2013-2014 Schedule of Events
Tuesday, March 25, 2014
Professor of Private Law, Trade and Business Law and Jurisprudence, Goethe University, Frankfurt
Is Corporate Governance Converging in the European Union?
Lecture: 4:30 to 6:30 PM
Open to Faculty and Advanced Students in Law and Finance
Professor Tröger has held the position of Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe-University Frankfurt, Germany since 2011. He has researched and published nationally and internationally on topics of German, European and US corporate and securities law, contract law, and law and economics. Professor Trӧger currently participates as a principle investigator in an interdisciplinary research project titled “Sustainable Architecture of Finance in Europe” which is supported inter alia by the European Central Bank, German Minister of Finance. He received a Master of Laws degree from Harvard Law School with a concentration in Corporate Law and Governance in 2004 and a Doctoral degree from Eberhard-Karls-University Law School in 1999.
Tuesday, April 1, 2014
CHANCERY COURT PROGRAM
Equity Risk Premium
Discussion: 4:30 to 6:30 PM
Hon. Leo E. Strine
Chief Justice, Delaware Court of Chancery
Michael L. Wachter
William B. and Mary Barb Johnson Professor of Law and Economics
University of Pennsylvania Law School
Managing Director, Barclays Capital
James Del Favero
Managing Director, Global Head of Raid and Activism Defense, Goldman, Sachs & Co.
Robert W. Holthausen
Professor of Accounting and Finance, Chairperson, Accounting Department, Ernst and Young Professor and The Nomura Securities Professor, The Wharton School, University of Pennsylvania
Managing Director, Lazard
Professor of Finance, The Wharton School, University of Pennsylvania
The Equity Risk Premium Debate: An Example of the Real World, Huge Dollar Implications of Applying Corporate Finance to Actual Business and Litigation Situations
We encourage you to consider attending this important session. As the case of Golden Telecom, key sections attached, illustrates, real dollars are at issue when courts are required to apply corporate finance theories in appraisals and damages cases. Not only that, on a constant basis, investment banks are asked to apply corporate finance theory to real world situations, with resulting monetary implications for their clients. What sounds deceptively simple in Brealey Myers is much more complicated when it must be applied to a world when key data does not always exist and when the academics themselves are not always in agreement.
In this program, we will bring together some of the best minds from academia and the investment banking community to use a key input to the DCF/CAPM model – the historical equity risk premium – to illustrate the real world difficulties of applying theory in practice. The academic panelists will describe the current state of academic thinking, and the banker participants will discuss how their institutions make decisions about how to apply this factor and what their current best thinking is on the subject. This particular input will be used to illustrate a larger issue that bankers, lawyers, clients, and judges face, because other inputs into the traditional models are also debatable. We hope you can join us.
Thursday, April 3, 2014
ILE/Wharton Finance Seminar
Professor of Finance, Samuel Curtis Johnson Graduate School of Management
“Bank Corporate Governance Revisited: A Paradigm for the Post-Crisis World”
Seminar: 3:00 to 4:30 PM
Open to Faculty and Advanced Students in Law and Finance
Maureen O’Hara is the Robert W. Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University. She holds degrees from the University of Illinois (B.S. Economics), and Northwestern University (M.S. Economics and Ph.D. Finance), and Honorary Doctorates from Facultés Universitaires Catholiques à Mons (FUCAM), Belgium and Universität Bern, Switzerland. Professor O’Hara’s research focuses on issues in market microstructure, and she is the author of numerous journal articles as well as the book Market Microstructure Theory (Blackwell: 1995). Her most recent research looks at the role of toxicity in affecting liquidity in high frequency markets. Dr. O’Hara also publishes widely on a broad range of topics including banking and financial intermediaries, law and finance, and experimental economics. Professor O’Hara has served as President of the American Finance Association, the Western Finance Association, the Financial Management Association, the Society for Financial Studies and the International Atlantic Economic Society.
Wednesday, April 23, 2014
LAW AND ENTREPRENEURSHIP LECTURE
Senior Managing Director & Chief Legal Officer
The Blackstone Group
Blackstone Navigating in a Sea of Regulatory Change
Lecture: 4:30 to 5:30 PM
Reception: 5:30 to 6:30 PM
Open to the Public
Mr. Finley is a member of the Advisory Board of the Harvard Law School Program on Corporate Governance and a Trustee of the Jewish Board of Family and Children Services. He is also a guest lecturer at Harvard Law School. He has served on the Committee of Securities Regulation of the New York State Bar Association and the Board of Advisors of the Knight-Bagehot Fellowship in Economics and Business Journalism at Columbia University. He has also served as Chairman of the Annual International Mergers & Acquisitions Conference of the International Bar Association.
Mr. Finley has a BS in Economics, summa cum laude, from the Wharton School of the University of Pennsylvania (1978), a BA in History, summa cum laude, from the College of Arts and Sciences of the University of Pennsylvania (1978), and a JD, cum laude, from Harvard Law School (1981).
Friday, May 2, 2014
Capital Market Regulation
Sessions: 9:00 AM to 4:00 PM