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24 Stan. Tech. L. Rev. 55 (2020-2021)
Why Google Dominates Advertising Markets

handle is hein.journals/stantlr24 and id is 55 raw text is: Why Google Dominates Advertising Markets
Competition Policy Should Lean on the
Principles          of     Financial         Market         Regulation
Dina Srinivasan*
*Since leaving the industry, and authoring The Antitrust Case Against Face-
book, I continue to research and write about the high-tech industry and competition,
now as a fellow with Yale University's antitrust initiative, the Thurman Arnold Pro-
ject. Separately, I have advised and consulted on antitrust matters, including for news
publishers whose interests are in conflict with Google's. This Article is not squarely
about antitrust, though it is about Google's conduct in advertising markets, and the
idea for writing a piece like this first germinated in 2014. At that time, Wall Street was
up in arms about a book called FLASH Boys by Wall Street chronicler Michael Lewis
about speed, data, and alleged manipulation in financial markets. The controversy
put high speed trading in the news, giving many of us in advertising pause to appre-
ciate the parallels between our market and trading in financial markets. Since then, I
have noted how problems related to speed and data can distort competition in other
electronic trading markets, how lawmakers have monitored these markets for con-
duct they frown upon in equities trading, but how advertising has largely remained
off the same radar. This Article elaborates on these observations and curiosities. I am
indebted to and thank the many journalists that painstakingly reported on industry
conduct, the researchers and scholars whose work I cite, Fiona Scott Morton and Aus-
tin Frerick at the Thurman Arnold Project for academic support, as well as Tom Fer-
guson and the Institute for New Economic Thinking for helping to fund the research
this project entailed. I remain deeply grateful to the many scholars that generously
shared their feedback, comments, and insight, often on matters well outside of my
area of expertise: Eric Budish, Kevin Haeberle, Scott Hemphill, Michael Kearns, Lina
Khan, Jonathan Macey, Doug Melamed, John Morley, Gabriel Rauterberg, Thomas
Philippon, Marc Rotenberg, Ashkan Soltani, and Chester Spatt, amongst others. I also
warmly thank John Schwall and Rick Arney for helping me to better appreciate the
parallels to financial markets, Zach Edwards for critical thinking and research assis-
tance, Jennifer LaCosse for careful edits and thoughtful suggestions, Chaaru Deb for
excellent legal research assistance, and the editors at the STANFORD TECHNOLOGY LAW
REVIEW for outstanding editorial support. The views and errors therein are my own.

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