Bulletin

Bulletin

Bulletin

Antitrust Enforcement in Private Equity: Target, Bidder, and Club Sizes Should Matter

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This Comment argues that plaintiffs have painted “club deals” with a broad brush as anticompetitive, whereas applying the facts alleged plaintiffs themselves to the antitrust regulators’ measurement of market concentration—the Herfindahl-Hirschman Index—implies a more nuanced conclusion: consortium bidding can be pro-competitive for large targets, small bidders and small clubs. “We will have to trust [K]inder […]

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Essay Responding to Brian H. Potts, “The President’s Climate Plan for Power Plants Won’t Significantly Lower Emissions”

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Critics of the Obama Administration’s recently announced efforts to control climate pollution seek to discredit the idea of existing power plant greenhouse gas emissions limits based on legal arguments that are both shortsighted and unfounded. These arguments have most recently appeared in an essay posted on the Yale Journal on Regulation Online by attorney Brian […]

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The Need for New Federal Anti-Spam Legislation

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The CAN-SPAM Act of 2003 was passed in an attempt to stop “the extremely rapid growth in the volume of unsolicited commercial electronic mail” and thereby reduce the costs to recipients and internet service providers of transmitting, accessing, and discarding unwanted email. The Act obligates the senders of commercial email to utilize accurate header information, […]

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What is Regulation?

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People hold strong views about regulation, but do they know what “regulation” means? National Federation of Independent Business (NFIB) is a landmark in regulation jurisprudence, yet the NFIB Court was divided over the meaning of the term “to regulate.” Long ago, John Stuart Mill observed that “we do not [always] understand the grounds of our opinion. But when we […]

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Who Will Run the EPA?

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With President Obama’s nomination of Gina McCarthy as the new Administrator of the Environmental Protection Agency (EPA), much attention has turned to her record as the EPA official in charge of air pollution programs, experience as the head of two states’ environmental agencies, and views on specific policies and priorities. And with the President’s nomination […]

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Backyard Politics, National Policies: Understanding the Opportunity Costs of National Fracking Bans

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Some local communities in the United States, particularly in the Northeast, are scrambling to oppose natural gas production enabled by hydraulic fracturing (or fracing, fracking, or hydrofracking) in shale formations. Local opposition to the impacts of fracking is understandable, but recent proposals for national bans ignore a key, more potent threat. Due to a mismatch […]

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First-to-File as a Rule of Evidence

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In 2011, Congress passed the Leahy-Smith America Invents Act (AIA) and reformed the U.S. patent system. Most significantly, the Act replaced the “first-to-invent” patent system with a “first-to-file” system. The law is now the subject of a constitutional challenge. In this short Essay, I will explore two obstacles to this challenge: one that I view […]

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The Institutionalization of Hedge Funds and the Asymmetric Price of Reputation: Could Hedge Funds Be Spending Too Much To Prevent Fraud?

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I. Introduction Over the past decade, operating costs in the hedge fund industry have ballooned as the rate of new institutional investment in hedge funds has rapidly accelerated. These new institutional investors are demanding greater portfolio and  operational  transparency,  more  conscientious  compliance,  and  tighter internal controls. This correlation—between the institutionalization of hedge funds and their […]