant material. The webcast of the July Washington DC event is already up. The next scheduled events are in Chicago at Northwestern University in September and Boston [...

Some Links

Posted on August 21, 2008
Some blog posts I’ve been reading: Professor Bainbridge makes a lot of sense on the case against the Socratic Method in law teaching (so does Gordon Smith). By the way (and the Professor probably does not remember this), but he also gave me very good advice when I went on the job market in 2004...

Obama v. McCain Debate Antitrust?

Posted on August 19, 2008
Well, not exactly. But the under card sponsored by the DC Bar is still pretty impressive: James Rill (Howrey, representing McCain) v. Bill Kolasky (Wilmer Hale, representing Obama) September 24 at GW Law School. HT: Antitrust Review.

Life After Dr. Miles

Posted on August 18, 2008
An article in today’s WSJ, Price-Fixing Makes Comeback After Supreme Court Ruling, reports that minimum resale price maintenance (i.e., the setting of minimum retail prices by product manufacturers) is increasing in light of last summer’s Leegin decision...

Why Antitrust?

Posted on August 16, 2008
As the start of the new academic year inches closer, and students are deciding what courses to take, I thought I’d give a little plug to antitrust law. I’ve seen enrollment in antitrust courses vary dramatically over the past 10 years or so since I was a student and now as a professor...

Antitrust Source: Required Antitrust Reading for the Next Administration

Posted on August 08, 2008
In the current issue of Antitrust Source, including my own submission which I blogged about here.

Optimal Regulatory Design, Fragmentation, and Abolition

Posted on August 07, 2008
In response to my post about the optimal institutional design for merger enforcement and the problems associated with dual federal enforcement, a reader points me to this related paper by Jon Klick, Francesco Parisi, and Norbert Schulz in the International Review of Law and Economics which models alternatives for allocating decision-making across multiple agencies...

Corporate Assassinations and Antitrust

Posted on August 06, 2008
Over at Overcoming Bias, they are asking the following question: Given how little it seems to cost to have someone killed, why don’t more corporations have their competitors’ leaders knocked off? There are interesting answers in the comments suggesting that perhaps these killings or rival firms’ leaders are more common or more costly than commonly thought...

International Antitrust Explosion in the FT

Posted on August 06, 2008
Financial Times (HT: Danny Sokol) highlights the problem of multi-jurisdictional antitrust enforcement, emphasizing the rise of India and China. The article repeats the basic point, worth repeating, that international cooperation can help avoid bad outcomes with multiple regulatory stakeholders with different incentives and institutional environments: That is not a criticism of the new competition rules in [...

Wolfers on the Decline of Happiness Inequality

Posted on August 06, 2008
Part 1, Part 2, and Part 3. Here is the paper with Betsey Stevenson.

More Milton Friedman Institute Commentary

Posted on August 04, 2008
While much has been said about the recent Milton Friedman Institute scuffle at the University of Chicago (including here at TOTM here), Chicago GSB Professor John Cochrane’s scathing comments on the original Protest letter have stirred up some additional commentary worth reading...

Antitrust Survey

Posted on August 04, 2008
Danny Sokol is conducting a survey of private practitioners for an empirical project examining how antitrust law shapes compliance. The survey is here.

The Price of Merger Approval and Triple Federal Enforcement

Posted on August 02, 2008
Geoff and Thom (see the comments) continue to have the Whole Foods litigation covered. I don’t and can’t have anything to add to their comments about the particulars of the litigation. I will note, playing off my previous post on bad case law out there looking to be overturned, that there is significant demand for [...

The unfortunate return of the “strange, red-haired, bearded, one-eyed, man with a limp”

Posted on July 29, 2008
The DC Circuit has reversed the district court in the Whole Foods case. The opinion is here. [HT: Danny Sokol] As regular readers know, we have covered this case extensively on this blog, including most recently this great, lengthy post from Thom on the proper standard of review...

Say on Pay in the UK

Posted on July 28, 2008
An interesting new paper by Ferri and Maber entitled Say on Pay Vote and CEO Compensation: Evidence from the UK has recently been posted on SSRN. Here’s the abstract: In this study, we examine the effect on CEO pay of new legislation introduced in the United Kingdom (UK) at the end of 2002 that requires [...

New NIE Book Available

Posted on July 23, 2008
New Institutional Economics: A Guidebook (Brousseau and Glachant eds., CUP 2008) is available. HT: Peter Klein. This looks like a wonderful collection of papers and a must-have resource for those interested in NIE, law and economics, or institutions more generally.

The Demise of Property Rights Has Been Greatly Exaggerated …

Posted on July 23, 2008
My colleague Tom Hazlett (George Mason University) has a characteristically thoughtful and provocative column in the Financial Times on the recent Clearwire joint venture and what it tells us about the “innovation commons” and current public policy debates such as network neutrality, spectrum property rights, and municipal wi-fi...

Autism Misinformation Continues

Posted on July 22, 2008
First from McCain, who first claimed that there was “strong evidence of a link between vaccines and autism” and now has since revised his position acknowledging that there is no scientific evidence supporting such a link and emphasized his support for autism research...

A $66.5 Million Math Error?

Posted on July 22, 2008
Wow…: GSA officials were asked recently to reassess the total cost of donated items in what the agency called a routine audit. “In doing so, it was determined that some of the unit costs were ‘eaches’ and others were ‘for-case’ lots...

What is the Worst Antitrust Decision That is Good Law?

Posted on July 22, 2008
There’s been a bit of discussion about the “most destructive” decision that is good law around the blogs, e.g. here and here, in response to John McCain’s criticism of Boumedine calling it “one of the worst decisions in the history of this country...

Public Comments in FTC v. N-Data Decision

Posted on July 22, 2008
Available here.

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