The paper identifies problems with the ordered breakup of Microsoft that seem to have been completely overlooked by the government, the judge, and the commentators. The breakup order prohibits Bill Gates and other large Microsoft shareholders from owning shares in both of the companies that...

This Chapter in the book Pioneers of Law and Economics discusses the remarkable career of Henry Manne. Writing when there was a theory vacuum in legal academia, Manne breathed life into corporate law by using economic principles to formulate a sweeping new theory of the corporation. Then he took...

In recent years, the cost to merchants of accepting credit cards has risen without any corresponding new benefits. This trend has sparked a wide-ranging struggle between merchants and banks, as merchants have begun to seek greater control over payment systems. The conflict is playing itself out...

As the pace of large corporate mergers has increased recently, so too have the reports of concerns by civic leaders about the negative effects of mergers on communities losing corporate headquarters, including a loss of civic leadership, philanthropy, jobs, and investment. Such adverse social...

In recent years, the cost to merchants of accepting credit cards has risen dramatically without a corresponding increase in the benefits. This trend has sparked a wide-ranging struggle between merchants and banks, as merchants have begun to seek methods for limiting payment costs. The conflict...

Outsiders often have and seek to trade on a firm's material, nonpublic information. For example, lawyers have traded on advance information about the filing of a lawsuit, a social activist has announced a plan to trade on advance information of a boycott, and a hedge fund operator has engaged in...

This article argues that a significant amount of law is privately made and suggests that privately made law should be subjected to the same kinds of questioning as publicly made law, considering in the end whether privately made law might be considered quot;molecular federalism.quot; Private...

Merchants and banks are currently engaged in a wide-ranging struggle for control over payment systems. The conflict is playing itself out in business practices, in banking regulation, in corporate governance, in corporate restructuring, in securities offerings, and in the biggest antitrust...

An intense academic debate has arisen recently concerning the crucial quot;bedrockquot; that underpins a corporate governance regime where widely-held public companies dominate. In the discourse, little has been said about the contribution of merger activity. The paper seeks to address this gap...