Let´s Dance! Excessive Royalties and the Economic Value of MusicCase C-372/19 (SABAM), Judgment of the Court (Fifth Chamber) of 25 November 2020, (request for a preliminary ruling from the Ondernemingsrecht bank Antwerpen — Belgium) — Belgische Vereniging van Auteurs, Componisten en...

The branch of economics known as “public choice” uses the tools of economics to analyze political behavior. Rejecting idealized versions of government intervention, it assumes that individuals participating in the political system are rational self-interest maximizers (homo economicus). A...

This paper considers the interpretation of the substantive test laid down in Article 2 of Regulation 139/2004. It focuses on horizontal mergers in the so-called ‘gap’ cases, which would not result in the creation or the strengthening of a (single or collective) dominant position. In its...

The staggered introduction of Corporate Opportunity Waivers (COWs) in nine US states since 2000 reduced legal risk to directors serving on multiple boards and increased intra-industry board overlap in firms characterized by intensive R&D activity. More board overlap results in a higher return on...

The Insolvency and Bankruptcy Code, 2016 (IBC) offers a mode of reorganisation for distressed corporations. The IBC’s approach to corporate rescue limits the extent to which the incumbent management of a distressed corporation can participate in its rehabilitation. This is reflected in 29A of...

The Robinson-Patman Act is not likely to disappear anytime soon, despite repeated efforts at repeal, and the time has come to devote greater attention to moderizing its interpretation. Specifically, it is time to abandon the conventional wisdom that the value of price reductions and promotional...

In this article we summarize the main problems with the current LIBOR setting, describe our proposal on how to reform LIBOR through a committed quote system (“CLIBOR”), and explain why the final Wheatley Review proposal on how to reform LIBOR, and its reasons for stopping short of our...

This paper proposes a cross-border M&A model with financially constrained owners in which the identity of the buyer and seller can be determined. We show that policies blocking foreign acquisitions to protect the domestic industry can be counterproductive. Foreign acquisition can increase the...

This paper discusses the impact of the new antitrust law (Law 12.529/11) and other recent rules enacted by the Brazilian Antitrust Authority (CADE) to transactions involving investment funds. The merger control for transactions involving investment funds is not a new subject to CADE. Since the...

We analyze the accuracy of first order approximation, a method developed theoretically in Jaffe and Weyl (2012) for predicting the price effects of mergers, and provide an empirical application. Approximation is an alternative to the model-based simulations commonly employed in industrial...