Cornerstone Research Experts in Focus

Cornerstone Research Experts in Focus: FTC Withdrawal from U.S. Vertical Merger Guidelines

In September 2021, the Federal Trade commission decided to unilaterally withdraw from the U.S. Vertical Merger Guidelines just a year after they were jointly issued by the FTC and DOJ. This podcast brings together former economic leaders of the FTC and DOJ to provide their insights into the FTC’s decision and the future of vertical merger analysis. Aviv Nevo of the University of Pennsylvania and Andrew Sweeting of the University of Maryland join Bob Majure of Cornerstone Research to discuss:

• Are efficiencies as important to vertical merger analysis as the guidelines suggested?
• Is there an economic consensus in this area and how can that be better reflected in guidelines?
• What are some areas of potential concern and of opportunity for any new version of the guidelines?

Cornerstone Research Experts in Focus: Jules van Binsbergen

Jennifer Juergens of Cornerstone Research interviews Jules van Binsbergen, Professor of Finance at the Wharton School, University of Pennsylvania. In this podcast, Professor van Binsbergen discusses his research related to investment fund management, mutual fund performance benchmarks, and optimal capital structure. Key topics include:

• Active versus passive mutual fund management debate
• Relationship between fund performance and fund flows
• Duration-based stock valuation
• Tradeoffs between costs and benefits of debt in capital structure

Cornerstone Research Experts in Focus: Mark Garmaise

Nick Yavorsky of Cornerstone Research interviews Mark Garmaise, Professor of Finance at the UCLA Anderson School of Management. In this podcast, Professor Garmaise discusses his research on commercial real estate markets, entrepreneurial finance, and consumer finance. He also describes his empirical approach to the complex quantitative and qualitative issues that arise across these areas. Key topics include:

• Commercial real estate as a setting in which to evaluate theories of finance, risk, and banking competition
• The impact of COVID-19 on entrepreneurial firms’ access to financing and credit
• Firm decision-making in the context of financial constraints
• Factors that affect consumer spending

Cornerstone Research Experts in Focus: Lesley Chiou

Lesley Chiou, professor of economics at Occidental College, is an expert on the economics of the internet. In this podcast, she discusses two-sided platforms and their impact on competition in the digital space. Key topics include:

• Characteristics of two-sided platforms
• Platform interactions with complementary products
• Consumer search and platform competition

Cornerstone Research Experts in Focus: Andrea Eisfeldt

Nari Subramanian of Cornerstone Research interviews Andrea Eisfeldt, the Laurence D. and Lori W. Fink Endowed Chair in Finance at the UCLA Anderson School of Management. In this podcast, Professor Eisfeldt talks about her research into asset market liquidity and corporate solvency and its relevance to market events during times of financial and economic crisis, such as the COVID-19 pandemic. Also highlighted in the interview is Professor Eisfeldt’s work in:

• Equity-based compensation
• Drivers of bank valuation ratios
• Fixed income strategies
• Asset management