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Christopher Stewart

Christopher Stewart is an assistant professor of accounting and Fama Faculty Fellow at University of Chicago’s Booth School of Business. His research, which lies at the intersection of accounting, corporate finance, and industrial organization, is primarily concerned with addressing questions that broaden our understanding of how accounting information, corporate disclosure, and transparency shapes product market competition.
Antitrust and Competition

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

Christopher Stewart
New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.