ARON ANDERSON
Competition Law, Antitrust Economics & Quantitative Merger Control
Joplin,MO
Summary
Dynamic legal scholar and financial economist specializing in quantitative merger control, horizontal shareholding, and algorithmic collusion under Section 7 of the Clayton Act and Sections 1–2 of the Sherman Act. Expertise includes integrating top-tier legal training with advanced structural econometrics to rigorously assess multi-billion-dollar M&A transactions, dynamic market power, and sovereign regulatory enforcement. Proven ability to navigate complex regulatory landscapes while delivering insightful analyses that inform strategic decision-making. Committed to advancing the understanding of competitive practices in evolving markets through innovative research and practical applications.
Overview
2
2
Languages
1
1
Certification
10
10
years of professional experience
Work History
Visiting Assistant Professor of Law & Senior Empirical Research Fellow (Teaching & Research)
Harvard Law School
01.2023 - Current
- Teaching Experience: Designed and taught upper-level JD/LLM seminars including Antitrust Law & Financial Markets (78 students; 4.91/5.00 evaluation), Quantitative Merger Control & DOJ/FTC 2023 Merger Guidelines (45 students), and Empirical Law & Finance Workshop; supervised 14 JD/PhD independent research papers and LLM theses annually, fostering rigorous academic research.
- Research Leadership: Led empirical investigation on $1.45M Sloan & Olin Foundation grant analyzing 1,850+ Hart-Scott-Rodino (HSR) Second Request investigations and institutional asset manager holdings, contributing to understanding of regulatory impacts on $18.4T AUM sample.
- Methodologies & Quantitative Achievements: Developed novel Modified Herfindahl-Hirschman Index (MHHI) and Gross Upward Pricing Pressure Index (GUPPI) estimation pipeline in Python/Julia, revealing 14.2% systemic underestimation of coordinated mergers in multi-sided financial clearinghouse mergers, enhancing analytical frameworks in merger assessments.
- Program on Law & Economics
Senior Financial Economist & Special Trial Counsel (Financial Services, Fintech & Capital Markets Section)
U.S. Department of Justice (DOJ), Antitrust Division
01.2021 - 01.2023
- Directed econometric modeling and legal theory of harm for 11 Phase I / Second Request merger investigations exceeding $92B in aggregate transaction value across stock exchanges.
- Markets Section
- Conducted economic analyses supporting merger review, conduct investigations, and antitrust enforcement decisions.
- Applied econometric methods to evaluate competition effects, pricing behavior, and market concentration.
- Developed data-driven memoranda summarizing findings for attorneys, managers, and senior leadership.
Senior Associate, Antitrust & Competition Economics Practice
Cornerstone Research & Cravath, Swaine & Moore LLP (Joint Practice Residency)
01.2020 - 01.2021
- Co-authored 9 Rule 26 expert economic rebuttal reports in federal multidistrict litigation (MDL) defending major investment banks against LIBOR/SOFR benchmark manipulation and credit default swap (CDS) boycotts, contributing to a 78% reduction in alleged damages of $4.8B at summary judgment.
- Executed synthetic Difference-in-Differences (DiD) and structural auction models on 42 terabytes of tick-level limit order book data to analyze tacit algorithmic collusion and bid-ask spread inflation.
- Facilitated M&A regulatory clearance processes
Olin Doctoral Fellow in Law & Economics and Teaching Fellow (Teaching & Research)
Yale Law School & Thurman Arnold Project at Yale
01.2017 - 01.2020
- Teaching & Research: Head Teaching Fellow for Antitrust & Competition Policy, Corporate Finance, and Econometrics for Legal Scholars (4 semesters). Developed comprehensive database of 640 EU DG COMP Phase II and U.S. FTC/DOJ merger challenges (2000–2020) to analyze efficiency defense survival rates.
- Departments of Law & Economics
Education
Ph.D. - Law & Financial Economics (Joint Doctoral Program)
Yale University & Yale Law School
New Haven, CT, USA05-2020
J.D. & Master of Laws (LL.M. / J.S.M.) - Corporate Governance & Competition Practice
Stanford Law School, Stanford University
Stanford, CA, USA06-2016
Bachelor of Arts (B.A.) - Law, Letters, and Society & Quantitative Financial Economics
The University of Chicago (Joint Visiting Honors Exchange At Columbia University)
Chicago, IL & New York, NY, USA04-2014
Skills
- Quantitative & Econometric Methods: BLP Random Coefficients Demand Estimation, Horizontal & Vertical Merger Simulation, GUPPI / UPP / CMCR Calibration, Nash-in-Nash Vertical Bargaining, Synthetic Difference-in-Differences (DiD), Regression Discontinuity, Dynamic Oligopoly (Ericson-Pakes), Critical & SSNIP Hypothetical Monopolist Testing
- Competition & Merger Frameworks: Sherman Act (§§ 1–2), Clayton Act (§§ 7, 8 Interlocking Directorates), HSR Act Premerger Notification, 2023 DOJ/FTC Merger Guidelines, EU Merger Regulation (EUMR Art 101/102 TFEU), UK CMA Phase 2 Remedies, Financial Market Infrastructure & Private Equity Roll-Up Scrutiny
- Programming & Computational Tools: Python (PyBLP, NumPy, SciPy, Pandas, Statsmodels, PyTorch), R (fixest, plm, antitrust), Stata MP, Julia (JuMP), SQL / Apache Spark (distributed high-frequency financial tick processing), MATLAB, Git, LaTeX
- Financial & Legal Data Terminals: Bloomberg Terminal, Refinitiv Eikon, WRDS (CRSP, Compustat, Thomson Reuters 13F Institutional Holdings, TAQ), SDC Platinum M&A Database, Preqin, Capital IQ, Lexis, Westlaw Precision, FTC/DOJ HSR Filing Repositories
Accomplishments
- 1. Anderson, A. (2025). "Horizontal Shareholding, Passive Index Funds, and Structural Presumptions under the 2023 Merger Guidelines." Yale Law Journal, 134(4), 1120–1198. LEAD ARTICLE
- 2. Anderson, A. & Vance, M. R. (2024). "Dynamic GUPPI and Coordinated Effects in Electronic Financial Exchanges: Evidence from Tick-Size Consolidations." Journal of Law and Economics, 67(2), 341–382. PEER-REVIEWED
- 3. Anderson, A. (2023). "Private Equity Roll-Ups and Stealth Consolidation: Rethinking Hart-Scott-Rodino Reporting Thresholds in Financial Services." Stanford Law Review, 75(5), 985–1054. CITED BY FTC
- 4. Anderson, A., Chen, L., & Katz, D. (2022). "Algorithmic Market Makers and Tacit Collusion under Section 1 of the Sherman Act: A Structural Empirical Test." American Economic Journal: Microeconomics, 14(3), 210–254. PEER-REVIEWED
- 5. Anderson, A. (2021). "Vertical Foreclosure in Financial Data Feeds: Nash-in-Nash Bargaining Models in Merger Control." Columbia Law Review, 121(6), 1640–1705.
- 6. Anderson, A. (2019). "Common Ownership and Commercial Banking Competition: Re-evaluating MHHI Delta Thresholds." Antitrust Law Journal, 82(3), 715–762.
Certification
New York State Bar
Timeline
Visiting Assistant Professor of Law & Senior Empirical Research Fellow (Teaching & Research)
Harvard Law School
01.2023 - Current
Senior Financial Economist & Special Trial Counsel (Financial Services, Fintech & Capital Markets Section)
U.S. Department of Justice (DOJ), Antitrust Division
01.2021 - 01.2023
Senior Associate, Antitrust & Competition Economics Practice
Cornerstone Research & Cravath, Swaine & Moore LLP (Joint Practice Residency)
01.2020 - 01.2021
Olin Doctoral Fellow in Law & Economics and Teaching Fellow (Teaching & Research)
Yale Law School & Thurman Arnold Project at Yale
01.2017 - 01.2020
Ph.D. - Law & Financial Economics (Joint Doctoral Program)
Yale University & Yale Law School
J.D. & Master of Laws (LL.M. / J.S.M.) - Corporate Governance & Competition Practice
Stanford Law School, Stanford University
Bachelor of Arts (B.A.) - Law, Letters, and Society & Quantitative Financial Economics
The University of Chicago (Joint Visiting Honors Exchange At Columbia University)