v88.4

Thanks to Professor William Hubbard and Ramon Feldbrin for thoughtful feedback.

Many thanks to The University of Chicago Law Review editors and Professor John Rappaport for their help and advice.

For valuable input, I am grateful to Hannah Bloch-Wehba, Kiel Brennan-Marquez, Danielle Citron, Julie Cohen, Christina Koningisor, Megan Ericson, Nikolas Guggenberger, Thomas Kadri, Daphne Keller, Louis Kaplow, Mark Lemley, Ngozi Okidegbe, Przemysław Pałka, Mitchell Polinsky, Steven Shavell, David Walker, editors at The University of Chicago Law Review, and participants at Boston University School of Law faculty workshop, Brooklyn Law School faculty workshop, Harvard Law and Economics Seminar, Junior Tech Law Scholars workshop, and Stanford Law and Economics Seminar. Brianne Allan, Jacob Axelrod, Samuel Burgess, Leah Dowd, Derek Farquhar, Shecharya Flatte, Chris Hamilton, Jack Langa, Kathleen Pierre, Tyler Stites, and Gavin Tullis provided excellent research assistance.

I would like to thank workshop participants at the law schools of Columbia University, University of Michigan, and University of Southern California; conference participants at the 2018 Trans-Pacific Business Law Conference and the 2020 Winter Deals Conference; and particularly Dhruv Aggarwal, Adam Badawi, Elisabeth de Fontenay, Joel Friedlander, Jeff Gordon, Michael Knoll, Vice Chancellor Travis Laster, Brian Quinn, and Bob Scott for many helpful comments and suggestions. Comments are welcome to alchoi@umich.edu.