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Some Competing Economics of Copyright and Fashion

In the WSJ, Scott Hemphill (Columbia) and Jeannie Suk (Harvard) defend Charles Schumer’s proposed bill, which would extend copyright protection to fashion design: Sen. Charles Schumer (D., N.Y.) introduced a bill earlier this month that attempts to get around this problem. It prohibits only design copies that are substantially identical. In layman’s terms, a good ... Some Competing Economics of Copyright and Fashion

The troubles with business journalists

Chrystia Freeland had some interesting thoughts on this in Sunday’s New York Times: Too much of the top business writing (e.g., Michael Lewis) reports from the inside, based on cooperation with the insiders. Mikael Blomkvist would disapprove. So-called investigative reporters like Gretchen Morgenson obsess over individual wrongdoing instead of root causes. (Don’t get me started.) ... The troubles with business journalists

TOTM Welcomes Eric Helland

TOTM is very pleased to announce the addition of yet another permanent blogger to our roster.  Eric Helland is an economist at Claremont-McKenna College and publishes extensively in law and economics.  Among other accomplishments, Eric has served as a Senior Staff Economist on the President’s Council of Economic Advisers.  Eric’s publication record is extensive, and ... TOTM Welcomes Eric Helland

Criminalizing fiduciary breach

I have posted my Senate testimony from last spring (“Fiduciary Duties of Investment Bankers: Senate Testimony – May 4, 2010”). There I comment on Arlen Specter’s subcommittee’s attempt to use the furor aroused by the SEC’s strike suit against Goldman to make some terrible new law. The subcommittee wanted to go beyond merely imposing new ... Criminalizing fiduciary breach

Thoughts on the non-mosque mosque

I’ve resisted posting about this, since everything that could be said has been said. But I can’t abide the views expressed everywhere, even among my friends and colleagues, that I’m a bigot or ignorant or anti-Muslim or xenophobic for thinking the proposed Park51 project (nee Cordoba House) should be voluntarily moved by its backers.

Mutual fund advisersโ€™ fiduciary duties

As I discussed a couple of days ago in my post about the SEC’s moves toward imposing fiduciary duties on brokers, I have a new paper on how Congress and the courts messed up fiduciary duties in another context: Federal Misgovernance of Mutual Funds. The paper is about a Supreme Court case decided last term. ... Mutual fund advisersโ€™ fiduciary duties

The future of the Company and the Uncorporation

The Economist has some important recognition of the uncorporation, written by its Schumpeter columnist, who is Adrian Wooldridge. Wooldridge co-wrote with John Micklethwait an important little book called The Company. The article begins, in the spirit of Wooldridge’s book, by noting that “for most of the past 150 years public companies have swept all before ... The future of the Company and the Uncorporation

Do the New HMGs Move From Cheap Talk to Commitment on Out-of-Market Efficiencies?

One of the primary concerns with the Proposed HMGs was that the new approach would lead to small relevant markets in order to better reflect the Agencies’ views that the traditional approach understated the importance of competition between close substitutes.   I highlighted one analytical concern with this approach in a previous blog post: The real ... Do the New HMGs Move From Cheap Talk to Commitment on Out-of-Market Efficiencies?

Who Are You Calling A Price Theorist Anyway?: Commissioner Rosch Takes on the HMGs Economist “Architects”

Commissioner Rosch has offered an interesting separate statement on the new HMGs.  While favoring the new guidelines generally, Commissioner Rosch offers several criticisms.  I concur with a few of these criticisms, for example, Commissioner Rosch also argues for a more empirical approach to merger analysis.  I agree with that general proposition despite, as we shall ... Who Are You Calling A Price Theorist Anyway?: Commissioner Rosch Takes on the HMGs Economist “Architects”

Joe Grundfest wins Pileggi Award

Congratulations to Professor Joe Grundfest of Stanford Law School for being selected to present this year’s 26th Annual F.G. Pileggi Distinguished Lecture in Law.  It is a great event and I highly recommend attending.  If by chance you can’t make it, be sure to read the resulting article in the Delaware Journal of Corporate Law, ... Joe Grundfest wins Pileggi Award

Agencies Release New Horizontal Merger Guidelines

Here. Comments to follow from myself and others.  So far, they look pretty similar to the proposed Guidelines on a quick read-through, but I’m still working my way through.

Brokers as fiduciaries

One of Dodd-Frank’s major gifts to lawyers is Section 913(g), titled “authority to establish a fiduciary duty for brokers and dealers.” The section authorizes the SEC to create a standard of conduct for broker-dealers and investment advisers when providing personalized investment advice about securities to retail customers . . . to act in the best ... Brokers as fiduciaries