The Archives

The collection of all scholarly commentary on law, economics, and more

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The death of campaign finance regulation

In Arizona Free Enterprise Club, et al., v. Bennett, et al. and McComish, et al., v. Bennett, et al.  the Court is deciding what seems to be a couple of relatively narrow issues: (1) Whether the First Amendment forbids states from providing additional government subsidies to publicly financed candidates that are triggered by independent expenditure ... The death of campaign finance regulation

The Industrial Organization of Food Carts

As Harold Demsetz notes, “the problem of defining ownership is precisely that of creating properly scaled legal barriers to entry.”   Taxi medallions, meet food cart permits.  From the WSJ: The city’s competitive street food culture has created a thriving black market for mobile food vending permits issued by the Department of Health and Mental Hygiene. ... The Industrial Organization of Food Carts

Fretting over privacy

Gordon Crovitz, writing in today’s WSJ, notes that news that more than half of Americans over 12 have Facebook accounts powerfully suggests that people don’t care that much about “trading personal information for other benefits.”  He asks, “why is Washington so focused on new privacy laws?”  He’s referring, e.g., to the Obama administration’s call for ... Fretting over privacy

Fiscal discipline in Illinois

Last January I commented on the Illinois tax increase of personal income tax rates from 3% to 5% and corporate taxes from 4.8% to 7%: Detroit would seem to be a good example to keep in mind when thinking about Peoria without Caterpillar.  Remember that any company considering moving to or staying in Illinois not ... Fiscal discipline in Illinois

Tax

Bonuses for prosecutors

Walter Olson has been posting on a Colorado plan to give bonuses to prosecutors based on conviction rates.  His latest post on why this is a bad idea says “[v]ery similar logic helps explain the historically prevailing ban on contingency fees for lawyers in most Western legal systems.”  Actually, this is worse.  First, there’s a ... Bonuses for prosecutors

The Antitrust (and Business) Risk of a Concerted Response to the U.S. News Rankings

I’ve been in a blue funk since last Tuesday, when my home institution, the University of Missouri Law School, fell into the third tier in the U.S. News & World Report annual ranking of law schools. Since the rankings began, Missouri has pretty consistently ranked in the 50s and 60s. Last year, we fell to ... The Antitrust (and Business) Risk of a Concerted Response to the U.S. News Rankings

Search Bias and Antitrust

There is an antitrust debate brewing concerning Google and “search bias,” a term used to describe search engine results that preference the content of the search provider.  For example, Google might list Google Maps prominently if one searches “maps” or Microsoft’s Bing might prominently place Microsoft affiliated content or products. Apparently both antitrust investigations and ... Search Bias and Antitrust

Some Links

Google Book Settlement is rejected Brian Leiter interviews Ron Allen on the Van Zandt era at Northwestern; Bainbridge comments Which lawyers are working the AT&T/ T-Mobile deal?  Also, economist David Evans on how the deal will be reviewed (Video) Interesting paper: Do Financial Counseling Mandates Improve Mortgage Choice and Performance? Evidence from a Legislative Experiment

No Facts, No Problem?

There has been, as is to be expected, plenty of casual analysis of the AT&T / T-Mobile merger to go around.  As I mentioned, I think there are a number of interesting issues to be resolved in an investigation with access to the facts necessary to conduct the appropriate analysis.   Annie Lowery’s piece in Slate ... No Facts, No Problem?

What happened to IPOs redux

A couple of months ago I asked, “what happened to IPOs.”  Today’s WSJ asks almost the exact same question and gets the same answer: The elephant in the room is the 2002 Sarbanes-Oxley law, which triggered billions of dollars in new compliance costs for public companies. * * * The question for companies now, as ... What happened to IPOs redux

The counterproductive effects of SOX and Dodd-Frank

Much significant regulation has been inflicted on the financial markets over the last decade with little regard for evidence of whether the regulation is likely to accomplish its intended purpose.  A couple of recent studies on SOX and Dodd-Frank suggest that at least some of this regulation has made things worse. Kim and Lu, Unintended Consequences ... The counterproductive effects of SOX and Dodd-Frank

The AT&T and T-Mobile Merger

The big merger news is that AT&T is planning to acquire T-Mobile.  From the AT&T press release: AT&T Inc. (NYSE: T) and Deutsche Telekom AG (FWB: DTE) today announced that they have entered into a definitive agreement under which AT&T will acquire T-Mobile USA from Deutsche Telekom in a cash-and-stock transaction currently valued at approximately ... The AT&T and T-Mobile Merger