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Lawrence J. White

Lawrence J. White

Joined Stern 1976

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 7-65
New York, NY 10012

Personal website


Lawrence White has been with New York University Leonard N. Stern School of Business for more than 45 years. His primary research areas of interest include financial regulation, antitrust, network industries, international banking and applied microeconomics.

Professor White has published numerous articles in the Journal of Business, Journal of Economic Perspectives, Journal of Economic Literature, Journal of Political Economy, American Economic Review, Review of Economics and Statistics, Quarterly Journal of Economics, and other leading journals in economics, finance, and law. He is the author of The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation, among other books, and he is the co-editor (with John Kwoka) of the 7th of edition of The Antitrust Revolution. He contributed chapters to the NYU Stern books on the financial crisis - Restoring Financial Stability and Regulating Wall Street. He is the co-author (with Stern's Viral Acharya, Matthew Richardson, and Stijn Van Nieuwerburgh) of Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance. He co-edited and contributed to Stern's recent book Regulating Wall Street: CHOICE Act vs. Dodd-Frank.

Research Interests

  • Antitrust
  • Industrial organization
  • Financial Regulation
  • General Regulation
  • Banks, banking and bank behavior

Courses Taught

  • Firms & Markets
  • Microeconomics: Theory and Applications

Academic Background

Ph.D., Economics, 1969
Harvard University

M.Sc., Economics, 1965
London School of Economics

B.A., Economics, 1964
Harvard University

Awards & Appointments

Industrial Organization Society Distinguished Service Award 2015
NYU Stern Faculty Leadership Award 2014
Western Economic Association International Board Member and Secretary-Treasurer 2006
Corporate Practice Commentator Top 10 Corporate and Securities Article of 2005 2005
Review of Industrial Organization General Editor 2004
University of South Australia Fulbright Senior Specialist Grant 2002
Southern Finance Association meetings Outstanding Paper in Financial Institutions 2000

Selected Publications

L.J. White (2022)
“The Dead Hand of Cellophane and the Federal Google and Facebook Cases: Market Delineation Will Be Crucial”

J.E. Kwoka, Jr., L.J. White (2018)
The Antitrust Revolution: Economics, Competition, and Policy
7th edition, Oxford University Press, 2019

M.P. Richardson, K.L. Schoenholtz, B. Tuckman, L.J. White (2017)
Regulating Wall Street: CHOICE Act vs. Dodd-Frank
NYU Stern, 2017

T.M. Lenard, L.J. White (2016)
Moving Music Licensing into the Digital Era: More Competition and Less Regulation
UCLA Entertainment Law Review, 2016

V. Acharya, M. Richardson, S. Van Nieuwerburgh, L.J. White (2011)
The Government-Sponsored Enterprises
Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance. Wiley, 2011

V. Acharya, M. Richardson, S. Van Nieuwerburgh, L.J. White (2011)
Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance
Princeton University Press, 2011

Related News & Research

Antitrust Policy for the 2020s: Some Sensible Ways Forward

A Riff and a Half on the Delineation of Relevant Markets in Antitrust Cases.

Rethinking Antitrust

Economists are Fleeing the Trump Administration. That's a Worrying Sign for Trump and the Future of the Country.

Professors Vasant Dhar, Nicholas Economides and Lawrence White are quoted in a story exploring what the late July Big Tech hearing revealed and what the future might hold for Amazon, Apple, Facebook and Google

Professor Lawrence White weighs in on the feasibility of the proposed merger of Taboola and Outbrain

Professor Lawrence White is quoted in a story addressing the recent merger of IberiaBank and First Horizon

If The DOD Wants Ligado's Spectrum, It Should Buy It

Professor Lawrence White weighs in on the future trajectory of UBS amid the coronavirus crisis

In a Q&A interview, Professor Lawrence White shares advice for consumers considering a credit card with free balance transfers

Professor Lawrence White illustrates how the speed of the descent with regard to unemployment data and the coronavirus crisis is unprecedented

Professor Lawrence White compares the recent U.S. unemployment report to the data of the Great Depression

Professor Lawrence White is quoted in a story exploring how businesses are stepping up to help fight the spread of coronavirus

Professor Lawrence White offers his thoughts on the long-term financial implications of the coronavirus outbreak

Professor Lawrence White notes that the coronavirus could pose unique challenges to the financial system that are still unclear

In a video interview, Professor Lawrence White discusses the continued impact of the merger of Sprint and T-Mobile, sharing takeaways on individual states’ potential roles in preventing a final deal

5 Reasons the T-Mobile-Sprint Merger Should’ve Been Rejected—And Will Raise Your Phone Bill

Professor Lawrence White asserts that companies will divert their business out of New York following the Trump Administration's move to prohibit NY residents from renewing their access to Global Entry and other Trusted Traveler Programs

Research on the history of credit rating agencies from Professor Lawrence White is cited

Professor Lawrence White is quoted in a story exploring the recent troubles of Wells Fargo

Areas of Expertise


  • Antitrust & Regulatory Issues
  • Business Strategy
  • Economic History
  • Game Theory
  • Industrial Organization
  • Microeconomics
  • Political Economy
  • Social Security


  • Commercial Banking
  • Credit Rating Agencies
  • Fannie Mae/Freddie Mac