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Corporate & Securities Law

Truth on the Market

Academic commentary on law, business, economics and more.

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Last Entry: April 01, 2011 at 00:51:38

Epstein on Obama at U of C

Posted on January 29, 2011
It’s pretty hard to cycle through the University of Chicago Law School (or at least it used to be back when I was a student) without gaining an appreciation for the extent to which markets, while subject to occasional failures, enhance human welfare by channeling resources to their highest and best ends...

Pro-Business v. Pro-Growth

Posted on January 28, 2011
Don Boudreaux explains the distinction with reference to President Obama’s State of the Union address. Filed under: business, economics, politics

GMU Law & Economics Center Workshop on Empirical and Experimental Methods for Law Professors

Posted on January 28, 2011
Details are available here. It should be an excellent program and I’m very pleased to be a part of it. If you are a law professor and interested, but have questions, please don’t hesitate to contact me. The link for applications is below...

No, Nudge Was Not on Trial

Posted on January 28, 2011
Slate’s David Weigel ran an otherwise informative piece on Cass Sunstein’s testimony, as head of OIRA, at a recent House Energy and Commerce Committee. The headline? Nudge on Trial: Cass Sunstein Defends the White House Against a Republican Attack...

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The Illinois supremes’ bare-knuckled opinion

Posted on January 28, 2011
A couple of days I noted: The majority opinion in the appellate court makes a pretty good case that (1) even if Emanuel?s a legal resident for voting purposes he has not physically resided in Chicago for the last year, as the statute arguably requires of candidates; and (2) the exception for service to the [...

Delaware uncorporate law evolves an escape from Dodd-Frank

Posted on January 27, 2011
It’s been interesting to watch uncorporations (particularly LLCs and limited partnerships) evolve over the last twenty years or so. Perhaps the most interesting aspect of this evolution is what’s been happening in Delaware regarding contracting over fiduciary duties...

Does the Voluntary Industry “Agreement” to Ban Phosphates in Dishwasher Detergents Violate Section 1?

Posted on January 26, 2011
Apparently, the detergent industry has entered into what has been described as a “voluntary agreement” to reduce the use of phosphates in detergents (HT: Ted Frank). A press release from Clean Water Action describes the agreement as follows: On July 1, 2010 a voluntary ban on phosphates in dishwasher detergents will be implemented by many [...

The Sound of One Hand Clapping: The 2010 Merger Guidelines and the Challenge of Judicial Adoption

Posted on January 26, 2011
Along with co-author Judd Stone, I’ve posted to SSRN our contribution to the Review of Industrial Organization‘s symposium on the 2010 Horizontal Merger Guidelines — The Sound of One Hand Clapping: The 2010 Horizontal Merger Guidelines and the Challenge of Judicial Adoption...

Delaware for Small Fry: Jurisdictional Competition for Limited Liability Companies

Posted on January 26, 2011
My article with Bruce Kobayashi, previously available as a working paper, has just been published in 2011 University of Illinois Law Review 91 with the above new title . The published version has been posted on SSRN. Here’s the revised abstract: Most of the work on jurisdictional competition for business associations has focused on publicly [...

Another path to growth: fix SOX

Posted on January 25, 2011
Yesterday I noted, anticipating the President’s call tonight for spending to encourage US growth and competitiveness, that “a better way to increase U.S. competitiveness is by changing the law rather than spending money.” One law to consider is Sarbanes-Oxley...

Intel Case the Model for the FTC?

Posted on January 25, 2011
So says this BusinessWeek headline based on an interview with Federal Trade Commission Chairman Jon Leibowitz. However, most of the article appears to be about establishing the Commission seeking to advance the proposition that the FTC Act expands beyond the scope of the antitrust laws...

The Rahm problem

Posted on January 25, 2011
This is a little off-topic, but it’s about Chicago, my home town. I haven’t lived there for 35 years, but I have family there, favorite restaurants, and go there a lot. I am currently away on government service (teaching at a state university)...

Not Exactly How I’d Characterize It

Posted on January 25, 2011
Here’s how NPR’s All Things Considered described the State of the Union speech: You might think about the State of the Union address as an attempt to talk to our national family by the Head of Household. It tells us where we’ve been, and where we’re going...

Paths to competitiveness: more spending vs. better laws

Posted on January 24, 2011
As Steve Bainbridge recently noted: Obama said . . . that making the U.S. more competitive means investing in a more educated work force, committing more to research and technology, and improving everything from highways and airports to high-speed Internet...

The SEC recommends broker-dealer fiduciary duties

Posted on January 24, 2011
The SEC staff, acting under Dodd-Frank §913(g), has decided to recommend a “uniform fiduciary standard” for broker-dealers and investment advisors who provide investment advice to retail customers. The recommended rules would provide that the standard of conduct for all brokers, dealers, and investment advisers, when providing personalized investment advice about securities to retail customers (and [...

The Relevance of ELS Revisited

Posted on January 21, 2011
Brian Leiter’s recent post, Empirical Legal Studies, Redux, summarizes the blog debate over the growth of empirical legal studies and its implications for legal scholarship. There is not much need to go through history here, but Professor Leiter’s recent post gets pretty quickly to the point, i...

FCC Approves Comcast-NBC Merger With Conditions

Posted on January 21, 2011
While the FCC has announced its approval of the Comcast-NBC deal, The problem of overlapping agency review of mergers arises once again. We’ve discussed previously the costs of FCC merger view, and in particular, the issues of delay and imposition of conditions unrelated to the merger...

More on the First Amendment and proxy access

Posted on January 21, 2011
The ramifications of the Supreme Court’s decision in Citizens United promise to play out for quite awhile, particularly including its effect on corporate governance. For example, will corporate decision-making that produces corporate speech be exempt from the First Amendment? And how does the First Amendment apply to securities law limitations on what corporations can say [...

Jonathan Macey for SEC Commissioner

Posted on January 20, 2011
In a must-read op-ed in today’s Wall Street Journal, Yale Law’s Jonathan Macey weighs in on Goldman Sachs’s decision to allow only foreign gazillionaires — no Americans, regardless of their wealth or sophistication — to invest in new shares of Facebook...

Goldman and the problem with incentive compensation

Posted on January 19, 2011
We have heard a lot about the need to give investment bankers skin in the game to constrain the kinds of counterproductive risk-taking that led to the meltdown. The NYT describes a firm that has been doing that — Goldman Sachs. Unlike other Wall Street firms, Goldman retained a partnership system when it became a [...

Please Stop Calling RPM Price-Fixing, Part 3

Posted on January 18, 2011
The next installment in a seemingly never-ending series (see here for earlier offenders). This time, its the California Attorney General Kamala Harris in a press release announcing a settlement with Bioelements, Inc., a Colorado-based company which sells skin care products in salons and online...

Are You a Law Student in or from New York?

Posted on January 17, 2011
The New York State Bar Association is sponsoring a student writing contest focusing on antitrust. Eligible papers (which must be solo-authored): may address any antitrust topic including topics relating to civil and criminal antitrust law, intellectual property and antitrust law, competition policy, regulatory policy, consumer protection, international competition law and state antitrust enforcement...

The Facebook deal moves offshore

Posted on January 17, 2011
A couple of weeks ago I noted regarding the “Sachsbook” deal: So it seems the increased costs of being public have helped exclude ordinary people from the ability to own the stars of the future. Back in the 1980s, you could just call your broker and get rich off of the Microsoft IPO...

Lawsuit loans

Posted on January 17, 2011
Last week I discussed my new paper with Kobayashi, Law’s Information Revolution, which discusses how law’s traditional business of lawyers conveying legal expertise via advice to individual clients “is being challenged by the sale of legal information to impersonal product and capital markets...

The FTC and the Internet

Posted on January 17, 2011
I will be discussing the titular topic at a Federalist Society panel (sponsored by the NY City Lawyers Chapter) along with Richard Epstein (NYU Law) and Jonathan Baker (Chief Economist, FCC) Tuesday night at the Cornell Club. Registration details are available at the link above...

The real Facebook story

Posted on January 16, 2011
I originally wrote about “The Social Network” before having seen it, led by a Gordon Crovitz WSJ story quoting a Larry Lessig TNR review into thinking that Zuckerberg was the villain, and concluding that this was just another movie, like so many others I’ve discussed, in which Hollywood?s view of business is shaped by the [...

Planet Money on Kittens, Keynes, and the Stock Market

Posted on January 15, 2011
Prompted by this post at Cafe Hayek, I recently participated in a web experiment sponsored by NPR’s Planet Money. I was asked to watch three short animal videos and vote for the animal I found cutest. The videos were all pretty cute. One featured a polar bear cub sliding along the ice with its mother...

DOJ Gears Up To Challenge Proposed Google-ITA Merger

Posted on January 14, 2011
The WSJ reports that the DOJ is getting itself ready to challenge the Google-ITA merger (see earlier TOTM posts here and here): Justice Department staff lawyers have begun preparing legal documents for use in a possible court challenge to the $700 million deal for ITA Software Inc...

Coase on the Role of the Journal of Law & Economics

Posted on January 13, 2011
There is an excellent interview of Ronald Coase conducted in honor of Coase’s 100th birthday and the creation of the Coase China Society. Its an excellent interview (HT: Knowledge Problem). Peter Klein offers some observations on the interview as well...

Exit and voice in Illinois

Posted on January 13, 2011
Illinois politicians, many of whom had already been voted out of office, as their last act in the old session yesterday raised the state’s individual and corporate taxes 67% and 45% to try to bail Illinois out of the results of their fiscal profligacy...

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