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I thank Donald Clarke, Mary Gallagher, Nicholas Howson, Benjamin Lieberman, Julia Ya Qin, Angela Huyue Zhang, and participants in the “China’s Legal Construction Program at 40 Years: Towards an Autonomous Legal System?” conference at the University of Michigan Law School for helpful comments on an earlier draft of the article.

Many thanks to Professor Anthony Casey for his thoughtful insights and charitable guidance. Thank you to the University of Chicago Business Law Review editorial staff, and special thanks to J.P. Callahan for incredibly helpful feedback.

I am grateful to Professor Joshua Macey and Anna Nathanson for their invaluable comments and edits.

Many thanks to the entire University of Chicago Business Law Review, especially Spencer Parts, and to Professor Randal Picker for help and comments. I would like to especially thank Professor Eric Posner for his thoughtful suggestions regarding this Comment, and his guidance in thinking about labor antitrust.

This article was originally drafted in 2018. While the arguments remain equally relevant today, the data and analysis date to that time. I would like to thank Pat Akey, Benjamin Alarie, Anita Anand, Oren Bar-Gill, William Birdthistle, Bernie Black, Vincent Buccola, Ignacio Cofone, Mary Condon, Peter Cziraki, Jared Ellias, Jeff Gordon, Andrew Green, Will Goetzmann, Jill Fisch, Gillian Hadfield, Jim Hines, Richard Hynes, Joshua Mitts, Ed Morrison, Roger Myerson, Anthony Niblett, Shu-Yi Oei, Omer Pelled, Roberta Romano, Sarath Sanga, Holger Spamann, Michael Trebilcock, Andrew Verstein, Albert Yoon, an anonymous referee, and the editors of the University of Chicago Business Law Review, as well as seminar participants at the Canadian Economics Association annual meeting, the Conference on Empirical Legal Studies, DiTella University, Northwestern University Pritzker School of Law, the Purdy Crawford Emerging Business Law Scholars Workshop, the STILE Law & Economics Workshop, the University of Chicago Law School, the University of Pennsylvania Carey Law School, the University of Southern California Gould School of Law, and the University of Toronto Faculty of Law. Financial support from the Tory Fund and the Connaught New Researcher Award are gratefully acknowledged. Alvin Yau provided exceptional research assistance. All remaining errors and shortcomings are my own.

The author’s professional affiliation is provided for identification purposes only. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency of the U.S. government. The author is grateful to Jeremy Kress, Patricia McCoy, Arthur E. Wilmarth, Jr., Heidi Mandanis Schooner, Saule Omarova, Thomas Hoenig, and Anat Admati for their insightful comments and feedback. Most importantly, great thanks to the talented staff of the University of Chicago Business Law Review for their hard work and substantial improvements to this Article.

I would like to thank Anna Heim and Xinran Hu for their excellent research assistance.

Many thanks to the editors and staff of the University of Chicago Business Law Review and to Professor Joan E. Neal for their valuable feedback.

For useful comments and suggestions we are grateful to Elizabeth Pollman and participants at the University of Chicago Business Law review, inaugural symposium.

For disclosure of other affiliations and activities, see http://www.law.harvard.edu/faculty/bebchuk/bio.shtml. I benefitted from discussions with and comments from Scott Hirst, Kobi Kastiel, and participants in the University of Chicago Symposium on the Economic Structure of Corporate Law.