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

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Controlling ATM Fees: Competition Versus Political Fiat

Taking a page from Rahm Emanuel’s never let a serious crisis go to waste playbook, our esteemed senators are loading the pending financial reform legislation, ostensibly aimed at preventing future financial meltdowns, with all sorts of wish-list items that have nothing to do with financial crises. Iowa Senator Tom Harkin, for example, has introduced an ... Controlling ATM Fees: Competition Versus Political Fiat

The Proposed Merger Guidelines: How Much of a Shift?

The proposed Horizontal Merger Guidelines (HMGs) have been treated by some as a major shift in enforcement approach away from a tight structure that begins with market definition to a more flexible and open-ended competitive effects approach.  Some of the specific concerns that have been raised are that the proposed HMGs dramatically change enforcement policy ... The Proposed Merger Guidelines: How Much of a Shift?

Timothy Muris Wins FTC's Kirkpatrick Award

Congratulations to Former Chairman and current George Mason Professor Muris for taking home the Federal Trade Commission’s prestigious Miles W. Kirkpatrick Award for Lifetime FTC Achievement.   As Chairman Leibowitz notes in the press release, “Tim Muris provided inspired service to the Federal Trade Commission and to the American public.   He understood the value of combining ... Timothy Muris Wins FTC's Kirkpatrick Award

Apologies and comments

Dear readers:  Apologies for our site’s absence yesterday.  Apparently we were the target of a Russian spam attack.  We’re back up, but we’ve had to close comments for the time being (except from the TOTM authors and previous guests who may login to post a comment).  We’re working to get everything up and running again ... Apologies and comments

What’s the Best Way to Pop a Bubble?

[NOTE: I was drafting this post when Henry Manne posted his open letter to Fama and French. I’m hesitant to post over Henry’s important letter, particularly since TOTM was down yesterday and lots of folks may not have seen the letter. I’m doing so only because this post is a good follow-up to Henry’s points ... What’s the Best Way to Pop a Bubble?

An open letter on insider trading to Gene Fama and Ken French

Dear Gene and Ken: I must say that I was totally flabbergasted when I read your recent blog posting on insider trading.  I know that your usual posts on investments, which I often cite to friends, are well-informed and empirically-supported; your work over the years on these topics is important and influential—and rightly so.  Unfortunately, ... An open letter on insider trading to Gene Fama and Ken French

Some Good Reading in the Weekend Papers

1. The New York Times’ Gretchen Morgenson gets it right (seriously!) on this shameful GM ad. The ad is misleading and, given that many folks are refusing to buy a car from a company on government life-support, materially so. My bet is that if GM weren’t a government-controlled company, and if the Treasury hadn’t aided ... Some Good Reading in the Weekend Papers

A first principles approach to antitrust enforcement in the agricultural industry

Like Mike, we also have a short article in the latest issue of the CPI Antitrust Chronicle.  Also available on SSRN, for those without a CPI subscription. Here’s our stab at an abstract: There are very few industries that can attract the attention of Congress, multiple federal and state agencies, consumer groups, economists, antitrust lawyers, ... A first principles approach to antitrust enforcement in the agricultural industry

Ag Antitrust and the Packers & Stockyards Act

The theme of the newest issue of the CPI Antitrust Chronicle focuses on agriculture and antitrust. The issue includes a paper by yours truly on the difficulties of effectively using the Packers & Stockyards Act of 1921 as an alternate means for enforcing competition policy in the agriculture sector (see here; also available at SSRN ... Ag Antitrust and the Packers & Stockyards Act

Section 5, Collateral Consequences, and Counting Unicorns

Judge Frank Easterbrook once opined that observing predatory pricing was a bit like seeing a unicorn —  in the sense that it was a phenomena around which there was much lore but not much empirical evidence.  The debate over the current expansion of Section 5 liability increasingly has become about the search for a different ... Section 5, Collateral Consequences, and Counting Unicorns

Financial Regulation Career Advice

The worst vice is advice, but then again I have so many vices why stop here.  I recently put together an email for my securities regulation students to share what little I know that might be useful to their careers, and thought I would offer it to the TOTM community.  This advice is intended both ... Financial Regulation Career Advice

A Follow Up on the Cato Unbound Conversation on New Paternalism

Two weeks ago I highlighted the promising looking Cato Unbound forum on the new paternalism kicked off by Glen Whitman, with follow up posts and responses from the King (or co-King along with Cass Sunstein) of Nudge, Richard Thaler, along with Jonathan Klick and Shane Frederick.  I was really excited about the forum, because I ... A Follow Up on the Cato Unbound Conversation on New Paternalism