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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 …
Antitrust Error, Alan Devlin, Michael Jacobs
Antitrust Error, Alan Devlin, Michael Jacobs
William & Mary Law Review
Fueled by economics, antitrust has evolved into a highly sophisticated body of law. Its malleable doctrine enables courts to tailor optimal standards to a wide variety of economic phenomena. Indeed, economic theory has been so revolutionary that modern U.S. competition law bears little resemblance to that which prevailed fifty years ago. Yet, for all the contributions of economics, its explanatory powers are subject to important limitations. Profound questions remain at the borders of contemporary antitrust enforcement, but answers remain elusive. It is because of the epistemological limitations of economic analysis that antitrust remains unusually vulnerable to error. The fear of …
Guideline Institutionalization: The Role Of Merger Guidelines In Antitrust Discourse, Hillary Greene
Guideline Institutionalization: The Role Of Merger Guidelines In Antitrust Discourse, Hillary Greene
William & Mary Law Review
With the growth of the administrative state, agency-promulgated enforcement policy statements, typically referred to as guidelines, have become ubiquitous in the U.S. federal system. Yet, the actual usage and impact of such guidelines is poorly understood. Often the issuing agencies declare the guidelines to be nonbinding, even for themselves. Notwithstanding this disclaimer, the government, private parties, and even the courts frequently rely on the guidelines in a precedent-like manner. In this Article, Professor Greene examines the evolution of one system of enforcement policy guidelines-the U.S. federal antitrust merger guidelines--and finds that these guidelines have acted as a stealth force on …
The Elephant In The Courtroom: Litigating The Premerger Fix In Arch Coal And Beyond, Katherine A. Ambrogi
The Elephant In The Courtroom: Litigating The Premerger Fix In Arch Coal And Beyond, Katherine A. Ambrogi
William & Mary Law Review
No abstract provided.
Exclusive Dealing, The Theory Of The Firm, And Raising Rivals' Costs: Toward A New Synthesis, Alan J. Meese
Exclusive Dealing, The Theory Of The Firm, And Raising Rivals' Costs: Toward A New Synthesis, Alan J. Meese
Faculty Publications
No abstract provided.
The Penn Central Reorganization: A New Look At Section 10 Of The Clayton Act
The Penn Central Reorganization: A New Look At Section 10 Of The Clayton Act
William & Mary Law Review
No abstract provided.