This is volume 65 issue 4 of The Journal of Law and Economics. Established in 1958, the Journal of Law and Economics publishes research on a broad range of topics, including the economic analysis of law, the economic analysis of regulation and the behavior of regulated firms, industrial organization and antitrust policy, the political economy of legislation and legislative processes, law and finance, and corporate finance and governance. The JLE has published some of the most influential and widely cited articles in these areas. It is an invaluable resource for academics and those interested in cutting-edge analysis of current public policy issues.