The Role of the State

Madhavi Singh argues that antitrust alone cannot reign in Big Tech monopolies. Antitrust efforts need to be supplemented by changes to corporate governance that incorporate the interests of all stakeholders and not just those of profit-maximizing shareholders.

In new research, Shaoor Munir, Konrad Kollnig, Anastasia Shuba and Zubair Shafi explore how Google uses its web browser, Chrome, to maintain its dominance in other online markets, particularly advertising and search. Their findings contribute to an ecosystem analysis of Google’s anticompetitive behavior.

Hamid Mehran examines the governance failures at Boeing that led to safety issues with its aircraft and proposes several measures to improve the company's safety culture and accountability. Mehran suggests enhancing board accountability through increased disclosure requirements, improving FAA oversight, fostering a culture that prioritizes safety and employee concerns, and restructuring employee compensation to incentivize teamwork and vigilance in detecting safety issues.

The following is an excerpt from Herbert Hovenkamp's new book, “Tech Monopoly,” now out at MIT Press.

Thomas Malthouse explores the skewed financial models that lead American railroads to underinvest in maintenance and profitable expansion, producing delays, derailments, and environmental catastrophes such as those that occurred in East Palestine, Ohio, in 2023.

In new research, Felix Montag, Alina Sagimuldina, and Christoph Winter study the impact of mandatory price disclosure (MPD) for sellers in the German retail fuel market to determine under what market conditions MPD can reduce prices for consumers.

Sangyun Lee reviews the 2021 merger between Korean Air and Asiana Airlines, which was promoted by the government despite warnings from the majority of experts deeming it obviously anticompetitive and harmful to consumers. He finds that the merger is a paragon of how, under institutional constraints, the rational choices of actors and organizations can collectively lead to irrational, suboptimal outcomes.

Jake Goidell argues that the ongoing NCAA lawsuit settlements will not create a lasting solution unless athletes form a players association that is involved in determining industry-wide decisions.

Colleen Honigsberg and Robert J. Jackson, Jr. write that Exxon Mobil’s decision to sue its own investors over a shareholder proposal threatens to enervate an admittedly imperfect but ultimately valuable mechanism that provides shareholder feedback to corporate managers and helps both parties negotiate better governance outcomes.

Randy Priem reviews the current discussions about fortifying the independence of determination committees deciding whether a credit event took place for single-name credit default swaps. He offers several possible strategies.