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

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Backdating did harm investors.

Three Michigan B school profs have a new paper up on SSRN entitled “The Economic Impact of Backdating Executive Stock Options.� The paper adds some important data to the backdating debate. Specifically, the paper looked at 45 firms implicated in the backdating scandal and found that over a 21-day period surrounding the revelation of backdating, ... Backdating did harm investors.

CELS 2006 at Texas

When Larry Solum announces that the Conference on Empirical Legal Studies is “one of those events that is likely to be remembered,” it is likely that this will be an important event in the legal academy.  I’ve already started reading a number of interesting papers from this conference, and am excited about presenting my own ... CELS 2006 at Texas

Thoughts on Walker on Backdating

Professor Ribstein responds to David Walker’s backdating article, which Bill highlighted here at TOTM a few weeks ago. Larry’s take? This is a useful paper as far as it goes. The problem is that it has missed a significant chunk of the “literature” on this rapidly developing topic that has developed in our rapidly developing ... Thoughts on Walker on Backdating

Antitrust Canons

Matt Bodie’s “Canons” project continues over at Prawfs, and antitrust is up to bat.  I took a stab at a reading list which I believe meet’s Matt’s criteria: articles that are essential to doing antitrust scholarship.  My long, but embarrassingly underinclusive list, is below the fold.  In particular, I have left out a good deal ... Antitrust Canons

SEC Office of Chief Accountant position on spring-loading and bullet-dodging

The SEC Office of the Chief Accountant issued a letter today “summarizing the staff’s views regarding the accounting for stock options in the historical financial statements of public companies.” See here. The letter addresses a number of accounting issues concerning option backdating. It also has this to say about spring-loading and bullet-dodging: H. Timing of ... SEC Office of Chief Accountant position on spring-loading and bullet-dodging

More Evidence of an Antitrust Violation Brewing at Elite Schools

I called it last week. Today’s NYT reports that Princeton has accepted Harvard’s invitation to join it in eliminating early admissions. In addition, the presidents of eleven elite liberal arts colleges (including Swarthmore, Williams, Barnard, and Amherst) have met to discuss, among other things, collectively eliminating their early admission programs and reducing merit-based aid. Just ... More Evidence of an Antitrust Violation Brewing at Elite Schools

GM/Ford: An Idea Whose Time Has Come?

When teaching antitrust as I am this fall, a time always comes during the semester when I need to give my students an example of a merger whose implications for competition are so obviously adverse that the antitrust authorities would surely seek an injunction against the merger under Section 7 of the Clayton Act. My ... GM/Ford: An Idea Whose Time Has Come?

The Ivey Files: A New Admissions Blog

My friend Anna Ivey (former Dean of Admissions at the University of Chicago Law School and author of The Ivey Guide to Law School Admissions: Straight Advice on Essays, Resumes, Interviews, and More (Harcourt, 2005)) has recently started a new blog devoted to the topic of university admissions with a particular focus on the fields ... The Ivey Files: A New Admissions Blog

Gordon Tullock in the National Review

John Miller has a fantastic essay on my colleague Gordon Tullock and his work in law and economics in the September 25 National Review. The following excerpt appears on the GMU Law website (and I believe subscribers can access the full article at the National Review): “Tullock is the author of one of the most ... Gordon Tullock in the National Review

Who Has the Moral High Ground Here?

Life in the inner city can be hard. Jobs are scarce, prices are high, and transportation is difficult, making it hard to travel significant distances to work or shop. So when major retailers announce plans to enter the inner city, hire lots of employees, turn their neighborhoods into shopping destinations (thereby encouraging the creation of ... Who Has the Moral High Ground Here?

Barnett on Antitrust, IP, and Apple at the GMU Antitrust Symposium

Yesterday I had the pleasure of participating in a panel discussion on standards for single firm conduct in the United States and the EU at the George Mason Antitrust Symposium, which focused on antitrust issues in the global marketplace (and I might add, was put together quite nicely by the GMU Law Review folks). The ... Barnett on Antitrust, IP, and Apple at the GMU Antitrust Symposium

Another Antitrust Violation in the Making at the Ivies?

Harvard College is cutting its early admissions program. According to the New York Times, which is pleased with this move, Harvard’s purported reasons for cutting the program are as follows: It will make the system fairer because students from sophisticated backgrounds and affluent high schools are far more likely to apply for an early admission ... Another Antitrust Violation in the Making at the Ivies?