Hamza Azhar Salam discusses the recent history of real estate moguls in Pakistan buying up media outlets to influence government investigations against them and their properties and win access to powerful government offices. The moguls’ capture of the media has led to capture of the state.

In new research, Martin Schmalz and Jin Xie examine how shareholder preferences influence the United States pharmaceutical industry. They find that generic-drug manufacturers sometimes harm their firms’ own value when doing so benefits shareholder portfolios, who frequently have stakes in competing brand-name firms.

China has enacted a new competition policy that seeks to boost innovation by stifling cutthroat price competition. Padding companies’ margins will enable collusion and regulatory capture rather than innovation, write Victor Jiawei Zhang and Yahui Song.

Online degrees are reshaping higher education by lowering tuition prices and reducing in-person program availability. In new research, Nano Barahona, Cauê Dobbin, and Sebastián Otero find that Brazil’s high online enrollment benefits those who need cheaper and more flexible options, but ultimately hurts young undergraduate students who are shifting away from higher-value in-person education options.

Matt Lucky reviews Jonathan D. Cohen’s new book, Losing Big: America's Reckless Bet on Sports Gambling.

In new research, John M. Barrios and Inna Abramova show how private equity’s rising involvement in accounting and other professions is concentrating markets and breaking down barriers to conflicts of interest.