A Global Think Tank ICLE is a nonprofit, non-partisan global research and policy center. Our scholars and scholarship use evidence-based methodologies to assess policy and identify the regulatory underpinnings that enable businesses and innovation to flourish. Working with a roster of more than fifty academic affiliates and research centers from around the globe, ICLE develops intellectual output to build the global intellectual foundation for rigorous, economically-grounded and evidence-based policy. ICLE Academic Advisors: Harold Demsetz, Arthur Andersen UCLA Alumni Emeritus Professor of Business Economics, UCLA Department of Economics [Deceased] Hon. Douglas H. Ginsburg, Senior Circuit Judge, United States Court of Appeals for the DC Circuit Professor of Law, George Mason School of Law Richard A. Epstein, Laurence A Tisch Professor of Law, NYU School of Law Benjamin Klein, Professor Emeritus, UCLA Department of Economics Henry G. Manne, Dean Emeritus, George Mason University School of Law [Deceased] Kevin M. Murphy, George J. Stigler Distinguished Service Professor of Economics, University of Chicago Booth School of Business; MacArthur Fellow and John Bates Clark Medal winner George L. Priest, Edward J. Phelps Professor of Law and Economics and Kauffman Distinguished Research Scholar in Law, Economics and Entrepreneurship, Yale Law School Roberta Romano, Sterling Professor of Law and Director, Yale Law School Center for the Study of Corporate Law, Yale Law School