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FOURTH ANNUAL
PENN / NYU CONFERENCE
ON LAW AND FINANCE

FOURTH ANNUAL
PENN / NYU CONFERENCE ON LAW AND FINANCE

Jointly sponsored by
the University of Pennsylvania’s Institute for Law and Economics,
Wharton’s Financial Institutions Center,
and New York University’s Pollack Center for Law & Business.

UPenn's ILE NYU Center for Law & Business


Friday, FEBRUARY 29, 2008
9:30 a.m. to 5:00 p.m.

Saturday, MARCH 1, 2008
8:30 a.m. to 2 p.m.

Levy Conference Center
University of Pennsylvania Law School
Entrance on 34th Street between Chestnut and Sansom
Directions to Penn Law

By invitation only.

For more information, contact Vicki Hewitt
at vhewitt@law.upenn.edu or 215.898.7719.

Conference Organizers

H. Franklin Allen
Nippon Life Professor of Finance and Economics
The Wharton School

Yakov Amihud
Ira Rennert Professor of Finance
Stern School of Business
New York University

Marcel Kahan
George T. Lowy Professor of Law
New York University School of Law

Michael L. Wachter
William B. Johnson Professor of Law and Economics
Co-Director, Institute for Law and Economics
University of Pennsylvania Law School

Conference Schedule

FRIDAY, FEBRUARY 29
9:30 a.m. Registration and Breakfast

10:00 a.m

Welcoming Remarks
Michael L. Wachter
William B. Johnson Professor of Law and Economics
University of Pennsylvania Law School

10:15 a.m. – 11:15 a.m.

Robert M. Daines
Stanford Law School
Ian Gow
Stanford University Graduate School of Business
David F. Larcker
Stanford University Graduate School of Business

Rating the Ratings:
How Good Are Commercial Governance Ratings?


Commentator:
David Yermack
Stern School of Business, NYU

Moderator:
Hon. Leo E. Strine, Jr.
Delaware Court of Chancery

11:15 a.m. – 11:30 a.m. Coffee Break
11:30 a.m. – 12:30 p.m.

Viral Acharya
London Business School
Yakov Amihud
Stern School of Business
New York University
Lubomir Litov
Olin School of Business, Washington University in St. Louis

Creditor Rights and Corporate Risk-Taking

Download Paper

Commentator:
Katharina Pistor
Columbia Law School

Moderator:
Hon. Leo E. Strine, Jr.
Delaware Court of Chancery

12:30 p.m. – 1:30 p.m. Lunch
1:30 p.m. – 2:30 p.m.

Stephen Choi
New York University School of Law
Jill Fisch
Fordham University School of Law
Adam Pritchard
The University of Michigan Law School

Attorneys as Arbitrators

Download Paper

Commentator:
Antoinette Schoar
Sloan School of Management
Massachusetts Institute of Technology

Moderator:
Hon. Stephen P. Lamb
Delaware Court of Chancery

2:30 p.m. – 3:30 p.m.

Alex Edmans
The Wharton School
University of Pennsylvania

Blockholders, Market Efficiency, and Managerial Myopia

Download Paper

Commentator:
Alan Schwartz
Yale Law School

Moderator:
Hon. Stephen P. Lamb
Delaware Court of Chancery

3:30 p.m. – 3:45 p.m. Coffee Break
3:45 p.m. – 4:45 p.m.

Marcel Kahan
New York University School of Law
Edward B. Rock
University of Pennsylvania Law School

Hedge Fund Activism in the Enforcement of Bondholder Rights

Download Paper

Commentator:
Wei Jiang
Columbia Business School

Moderator:
Hon. Stephen P. Lamb
Delaware Court of Chancery

SATURDAY, MARCH 1
8:30 a.m. Breakfast
9:00 a.m. – 10:00 a.m.

Steven N. Kaplan
The University of Chicago Graduate School of Business
Joshua Rauh
The University of Chicago Graduate School of Business

Wall Street and Main Street:
What Contributes to the Rise in the Highest Incomes?


Download Paper

Commentator:
David I. Walker
Boston University School of Law

Moderator:
Prof. Richard E. Kihlstrom
The Wharton School, University of Pennsylvania

10:00 a.m. – 11:00 a.m.

Barry E. Adler
New York University School of Law
Vedran Capkun
HEC School of Management
Lawrence A. Weiss
McDonough School of Business, Georgetown University

Value Destruction in the New Era of Chapter 11

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Commentator:
Julian Franks
London Business School

Moderator:
Prof. Richard E. Kihlstrom
The Wharton School, University of Pennsylvania

11:00 a.m. – 11:15 a.m. Coffee Break
11:15 a.m. – 12:15 p.m.

Reena Aggarwal
McDonough School of Business, Georgetown University
Isil Erel
Fisher College of Business, The Ohio State University
René Stulz
Fisher College of Business, The Ohio State University
Rohan Williamson
McDonough School of Business, Georgetown University

Differences in Governance Practices between U.S. and
Foreign Firms: Measurements, Causes, and Consequences


Download Paper

Commentator:
Edward M. Iacobucci
Faculty of Law, University of Toronto

12:15 p.m. – 12:30 p.m. Closing Remarks

Last Updated August 7, 2008