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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

Mankiw on taxing the rich

Posted on October 10, 2010
I suppose that the Obama tax plan is something this blog should stay away from. But I can’t resist a note on Mankiw’s NYT column. Mankiw makes all the “correct” disclaimers: he’s being “narcissistic,” yes he can “afford to pay more in taxes,” “I don’t have trouble making ends meet,” “I am almost completely sated...

Is Delaware uncorporate law unconstitutional?

Posted on October 10, 2010
It is well known that Delaware unincorporated entity statutes (e.g., 6 Del. Code Section 18-1101) permit the waiver of all fiduciary duties, not only of care, but also of loyalty. Now along comes Lyman Johnson, a respected corporate scholar, to argue, in Delaware?s Non-Waivable Duties that those statutes violate the Delaware constitution (HT Pileggi)...

Nobel Speculation Time

Posted on October 09, 2010
Every year around this time, I repeat my prediction that Armen Alchian, Harold Demsetz, and Ben Klein will win the Nobel Prize for contributions to the theory of the firm, property rights, and transaction cost economics. I understand that last year’s prize makes this combination less likely, but I see no reason to deviate...

DeLong on Henderson III

Posted on October 07, 2010
On October 3 I wrote: The DeLong point I want to focus on is his last: ?I genuinely do not understand why Henderson has his job.? By which he means Todd?s law professor job. DeLong?s sole reported basis for this is a post, not by Todd, but by my co-blogger Jay Verret, who refers to a [...

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DeLong pledge

Posted on October 07, 2010
For the record, I find highly objectionable Brad DeLong’s recent characterization that I am somehow on opposing sides of this issue from Larry Ribstein, Jonathan Adler or Todd Henderson. That represents more dissembling and misdirection from DeLong that I now see is a fundamental part of his blogging style...

The death of big law and the birth of what?

Posted on October 06, 2010
This Friday (October 8), at the University of Washington School of Law in Seattle, I’ll be talking to students and lawyers at a Washington State Bar Association event about the death of big law, the pressures on modern law practice, the disgrace of the legal services market, major changes brewing in law practice and legal education, [...

Misbehavioral Economics: The Case Against Behavioral Antitrust

Posted on October 05, 2010
In a policy speech earlier this year, Commissioner J. Thomas Rosch of the Federal Trade Commission advocating the incorporation of behavioral economics into antitrust analysis suggested one concern that others might have with the approach was that “behavioral economics was simply liberalism masquerading as economic thinking...

Surowiecki on business in film

Posted on October 04, 2010
James Surowiecki, the New Yorker?s financial columnist, discusses “Money Never Sleeps” and “The Social Network.” Along the way he briefly recaps the history of business on film, citing the definitive work on the subject: The law professor Larry Ribstein, in his paper ?Wall Street and Vine,? calls the late eighties ?the golden era of anti-capitalist [...

DeLong and Insider Trading

Posted on October 04, 2010
Larry Ribstein notes that DeLong’s scurrilous attack is misplaced since Henderson’s piece makes a much more modest point than the general observation from Henry Manne with which DeLong seems to actually disagree. I don’t think I made that clear enough in my last post and so I am glad my colleague pointed that out...

Cooper and Wright Working Paper Cited in Congressional CARE Act Hearing

Posted on October 04, 2010
I’ve mentioned the CARE Act previously (here and here). On Wednesday, the House Committee on Courts and Competition held a hearing on the revised CARE Act – which would effectively immunize a host of anticompetitive state alcohol regulations from challenge...

Thomas and Wells on executive compensation

Posted on October 04, 2010
We recently welcomed Harwell Wells to the Illinois Corporate Colloquium to discuss his and Randall Thomas?s Executive Compensation in the Courts: Board Capture, Optimal Contracting and Officer Fiduciary Duties. The paper suggests a new approach to controlling executive compensation: the courts...

In Elizabeth Warren We Trust?

Posted on October 03, 2010
Todd Zywicki chimes in (WSJ): The head of the Consumer Financial Protection Bureau is one of the most powerful bureaucratic positions ever created in the American political system. It can regulate or ban almost every consumer credit product in the country, yet it is beyond Congress’s power of the purse because its budget is guaranteed [...

Brad DeLong on Todd Henderson

Posted on October 03, 2010
More than two weeks ago, my co-blogger was subject to one of the most remarkable attacks I?ve seen in the blogosphere. I have declined so far to participate in the mostly hot-headed debate. But I write now because last Friday, J. Bradford DeLong, whose personal attack on Todd a couple of weeks ago was one [...

Professor Brad DeLong on Professor Henderson and Insider Trading

Posted on October 02, 2010
I was hesitant to get involved in the Henderson issue because though I certainly have personal opinions on tax policy I don’t profess particular expertise. I was glad to briefly wish our departing colleague well and highlight some of his interesting and well-written scholarship at a time when the blogosphere became unhealthily obsessed with a few [...

Some Praise for the FTC

Posted on October 01, 2010
We dole out at least our fair share of criticism for the Federal Trade Commission here. Now its time for some credit where its due. Historically, one of the consistent highlights of the Commission’s output has been its competition policy advocacy work...

McDonald’s, Mini-Meds, and Medical Loss Ratios: What’s to come, and what can Sebelius do about it?

Posted on October 01, 2010
Yesterday, the Wall Street Journal ran an article entitled McDonald’s May Drop Health Plan. The article reported that “McDonald’s Corp. has warned federal regulators that it could drop its health insurance plan for nearly 30,000 hourly restaurant workers unless regulators waive a new requirement of the U...

The disgrace of the legal services market

Posted on September 29, 2010
The WSJ Law Blog discusses N.Y.C.?s Chief Judge Lippman?s campaign to solve the growing problem of poor people facing civil cases without lawyers ? 2.3 million people in all state courts last year. Lippman wants more funding for legal aid lawyers. The main existing funding mechanism, the Interest on Lawyer Account Fund, has been depleted [...

A fourth of Big Law is about to disappear

Posted on September 29, 2010
Am Law Daily reports on a Hildebrandt analysis (HT Law Blog) predicting “that nearly 27 percent of the 65,000 non-partner positions at Am Law 200 firms could be cut or recategorized as lower-paying positions over the next five to seven years.” Causes include “flat demand for legal services,” price pressure from clients, outsourcing, Six Sigma [...

A Plug and Some Links

Posted on September 29, 2010
I’ll be talking about the Intel Settlement in an ABA program, The Intel Settlement: A Perspective From the Trenches, today at lunchtime along with a great group of panelists with a wide variety of perspectives on the issue, Kyle Andeer (FTC Counsel), Ken Glazer (KL Gates), and Henry Thumann (O?Melveney & Myers)...

Incentive compensation for asset managers

Posted on September 28, 2010
I?ve argued, e.g., in Rise of the Uncorporation, that a reason why the uncorporation beats the corporation for some types of firms is the high-powered incentives these firms offer their managers. Sometimes the incentives may not be obvious because percentages, e...

Jurisdictional choice for securities regulation

Posted on September 28, 2010
We usually think about jurisdictional choice for corporate law as applying to state business association laws, not the federal securities laws. But this distinction has never been clear given global securities markets, and it’s less true now than it used to be...

Representative Michael N. Castle

Posted on September 28, 2010
I write to express opinion about Mike Castle. I do not post to express an opinion about Christine O’Donnell, the Tea Party, the national election, or the Democratic nominee Commissioner Coons. I don’t have a dog in that fight, except to say that I hope for the best for Delaware...

Single member LLCs and Olmstead

Posted on September 27, 2010
Steve Bainbridge has a post on this Florida Supreme Court case, which has started a major debate on revising the LLC charging order remedy. This might sound a bit arcane, but it actually has significant consequences for the use of LLCs as an asset protection device...

Talking About Intel

Posted on September 27, 2010
I’ll be discussing Intel on a few occasions the next few weeks. The first is an ABA teleconference on: The Intel Settlement: A Perspective From the Trenches, this Wednesday from 12-130 ET, along with Kyle Andeer (FTC Counsel), Ken Glazer (KL Gates), and Henry Thumann (O’Melveney & Myers)...

Beer v. Pot, Public Choice Edition

Posted on September 26, 2010
The political economy of alcohol regulation has always been fascinating. But things took an interesting turn of late (HT: Marginal Revolution) when a beer industry trade group took a stand against a proposition that would legalize marijuana in California: The California Beer & Beverage Distributors is spending money in the state to oppose a marijuana [...

The face of the financial crisis: on Forbes.com

Posted on September 26, 2010
Looking for the “face” of the financial crisis? You don’t have to look far, as I explain on Forbes.com. Filed under: corporate crime, film, financial regulation, Forbes

Who caused the subprime bubble?

Posted on September 25, 2010
Mian, Sufi, and Trebbi have and answer in The Political Economy of the Subprime Mortgage Credit Expansion: the government, mortgage lenders and mortgage borrowers. Here’s the abstract: We examine how special interests, measured by campaign contributions from the mortgage industry, and constituent interests, measured by the share of subprime borrowers in a congressional district, may have [...

Elgar Companion to Transaction Cost Economics

Posted on September 24, 2010
Peter Klein (over at Organizations and Markets) and I recently edited a volume for the Elgar Companion series titled The Elgar Companion to Transaction Cost Economics. At long last, the volume will be available in the US in November, 2010; in plenty of time for spring semester classes that might want to incorporate some or [...

Obama Throws Gay People Under the Bus (Again).

Posted on September 24, 2010
Please do not miss this, folks. The President of the United States has now ordered his Department of Justice to fight a group of Republicans who secured a court ruling that the “Don’t Ask, Don’t Tell” policy is unconstitutional and are trying to have it enjoined...

Money Never Sleeps (but audiences might)

Posted on September 24, 2010
Ok, so I went and saw the movie, thanks to my entrepreneurial colleague Christine Hurt, who already has a post up. Read this post for the basics. I plan to follow up with a much longer analysis when I get the time. Here’s some stuff that should suffice for now...

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