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

Undergraduate College Honors Program NYU Stern Faculty Service Award 2019
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)
"Antitrust Policies for the 2020s: Some Sensible Ways Forward"
Applied Economic Perspectives and Policy, 2022

Larry White (2022)
“The Dead Hand of Cellophane and the Federal Google and Facebook Cases: Market Delineation Will Be Crucial”
Antitrust Bulletin, 2022

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

Professor Lawrence White interview: “Bill Ackman Is Probably About to Get a Lot Richer. And Much Louder.”

Professor Lawrence White interview: “Wall Street Has Returned to T+1 Trading For the First Time in a Century. How Much Longer Until T+0?”

Professor Lawrence White interview: “What the Justice Department’s Live Nation-Ticketmaster Suit Is Really About (Hint: It’s Not Taylor Swift).”

Professor Lawrence White interview: “Antitrust Fervor Is Gripping Washington and Silicon Valley. But Lawsuits Have Been Declining.”

Professor Lawrence White interview: “Will the Capital One-Discover Merger Be Approved? A Guide to the Issues.”

Professor Lawrence White interview: “Trump Media Is a Risky Bet, Whether You Love It or Hate It.”

Professor Lawrence White interview: “Leap Day's Financial Winners and Losers.”

Professor Lawrence White interview: “How CRE Loans Threaten New York Community Bank and Other Regionals in 2024.”

Professor Lawrence White interview: “Chex Mix Has Become the Symbol of Overpriced Airport Snacks.”

Professor Lawrence White interview: “How ‘Too Big to Fail’ Turned Into Billions in Profits For JPMorgan Chase.”

Professor Lawrence White interview: “How to Get a HELOC With Bad Credit.”

Professor Lawrence White interview: “Life Insurers Binge on U.S. Financing Aimed at Helping Housing.”

Professor Lawrence White interview: “Realtors Brace For Antitrust Blowback After Jury Verdict.”

Professor Lawrence White interview: “What Is a Conventional Home Loan?”

Professor Lawrence White interview: “Tiny Bank Called Republic First Faces Test of Depositors’ Faith.”

Co-authored research from Clinical Professor Emeritus Kim Schoenholtz and Professor Lawrence White is spotlighted: “Myths and Facts About the Federal Home Loan Bank System.”

Professor Lawrence White interview: “Should the Federal Home Loan Banks Become Public Benefit Corporations?”

The Dangerous Role of America’s Weird Lenders-of-Next-to-Last Resort.

Antitrust Economics at a Time of Upheaval: Recent Competition Policy Cases on Two Continents

Uninsured Depositors Remain a Ticking Time Bomb for the U.S. Banking System.

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