Black Metropolis Research Consortium
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A Retrospective Analysis of the AT&T/Time Warner Merger
Get PDFThis article provides a retrospective of a litigated vertical merger: the 2018 AT&T/Time Warner merger, which was challenged by the US Department of Justice, litigated, and permitted to proceed by the court. We describe and evaluate in detail the economic model used by the government’s expert and then focus our empirical work on the accuracy of the predictions made by that model. We also discuss evidence related to the Comcast/NBC Universal merger, which involved the same theory of harm and was allowed to proceed with a remedy similar to the contractual commitment that AT&T/Time Warner unilaterally adopted. We conclude that the evidence from the time of trial showed the theory of harm to be weak and the specific empirical predictions made by the government’s expert to be wrong. Postmerger evidence confirms that conclusion, as does new evidence from the earlier Comcast/NBC Universal merger
The Enduring Neighborhood Effect, Everyday Urban Mobility, and Violence in Chicago
Get PDFA longstanding tradition of research linking neighborhood disadvantage to higher rates of violence is based on the characteristics of where people reside. This Essay argues that we need to look beyond residential neighborhoods to consider flows of movement throughout the wider metropolis. Our basic premise is that a neighborhood’s well-being depends not only on its own socioeconomic conditions but also on the conditions of neighborhoods that its residents visit and are visited by—connections that form through networks of everyday urban mobility. Based on the analysis of large-scale urban-mobility data, we find that while residents of both advantaged and disadvantaged neighborhoods in Chicago travel far and wide, their relative isolation by race and class persists. Among large U.S. cities, Chicago’s level of racially segregated mobility is the second highest. Consistent with our major premise, we further show that mobility-based socioeconomic disadvantage predicts rates of violence in Chicago’s neighborhoods beyond their residence-based disadvantage and other neighborhood characteristics, including during recent years that witnessed surges in violence and other broad social changes. Racial disparities in mobility-based disadvantage are pronounced—more so than residential neighborhood disadvantage. We discuss implications of these findings for theories of neighborhood effects on crime and criminal justice contact, collective efficacy, and racial inequality
Cities, Preemption, and the Statutory Second Amendment
Get PDFAlthough the Second Amendment tends to dominate the discussion about legal limits on gun regulation, nothing has done more to shape the state of urban gun law than state preemption laws, which fully or partially limit cities’ ability to regulate guns at the local level. The goals of this short Essay are to shed light on this “Statutory Second Amendment” and to provide a basic framework for evaluating it
Fee-Shifting Bylaws: An Empirical Analysis
No full textShareholder litigation has long played a central but highly controversial role in American corporate governance. In 2014, the Delaware Supreme Court took a step that had the potential to dramatically reduce the amount of such litigation. In its landmark decision in ATP Tour, Inc. v. Deutscher Tennis Bund, the court embraced the legality of so-called fee-shifting bylaws. Such bylaws typically require plaintiff-shareholders to bear a corporation’s litigation expenses if their suit does not succeed. Only a year later, however, the Delaware legislature overruled ATP by promulgating a ban on fee-shifting provisions. From a policy perspective, the crucial question is whether allowing fee-shifting bylaws benefits shareholders. Although many scholars have weighed in on this issue, no empirical study has examined the ATP decision’s impact on shareholder wealth. This article fills that gap. Using a hand-collected data set on fee-shifting provisions, I show that the legalization of fee-shifting bylaws reduced shareholder wealth