Mergers

Antitrust Deregulation is Undermining Innovation

A 2000 amendment to the Hart-Scott-Rodino Act made it easier for firms to merge without notifying US antitrust authorities. In new research,...

How the Wrong Presumptions Led to the Wrong Conclusions in the United/Change Healthcare Merger

On Sept. 19, a federal judge approved UnitedHealth Group’s acquisition of Change Healthcare over the concerns of the U.S. Department of Justice....

When Rhetoric Confronts Economic Reality: Unsupported Efficiency Claims and Unenforceable Promises Cannot Save the Book Publishers Deal

In trying to get their merger approved, Penguin and Simon & Schuster claimed massive, but unverified cost savings. They also have promised...

Antitrust and the FTC: Franchise Restraints on Worker Mobility

As currently formulated, antitrust’s rule of reason approach is not the best tool to deal with vertical noncompete agreements that limit worker...

The FTC Was Correct to Withdraw the Vertical Merger Guidelines

The 2020 Vertical Merger Guidelines, now withdrawn by the FTC, did not represent sound merger policy, argues Steven Salop; rather, they were...

Missing the Forest for the Trees: A Reply to Hovenkamp and Shapiro

The Federal Trade Commission’s now-abandoned 2020 Vertical Merger Guidelines were not some ideal economic document that the FTC foolishly disregarded; rather, they...

How Will the FTC Evaluate Vertical Mergers?

The Federal Trade Commission’s recent withdrawal of its 2020 vertical merger guidelines is flatly incorrect as a matter of microeconomic theory and...

Beefing Up Merger Enforcement by Banning Merger Remedies

The unraveling of the T-Mobile/Sprint remedy continues a trend of failed merger consent decrees. One solution, proposed by two antitrust scholars, is...

Why the FTC Should Consider Size in Drug Mergers

Large pharmaceutical firms retain their dominance through size-related advantages in three areas: contracting, marketing and selling, and financing. When reviewing pharmaceutical mergers,...

How to Tame the Tech Giants: Reverse the Burden of Proof in Merger Reviews

Most tech acquisitions are approved without a hitch, despite growing evidence that they bring little benefit, because regulators are waging an uphill...

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Hamid Mehran proposes funded deferred pay, an incentive structure to mitigate the risk and costs of police misconduct.

Event Notes: “China’s Political Economy” in Review

The Stigler Center's "China Political Economy" webinar series returns Thursday, February 9. Here's a reminder of what we covered in our first...

To Build an Equitable Economy, We Must Understand Capitalism’s Racist Heritage

American capitalism was built on racial exploitation, from the enslavement of Black people to institutionalized discrimination and its structural impact on our...

How To Ensure Industrial Policy Promotes Public Over Private Gain

Industrial policy was once so out of fashion that it was jokingly called “the policy that shall not be named.” Now it’s...

More than Economics, Ideology Determines US Voters’ Preferences for Redistribution

The US stands out among developed economies for its comparatively low level of redistribution as a percentage of GDP. Gustavo de Souza...