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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

Moneyball, GMU and the Future of Law and Economics

Posted on July 29, 2009
My colleague Ilya Somin insightfully defends against allegations of the death of Moneyball in baseball and legal academia — largely making the point that larger institutions with larger payrolls imitating the successful elements of the strategy...

Chicago, Neo-Chicago and Chicago Squared: A Comment from David Evans and Jorge Padilla

Posted on July 27, 2009
In a recent post, Josh jokingly offered a mathematical “proof” to demonstrate that the Neo-Chicago approach to antitrust was simply an extension of the basic Chicago School approach: Dan identifies the ?Neo-Chicago School?, a term coined by David Evans and Jorge Padilla, as the optimal ?third way...

EU Likely to Require A Browser Ballot Screen for Windows 7 in Europe

Posted on July 25, 2009
PLEASE READ THIS NOTICE BEFORE PROCEEDING: TOTM readers are encouraged at this point to pick among the following antitrust blogs for content before reading this post: Antitrust Review Antitrust & Competition Policy Antitrust Hotch Potch Global Competition Policy OK...

Scholarship Links

Posted on July 24, 2009
Kobayashi and Ribstein on jurisdictional competition in LLCs Bainbridge on Shareholder Activism in the Obama Administration Co-blogger Thom Lambert’s review of Ribstein and O’Hara’s The Law Market Peter Leeson makes the case for bringing back the third cheer for capitalism Bill Page reviewing my own review (and Dan Crane’s) of Bob Pitofsky’s How the Chicago School Overshot [...

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Jonathan Baker Named FCC Chief Economist

Posted on July 24, 2009
Congratulations to Jonathan Baker (Washington Colllege of Law, American University), who has been named Chief Economist at the Federal Communications Commission.� Readers may recall that I predicted Professor Baker would return to the top economist spot over at the FTC...

Some Antitrust Links

Posted on July 23, 2009
Fred Jenny and David Evans just published a new edited volume called Trustbusters which contains chapters from the heads or senior officials of many of the leading competition authorities around the world. You can download the introductory chapter here and you can order the book from� Competition Policy International or from Amazon...

Ovation Reconsidered: A Response to Commissioner Leary

Posted on July 23, 2009
I was very pleased to thumb through the newest version of Antitrust Magazine and see a TOTM post get some attention.� Its always nice to be cited and have folks take the time to respond to your work — or in this case, blog post.� Its even more tickling when the person doing the responding [...

Too Big To Fail as an Antitrust Concept

Posted on July 22, 2009
There has been a lot of talk recently about the possibility that lax antitrust gave rise to the financial crisis or that antitrust could be used as a proactive weapon to prevent mergers and acquisitions that would create entities “too big to fail...

Let’s Have New Section 2 Hearings!

Posted on July 22, 2009
Commissioner Rosch has offered a defense of the withdraw of the Section 2 Report.� This is an important step and the Commissioner, who readers know I’ve criticized from time to time here, should be credited for laying out his specific objections to the Report...

We’re Back

Posted on July 22, 2009
Dear Readers: We apologize for the inactivity over the last two weeks.� We’ve been having some technical problems with the blog, but believe we now have them resolved. Look for a lot of activity here over the next few days as we try to make up for lost time! The Management

Whitman on Libertarian Paternalism and the Public-Private Distinction

Posted on July 22, 2009
Here’s a great post from Glen Whitman on libertarian paternalism as applied to mortgages and the housing market.� Glen takes Richard Thaler to task for his NY Times piece discussing behavioral economics in the mortgage market and advocating defaults for “plain vanilla” mortgages...

Blog problems

Posted on July 09, 2009
Apologies, dear readers, for our absence of late.� We are having a problem with the blog, which prevents us from publishing posts any longer than this one. We are working on the problem and hope to be back to regular blogging soon. Thanks for your patience, The management

Evans and Padilla on Chicago, Neo-Chicago and “Chicago Squared”

Posted on July 07, 2009
In a recent post examining the differences between the Neo-Chicago School, the Chicago School, and an “evidence based” approach to antitrust, Josh offered the following tongue in cheek mathematical “proof” to suggest that Neo-Chicago was really just equivalent to the Chicago School + consideration of error costs (Chicago Squared): Dan identifies the ?Neo-Chicago School?, a term [...

The ABA Defends Leegin and Stands Up to Senator Kohl on RPM Bill

Posted on July 06, 2009
Some interesting developments on the RPM front.� James Wilson testified on behalf of the ABA Antitrust Section testified at the recent hearings on the Discount Consumer Pricing Act on May 19th explaining the ABA’s resolution on the issue of RPM: RESOLVED, That the American Bar Association recommends that the Sherman Act, 15 U...

Evans and Padilla on Chicago, Post Chicago and Neo-Chicago

Posted on June 30, 2009
In a recent post examining the differences between the Neo-Chicago School, the Chicago School, and an “evidence based” approach to antitrust, Josh offered the following tongue in cheek mathematical “proof” to suggest that Neo-Chicago was really just equivalent to the Chicago School + consideration of error costs (Chicago Squared): Dan identifies the ?Neo-Chicago School?, a term [...

Rebutting the Arguments for a Public Health Insurance Option

Posted on June 29, 2009
A few days ago, Robert Reich had an op-ed in the Wall Street Journal entitled Why We Need a Public Health Care Plan. I had hoped to respond, but I’m a bit consumed with summer research right now. Fortunately, Friday’s Journal included an op-ed by John Calfee, The Dangers of Fannie Mae Health [...

Some Antitrust Links

Posted on June 26, 2009
My former FTC colleague David Wales joins Jones Day The CATO “New Course for Antitrust” video is now available for your viewing pleasure Microsoft on the release of Windows 7 in Europe without IE The FTC issues its interim report on authorized generics and Chairman Leibowitz claims that reverse payment settlements (based on a Bureau of Economics analysis)� [...

Available Now: Pioneers in Law and Economics

Posted on June 25, 2009
I’m very pleased to announce that my first book editing project (along with my colleague Lloyd Cohen), Pioneers in Law and Economics, is available on-line from Edward Elgar Publishing.� The book includes a series of specially commissioned essays designed to honor the founders of the law and economics enterprise...

ICANN and Antitrust in Sydney

Posted on June 25, 2009
I’ve just returned from Sydney where I was at the ICANN meetings giving a presentation (with Steve Salop of Georgetown Law) and participating in a Q&A on the potential economic consequences of vertical integration between registries and registrars...

A New Course for Antitrust?

Posted on June 15, 2009
Tomorrow at Cato at noon, Carl Shapiro (Deputy Assistant Attorney General for Economics at the Antitrust Division) will be giving some remarks on the Obama administration’s antitrust agenda.� I’ll be giving some brief remarks in response and participating in a discussion including Shapiro and Edwin Rockefeller and moderated by Douglas Ginsburg...

Commissioner Rosch, Rhetoric, and the Relationship Between Economics and Antitrust

Posted on June 12, 2009
Economic theory is essential to antitrust law.� It is economic analysis that constrains antitrust law and harnesses it so that it is used to protect consumers rather than competitors.� And the relationship between economics and antitrust is responsible for the successful evolution of antitrust from its economically incoherent origins to its present state...

Expanding Insurance Coverage Is Not the Way to Reduce Health Care Costs

Posted on June 11, 2009
As his Council of Economic Advisers made clear in its recent health care report, President Obama see two primary goals for his health care reform efforts: to slow the growth of health care costs and to expand coverage of health insurance. It?s pretty clear, though, which of these goals is steering the ship...

It’s Like Rain on Your Wedding Day

Posted on June 10, 2009
President Obama in yesterday’s speech on fiscal responsibility: The reckless fiscal policies of the past have left us in a very deep hole. And digging our way out of it will take time, patience, and some tough choices.

Will Section 2 Thwart the DOJ’s New Antitrust Agenda?

Posted on June 05, 2009
George Priest has an excellent op-ed in the WSJ correctly calling out the Justice Department’s new Assistant Attorney General Christine Varney for attributing the financial crisis to a lack of antitrust enforcement: Assistant Attorney General for Antitrust Christine Varney claims that the Justice Department can aid economic recovery by prosecuting businesses that have been successful in [...

Dear Mr. Toobin

Posted on June 04, 2009
Jeff Toobin has an interesting profile on John Roberts in the New Yorker (HT: Jonathan Adler who also takes issue with Toobin’s description of Leegin, but goes on to challenge Toobin’s general account of Roberts as a “stealth nominee”)...

Government Ownership of GM: Hands-Off Rhetoric Versus Jawboning Reality

Posted on June 04, 2009
In his recent speech on the GM bankruptcy, President Obama reassured Americans that the government, which now holds 60% of GM’s stock, is not going to try to take over management of the company: What we are not doing, what I have no interest in doing, is running GM...

Economics in one lesson

Posted on May 31, 2009
Several people, including Josh, have drawn my attention to John Hasnas’ excellent op-ed on the Satomayor nomination in the WSJ last week.� Just in case you don’t read the same blogs I do, I thought I’d highlight it here.� It is brilliant...

Revisionist corporate governance

Posted on May 30, 2009
If you haven’t been living under a rock recently, you’ve seen an incredible amount of hand wringing–and proposed regulation–around “excessive compensation.”� I’m a little too lazy to amass all the relevant links here, but both the administration and the congress are introducing regulations/bills and talking about the issue extensively...

Some Links

Posted on May 29, 2009
A few blog posts that caught me eye today: Justin Wolfers with an accessible explanation of the identification problem with broadband usage data WSJ: The rumored EU remedy for the “new” Microsoft browser case — requiring the firm to distribute its product with “a so-called ballot screen that would present a new computer user with a choice [...

Together Again: The FTC and DOJ Join Forces in American Needle v. NFL

Posted on May 29, 2009
The FTC joined the DOJ brief in American Needle v. National Football League arguing that the Supreme Court should deny certiorari.� The brief characterizes the question presented as: Whether NFLP, the NFL, and the teams functioned as a ?single entity? when granting the company an exclusive headwear license and therefore could not violate Section 1 of [...

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