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

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The securities laws and the First Amendment

Attorney John Olson has posted a discussion and copy of a brief for the Chamber of Commerce and the Business Roundtable challenging the SEC’s recent proxy access rule, Rule 14a-11.  That’s the rule that requires corporations to include in their proxy materials candidates for director election nominated by 3%/3-year shareholders.  (Here’s my discussion of some ... The securities laws and the First Amendment

Sheepaholics

According to today’s WSJ: “Once upon a time, Americans got dogs for their sheep. Now they get sheep for their dogs.” Seems that border collies really need to herd.  They’re so compulsive that “they sometimes search for livestock behind the television when sheep appear on screen.* * * Left unoccupied, they’ll dig up the garden, ... Sheepaholics

Religion, capitalism and compassion

My most avid fans may have noticed I’ve been away from blogging for a few days.  In fact, I’ve been traveling for a lot of that time in Israel (among other things, giving a talk at Hebrew University in Jerusalem). Given my recent travels to the Holy Land I thought it might be appropriate for ... Religion, capitalism and compassion

Against Consumer Choice as an Antitrust Standard (Some Preliminary Thoughts)

The “consumer choice” approach to antitrust is increasingly discussed in a variety of settings, and endorsed by regulators and in scholarship, especially but not exclusively in the Section 5 context.  The fundamental idea is that the “conventional” efficiency approach embedded in the total and/or consumer welfare standards is too cramped and does not measure the ... Against Consumer Choice as an Antitrust Standard (Some Preliminary Thoughts)

Top Ten Antitrust Books and Articles of 2010

At Danny Sokol’s blog.  I nominated Keith Hylton’s Edward Elgar edited volume on Antitrust Law and Economics.  I’m also pleased to report that my article with Judge Ginsburg on Antitrust Sanctions was also nominated.  You can check out the rest of the nominations here. Feel free to leave your own nominations for best antitrust articles ... Top Ten Antitrust Books and Articles of 2010

Most Downloaded Antitrust Professors of 2010

HT: Danny Sokol. Name (Institution) Number of New Downloads Herb Hovenkamp (University of Iowa) 7532 David Evans (University College, University of Chicago) 7133 Damien Geradin (Tilburg, University of Michigan) 6394 Josh Wright (George Mason) 4733 Randy Picker (University of Chicago) 3170 Marc Edelman (Barry University) 3005 Bob Lande (University of Baltimore) 2759 Michael McCann (Vermont ... Most Downloaded Antitrust Professors of 2010

The Limits of Behavioral Law and Economics, Australia Edition

At the excellent Core Economics blog, Andreas Ortman discusses an Australian policy debate involving the Review of the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System (also known as the Cooper Review), and more specifically, retirement savings and the superannuation system.  The Cooper Review drafters contend that the behavioral economics literature strongly supports a ... The Limits of Behavioral Law and Economics, Australia Edition

Amicus Brief in Fifth Circuit Tobacco Master Settlement Case

Todd Zywicki and I recently filed (along with Keith Hylton, Fred McChesney, and TOTM’s own Thom Lambert) an amicus brief in support of certiorari in a Fifth Circuit Tobacco Master Settlement Case.  We argue that the state action exception to the antitrust laws, i.e. Parker immunity, should not be extended to cover a multistate government-created ... Amicus Brief in Fifth Circuit Tobacco Master Settlement Case

Securities Regulation Events at the AALS Annual Meeting

Tulane Law’s Elizabeth Nowicki, a former TOTM guest, asked me to post the following notice: The AALS Annual Meeting in San Francisco is fast approaching, and the AALS Section on Securities Regulation will be having two events on Saturday, January 8, 2011, in celebration of the Section’s 10th Anniversary.  Participation is invited, as described below: Luncheon:  ... Securities Regulation Events at the AALS Annual Meeting

Lynn Stout on “criminogenic” hedge funds and insider trading

Lynn Stout, writing in the Harvard Business Review’s blog, claims that hedge funds are uniquely “criminogenic” environments.  (Not surprisingly, Frank Pasquale seems reflexively to approve): My research, shows that people’s circumstances affect whether they are likely to act prosocially. And some hedge funds provided the circumstances for encouraging an antisocial behavior like not obeying the ... Lynn Stout on “criminogenic” hedge funds and insider trading

The obscure efficiency of empty voting

A few years ago a new scandal emerged on the corporate scene, prompted by Hu & Black’s work on so-called “empty voting.” The supposed problem is that a hedge fund can separate voting and economic rights by borrowing, hedging or short-term trading.  The trader can vote shares in a company in which he owns a ... The obscure efficiency of empty voting

The insider trading crackdown and Reg FD

Today’s WSJ explains how recent insider arrests cracking down on expert services are rooted in the SEC’s misguided Regulation FD.  That rule barred firms’ employees from selectively disclosing material information to favored analysts and investors.  Selective disclosure is probably legitimate under the general insider trading laws because it’s consented to by the owner of the ... The insider trading crackdown and Reg FD