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Interest on Tax Refunds

I worked on my tax return this weekend and will be getting a fairly sizable refund. I’m well aware that this means I have essentially made a tax free loan to the IRS, and it does bother me. But I guess it does not bother me enough to do anything about it in light of ... Interest on Tax Refunds

The Globetrotters and Competition for Contract

Microsoft, AT&T, Standard Oil, and …. the Globetrotters? The Globetrotters just might join this list of well known antitrust defendants. The Harlem Ambassadors, a rival exhibition basketball squad, have filed a complaint with the FTC concerning the Globetrotters’ use of “exclusivity windows” in leases with local arenas, which effectively prevent competitors from playing in the ... The Globetrotters and Competition for Contract

Universities redux: The anti-market folks begin to crow

Last week I made a few observations and asked a few questions about higher education in the wake of the Summers fiasco (which I dubbed l’Affair Étés, but apparently no one thought that was nearly as clever as I did). Over at Prawfsblawg, guest blogger Jonathan Zittrain takes NYT columnist John Tierney (for my money, ... Universities redux: The anti-market folks begin to crow

Survey on Majority Voting for the Election of Directors

As I’ve blogged before (here), a hot issue among shareholder activists this proxy season is majority voting for the election of directors. As mentioned in my previous post, a number of companies have taken a pre-emptive strike approach and voluntarily adopted modified plurality or majority voting standards in an effort to stave off the activists. ... Survey on Majority Voting for the Election of Directors

SCOTUS (Almost) Nails Another One …

Another 8-0 antitrust decision from SCOTUS. Very interesting. For those of you who have not been following, the Court rejected the longstanding, but almost uniformly criticized, presumption that patents confer market power for the purpose of antitrust analysis. WSJ Law Blog sums up the facts here, concluding with a quote from Steve Sunshine that the ... SCOTUS (Almost) Nails Another One …

The NYT Gets It Right on Outsourcing

On several occasions, I have posted entries criticizing editorials from the New York Times. To be fair, I suppose I should praise the Times when it gets things right — as it does with today’s editorial on the outsourcing of computing work. My only quibble is that the editorial fails to mention the fact that ... The NYT Gets It Right on Outsourcing

Bankruptcy versus Probate

I suppose that I ought to say something about the Anna Nicole Smith case that was argued today in the Supreme Court, given that I participated in the case (together with 14 other bankruptcy scholars) by filing an amicus brief on Anna Nicole’s side. For all the talk about how arcane the case is (see, ... Bankruptcy versus Probate

Hanno Kaiser's antitrust primer

While we’re on the topic of antitrust, I thought I would take this opportunity to draw our readers’ attention to a nice series of posts over at Antitrust Review. Collectively these posts make up the beginnings of an excellent primer on antitrust economics, told in Hanno Kaiser’s inimitable manner. I don’t agree with all of ... Hanno Kaiser's antitrust primer

SCOTUS Slays the "Exotic Beast"

SCOTUS’ Dagher opinion is indeed good news. For those unfamiliar with the case, the Ninth Circuit held that the pricing policy of two joint ventures between Shell and Texaco were per se illegal under the Sherman Act. As it stood, the Ninth Circuit’s analysis threatened per se antitrust liability for joint ventures engaging in the ... SCOTUS Slays the "Exotic Beast"

Good antitrust news from the Court

To almost no one’s surprise, the Court ruled today (unanimously) in Texaco v Dagher that a pricing agreement between Shell and Texaco which was part of a lawful joint venure is not per se illegal under the Sherman Act. See this Reuter’s story here (HT: Bill). The key grafs: Justice Clarence Thomas concluded in the ... Good antitrust news from the Court

Can the SEC Exempt Small Companies from Sarbanes-Oxley 404? (Part 2)

Back on the first day of TOTM’s existence, I raised the question of whether the SEC has the authority to exempt small companies from SOX 404 compliance as proposed by the SEC Advisory Committee on Smaller Public Companies (see here). I stated that “[i]t’s not clear to me that [the SEC has] the legal authority ... Can the SEC Exempt Small Companies from Sarbanes-Oxley 404? (Part 2)

Whisper Numbers

A “whisper number� once meant the consensus Wall Street unofficial and unpublished earnings-per-share forecast for a public company. Wall Street analysts historically derived a whisper number by ferreting out non-public information from company personnel. The number was then shared with top clients. Studies indicated that trading on whisper numbers could result in abnormal returns (see ... Whisper Numbers