From Enron to Sox: shoot first, ask questions later -- What shareholders want: the optimal amount of fraud -- Imagining a world without Sox -- The costs of Sox -- The litigation time bomb -- The bottom line: has Sox been worth it? -- Immediate policy implications -- The future: regulatory hubris...

Competition authorities have several tools at their disposal in crafting a competition policy. Most prominent are litigation and merger review. A less-recognized but often effective tool, however, is "competition advocacy." Broadly, competition advocacy is using persuasion, rather than coercion,...

This testimony addresses the proposal of the Obama Administration to create a new Consumer Financial Protection Agency (CFPA) which would have the authority to issue and enforce new regulations related to consumer lending products. This testimony criticizes the proposal on three grounds. First,...