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Thoughts on the Economics of Lawyer Licensing

Larry Ribstein and Jonathan Wilson have an interesting exchange going regarding the merits of lawyer licensing. Larry actually has several posts on the subject (see, e.g., here, here, and a paper here). WSJ Law Blog has picked up the exchange, and offers a poll which asks the question: “Is Lawyer Licensing Necessary?” (Perhaps unsurprisingly for ... Thoughts on the Economics of Lawyer Licensing

Poker Robots?

Tim Harford’s article in the Financial Times (HT: Tyler Cowen at Marginal Revolution) contains the following quote from Darse Billings on the likelihood of a poker “robot” ever beating world class poker players: “I believe that bots will eventually play better than all human beings.” Poker superstar (and UCLA PhD) Chris Ferguson apparently agrees: “If ... Poker Robots?

Vonage Free Writing Prospectus

It looks like Vonage is taking advantage of recently liberalized SEC rules that allow the use of written marketing materials during the IPO waiting period. It recently filed this letter as a “free writing prospectus.� Here’s the body of the letter: As you may know, Vonage has filed a registration statement with the Securities and ... Vonage Free Writing Prospectus

GMU/ Mercatus Symposium: Anticompetitive Barriers to E-Commerce

GMU Law and the Mercatus Center are jointly presenting a symposium on “Anticompetitive Barriers to E-Commerce,” Wednesday, May 24th from 8 am to 5pm. The symposium announcement is here. The agenda is here. Kenneth Starr is the keynote speaker and will be presenting his thoughts on “The Commerce Clause and E-Commerce.” Other speakers tentatively listed ... GMU/ Mercatus Symposium: Anticompetitive Barriers to E-Commerce

An ALEA Report & Some Love for the Theorists …

I’m back from ALEA. I had a great time. Geoff and I hosted the first annual TOTM happy hour, I presented my paper (“Slotting Contracts and Consumer Welfare” … download it, you might like it), had the opportunity to meet a number of people that I had never met or knew only through blog interaction, ... An ALEA Report & Some Love for the Theorists …

The Froth Is Back

Today’s WSJ reports that professional stock analysts employed by brokerage firms are up to their old sunny ways. These “sell-side� analysts came under fire in 2002 for rendering falsely optimistic trading recommendations. Congressional hearings revealed that during the late 1990s, analysts’ “buy� recommendations outnumbered “sell� recommendations by nearly 100 to one. Well, according to today’s ... The Froth Is Back

Commisioner Atkins on Mutual Fund Governance Rules and SOX 404

Now available on the SEC’s website is a transcript of a April 27, 2006 speech by SEC Commissioner Paul Atkins given to the Investment Adviser Association. There’s nothing particularly surprising in the speech given Atkins’ well-publicized opposition to many of former Chairman Donaldson’s initiatives, but it is still a good read. In particular, he focuses ... Commisioner Atkins on Mutual Fund Governance Rules and SOX 404

Want to Boost Domestic Oil Production? Give ANWR to the Greens.

There have been some pretty stupid ideas floating around about how to deal with this purported gasoline crisis we’re experiencing. (See, e.g., here.) Here’s one that might sound crazy at first, but is, I submit, crazy like a fox. I propose that the government split the Arctic National Wildlife Reserve and give the pieces primarily ... Want to Boost Domestic Oil Production? Give ANWR to the Greens.

KKR IPO

Yesterday’s W$J reported on the planned IPO of KKR Private Equity Investors, an investment fund managed by Kohlberg Kravis Roberts & Co., the legendary corporate buy-out firm (see here). The shares have begun trading on Euronext Amsterdam at $24.80 per share. According to the W$J, KKR listed the shares in Amsterdam to avoid “some of ... KKR IPO

Very Comfortable Seven Figures

A friend of mine forwarded me a link to the recent NYT article “Wanted:  Lawyers With a Skill Set in Finance� because I have (or once had) a skill set in finance, including private equity work.  I’ve never regretted leaving practice for academia because there is no better job in the world than being a law professor.  ... Very Comfortable Seven Figures

Stock Spam

Stock spam refers to spam emails that tout typically thinly traded stocks.  There’s a new paper up on SSRN entitled “The Effect of Stock Spam on Financial Markets� that analyzes whether stock spam impacts trading volume or market valuation of the touted stocks.  Here’s the abstract: Spam messages are ubiquitous and extensive interdisciplinary research has ... Stock Spam

Bankruptcy Trumps Probate–Anna Nicole Wins!

A few weeks ago, I predicted here that Anna Nicole Smith would win her case in the Supreme Court. That prediction has now come true. Justice Ginsberg’s opinion for a unanimous court holds that state probate law cannot divest federal bankruptcy courts of jurisdiction over the claims of a bankruptcy estate against a probate estate ... Bankruptcy Trumps Probate–Anna Nicole Wins!