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How Financial Experts Convince You That They’re the Experts

In The Spectacle of Expertise: Why Financial Analysts Perform in the Media, Alex Preda explores how financial analysts produce their advice and...

Kyiv Independent Editor-in-Chief: “Leaving Ukraine is the Last Thing I Would Want To Do”

The editor-in-chief of the Kyiv Independent speaks with FT journalist Edward Luce in an exclusive video interview covering the challenges of her...

Why Is All Covid-19 News Bad News?

A new paper finds that media coverage of the Covid-19 pandemic, including vaccine development, tends to be more negative in the US...

The ACCC’s News Media Bargaining Code: Experimenting with “Decentralized Regulation” of Dominant Digital Platforms

The Australian Competition and Consumer Commission recently proposed a mandatory bargaining code to govern negotiations between digital platforms like Google and Facebook...

The Good News: Fewer Americans Were Exposed to Fake News in 2018. The Bad News: This Probably Won’t Last

As it turns out, a majority of the American public is not bad at identifying disinformation. But as the 2020 election nears, the online...

When—and Why—Fact-Checking Cannot Stop Alternative Facts

Correct numbers alone cannot stop charismatic politicians using convincing narratives, even if the latter are based on “alternative facts.”     Kellyanne Conway, a counselor to President...

The Market for News in Russia: Is There a Demand for Government Bias?

Does the fact that Russian readers consume news produced by government-controlled entities, even though they have access to independent sources, imply a demand for...

LATEST NEWS

Revising Guideline 6 With Evidence To Establish a Structural Inference for Input Foreclosure

Vertical merger law lacks the structural presumption of horizontal merger law, which shifts the burden from the government to the merging parties to provide evidence that a merger will not produce anticompetitive effects when it is known that the merger will substantially increase market concentration. To improve Guideline 6 of the draft Merger Guidelines concerning vertical foreclosure, Steven Salop develops a three-factor criteria with which the government antitrust agencies can show an analogous structural “inference” that shifts the burden of evidence to the merging parties.

How US Antitrust Enforcement Against Xerox Promoted Innovation by Japanese Competitors

Xerox invented modern copier technology and was so successful that its brand name became a verb. In 1972, U.S. antitrust authorities charged Xerox with monopolization and eventually ordered the licensing of all its copier-related patents. As new research by Robin Mamrak shows, this antitrust intervention promoted subsequent innovation in the copier industry, but only among Japanese competitors. Nevertheless, their innovations benefited U.S. consumers.

Revising the Merger Guidelines To Return Antitrust to a Sound Economic and Legal Foundation

The draft Merger Guidelines largely replace the consumer welfare standard of the Chicago School with the lessening of competition principle found in the 1914 Clayton Act. This shift would enable the Federal Trade Commission and Department of Justice Antitrust Division to utilize the full extent of modern economics to respond to rising concentration and its harmful effects, writes John Kwoka.

How Anthony Downs’s Analysis Explains Rational Voters’ Preferences for Populism

In new research, Cyril Hédoin and Alexandre Chirat use the rational-choice theory of economist Anthony Downs to explain how populism rationally arises to challenge established institutions of liberal democracy.

The Impact of Large Institutional Investors on Innovation Is Not as Positive as One Might Expect

In a new paper, Bing Guo, Dennis C. Hutschenreiter, David Pérez-Castrillo, and Anna Toldrà-Simats study how large institutional investors impact firm innovation. The authors find that large institutional investors encourage internal research and development but discourage firm acquisitions that would add patents and knowledge to their firms’ portfolios, hampering overall innovation.