This comment supplements and critiques the analytical framework put forth by Victor Fleischer in his recent work, Regulatory Arbitrage. It makes three main points. First, professional constraints on regulatory arbitrage are more valuable than has previously been acknowledged. Second, Fleischer...

Many emerging companies' business models center on helping consumers to share assets in new ways. This “sharing economy” has already experienced tremendous growth and attracted considerable investment capital and talent. Yet, as is often the case with economic innovations, existing...