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Articles 1 - 30 of 65
Full-Text Articles in Law
Were The 1982 Merger Guidelines Old News?, Alan J. Meese, Sarah L. Stafford
Were The 1982 Merger Guidelines Old News?, Alan J. Meese, Sarah L. Stafford
Faculty Publications
This paper examines the impact of the 1982 Department of Justice Merger Guidelines on the stock market prices of publicly traded firms in the United States. We argue that those Guidelines were perceived by the market as a real change in enforcement policy that would result in substantial deregulation of mergers throughout the economy. We conduct an event study of S&P 500 firms to test this hypothesis and find evidence of a significant positive effect on the stock prices of firms in moderately concentrated industries subject to antitrust regulation, the firms for which the 1982 Guidelines articulate a substantially less …
An Unsung Success Story: A Forty-Year Retrospective On U.S. Communications Policy, Christopher S. Yoo
An Unsung Success Story: A Forty-Year Retrospective On U.S. Communications Policy, Christopher S. Yoo
All Faculty Scholarship
Looking backwards on the occasion of Telecommunications Policy’s fortieth anniversary reveals just how far U.S. communications policy has come. All of the major challenges of 1976, such as promoting competition in customer premises equipment, long distance, and television networking, have largely been overcome. Moreover, new issues that emerged later, such as competition in local telephone service and multichannel video program distribution, have also largely been solved. More often than not, the solution has been the result of structural changes that enhanced facilities-based competition rather than agency-imposed behavioral requirements. Moreover, close inspection reveals that in most cases, prodding by the courts …
The Antitrusting Of Patentability, Saurabh Vishnubhakat
The Antitrusting Of Patentability, Saurabh Vishnubhakat
Faculty Scholarship
Deciding a patent’s validity is costly, and so is deciding it incorrectly. Judges and juries must expend significant resources in order to reach a patent validity determination that is properly informed by the relevant facts. At the same time, patent validity determinations reached quickly and cheaply may conserve resources today while creating future costs. Wrongly preserving an invalid patent can distort the competitive market and enable abuses, such as nuisance litigation. Meanwhile, wrongly striking down a valid patent can undermine incentives for continued investment and commercialization in knowledge assets. Courts facing patent validity issues have begun to strike this balance …
Further Reflections On Antitrust And Wealth Inequality, Daniel A. Crane
Further Reflections On Antitrust And Wealth Inequality, Daniel A. Crane
Articles
Since I have already published a lengthy academic article on antitrust and wealth inequality, I have the freedom of using this piece to present the key arguments unvarnished by dense citations or technical details (readers interested in those things should consult my earlier article) and to respond to some of the criticisms of my article that have since been levied. My thesis, before and now, is this: claims that antitrust enforcement advances income or wealth progressivity are overstated and rest on simplistic and unrealistic understandings of how antitrust actually operates. While some enforcement actions may generate progressive results, others will …
Antitrust Policy And Inequality Of Wealth, Herbert J. Hovenkamp
Antitrust Policy And Inequality Of Wealth, Herbert J. Hovenkamp
All Faculty Scholarship
Why would anyone want to use antitrust law as a wealth distribution device when far more explicit statutory tools are available for that purpose? One feature of antitrust is its open-textured, nonspecific statutes that are interpreted by judges. As a result, using antitrust to redistribute wealth may be a way of invoking the judicial process without having to go to Congress or a state legislature that is likely to be unsympathetic. Of course, a corollary is that someone attempting to use antitrust law to redistribute wealth will have to rely on the existing antitrust statutes rather than obtaining a new …
Bitcoins And Other Cryptocurrencies As Property?, Kelvin F. K. Low, Ernie G. S. Teo
Bitcoins And Other Cryptocurrencies As Property?, Kelvin F. K. Low, Ernie G. S. Teo
Research Collection Yong Pung How School Of Law
The hype over bitcoins and other cryptocurrencies has been compared to the tulip mania in seventeenth-century Netherlands. As they have gained popularity, the law has approached the subject warily, mostly from a regulatory perspective. However, there has been no comprehensive consideration of the fundamental nature of a cryptocurrency owner’s private law relation to his cryptocurrencies. Whether or not cryptocurrencies achieve mainstream adoption, this question will inevitably have to be addressed. This paper considers if bitcoins and other cryptocurrencies might be recognised as the subject of property rights by Commonwealth courts and if so, what such rights ought to entail. It …
Irma Price Gouging Highlights Sad Truth: Consumer Fleecing Is The New Normal, Ramsi Woodcock
Irma Price Gouging Highlights Sad Truth: Consumer Fleecing Is The New Normal, Ramsi Woodcock
Law Faculty Popular Media
By bringing desperation to so many, Hurricane Irma is revealing a sad fact about many American companies, and not just airlines: that they have come in recent years to embrace taking advantage of desperate consumers as a central part of their business models.
The practice, called dynamic pricing, is intended to ration scarce goods and services, yet, as I show in a recent paper, it primarily harms consumers by making it easier for companies to fleece them.
Extraterritoriality Of The Regulations And Interconnections Of The Derivatives Market: Legal Implications For East And Southeast Asia, Christopher C. H. Chen
Extraterritoriality Of The Regulations And Interconnections Of The Derivatives Market: Legal Implications For East And Southeast Asia, Christopher C. H. Chen
Research Collection Yong Pung How School Of Law
This article examines the legal implications of the interconnections of the global derivatives market, such as the exchange and over-the-counter (OTC) markets, in East and Southeast Asia. First, we introduce the interconnectedness of the global derivatives market. We then examine some legal implications of such interconnectedness from several angles, such as the extraterritoriality of relevant regulations (notably the reporting, clearing and trading mandates prescribed by the G20 and the new initial margin rule), standard product documentation, the effect of substituted compliance, the potential competition effect due to shifting OTC trades to exchange trading and the effect of consolidating exchanges and/or …
Amazon's Whole Foods Deal Could Still Be Reversed Thanks To Forgotten Antitrust Case, Ramsi Woodcock
Amazon's Whole Foods Deal Could Still Be Reversed Thanks To Forgotten Antitrust Case, Ramsi Woodcock
Law Faculty Popular Media
Amazon formally took ownership of Whole Foods this week after the Federal Trade Commission signaled on August 23 that it wouldn’t stop the deal.
The online retailer isn’t wasting any time remaking the high-end grocery chain in its low-price image. Its first act involved cutting prices on dozens of items, from avocados to tilapia. But that is not what is sending shivers down the aisles of rival food retailers like Walmart, which now controls 20 percent of the grocery market by pursuing just such a low-price strategy.
The reason, which the FTC ignored in providing its imprimatur, is that Amazon …
Big Data, Price Discrimination, And Antitrust, Ramsi Woodcock
Big Data, Price Discrimination, And Antitrust, Ramsi Woodcock
Law Faculty Scholarly Articles
Antitrust law today guarantees a particular distribution of wealth between consumers and firms by promoting competition in some markets, but allowing firms to retain pricing power in other markets, such as those in which a firm has achieved power through oligopoly or by fielding a superior product. By giving firms the power to identify individual consumers at the point of sale and determine the maximum price that each consumer can be made to pay for a product, big data will soon allow firms with pricing power to charge each consumer the highest price that the consumer is able to pay, …
Eu's Antitrust 'War' On Google And Facebook Uses Abandoned American Playbook, Ramsi Woodcock
Eu's Antitrust 'War' On Google And Facebook Uses Abandoned American Playbook, Ramsi Woodcock
Law Faculty Popular Media
On June 27, the European Union imposed a €2.4 billion (US$2.75 billion) fine on Google for giving favorable treatment in its search engine results to its own comparison shopping service. And Germany’s antitrust enforcer is investigating Facebook for asking users to sign away control over personal information.
In contrast, American antitrust enforcers have shown little interest in these companies. The Federal Trade Commission (FTC) did open an investigation into whether Google has a search bias, but closed it in 2013, despite recognizing that it “may have had the effect of harming individual competitors.”
Anti-Americanism, however, does not explain these starkly …
Comment On Us Trade And Investment Agreements Submitted To Ustr, Columbia Center On Sustainable Investment
Comment On Us Trade And Investment Agreements Submitted To Ustr, Columbia Center On Sustainable Investment
Columbia Center on Sustainable Investment Staff Publications
Comments to USTR Re: Review of US Trade and Investment Agreements (July 17, 2017): CCSI, in response to the United States Trade Representative’s request for public comment to inform its performance review of US trade and investment agreements, submitted Comments that focused on the impact that investment protection provisions, enforceable through investor-state dispute settlement, have on rights-compliant, inclusive sustainable development within the United States and abroad.
The Ncaa And The Rule Of Reason, Herbert J. Hovenkamp
The Ncaa And The Rule Of Reason, Herbert J. Hovenkamp
All Faculty Scholarship
This brief essay considers the use of antitrust’s rule of reason in assessing challenges to rule making by the NCAA. In particular, it looks at the O’Bannon case, which involved challenges to NCAA rules limiting the compensation of student athletes under the NCAA rubric that protects the “amateur” status of collegiate athletes. Within that rubric, the Ninth Circuit got the right answer.
That outcome leads to a broader question, however: should the NCAA’s long held goal, frequently supported by the courts, of preserving athletic amateurism be jettisoned? Given the dual role that colleges play, that is a complex question, raising …
When Antitrust Becomes Pro-Trust: The Digital Deformation Of U.S. Competition Policy, Frank A. Pasquale
When Antitrust Becomes Pro-Trust: The Digital Deformation Of U.S. Competition Policy, Frank A. Pasquale
Faculty Scholarship
No abstract provided.
Justice Scalia And Sherman Act Textualism, Alan J. Meese
Justice Scalia And Sherman Act Textualism, Alan J. Meese
Faculty Publications
No abstract provided.
The Bargaining Robot, Ramsi Woodcock
The Bargaining Robot, Ramsi Woodcock
Law Faculty Scholarly Articles
The primary threat of the rise of the machines is not to competition itself, but to the bargaining power of consumers, given any level of competition in the market. By enabling firms to interact with each consumer on an individual basis, technology will permit firms to tailor price to the highest level each individual consumer is willing to pay and to use tailored marketing to break each consumer’s will to hold out for a better deal, reducing consumer welfare for any given level of competition. By giving consumers more outside options, the promotion of competition can limit the effects of …
Market Power In The U.S. Economy Today, Jonathan Baker
Market Power In The U.S. Economy Today, Jonathan Baker
Presentations
Market concentration measures the extent to which market shares are concentrated between a small number of firms. It is often taken as a proxy for the intensity of competition. Indeed, in recent years changes in concentration have increasingly been used to argue that the intensity of competition is falling, that the growth of large firms with high market shares is driving up profits, damaging innovation and productivity, and increasing inequality. Some have argued that the competition rules need to be rewritten and a crackdown by overly antitrust agencies is required. The simplicity of this framing has found supporters across the …
The Politics Of Professionalism: Reappraising Occupational Licensure And Competition Policy, Sandeep Vaheesan, Frank A. Pasquale
The Politics Of Professionalism: Reappraising Occupational Licensure And Competition Policy, Sandeep Vaheesan, Frank A. Pasquale
Faculty Scholarship
No abstract provided.
I Dissent: The Federal Circuit’S “Great Dissenter,” Her Influence On The Patent Dialogue, And Why It Matters, 19 Vand. J. Ent. & Tech. 873 (2017), Daryl Lim
UIC Law Open Access Faculty Scholarship
This Article is the first study to comprehensively explore the centrality of the patent dialogue at the Court of Appeals for the Federal Circuit, the nation’s principal patent court from empirical, doctrinal, and policy perspectives. It offers several insights into how the Federal Circuit reaches consensus and when it does not, serving as a window into its inner workings, a reference to academics, judges, and attorneys alike. More broadly, this Article provides a template to study the “legal dialogue” of other judges at the Federal Circuit, those in other Circuits, as well as those in other areas of the law. …
Retooling The Intellectual Property-Antitrust Intersection: Insights From Behavioral Economics, 69 Baylor L. Rev. 124 (2017), Daryl Lim
UIC Law Open Access Faculty Scholarship
This Article argues that courts should operationalize insights offered by behavioral economics in developing jurisprudence at the patent-antitrust interface.
Peeling Back The Student Privacy Pledge, Alexi Pfeffer-Gillett
Peeling Back The Student Privacy Pledge, Alexi Pfeffer-Gillett
Scholarly Articles
Education software is a multi-billion dollar industry that is rapidly growing. The federal government has encouraged this growth through a series of initiatives that reward schools for tracking and aggregating student data. Amid this increasingly digitized education landscape, parents and educators have begun to raise concerns about the scope and security of student data collection.
Industry players, rather than policymakers, have so far led efforts to protect student data. Central to these efforts is the Student Privacy Pledge, a set of standards that providers of digital education services have voluntarily adopted. By many accounts, the Pledge has been a success. …
How Much Of Health Care Antitrust Is Really Antitrust?, Spencer Weber Waller
How Much Of Health Care Antitrust Is Really Antitrust?, Spencer Weber Waller
Faculty Publications & Other Works
No abstract provided.
Trading Spaces: The Changing Role Of The Executive In U.S. Trade Lawmaking, Kathleen Claussen
Trading Spaces: The Changing Role Of The Executive In U.S. Trade Lawmaking, Kathleen Claussen
Articles
Since the earliest days of the republic, the U.S. executive has wielded a significant but constitutionally bounded influence on the direction of U.S. trade law. In the twenty-first century, the growth of free trade agreements has led to an institutionalization of trade norms that permits the executive many more spaces for engagement with trading partners. In addition, other types of quotidian lawmaking extend the power of the executive in both public and hidden spaces beyond congressional delegation, even as that power remains substantially bounded by congressional control. This Article analyzes the dynamics between the branches that will direct future U.S. …
Constraining Monitors, Veronica Root
Constraining Monitors, Veronica Root
Faculty Scholarship
Monitors oversee remediation efforts at dozens, if not hundreds, of institutions that are guilty of misconduct. The remediation efforts that the monitors of today engage in are, in many instances, quite similar to activities that were once subject to formal court oversight. But as the importance and power of monitors has increased, the court’s oversight of monitors and the agreements that most often result in monitorships has, at best, been severely diminished and, at worst, vanished altogether. Additionally, statutory efforts to provide formal guidance and restrictions on monitorships have stalled and published bar guidance has taken a nonbinding advisory form. …
Ex Parte Seizures Under The Dtsa And The Shift Of Ip Rights Enforcement, Yvette Joy Liebesman
Ex Parte Seizures Under The Dtsa And The Shift Of Ip Rights Enforcement, Yvette Joy Liebesman
All Faculty Scholarship
The ex parte seizure provision of the Defend Trade Secrets Act is another step in a long line of legislation that shifts the costs of private enforcement to the public, which already has a toehold in copyright and trademark law. The ex parte provision — which is not incorporated into any state trade secret law — relieves rights owners of two “burdens.” First, it relieves the trade secret owner of the burden of actually having to compete in the marketplace. Second, it relieves the trade secret owner of the burden of the costs associated with the discovery process of a …
Comment On “The Empirical Basis For Antitrust: Cartels, Mergers, And Remedies”, John M. Connor, Robert H. Lande
Comment On “The Empirical Basis For Antitrust: Cartels, Mergers, And Remedies”, John M. Connor, Robert H. Lande
All Faculty Scholarship
In this journal, James Langenfeld critically reviewed four of the present authors’ articles that analyze the size of cartel overcharges and their antitrust policy implications. In this comment, we explain why we believe Langenfeld errs in his criticism of our work. In particular, this comment discusses the variation in research quality of the sources used to compile a large sample of historical cartel overcharges; the advisability of trimming outliers or large estimates from the sample; alleged publication bias; why our 25% median estimate is much more likely to be correct than the US Sentencing Guideline’s 10% presumption; and the implications …
The Investment Protection Chapter Of The Eu-Singapore Free Trade Agreement: A Model For The Post-Brexit Uk Iias, Siraj Shaik Aziz
The Investment Protection Chapter Of The Eu-Singapore Free Trade Agreement: A Model For The Post-Brexit Uk Iias, Siraj Shaik Aziz
Research Collection Yong Pung How School Of Law
The impending British exit (Brexit) from the European Union has placed the UK's investment policy at a crossroads. A post-Brexit UK will now have to reorganise its investment relationships with its economic partners through bespoke UK IIAs. This exercise will have to accommodate the shifting Zeitgeist concerning the balance of investors' rights and the right to regulate IIAs that is expected. This paper examines the continued relevance of the recently minted Investment Protection Chapter in the EU-Singapore Free Trade Agreement, acknowledged by Britain's power brokers, as a persuasive model for the UK to emulate for this purpose. This is notwithstanding …
Opening The Red Door To Chinese Arbitrations: An Empirical Analysis Of Cietac Cases (1990-2000), Pat K. Chew
Opening The Red Door To Chinese Arbitrations: An Empirical Analysis Of Cietac Cases (1990-2000), Pat K. Chew
Articles
This article reveals evidence-based details of the China International Economic and Trade Arbitration Commission (CIETAC) arbitral proceedings (1990-2000), allowing unprecedented insights into Chinese international business arbitration. It begins by confirming the prominence of Chinese foreign trade and foreign investment in the global economy and CIETAC’s critical role in securing that prominence. Among other results, the empirical study of CIETAC awards finds: (i) the parties were of diverse nationalities, most commonly with disputes between a Chinese party and a foreign party; and (ii) the majority of cases were sales and trade disputes, although a sizable number were investment/joint venture disputes. Regarding …
Aggregated Royalties For Top-Down Frand Determinations: Revisiting "Joint Negotiation", Jorge L. Contreras
Aggregated Royalties For Top-Down Frand Determinations: Revisiting "Joint Negotiation", Jorge L. Contreras
Utah Law Faculty Scholarship
In an environment in which widely-adopted technical standards may each be covered by large numbers of patents, there have been increasing calls for courts to determine “fair, reasonable and non-discriminatory” (FRAND) royalties payable to holders of standardsessential patents (SEPs) using “top-down” methodologies. Top-down royalty approaches begin with the aggregate royalty that should be payable with respect to all SEPs covering a particular standard, and then allocate a portion of the total to individual SEPs. Top-down approaches avoid many drawbacks associated with bottom-up approaches in which royalties for individual SEPs are assessed, often in an inconsistent and piecemeal manner, without regard …
The Next Generation Of U.S.-Africa Trade Instruments, Kathleen Claussen
The Next Generation Of U.S.-Africa Trade Instruments, Kathleen Claussen
Articles
No abstract provided.