The shareholder wealth maximization myth
In a recent speech at the Netroots Nation, Senator Al Franken tried to frighten the crowd by trotting out the corporate bogeyman that greedily makes . . .
Fairness and Ambiguity in EU Competition Policy
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Fix the Supply Side
Do the Merger Guidelines need revision? No. Thanks for having me. OK. Yes–and market definition/market shares, and in particular the effective incorporation of supply-side effects, . . .
GE “Slashes” Earnings: Free Advice from Nowicki for GE Exec. Jeffrey Immelt!
The Financial Times reported yesterday that an embarrassed GE CEO Jeffrey Immelt had to tell GE shareholders that the 10% growth in earnings for 2008 . . .
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Fairness and Ambiguity in EU Competition Policy
The concept of fairness is not foreign to competition law, nor are considerations of fairness new to it. Persistent uncertainty regarding what constitutes fairness . . .
MEV on Ethereum: A Policy Analysis
I. Introduction In cryptocurrency markets, maximal extractable value (“MEV”) is typically defined as “excess profit that a miner [validator] can extract by adjusting execution of . . .
The Antitrust Assault on Ad Tech: A Law & Economics Critique
For years, regulators and competition watchdogs have expressed concern about competition in the digital advertising business. They note that digital advertising appears to be dominated by a few dominant firms, such as Google, Facebook, and—to a lesser extent—Amazon.
A Roadmap to Reform Section 512 of the Copyright Act
Executive Summary Section 512 of the Copyright Act, passed as part of the Digital Millennium Copyright Act of 1998, was created to preserve “strong incentives . . .
Antitrust Unchained: The EU’s Case Against Self-Preferencing
Examining whether self-preferencing should be considered a new standalone offense under European competition law.
Regulating Routing in Payment Networks
ICLE white paper looks at proposals from Congress and the Federal Reserve to mandate routing requirements on credit cards and other payment networks.
The Digital Markets Act and EU Antitrust Enforcement: Double & Triple Jeopardy
The European Union's Digital Markets Act will intersect with EU and national-level competition law in ways that subject tech platforms to the risk of double jeopardy and conflicting decisions for the same activity.
What Does the Growth of Intangible Capital Mean for Competition Policy?
Stian Westlake and Jonathan Haskel find that recent changes in interfirm competition are driven not by less competitive markets, but by the growing importance of intangible capital like R&D, brands, software, and organizational development.
The Effects of Price Controls on Payment-Card Interchange Fees: A Review and Update
A review of the literature demonstrates that interchange-fee caps do more harm than good, especially for lower-income consumers.