I use what is variously referred to as "property rights economics," "new institutional economics," or "transaction costs economics" to address a broad range of research fields, from antitrust, to securities regulation, to business ethics, to native American conservation practices. I have written papers on such specific topics as collusion, federal antitrust jurisdiction, IPO syndicates, corporate capital structure, mutual fund organization, business ethics, and moral philosophy. My preference is to do positive analysis, but this often takes me into the policy arena.
Unpublished Papers
TRANSACTION COST-BENEFIT ANALYSIS, WITH APPLICATIONS TO FINANCIAL REGULATION, ExpressO (2013)
As Coase convincingly showed, transaction costs inhibit the ability of market participants to achieve first-best...
WHO CAPTURES THE RENTS FROM UNIONIZATION? INSIGHTS FROM MULTIEMPLOYER PENSION PLANS, ExpressO (2011)
From 1945 to 2010 the proportion of private-sector workers covered by collective bargaining agreements declined...
On Money Managers' Use of Client Commissions for Fixed Income Securities Research (2010)
An increasingly important question is how money managers can best equip themselves with the investment...
ON MONEY MANAGERS' USE OF CLIENT COMMISSIONS FOR FIXED INCOME SECURITIES RESEARCH, ExpressO (2010)
An increasingly important question is how money managers can best equip themselves with the investment...
MYTHS ABOUT MUTUAL FUND FEES: ECONOMIC INSIGHTS ON JONES V. HARRIS, ExpressO (2009)
Mutual funds stand ready at all times to sell and redeem common stock to the...