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Radiohead revisited

TOTM I started writing this as a comment to Josh’s last post, but it got so long I figured I’d make a post out of it.  . . .

I started writing this as a comment to Josh’s last post, but it got so long I figured I’d make a post out of it.  Thanks for the inspiration, Josh.

I really hope Radiohead releases the data on its little experiment!  My prediction: They will receive an average price of $2 and a median price of $0.

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Financial Regulation & Corporate Governance

Junk Social Science in the Medical Bankruptcy Debate

TOTM My GMU colleague Todd Zywicki and Gail Heriot (USD) have an op-ed in the Washington Times exposing Harvard Professors David Himmelstein and Elizabeth Warren’s study . . .

My GMU colleague Todd Zywicki and Gail Heriot (USD) have an op-ed in the Washington Times exposing Harvard Professors David Himmelstein and Elizabeth Warren’s study on medical debt and bankruptcy, presented to Congress earlier this week, as “one of the most misleading pieces of research ever placed before Congress” – no small dishonor.

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Financial Regulation & Corporate Governance

The only thing good about the movie, The Corporation

TOTM Frankly, I thought the movie, The Corporation, was unabashedly abysmal. It was a childish caricature, exhibiting no understanding by the filmmakers (or most of the . . .

Frankly, I thought the movie, The Corporation, was unabashedly abysmal. It was a childish caricature, exhibiting no understanding by the filmmakers (or most of the interviewees) of the law, economics, or nature of corporations–to say nothing of capitalism. The movie is unsophisticated, anti-capitalist tripe.

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Financial Regulation & Corporate Governance

Clinton, Obama, and Wal-Mart

TOTM At his new and excellent blog Hodak Value, frequent TOTM commentor Marc Hodak offers the following in response to a post at the Daily Kos . . .

At his new and excellent blog Hodak Value, frequent TOTM commentor Marc Hodak offers the following in response to a post at the Daily Kos implying that Wal-Mart’s treatment of its workers should give rise to a level of concern similar to that of the Rwandan genocide…

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Financial Regulation & Corporate Governance

Congratulations to Kate Litvak!

TOTM Kate Litvak (UT Law, and friend of TOTM) , whose excellent paper (discussed around the blogosphere here and here), “The Effect of the Sarbanes-Oxley Act . . .

Kate Litvak (UT Law, and friend of TOTM) , whose excellent paper (discussed around the blogosphere here and here), “The Effect of the Sarbanes-Oxley Act on Non-US Companies Cross-Listed in the US,” has been selected as the best paper for the forthcoming special issue of the Journal of Corporate Finance associated with the Boundaries of Regulation conference.

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Financial Regulation & Corporate Governance

Insider Trading: Sin or Crime? (or None of the Above?)

TOTM R. Foster Winans knows insider trading. A former author of the Wall Street Journal‘s Heard on the Street column, Winans was a key figure in . . .

R. Foster Winans knows insider trading.

A former author of the Wall Street Journal‘s Heard on the Street column, Winans was a key figure in an insider trading case that went all the way to the U.S. Supreme Court. In that case, Carpenter v. United States, the Court affirmed securities fraud and mail/wire fraud convictions against Winans, who tipped investors about the contents of forthcoming Heard on the Street columns.

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Financial Regulation & Corporate Governance

Coase, Penalty Defaults, and the Disgorgement Remedy for Breach of Fiduciary Duty

TOTM Law students, I have found, often have a hard time seeing how the Coase Theorem applies outside the context of land use conflicts. They also . . .

Law students, I have found, often have a hard time seeing how the Coase Theorem applies outside the context of land use conflicts. They also tend to think Coase’s insight is not so important because, they recite (parroting some of their professors), “Transactions costs are always present.” This saddens me, for the more I look at the law, the more relevant the theorem becomes.

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Financial Regulation & Corporate Governance

Is There Really Less Securities Fraud? And If So, Should We Thank the Feds?

TOTM Securities fraud class-actions are down. In an op-ed in yesterday’s WSJ, Joseph Grundfest observed that both the number of such actions and the dollar value . . .

Securities fraud class-actions are down. In an op-ed in yesterday’s WSJ, Joseph Grundfest observed that both the number of such actions and the dollar value of total damages claims have dropped dramatically since mid-2005. Why has this decline occurred? Grundfest considers several possible reasons.

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Antitrust & Consumer Protection

“Loyal” Directors in Delaware

TOTM In November of 2006, the Delaware Supreme Court issued an opinion in Stone v. Ritter dealing with a director’s fiduciary duties in cases where the . . .

In November of 2006, the Delaware Supreme Court issued an opinion in Stone v. Ritter dealing with a director’s fiduciary duties in cases where the complaining plaintiff-shareholder is maintaing that her directors did not sufficiently monitor their corporate charge. (I refer to these “oversight” cases loosely as “asleep at the wheel” cases.) There has been some excellent blogging on the topic by Eric Chiappinelli, Gordon Smith, and  Steve Bainbridge.  Though I was in the middle of moving such that I could not blog in the middle of that wonderful Ritter blog-fest, I am now ready to stake my blogging ground on Ritter.

Read the full piece here.

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Financial Regulation & Corporate Governance