Section 267(a)(1) denies a deduction for losses recognized on sales between certain related parties. With one minor exception, that provision does not apply to sales between a partnership and another person. Nevertheless, Reg. 1.267(b-1(b) applies that provision to deny part or all of a loss...

In 2013 the FSA will be replaced by two new regulators the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Both of them will have to cooperate and adopt a 'judgement-led' approach to regulation. The aim of this paper is to explore the nature of judgement-led...

The following is a compilation of short book reviews I have prepared over the past two years for the World Competition Law & Economics Review or the Institute for Consumer Antitrust Studies, Loyola University Chicago School of Law website. In one case, the book discussed was published in 2010,...

This paper examines the relationship between firm performance and the recommendations provided by proxy advisory firms in the United States, regarding shareholder votes in stock option exchange programs. Using a comprehensive sample of stock option exchanges announced between 2004 and 2009, we...

To discourage firms from trying to buy and sell tax deductions, Sec. 382 of the tax code limits the ability of a firm that acquires another company to use the target's "net operating losses" (NOLs). Under the Troubled Asset Relief Program (TARP), the Treasury lent a large amount of money to GM....

In this paper we especially focus on the issue of incentives to invest in relation to forced sharing of essential facilities and infrastructure in developing markets, where innovation plays a key role. We evaluate the economic consequences of third party access to the obliged to grant access...

On December 18, 2009, Beijing No. 1 Intermediate People's Court issued a ruling in favor of Baidu, Inc., a leading search engine provider in China, in an abuse of a dominant position case brought by Tangshan Renren Information Services Co., an operator of a medical information consulting...

This paper investigates the market reaction to recent legislative and regulatory actions pertaining to corporate governance. The managerial power view of governance suggests that executive pay, the existing process of proxy access, and various governance provisions (e.g., staggered boards and...

In recent years, “regulatory sandboxes” have gained a great deal of attention from policymakers, regulators, and regulatory scholars. Regulatory sandboxes are closed testing environments in which specific firms are able to experiment with new and innovative business models or products with...