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Articles 1 - 22 of 22
Full-Text Articles in Law
Getting Merger Guidelines Right, Keith N. Hylton
Getting Merger Guidelines Right, Keith N. Hylton
Faculty Scholarship
This paper is on the new Merger Guidelines. It makes several arguments. First, that the Guidelines should be understood as existing in a political equilibrium. Second, that the new structural presumption of the Merger Guidelines (HHI = 1,800) is too strict, and that an economically reasonable revision in the structural presumption would have increased rather than decreased the threshold. Whereas the new Guidelines lowers the threshold to HHI 1,800 from HHI 2,500, an economically reasonable revision would have increased the threshold to HHI 3,200. I justify this argument using a bare-bones model of Cournot competition. Third, it seems unlikely, …
The Case For Preemptive Oligopoly Regulation, Jeffrey D. Manns
The Case For Preemptive Oligopoly Regulation, Jeffrey D. Manns
Indiana Law Journal
One of the few things former President Donald Trump and leading Democrats appear to agree on is the need to subject Big Technology (“Big Tech”) firms to antitrust scrutiny. But unsurprisingly they disagree about how to address the problem. Senator Elizabeth Warren and many other leading Democrats have called for breaking up large technology firms, such as Google, Amazon, and Facebook, in a revival of the trust-busting progressive era of the early twentieth century. In contrast, the Trump administration triggered more traditional antitrust monopoly review of potential anticompetitive activities of a number of leading technology firms, which is more likely …
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 …
The New Road To Serfdom: The Curse Of Bigness And The Failure Of Antitrust, Carl T. Bogus
The New Road To Serfdom: The Curse Of Bigness And The Failure Of Antitrust, Carl T. Bogus
University of Michigan Journal of Law Reform
This Article argues for a paradigm shift in modern antitrust policy. Rather than being concerned exclusively with consumer welfare, antitrust law should also be concerned with consolidated corporate power. Regulators and courts should consider the social and political, as well as the economic, consequences of corporate mergers. The vision that antitrust must be a key tool for limiting consolidated corporate power has a venerable legacy, extending back to the origins of antitrust law in early seventeenth century England, running throughout American history, and influencing the enactment of U.S. antitrust laws. However, the Chicago School’s view that antitrust law should be …
International Implications Of The 1982 Merger Guidelines, Vincent Draa
International Implications Of The 1982 Merger Guidelines, Vincent Draa
Georgia Journal of International & Comparative Law
No abstract provided.
The Antitrust Aspects Of Bank Mergers - Panel Discussion I: Development Of Bank Merger Law, Carl Felsenfeld, Douglas Broder, Bert Foer, Dr. Anne Gron
The Antitrust Aspects Of Bank Mergers - Panel Discussion I: Development Of Bank Merger Law, Carl Felsenfeld, Douglas Broder, Bert Foer, Dr. Anne Gron
Fordham Journal of Corporate & Financial Law
No abstract provided.
Bank Merger Reform Takes An Extended Philadelphia National Bank Holiday, Edward Pekarek, Michela Huth
Bank Merger Reform Takes An Extended Philadelphia National Bank Holiday, Edward Pekarek, Michela Huth
Fordham Journal of Corporate & Financial Law
No abstract provided.
Developing An Antitrust Injury Requirement For Injunctive Relief That Reflects The Probability Of Anticompetitive Harm, Yavar Bathaee
Developing An Antitrust Injury Requirement For Injunctive Relief That Reflects The Probability Of Anticompetitive Harm, Yavar Bathaee
Fordham Journal of Corporate & Financial Law
No abstract provided.
The Antitrust Aspects Of Bank Mergers - Introduction, Carl Felsenfeld
The Antitrust Aspects Of Bank Mergers - Introduction, Carl Felsenfeld
Fordham Journal of Corporate & Financial Law
No abstract provided.
Antitrust & Hospital Mergers: Does The Nonprofit Form Affect Competitive Substance?, Thomas L. Greaney
Antitrust & Hospital Mergers: Does The Nonprofit Form Affect Competitive Substance?, Thomas L. Greaney
All Faculty Scholarship
Following a string of government losses in cases challenging hospital mergers in federal court, the Federal Trade Commission and the Department of Justice issued their report on competition in health care seeking to set the record straight on a number of issues that underlie the judiciary's resolution of these cases. One such issue is the import of nonprofit status for applying antitrust law. This essay describes antitrust's role in addressing the consolidation in the hospital sector and the subtle influence that the social function of the nonprofit hospital has had in merger litigation. Noting that the political and social context …
Annual Survey Of Virginia Law: Business And Corporate Law, George Clemon Freeman Iii.
Annual Survey Of Virginia Law: Business And Corporate Law, George Clemon Freeman Iii.
University of Richmond Law Review
This article surveys major developments between May, 1991 and June 1, 1992 that affect business and corporate law in Virginia. Part I discusses major decisions in United States courts. Part II reviews major decisions in Virginia courts. Part III summarizes laws enacted by the Virginia General Assembly during the 1992 Session.
Target Corporations, Hostile Horizontal Takeovers And Antitrust Injury Under Section 16 Of The Clayton Act After Cargill, Brent W. Huber
Target Corporations, Hostile Horizontal Takeovers And Antitrust Injury Under Section 16 Of The Clayton Act After Cargill, Brent W. Huber
Indiana Law Journal
No abstract provided.
Analyzing The Competitive Effects Of Mergers: Is There Anything Special About Railroads, Robert S. Stillman
Analyzing The Competitive Effects Of Mergers: Is There Anything Special About Railroads, Robert S. Stillman
Cleveland State Law Review
Empirical evidence demonstrates that mergers, on average, create value for shareholders of the merging firms. The relevant question from an antitrust perspective, however, is the source of these gains. Increased efficiency is one possibility. It is also possible that in some cases merger gains derive not from enhanced efficiency, but rather from an enhanced ability to realize "monopoly profits." To determine whether a proposed merger is likely to be pro- or anti-competitive, economists often follow the approach outlined in the United States Justice Department's Merger Guidelines and ask whether the merger seems likely to facilitate collusion. In reviewing the competitive …
Doctrines And Problems Relating To U.S. Control Of Transnational Corporate Concentration, Douglas E. Rosenthal, Stuart E. Benson, Lisa Chiles
Doctrines And Problems Relating To U.S. Control Of Transnational Corporate Concentration, Douglas E. Rosenthal, Stuart E. Benson, Lisa Chiles
Michigan Journal of International Law
It is the principal thesis of this article that important recent case decisions in U.S. antitrust law reflect just this conflict over the extent to which intraindustry (horizontal) concentration is economically harmful. We are at a point where the future direction of the law is difficult to discern. Until there is greater U.S. policy agreement, and consistency within U.S. law itself, it is unlikely that any common transnational response will emerge to even horizontal corporate concentration. Ironically, it may not be possible to clarify U.S. antitrust law as long as the underlying policy conflict remains so sharp. For the present, …
Keys To Unlock The Interlocks: Dealing With Interlocking Directorates, Richard P. Murphy
Keys To Unlock The Interlocks: Dealing With Interlocking Directorates, Richard P. Murphy
University of Michigan Journal of Law Reform
The use of interlocking directorates by American industrial and commercial corporations is widespread. Section 8 of the Clayton Act has been interpreted as prohibiting only interlocks between directly competing firms. There are other kinds of interlocks with substantial anticompetitive effects, however, that have essentially escaped any regulation under the antitrust laws. This article will examine whether the deleterious effects of unregulated interlocks should be a source of concern. It will conclude that these interlocks should not remain unregulated because they are presumptively anticompetitive, produce problems that section 8 was designed to address, and conflict with the basic goals of the …
United States V. Falstaff Brewing Corporation: Potential Competition Re-Examined, Michigan Law Review
United States V. Falstaff Brewing Corporation: Potential Competition Re-Examined, Michigan Law Review
Michigan Law Review
This Note will examine and criticize the perceived potential competition doctrine suggested by the Court. Then, it will discuss the questions raised in the concurrences concerning the use of subjective evidence and the role of incipient competitive effects. Finally, an alternative approach that focuses on the acquisition of or the possibility of acquiring small, "toehold" firms will be proposed.
Enforcement Of The Merger Laws By Private Party Litigation, Earl W. Kintner, Merle F. Wilberding
Enforcement Of The Merger Laws By Private Party Litigation, Earl W. Kintner, Merle F. Wilberding
Indiana Law Journal
No abstract provided.
In Aggravation Of Merger, G. E. Hale, Rosemary D. Hale
In Aggravation Of Merger, G. E. Hale, Rosemary D. Hale
Indiana Law Journal
No abstract provided.
Corporations-Officers And Directors-Liability For Representative Acts Under The Sherman Act, Leon E. Irish
Corporations-Officers And Directors-Liability For Representative Acts Under The Sherman Act, Leon E. Irish
Michigan Law Review
An indictment brought under section 1 of the Sherman Act charged appellee and the corporation that employed him with conspiracy to eliminate price competition in the greater Kansas City milk market. Appellee was charged solely, in his capacity as officer, director or agent of the corporation. The district court dismissed the indictment on the ground that natural persons are indictable under section 1 of the Sherman Act only for acts done on their own account. On direct appeal to the Supreme Court, held, reversed and remanded. A corporate officer is liable under section 1 of the Sherman Act whether …
Corporations - Clayton Act - Service Of Process On Alien Corporations Through Their Local Subsidiaries, George R. Haydon Jr.
Corporations - Clayton Act - Service Of Process On Alien Corporations Through Their Local Subsidiaries, George R. Haydon Jr.
Michigan Law Review
Two affiliated German corporations, one of which is the defendant, established a jointly owned subsidiary in New York. Three members of the subsidiary's five-man board of directors are officers or directors of the German parents, while a fourth is a former employee sent to this country to manage the subsidiary. The American company is devoted exclusively to the business of the German parents. It assists in the negotiation of contracts, although it has no power to bind the parents, advises with respect to patents, and makes infrequent sales and purchases. For these services, it receives a flat fee plus a …
Power Of Agricultural Co-Operative Associations To Limit Production, Milton J. Keegan
Power Of Agricultural Co-Operative Associations To Limit Production, Milton J. Keegan
Michigan Law Review
Farmers within recent years have recognized the necessity of combining in larger and still larger numbers, and great cooperative farm organizations have been formed, some of them with sales reaching $100,000,000 each year. These organizations in 1923 did a combined business estimated at $2,200,000,000. "Giant marketing associations, covering whole states, and even groups of states, have been organized with startling rapidity in the great cotton and tobacco growing states." Co-operative marketing legislation has given these groups great and far reaching powers to attain the end of making agriculture more profitable and to secure better returns to the producers of farm …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
No abstract provided.