The Information Economy

In new research, Michele Fioretti, Victor Saint-Jean, and Simon Smith show that NGO activism follows a clear economic logic: when NGOs lack visibility, stakeholders do not view them as credible, forcing them to rely on high-profile campaigns during annual shareholder meetings. However, these actions generate attention but rarely influence decisions. As NGOs gain recognition, they can campaign earlier, when votes are still open, and meaningfully sway shareholders and change corporate behavior.

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.

Richard Wolfram explores the regulatory concerns of Netflix and Paramount’s competing merger proposals for Warner Bros. Discovery. Based on current antitrust doctrine and guidelines, Paramount would appear to face comparatively fewer barriers to the transaction, but the analysis is hardly black-and-white.

In new research, Sureyya Burcu Avci, Cindy Schipani, and H. Nejat Seyhun assess and justify the United States Securities and Exchange Commission’s failed attempts to regulate potential fraud and deception in the private equity market by examining the performance and potential conflicts-of-interest in de-SPAC transactions.

Smartphones have become a primary gateway for consuming political news, but we know little about what individuals actually see on their phones. In new research, Guy Aridor, Tevel Dekel, Rafael Jiménez Durán, Ro’ee Levy, and Lena Song open the smartphone black box using novel content data and document individuals’ exposure to election-related content during the 2024 presidential election, as well as the drivers of this exposure.

In two new research papers, Ryan Brutger and Amy Pond explore how different messaging about the effects of  antitrust enforcement sway American public opinion toward and away from stronger enforcement.

Warner Bros. (“Warner”), a prized and consequential media company, is once again on the auction block, and both Netflix and Paramount Skydance are competing to buy it. Barak Orbach observes that bidders’ appetites for prized media enterprises often foster undue optimism about the feasibility of successfully integrating them. He argues that antitrust scrutiny of any acquisition of Warner would likely underscore the need to modernize certain antitrust doctrines and analytical frameworks.

In new research, Niuniu Zhang discusses how regulators can add “noise” to market data to preclude tacit collusion through algorithmic pricing software without hampering legitimate market practices.

In new research, Michele Fioretti, Victor Saint-Jean, and Simon Smith show that shareholders with potential reputational gains will push for corporate actions in the face of shocks like Covid-19 or the Russian invasion of Ukraine that reduce returns to other shareholders who have no reputational gains at stake.

Is pursuing a PhD a worthwhile financial investment? In new research, Dwayne Benjamin, Boriana Miloucheva, and Natalia Vigezzi compare earnings of PhD graduates to other degree holders, highlighting that the high opportunity costs of pursuing a PhD aren’t always worth it.