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

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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A “whisper number� once meant the consensus Wall Street unofficial and unpublished earnings-per-share forecast for a public company.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

H&R Block Botches Its Own Taxes

H&R Block, the leading U.S. tax preparer, announced today in this press release that it will restate results for fiscal 2004 and 2005. “The restatement pertains principally to errors in determining the company’s state effective income tax rate, resulting in a cumulative understatement of its state income tax liability of approximately $32 million as of ... H&R Block Botches Its Own Taxes

Tax

Hedge-Fund-Like Mutual Funds

A recent W$J article reports that a number of mutual funds have amended their fund investment policies to allow the funds to engage in hedge-fund-like investment strategies such as the use of derivatives, leverage and short-selling.  I think this is a favorable development because it increases the types of investment options available to everyday investors.  ... Hedge-Fund-Like Mutual Funds

The Wisdom of Selling Off Isolated Public Forest Land

An article in the current issue of the Economist contends that “American environmentalists could be forgiven for throwing up their hands and heading north” (to Canada). Why? Because “the Bush administration wants to sell some 300,000 acres of national forest land in 35 states, mostly out west.” I’m afraid the normally sensible Economist (see, e.g., ... The Wisdom of Selling Off Isolated Public Forest Land

The Ethicist strikes again

One of my students brought to my attention this pearl of wisdom from (what appears to be this week’s forthcoming) The Ethicist column in the NYT: I am a 13-year-old boy. My school has a monthly pizza sale. Parents buy pies from a pizzeria and sell them to us for $1 a slice. I bought ... The Ethicist strikes again

Whose university is it?

There’s been some recent (and widely disparate) posting on the nature and governance of universities. See, for example, here (Tsai on sports and higher ed), here (Oesterle on endowment spending), here (Bollier on the knowledge commons; see especially comments by me and Josh in the . . . comments section (duh)), here (Posner on tenure), ... Whose university is it?

Business Continuity Programs and Fiduciary Duties

This CFO.com article describes a new Deloitte & Touche/CPM Group survey on business continuity management programs.  The survey finds that “[m]ore than 83 percent of companies have developed business continuity management programs, compared with only 30 percent of companies just six years ago.�  Deloitte and CPM attribute the increase to the fact “that executive management ... Business Continuity Programs and Fiduciary Duties

Another Antitrust Suit Against the NCAA

The NCAA is no stranger to defending antitrust suits. Remember Maurice Clarett? How about the NIT? Tom Farrey of ESPN the Magazine brought my attention to a new and very interesting antitrust suit filed last week in Los Angeles on the theory that the NCAA has illegally conspired to prohibit member colleges from offering athletic ... Another Antitrust Suit Against the NCAA

Measure 37 Upheld

You may or may not know that Oregon’s Measure 37 — our anti-takings measure — was ruled unconstitutional last year by a state trial court. See this post by Todd Zywicki. But today the Oregon Supreme Court reversed, and handed the effort to quash Measure 37 a resounding defeat. The court’s holding, on each of ... Measure 37 Upheld