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Regulation

Regulation

Anatomy of a Supervisory Failure

Niccolò Comati
For its entire 15-year life as a regional bank, SVB held the same risky bet. The risks were visible the whole time, yet supervisors reacted only once losses had materialized. SVB's collapse is less a story of hidden danger than of a supervisory system that polices process rather than risk.
Antitrust and Competition

Chilean Regulators Are Exploring the Effects of a “No Exception” Rule Against Most-Favored Nation Clauses in Digital Markets

Manuel Abarca Meza
Chilean authorities are testing an unofficial “independence rule” that forbids digital platforms from exerting further influence over how business users set their own prices through most-favored-nation clauses. Manuel Abarca Meza assesses how this rule could potentially fit into antitrust case law and whether or not it effectively weighs the risks against market efficiencies.
Regulation

Property Rights Provide an Exit From Social Institutions

Pablo Balán
In new research, evidence from a land titling campaign in the Democratic Republic of Congo shows that formal property rights can do more than secure land: they can give citizens an exit from costly informal obligations, writes Pablo Balán.
Antitrust and Competition

When Competitors Share Owners, They Automate More and Hire Less

Joseph Emmens
In a new paper, Joseph Emmens, Dennis C. Hutschenreiter, Stefano Manfredonia, Felix Noth, and Tommaso Santini find that when competitors for the same pool of workers share investors, they increase their innovation to automate tasks and slow down hiring.    
Antitrust and Competition

AICOA II Is America’s Reverse Industrial Policy Initiative

Herbert Hovenkamp
The revived American Innovation Choice Online Act singles out a handful of Big Tech giants for unique, antitrust-like restrictions, but without the standard methodological...
Democracy

Presidential Control of Independent Agencies Has a Price

Brian Feinstein
The Supreme Court's decision in Trump v. Slaughter strips independent agencies of removal protections that made regulatory policy predictable across administrations. In new research, Brian Feinstein and Daniel Hemel find that equity markets assign real value to precisely that kind of insulation.
Antitrust and Competition

Bank Mergers Aren’t Raising Your Mortgage Rate

Celso Brunetti
In new research examining 44 million U.S. mortgages and nearly 5,000 bank mergers over three decades, Celso Brunetti, Jeffrey H. Harris, and Ioannis Spyridopoulos find that bank consolidation does not raise mortgage rates, restrict credit access, or degrade loan quality. Local mortgage markets remain intensely competitive. 
Commentary

The Proposed California Billionaire Wealth Tax Produces Inequities and Adverse Incentives

Ray Ball
California’s proposed wealth tax on billionaires will struggle to accurately value and tax the wealth of California’s richest. Rather than fund the state’s massive budgetary commitments, the bill may drive away its largest taxpayers, write Ray Ball and Andrew Sutherland.
Antitrust and Competition

When is Corporate Bribery a Good Investment?

Vishavdeep Sharma
In new research, Vishavdeep Sharma and Krishnendu Ghosh Dastidar analyze corporate corruption through the lens of market competition. Firms often bribe officials to block rivals from entering their markets, and their incentive to do so depends less on how competitive a market is than on what kind of competition it has.
Antitrust and Competition

When Mergers Break the Workplace     

Wei Cai
In new research, Wei Cai, Andrea Prat, and Jiehang Yu evaluate how mergers affect employee satisfaction. They find that acquired firms report a decline in worker satisfaction, primarily revolving around “soft” benefits, such as workplace culture, management quality, and trust.
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ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.