Frank Hoover Easterbrook

Hon. Frank Hoover Easterbrook
Firm: United States Court of Appeals, Seventh Circuit
Address: Room 2746
Everett McKinley Dirksen United States Courthouse
219 S. Dearborn Street
Chicago, IL 60604
Phone: (312) 435-5850
Fax: (312) 435-5797
E-mail: Contact Us
Web site:

Position Education Honors
Published Works Affiliations
Current Employment Position(s):

University of Chicago Law School, Chicago, Illinois, 1973
Honors: cum laude
Honors: Order of the Coif
Law Review: University of Chicago Law Review, Topics and Comment Editor

Swarthmore College, Swarthmore, Pennsylvania, 1970
Honors: With High Honors
Major: Economics
Major: Political Science

Published Works:
Presidential Review, 40 Case Western Reserve Law Review 905, 1989-1990

Is Corporate Bankruptcy Efficient?, 27 Journal Financial Economic 411, 1990

What's So Special About Judges?, 61 University of Colorado Law Review 773, 1990

The Corporate Contract, 89 Columbia Law Review 1416, 1989

The Constitution of Business, 11 George Mason Law Review, 1988

Contract and Fiduciary Duty (Co-Author: Daniel R. Fischel), 36 Journal of Law & Economics 425, 1993

The Demand for Judicial Review, 88 Northwestern Law Review 372, 1993

Unitary Executive Interpretation: A Comment, 15 Cardozo Law Review 313, 1993

Abstraction and Authority, 59 University of Chicago Law Review 349 (1992), reprinted in The Bill of Rights in the Modern State 349 (Editors: Geoffrey R. Stone, Richard A. Epstein & Cass R. Sunstein, 1992)

Arbitration, Contract and Public Policy, in Arbitration 1991: The Changing Face of Arbitration in Theory and Practice 65 (Editor: Gladys W. Gruenberg), 1992

Bills of Rights and Regression to the Mean, 15 Harvard Journal of Law and Public Policy 71, 1992

Ignorance and Antitrust, in Antitrust, Innovation, and Competitiveness 119 (Editors: Thomas M. Jorde and David J. Teece), 1992

Monopolization: Past, Present, Future, 61 Antitrust Law Journal 99, 1992

Plea Bargaining as Compromise, 101 Yale Law Journal 1969, 1992

Regulation and Responsibility: A Note on Banking, 77 Cornell Law Review 1079, 1992

Some Tasks in Understanding Law Through the Lens of Public Choice, 12 International Review of Law and Economics 284, 1992

What Does Legislative History Tell Us?, 66 Chicago-Kent Law Review 441, 1992

Civil Rights and Remedies, 14 Harvard Journal of Law and Public Policy 103, 1991

High-Yield Debt as an Incentive Device, 11 International Review of Law and Economics 183, 1991

Antitrust 1889, 29 Washburn Law Journal 150, 1990

Intellectual Property is Still Property, 13 Harvard Journal of Law and Public Policy 108, 1990

Success and the Judicial Power, 65 Indiana Law Journal 277, 1990

Approaches to Judicial Review, in The Blessings of Liberty: An Enduring Constitution in a Changing World 147 (Editors: Jack David and Robert B. McKay, 1989), reprinted in Politics and the Constitution: The Nature and Extent of Interpretation 17, National Legal Center for the Public Interest 1990

The Corporate Contract (Co-Author: Daniel R. Fischel), reprinted in Corporate Law and Economic Analysis 182-215, Cambridge University Press (Editor: Lucian Arye Bebchuk, 1990), Foundations of Corporate Law, Oxford University Press (Editor: Roberta Romano, 1993)

Discovery as Abuse, 69 Boston University Law Review 635, 1989

The Inevitability of Law and Economics, 1 Legal Education Review 3, 1989

On Being A Commercial Court, 65 Chicago-Kent Law REview 877, 1989

The Role of Original Intent in Statutory Construction, 11 Harvard Journal of Law and Public Policy 59, 1988

Stability and Reliability in Judicial Decisions, 73 Cornell Law Review 422, 1988

Allocating Antitrust Decisionmaking Tasks, 76 Georgetown Law Journal 305, 1987

Comparative Advantage in Antitrust Law, 75 California Law Review 983, 1987

Implicit and Explicit Rights of Association, 10 Harvard Journal of Law and Public Policy 91, 1987

The Influence of Judicial Review on Constitutional Theory, in A Workable Government?: The Constitution After 200 Years 170 (Editor: B. Marshall, 1987)

Justice and Contract in Consent Judgments, 1987 University of Chicago Legal Forum 19

Close Corporations and Agency Costs, 38 Stanford Law Review 271 (Co-Author: Daniel R. Fischel), 1986

On Identifying Exclusionary Conduct, 61 Notre Dame Law Review 972, 1986

Monopoly, Manipulation and the Regulation of Futures Markets, 59 Journal of Business S103 (1986), reprinted in The Handbook of Financial Engineering 636 (Editors: Clifford W. Smith, Jr. and Charles W. Smithson, 1990)

Treble What?, 55 Antitrust Law Journal 95, 1986

Workable Antitrust Policy, 84 Michigan Law Review 1696, 1986

Detrebling Antitrust Damages, 28 Journal of Law and Economics 445, 1985

Insider Trading as an Agency Problem, in Principals and Agents: The Structure of Business 81 (Editors: J. Pratt and R. Zeckhauser), 1985

Limited Liability and the Corporation, 52 University of Chicago Law Review 89 (1985), reprinted in 27 Corporate Practice Commentator 313 (1985)

Optimal Damages in Securities Cases, 52 University of Chicago Law Review 611 (Co-Author: Daniel R. Fischel), 1985

Agreement Among the Justices: An Empirical Note, 1984 Supreme Court Review 389

Antitrust: Cases, Economic Notes and Other Materials (Co-Author: Richard A. Posner), 2nd ed., 1981, supplements 1982-1983, 1984-1985; 3rd ed. 1994

The Economic Structure of Corporate Law (Co-Author: Daniel R. Fischel), 1991

Legal Interpretation (draft 1994)

Do Targets Gain from Defeating Tender Offers? (Co-Author: Gregg A. Jarrell), 59 New York University Law Review 277, reprinted in Corporate Counsel's Annual 1985, at 189 (Editor: E. Burchell, 1985)

Legal Interpretation and the Power of the Judiciary, 7 Harvard Journal of Law and Public Policy 87, 1984

The Limits of Antitrust, 63 Texas Law Review 1 (1984), reprinted as University of Chicago Law School Occasional Paper No. 21 (1985)

Managers' Discretion and Investors' Welfare: Theories and Evidence, 9 Delaware Journal of Corporate Law 540, 1984

Mandatory Disclosure and the Protection of Investors, 70 Virginia Law Review 669 (Co-Author: Daniel R. Fischel), 1984

Petitioning for Protection from Competition: A Comment, The Political Economy of Regulation: Private Interests in the Regulatory Process 93 (Editors: R. Rogowsky and B. Yandle), 1984

The Supreme Court, 1983 Term - Foreword: The Court and the Economic System, 98 Harvard Law Review 4, 1984

Two Agency-Cost Explanations of Dividends, 74 American Economic Review 650, 1984

Vertical Arrangements and the Rule of Reason, 53 Antitrust Law Journal 154 (1984), reprinted in Corporate Counsel's Annual 1985, at 461 (Editor, E. Burchell, 1985)

Antitrust and the Economics of Federalism, 26 Journal of Law and Economics 23 (1983), reprinted in 16 Journal Reprints Antitrust Law & Economics 741 (1986)

Criminal Procedure as a Market System, 12 Journal of Legal Studies 289, 1983

The Most Insignificant Justice: Further Evidence, 50 Chicago Law Review 481, 1983

Statutes' Domains, 50 University of Chicago Law Review 533, 1983

Voting in Corporate Law, 26 Journal of Law & Economics 395 (1983) (Co-Author: Daniel R. Fischel)

Antitrust Suits by Targets of Tender Offers (Co-Author: Daniel R. Fischel), 80 Michigan Law Review 1155 (1982), reprinted in 24 Corporate Practice Commentator 515 (1983)

Auctions and Sunk Costs in Tender Offers (Co-Author: Daniel R. Fischel), 35 Stanford Law Review 1, 1982

Corporate Control Transactions (Co-Author: Daniel R. Fischel), 91 Yale Law Journal 698 (1982), reprinted in Corporate Counsel's Annual 1983, at 207 (Editor: E. Burchell, 1983)

Is There a Ratchet in Antitrust Law, 60 Texas Law REview 705, 1982

Substance and Due Process, 1982 Supreme Court Review 85

Ways of Criticizing the Court, 95 Harvard Law REview 802, 1982

Due Process and Parole Decisionmaking, in Parole in the 1980's, at 77, U.S. Parole Commission, 1981

Insider Trading, Secret Agents, Evidentiary Privileges, and the Production of Information, 1981 Supreme Court Review 309

Maximum Price Fixing, 48 University of Chicago Law Review 886 (1981), reprinted in 24 Corporate Practice Commentator 281 (1982)

Predatory Strategies and Counterstrategies, 48 University of Chicago Law Review 263 (1981), reprinted in 23 Corporate Practice Commentator 399 (1981)

The Proper Role of a Target's Management in Responding to Tender Offer (Co-Author: Daniel R. Fischel), 94 Harvard Law Review 1161 (1981), re. in Fiduciary Problems in Acquisitions & Takeovers 195 (Ed.: L. Herzel, 1981), in 13th Ann. Institute on Sec. Reg. 343 (Ed.: A. Fleischer, 1981), & Corp. Counsel's Annual 1982 at 147 (Ed.: E. Burchell, 1982)

Tender Bids, Defensive Tactics, and Shareholders' Welfare, 36 Business Lawyer 1733 (1981) (Co-Author: Daniel R. Fischel), reprinted in 13th Annual Institute on Securities Regulation 387 (Editor: A Fleischer, 1981)

Contribution Among Antitrust Defendants: A Legal and Economic Analysis, 23 Journal of Law & Economics 331 (1980) (Co-Authors: William M. Landes & Richard A. Posner)

Privacy and the Optimal Extent of Disclosure Under the Freedom of Information Act, 9 Journal of Legal Studies 775, 1980

Due Process in Selective Service Appeals, 39 University of Chicago Law Review 331, 1972

Toehold Acquisitions and the Potential Competition Doctrine, 40 University of Chicago Law Review 156, 1972

Public Employment: A Selected and Annotated Bibliography, U.S.G.P.O., 1970

Work Relief in the Depression, Europe, and the Manpower Decade: Some Implications for Program of Public Employment, (Co-Author: Michael Barth), U.S.G.P.O., 1970

Federalism and European Business Law, International Review of Law & Economics (with version in a book to follow), 1994

Levels of Generality in Statutory Construction, Florida State Law Review, 1994

Madison's Vision of the State from a Public Choice Perspective, Harvard Law Review, 1994

Text, History and Structure in Statutory Interpretation, Harvard Journal of Law and Public Policy, 1994

Congress, the Courts, and the Bill of Rights (introduction & comment), 23 Cumberland Law Review 91, 1992-1993

Competition, not Competitors: The Domain of Antitrust, in Antitrust Intervention in the Health Care Industry 35 (proceedings of the 32d George Bugbee Symposium on Hospital Affairs, May 1990)

Property Rights, Legal Wrongs in Insider Trading (Co-Author: Daniel R. Fischel), The American Enterprise 56, September/October, 1990

Trading on Inside Information (Co-Author: Daniel R. Fischel), 36 University of Chicago Law School Record 10, Spring, 1990

An Immutable Vision, Washington Post Magazine 52, June 28, 1987

The Risk of Mistaken Decisions, The Future of the Business-Judgment Standard in Antitrust, 207 Conference Board Research Bulletin 11, 1987

William H. Rehnquist, 3 Encyclopedia of the American Constitution 1533 (Editors: L. Levy and K. Karst, 1986)

Afterword: Knowledge and Answers, 85 Columbia Law Review 1117, 1985

Can Industries Survive Part Regulated and Part Free?, Antitrust in Transition: Two Dialogues, 184 Conference Board Research Bulletin 5-15, 1985

Method, Result and Authority: A Reply, 98 Harvard Law Review 622, 1985

Models and Decisions, Antitrust and New Views of Microeconomics, 195 Conference Board Researc Bulletin 10-11, 1985

Comments (on tender offers), in Proceedings of SEC Major Issues Conference 10-12, June 28-29, 1984

Developments in the Regulation of Tender Offers, 2 National Institute on Securities Regulation 1984 (University of Colorado conference volume)

Priorities Among Antitrust Concerns, The Future of Antitrust: Two Dialogues, 163 Conference Board Research Bulletin 15-24, 1984

Reply, 8 Regulation 4, May/June, 1984

Report of the Task Force on Distributed Computing, 17 University of Chicago Record 1, 1984

Restricted Dealing is a Way to Compete, 8 Regulation, January/February, 1984

Why the Antitrust Laws Should Not Interfere with Manufacturers' Efforts to Control the Distribution of Products, 16 National Journal 299, February 11, 1984

On Not Enforcing the Law, 7 Regulation 14, January/February, 1983

On the Resignation of Ronald H. Coase (Co-Authors: William M. Landes & Dennis W. Carlton), 26 Journal of Law & Econ. iii (1983)

Report of Recommendations, SEC Advisory Committee on Tender Offers (multiple authors; separate statement with Gregg A. Jarrell), July, 1983

Analysis of United States Department of State v. Washington Post Co., Preview of United States Supreme Court Cases 3, April 22, 1982

Book Review (of S. Breyer, Regulation and its Reform), 90 Journal of Pol. Econ. 1300, 1982

Breaking Up Is Hard To Do, 5 Regulation 25, November/December, 1981

Comments on An Economic Definition of Predatory Product Innovation, followed by Round Table Discussion, Strategy, Predation and Antitrust Analysis 415-46, 637-708 (Editor: S. Salop, 1981)

Is Takeover Defense in Shareholders' Best Interests? (Co-Author: Daniel R. Fischel), Legal Times of Washington 42, August 10, 1981

New Directions in Legal Regulation of Tender Offers, Fiduciary Problems in Acquisitions and Takeovers 97 (Editor: L. Herzel, 1981)

Minority Shareholders, id. at 399

Statement before the Senate Committee on the Judiciary concerning Contribution Legislation, Hearings, The Antitrust Equal Enforcement Act, S. 995, 97th Congress, at 182-203, 1981

Vertical Restrictions on Distribution, Antitrust Economics 209, Lexecon Inc., 1981

When Shareholders Become the Victims (Co-Author: Daniel R. Fischel), New York Times, July 12, 1981, sec. F, at 2

Discovery from Experts (Co-Author: Andrew M. Rosenfield), Antitrust Economics 264, Lexecon Inc., 1980

Teaching Law, Swarthmore College Bulletin 6, November, 1980

Classes/Seminars Taught:
Assistant Professor of Law, University of Chicago Law School, 1978 - 1985

Professor of Law, University of Chicago Law School, 1981 - 1984

Lee & Brena Professor of Law, University of Chicago Law School, 1984 - 1985

Senior Lecturer, University of Chicago, 1985 - Present

Antitrust Law, Civil Procedure, Constitutional Law, Corporate Law, Criminal Procedure, Interpretation, Judicial Process, Regulated Industries, Securities,, United States Supreme Court

Panel, Presidential Lawmaking Powers, 68 Washington University Law Quarterly 536, 1990

Panel, Equality Versus Discretion in Sentencing, 26 Am. Crim. Law Review 155, 1989

Panel Discussion, in Antitrust and Competition: Shifting Dimensions, 225 Conference Board Research Bulletin 5, 1988

Panel Discussion, in Antitrust Issues for a New Administration, 233 Conference Board Research Bulletin 6, 1989

Honors and Awards:
Department of Justice, Special Commendation for Outstanding Service, 1979

Emory University, Distinguished Scholarship in Law and Economics Award, 1981

Mont Pelerin Society Fellow, 1982

Named one of the Ten Outstanding Young Citizens of Chicago, Chicago Junior Association of Commerce and Industry, 1983

D. Francis Bustin Prize, 1985

Jerome N. Frank Prize, for Best Student Writing, University of Chicago Law Review, 1973

Named One of Ten Outstanding Young Citizens of Chicago, Chicago Jaycees, 1981

Special Award, Outstanding Contributions in the Field of Law and Economics, George Mason University Student Bar Association, 1992

Professional Associations and Memberships:
American Bar Association

American Legal Institute

American Economic Association

American Law Institute

Federal Bar Association

Association of American Law Schools, 1982 - 1985
Member, Executive Committee, Antitrust Section

District of Columbia Bar

Mont Pelerin Society

James Madison Memorial Fellowship Foundation, 1988 - 1993
Member, Board of Trustees (appointed by President)

Judicial Conference of the United States, 1991 - Present
Member, Committee on Practice and Procedure

SEC Advisory Committee on Tender Offers, 1983 - Present

American Academy of Arts and Sciences

Past Employment Positions:
Judge Levin H. Campbell, United States Court of Appeals, First Circuit, Law Clerk, 1973 - 1974

Office of the Solicitor General, Department of Justice, Assistant to the Solicitor General, 1974 - 1977

Office of the Solicitor General, Department of Justice, Deputy Solicitor General, 1978 - 1979

Lexecon, Inc., Principal Economic Consultant, 1980 - 1985

Securities and Exchange Commission Advisory Committee on Tender Offers, Member, 1983

Phi Beta Kappa
Birth Information:
1948, Buffalo, New York, United States of America

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