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Milbank@Harvard
The NLJ reports Milbank is sending its associates to 8-day business training sessions at Harvard Law. Hildebrandt’s Larry Richard says: “They’re talking about teaching things like economics and finance. Will every lawyer be interested in that? ” Yeah, if they’re practicing business law and plan to stay relevant in an increasingly competitive world. The NLJ suggests ... Milbank@Harvard
NYSE-Deutsche Borse and jurisdictional competition
The WSJ opines on the impending sale of the NYSE to Deutsche Börse of Frankfurt. It describes the merger as “a story of inevitable capitalist change and how no country or institution can take its dominance for granted” and a “lesson in how easily capital, both financial and human, can relocate.” It describes the 171 ... NYSE-Deutsche Borse and jurisdictional competition
E Pluribus Duo and payday loans
Payday loans are supposedly a problem. I’m not sure why. Neither was George McGovern. But twelve states prohibit them. Now, if payday loans were like corporate stock, the issuers could avoid one state’s corporate rules by incorporating in a different state. You can’t do that with payday loans. But, according to the WSJ you can incorporate ... E Pluribus Duo and payday loans
Tim Wu to the FTC: What does it mean?
As you may have heard, Columbia lawprof and holder of the dubious distinction of having originated the term and concept of Net Neutrality, Tim Wu, is headed to the FTC as a senior advisor. Curiously, his guest stint runs for only about four and a half months. As the WSJ reports: Mr. Wu, 38, will ... Tim Wu to the FTC: What does it mean?
My blackberry’s not working and other extended puns
Having just discovered Kellogg economist Shane Greenstein’s blog, I have also now just discovered on his blog this super-hilarious video. Well worth a watch through to the end:
On the ethical dimension of l’affair hiybbprqag
Former TOTM blog symposium participant Joshua Gans (visiting Microsoft Research) has a post at TAP on l’affair hiybbprqag, about which I blogged previously here. Gans notes, as I did, that Microsoft is not engaged in wholesale copying of Google’s search results, even though doing so would be technologically feasible. But Gans goes on to draw ... On the ethical dimension of l’affair hiybbprqag
American Economic Review’s Top 20 of the Last 100 Years
The paper is here (HT: Steve Salop). The AER’s The Top 20 Committee, consisting of Kenneth J. Arrow, B. Douglas Bernheim, Martin S. Feldstein, Daniel L. McFadden, James M. Poterba, and Robert M. Solow, made the selections. The list is alphabetical, of course, but TOTM readers will observe that it starts off particularly well (see ... American Economic Review’s Top 20 of the Last 100 Years
Big Antitrust Casebook News
OK. Big news for me, anyway. I’m very pleased to announce that I will be joining Andy Gavil, (also my former boss) William Kovacic, and Jonathan Baker as a co-author of the forthcoming Third Edition of Antitrust Law in Perspective: Cases, Concepts and Problems in Competition Policy. The new edition should be available for Spring ... Big Antitrust Casebook News
Is There an Obvious Free Market Bias in Economics Journals?
So Paul Krugman asserts: I can well imagine that it’s hard to be a conservative in some social sciences, but in economics, the obvious bias in things like acceptance of papers at major journals is towards, not against, a doctrinaire free-market view. I doubt it. That is testable, I suppose; so long as one can ... Is There an Obvious Free Market Bias in Economics Journals?
Now online: Rules for Growth
A formidable group of academics has collaborated in volume that has now been posted on SSRN: Rules for Growth: Promoting Innovation and Growth Through Legal Reform. Here’s an excerpt from the abstract: The United States economy is struggling to recover from its worst economic downturn since the Great Depression. After several huge doses of conventional ... Now online: Rules for Growth
Private equity and corporate jets
I’ve written about the benefits of private equity’s “uncorporate” discipline, including owner exit rights and high-powered compensation, in reducing managerial agency costs in large firms. See my Partnership Governance of Large Firms and the longer version in Chapter 8 of my Rise of the Uncorporation. Here’s some more evidence: Edgerton, Agency Problems in Public Firms: ... Private equity and corporate jets
Pay gaps as big law’s death rattle
Today’s WSJ reports on more evidence of the death of big law under the headline “Pay Gap Widens at Big Law Firms as Partners Chase Star Attorneys.”: Some of the biggest law firms are paying outsize salaries to star attorneys, in some cases 10 times what they give other partners, in a strategy that is ... Pay gaps as big law’s death rattle
