Vol.27, No. 4, Winter 2005

Cover Story

Securities & Exchange

MOME in Hindsight How has "The Mechanisms of Market Efficiency" fared over the past 20 years? by Ronald J. Gilson and Reinier Kraakman (PDF, 9 pp, 220 Kb)

Features

Banking & Finance

Incentives Askew? Fannie Mae and Freddie Mac's executive pay arrangements may be inappropriate. by William R. Emmons and Gregory E. Sierra (PDF, 8 pp, 1.0M)

The Collapse of a Noble Idea The failure of the L.A. Community Development Bank epitomizes how good intentions often become bad policy. by Robert Krol and Shirley Svorny (PDF, 4 pp, 208K)

Health & Medicine

The FDA's Antibiotic Resistance If bacteria are becoming increasingly resistant to current antibiotics, why is the FDA discouraging the development of new antibiotics? by Paul H. Rubin (PDF, 4 pp, 169K)

Antitrust

Conservation Cartels Competition policy can conflict with environmental protection. by Jonathan H. Adler (PDF, 8 pp, 243K)

Agriculture

Growing Pressures on Farm Policy Criticism at home and abroad may push U.S. agriculture policy back on the path to reform. by J. Corey Miller (PDF, 8 pp, 344K)

Telecommunications & Technology

Holding Internet Service Providers Accountable Would indirect libability reduce costly cyberspace externalities? by Douglas Lichtman (PDF, 6 pp, 98K)

Risk

What is a Life Worth? Despite its prima facie callousness, determining the value of a human life is necessary for good public policy. by Ike Brannon (PDF, 4 pp, 109K)

For the Record

America's Real Vulnerability to Terrorists | The Right Answer to Coase's First Question (PDF, 2 pp, 111K)

Mercatus Reports

The Bush Administration's Regulatory Record | Commentary: Wine Wars (PDF, 8 pp, 550K)

Briefly Noted

Suppressing Volunteer Firefighting, by Marshall L. Stocker | NAAQS's 'Where's Waldo' Problem, by Kay H. Jones | Auctioning Pollution Rights, by Ted Gayer | Options Are an Expense, but Mandatory Grant-Date Expensing Is Bad Accounting, by Junning Cai (PDF, 10 pp, 788K)

In Review

Leviathan, by Clint Bolick | Competing with the Government, by R. Richard Geddes | You Have to Admit It's Getting Better, by Terry L. Anderson (PDF, 1 pp, 251K)

The Final Word

I've Got Mail by Marni Soupcoff (PDF, PP, 62K)