Institute for Law and Economics

Penn Law

ILE / Wharton Finance Seminars

Thursday, April 3, 2014

ILE/Wharton Finance Seminar

Maureen O’Hara
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

imageMaureen 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.

Thursday, October 10, 2013

ILE/Wharton Finance Seminar

Jeffrey N. Gordon
Richard Paul Richman Professor of Law, Columbia Law School

Money Market Funds Run Risk: Will Floating Net Asset Value Fix the Problem?

Seminar: 3:00 to 4:30 PM

Open to Faculty and Advanced Students in Law and Finance

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Professor Gordon teaches and writes extensively on corporate governance, mergers and acquisitions, comparative corporate governance, and, more recently, the regulation of finance institutions. Recent papers relevant to current debates include: Executive Compensation and Corporate Governance in Financial Firms: The Case for Convertible Equity-Based Pay (forthcoming Columbia Business Law Review); The Agency Costs of Agency Capitalism (with Ronald J. Gilson) (forthcoming Columbia Law Review), Money Market Funds Run Risk: Will Floating Net Asset Value Fix the Problem? (with Christopher M. Gandia); and Systemic Harms and the Limits of Shareholder Value (with John Armour). He is working on a book on Principles of Financial Regulation with co-authors from Oxford and a revision of the Law and Finance of Corporate Acquisitions with Professor Gilson and others. Professor Gordon graduated from Yale and Harvard Law School, clerked for a federal appeals court judge, practiced at a New York law firm, and worked in the General Counsel’s office of the U.S. Treasury. He began his academic career at NYU in 1982 and moved to Columbia in 1988. While at Treasury, he worked on the Chrysler Corporation loan guarantee program and financial regulation.

Thursday, March 28, 2013

ILE / WHARTON FINANCE SEMINAR

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Patrick Bolton
Barbara and David Zalaznick Professor of Business, Columbia Business School

Should Derivatives Be Privileged in Bankruptcy?

Seminar: 3:00 to 4:30 PM

Open to Faculty and Advanced Students in Law and Finance

Patrick BoltonPatrick Bolton is the David Zalaznick Professor of Business. He joined Columbia Business School in July 2005. He received his PhD from the London School of Economics in 1986 and holds a BA in economics from the University of Cambridge and a BA in political science from the Institut d’Etudes Politiques de Paris. He began his career as an assistant professor at the University of California at Berkeley and then moved to Harvard University, joining their economics department from 1987-1989. He was Chargé de Recherche at the C.N.R.S. Laboratoire d’ Econométrie de L’ Ecole Polytechnique from 1989-1991, Cassel Professor of Money and Banking at the London School of Economics from 1991-1994, Chargé de cours associé at the Institut d’Etudes Europénnes de l’Université Libre de Bruxelles from 1994-1998, and John H. Scully ’66 Professor of Finance and Economics at Princeton University from 1998-2005. His research and areas of interest are in contract theory and contracting issues in corporate finance and industrial organization. A central focus of his work is on the allocation of control and decision rights to contracting parties when long-term contracts are incomplete. This issue is relevant in many different contracting areas including: the firm’s choice of optimal debt structure, corporate governance and the firm’s optimal ownership structure, vertical integration, and constitution design. His work in industrial organization focuses on antitrust economics and the potential anticompetitive effects of various contracting practices. He recently published his first book, Contract Theory, with Mathias Dewatripont and has co-edited a second book with Howard Rosenthal, Credit Markets for the Poor.

 

Thursday, September 27, 2012

ILE / WHARTON FINANCE SEMINAR

Alan Schwartz
Sterling Professor of Law, Yale Law School

Long Term Contracting with Private Information

Seminar: 3:00 to 4:30 PM

Open to Faculty and Advanced Students in Law and Finance

Alan Schwartz

Alan Schwartz is a Sterling Professor at Yale University. His appointments are in the Yale Law School and the Yale School of Management. Professor Schwartz’s academic specialties include corporate finance and corporate governance, mergers and acquisitions, bankruptcy, contracts and commercial transactions. He has published numerous articles and books in these fields. He has been identified, by the Institute of Scientific Information, as being in the top one half of one percent of social scientists worldwide in total citations, and by Heinline Online as one of the fifty most cited law professors of all time. Professor Schwartz has been President of the American Law and Economics Association and Editor of The Journal of Law, Economics and Organization. He is currently a member of the American Academy of Arts and Sciences. Professor Schwartz also is a Director of Cliffs Natural Resources Co. and Furniture Brands International, both of which are traded on the New York Stock Exchange. Professor Schwartz consults as an expert in corporate governance, mergers and acquisitions, bankruptcy, contracts and commercial law.

 

Thursday, March 29, 2012

ILE / WHARTON FINANCE SEMINAR

Paul Pfleiderer
C.O.G. Miller Distinguished Professor of Finance
Stanford University Graduate School of Business

Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation:
Why Bank Equity is Not Expensive

Seminar: 3:00 to 4:30 PM

Paul Pfleiderer

Paul Pfleiderer’s research is primarily focused on issues arising in financial markets when traders are asymmetrically informed. He has developed theoretical models to analyze how information is incorporated in prices through trading and how information flows determine trading volume. He has also analyzed how information is sold to investors when the value of the information is reduced the more widely it is disseminated. In addition he has studied problems in measuring active funds’ performance, contracting concerns in venture financing, policy issues related to disclosure requirements, and explanations for the stock market crash of 1987. His current research concerns corporate governance.

Paul Pfleiderer received BA, MPhil, and PhD degrees from Yale University, all in the field of economics. He has been teaching at Stanford since 1981. His research, much of which has been jointly pursued with Anat Admati, another professor of finance at the GSB, is generally concerned with issues that arise when agents acting in financial markets are differentially informed. His current research concerns corporate governance. In addition to his academic research, Professor Pfleiderer has consulted for various corporations and banks and has been involved in developing risk models and optimization software for use by portfolio managers.

 

Thursday, October 27, 2011

ILE / WHARTON FINANCE SEMINAR

Eric L. Talley
Gilbert Foundation Chair in Law, Business and the Economy
University of California, Berkeley School of Law - Boalt Hall

A Model of Optimal Corporate Bailouts

Seminar: 3:00 to 4:30 PM

Eric L. Talley

Eric L. Talley is a leading authority on corporate law, and law and economics. In addition to teaching corporate law, he serves as faculty co-director of Boalt’s Berkeley Center for Law, Business and the Economy. He joined the faculty in 2006.

Talley was previously at University of Southern California Law School from 1995 to 2005. He held the Theodore and Ivadelle Johnson Chair in Law and Business in 2005, having become a full professor in 2000. Talley led two of the law school’s respected research centers, and was director both at the USC Center in Law, Economics and Organization and the USC/Caltech Olin Center for the Study of Law and Rational Choice from 2002 to 2004.

Talley has also taught both law and economics classes at Georgetown Law Center, the California Institute of Technology, the RAND Graduate School and Stanford University.

Talley has served as senior economist at the RAND Corporation’s Institute for Civil Justice, as director of the LRN-RAND Center for the Study of Corporate Ethics, Governance and Law, and as interim director of the RAND-Kauffman Foundation Center for the Study of Small Business Litigation and Regulation.

Among Talley’s notable recent publications are: “On Public versus Private Provision of Corporate Law” (with Hadfield) in the Journal of Law Economics & Organization (2006); “Unregulable Defenses and the Perils of Stockholder Choice” (with Arlen) in the University of Pennsylvania Law Review (2003; named one of the 10 best corporate and securities articles of the year by Corporate Practice Commentator); “Turning Servile Opportunities to Gold: A Strategic Analysis of the Corporate Opportunities Doctrine” in the Yale Law Journal (1998; also named as one of the 10 best corporate and securities articles of the year by Corporate Practice Commentator); “Endowment Effects Within Corporate Agency Relationships” (with Arlen and Spitzer) in the Journal of Legal Studies (2001); and “A Theory of Legal Presumptions” (with Bernardo and Welch) in the Journal of Law, Economics and Organization (2000).

 

Thursday, March 24, 2011

ILE / WHARTON FINANCE SEMINAR

Oliver Hart
Andrew E. Furer Professor of Economics
Harvard University, Department of Economics

Inefficient Provision of Inside Money by Banks

Seminar: 3:00 to 4:30 PM

Oliver HartOliver Hart is currently the Andrew E. Furer Professor of Economics at Harvard University, where he has taught since 1993. Hart works mainly on contract theory, the theory of the firm, corporate finance, and law and economics. His research centers on the roles that ownership structure and contractual arrangements play in the governance and boundaries of corporations. He has published a book (Firms, Contracts, and Financial Structure, Oxford University Press, 1995) and numerous journal articles. He is a Fellow of the Econometric Society, the American Academy of Arts and Sciences, and the British Academy and has several honorary degrees. He has been president of the American Law and Economics Association and a vice president of the American Economic Association.

 

Thursday, September 23, 2010

ILE / WHARTON FINANCE SEMINAR

Merritt B. Fox
Michael E. Patterson Professor of Law,
NASDAQ Professor for Law and Economics of Capital Markets
Columbia Law School

Fraud-on-the-Market Actions Against Foreign Issuers

Seminar: 3:00 to 4:30 PM

Merritt Fox

Merritt Fox is Michael E. Patterson Professor of Law, NASDAQ Professor for the Law and Economics of Capital Markets, and Co-Director of the Center for Law and Economic Studies at the Columbia Law School. He is a graduate of the Yale Law School and also received a Ph.D. in economics from Yale. Prior to entering academia, Professor Fox practiced with the New York City firm of Cleary, Gottlieb, Steen & Hamilton. His teaching and research have centered in the areas of corporate and securities law, law and economics, and international securities regulation and comparative corporate law. His recent work has focused on the regulation of corporate disclosure, the appropriate reach of U.S. securities regulation with respect to transnational transactions, reform of private securities litigation, and the impact of securities and corporate law on the level of innovation in the economy. Professor Fox is past chair of the Business Associations section of the American Association of Law Schools.

 

Thursday, February 18, 2010

ILE / WHARTON FINANCE SEMINAR

Anil Kashyap
Edward Eagle Brown Professor of Economics and Finance
The University of Chicago Booth School of Business

Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan

Seminar: 3:00 to 4:30 PM

Anil Kashyap

Anil K. Kashyap is the Edward Eagle Brown Professor of Economics and Finance at the University of Chicago Booth School of Business. His research focuses on banking, business cycles, corporate finance, price setting, and monetary policy. His research has won him numerous awards, including a Sloan Research Fellowship, the Nikkei Prize for Excellent Books in Economic Sciences, and a Senior Houblon-Norman Fellowship from the Bank of England.

Prior to joining the Chicago Booth faculty in 1991, Kashyap spent three years as an economist for the Board of Governors for the Federal Reserve System. He currently works as a consultant for the Federal Reserve Bank of Chicago, and serves as a member of the Economic Advisory Panel of the Federal Reserve Bank of New York, and as a Research Associate for the National Bureau of Economic Research (NBER).

He is one of the advisors to the Cabinet Office of the Government of Japan for its research project on “The Japanese Economy and Macroeconomic Policies over Last Twenty-Five Years” and is on the Board of Directors of the Bank of Italy’s Einuadi Institute of Economics and Finance.

Kashyap is also one of the academic members of the Bellagio Group (whose non-academic members consist of the Deputy Central Bank Governors and Vice Ministers of Finance of the G7 countries).

Kashyap serves as co-organizer of the NBER’s Working Group on the Japanese Economy and of the NBER’s Working Group on the Functioning of Financial Firms and Resolution of their Distress, is a member of both the American Economic Association and American Finance Association, and cofounded the U.S. Monetary Policy Forum. He is one of the two faculty directors of the Chicago Booth’s Initiative on Global Markets.

He regularly speaks on the financial crisis, Japan, the global economy, and the direction of economic policy.

He graduated from the University of California at Davis in 1982 with a bachelor’s degree in economics and statistics with highest honors. In 1989, he earned a PhD from the Massachusetts Institute of Technology. He enjoys rotisserie baseball, bridge, and the Indianapolis 500.

 

Thursday, November 5, 2009

ILE / WHARTON FINANCE SEMINAR

Howell Jackson
James S. Reid, Jr. Professor of Law
Harvard Law School

Regulatory Reform in the Real World

Seminar: 3:00 to 4:30 PM

Howell Jackson

Howell Jackson is the James S. Reid, Jr., Professor of Law at Harvard Law School. His research interests include financial regulation, international finance, consumer protection, federal budget policy, and entitlement reform. Professor Jackson has served as a consultant to the United States Treasury Department, the United Nations Development Program, and the World Bank/International Monetary Fund. He is a member of the National Academy on Social Insurance, a trustee of the College Retirement Equities Fund (CREF) and its affiliated TIAA-CREF investment companies, a member of the panel of outside scholars for the NBER Retirement Research Center, and a senior editor for Cambridge University Press Series on International Corporate Law and Financial Regulation. Professor Jackson frequently testifies before Congress and consults with government agencies on issues of financial regulation. He is co-editor of Fiscal Challenges: An Inter-Disciplinary Approach to Budget Policy (Cambridge University Press 2008), co-author of Analytical Methods for Lawyers (Foundation Press 2003) and Regulation of Financial Institutions (West 1999), and author of numerous scholarly articles. Before joining the Harvard Law School faculty in 1989, Professor Jackson was a law clerk for Associate Justice Thurgood Marshall and practiced law in Washington, D.C. Professor Jackson received J.D. and M.B.A. degrees from Harvard University in 1982 and a B.A. from Brown University in 1976.

 

Thursday, April 2, 2009

ILE / WHARTON FINANCE SEMINAR

Antoinette Schoar
Michael M. Koerner Associate Professor of Entrepreneurial Finance
Sloan School of Management, Massachusetts Institute of Technology

CEO Careers and Style

Seminar: 3:00 to 4:30 PM

Antoinette Schoar

Antoinette Schoar is the Michael M. Koerner Associate Professor of Entrepreneurial Finance at the Sloan School of Management, Massachusetts Institute of Technology. An expert in corporate finance, entrepreneurship, and organizational economics, Professor Schoar researches venture capital, entrepreneurial finance, corporate diversification, and governance, and capital budgeting decisions in firms. She has received the Fellowship of the George Stigler Center, ’97-’99, and the ERP Doctoral Scholarship of the German Ministry of Trade, ’95-’97.

 

Thursday, September 25, 2008

ILE / WHARTON FINANCE SEMINAR

Mark J. Roe
David Berg Professor of Law
Harvard Law School

Public and Private Enforcement of Securities Laws:
Resource-Based Evidence

Seminar: 3:00 to 4:30 PM

Mark Roe

Mark J. Roe teaches corporate law and corporate bankruptcy at Harvard Law School. He wrote Strong Managers, Weak Owners: The Political Roots of American Corporate Finance (Princeton, 1994), Political Determinants of Corporate Governance (Oxford, 2003), and Bankruptcy and Corporate Reorganization (2d edition, Foundation Press, 2007). His recent articles include “Legal Origins, Politics, and Modern Stock Markets,” Harvard Law Review 120: 460 (2006), “Regulatory Competition in Making Corporate Law in the United States-And Its Limits,” Oxford Review of Economic Policy 21: 232 (2005), “Delaware’s Politics,” Harvard Law Review 118: 2491 (2005), “The Inevitable Instability of American Corporate Governance,” in Restoring Trust in American Business (American Academy of Arts and Sciences eds.) (MIT Press, 2004), “Delaware’s Competition,” Harvard Law Review 117: 588 (2003), and “Corporate Law’s Limits,” Journal of Legal Studies 31: 233 (2002).

 

Thursday, March 27, 2008

ILE / WHARTON FINANCE SEMINAR

Colin Mayer
Peter Moores Dean and Peter Moores Professor of Management Studies
Said Business School
University of Oxford

Where Do Firms Incorporate: Deregulation and the Cost of Entry

Seminar: 3:00 to 4:30 PM

Colin Mayer

Colin Mayer is Peter Moores Dean of the Saïd Business School, Peter Moores Professor of Management Studies and Director of the Oxford Financial Research Centre. Mayer has been at the Saïd Business School since its inception in 1994 and was its first professor. He has built an international reputation within the field of finance, has published widely on corporate finance, taxation and governance, and on the regulation of financial markets. He has served on the editorial boards of several leading academic journals and was instrumental in creating the largest and most prestigious networks of economics, law and finance academics in Europe at the Centre for Economic Policy Research (CEPR) and the European Corporate Governance Institute (ECGI). Mayer’s current research is on the relation between financial systems and economic performance, the financing of high technology firms and large investment projects, and the evolution of ownership and control of firms.

 

Thursday, November 8, 2007

ILE / WHARTON FINANCE SEMINAR

Bernard Black
Hayden W. Head Regents Chair for Faculty Excellence
Professor of Finance, McCombs School of Business
Co-Director - Center for Law, Business, and Economics
The University of Texas at Austin School of Law

Identifying the Effect of Board Structure on Firm Value:
Event Study, DiD, Firm Fixed Effects, and IV Evidence from Korea

Seminar: 3:00 to 4:30 PM

Bernard Black

Bernard S. Black is Hayden W. Head Regents Chair for Faculty Excellence and Professor of Law at University of Texas Law School, Professor of Finance at UT’s McCombs School of Business, and managing director of the Legal Scholarship Network. Professor Black received his B.A. from Princeton University, M.A. in physics from University of California at Berkeley and J.D. from Stanford Law School. After graduation, he clerked for Judge Patricia M. Wald on the United States Court of Appeals for the District of Columbia Circuit, practiced corporate and securities law at Skadden, Arps, Slate, Meagher & Flom in New York City, and served as Counsel to Commissioner Joseph Grundfest of the U.S. Securities and Exchange Commission. Before coming to Texas, he was Professor of Law at Stanford Law School (1998-2004) and Columbia Law School (1988-1998). He has been an advisor on company law, securities law, and corporate governance in Armenia, Brazil, Indonesia, Korea, Mongolia, Russia, Ukraine, and Vietnam.

 

Thursday, March 22, 2007

ILE / WHARTON FINANCE SEMINAR

John C. Coffee
Adolf A. Berle Professor of Law
Columbia Law School

Law and the Market: The Impact of Enforcement

Seminar: 3:00 to 4:30 PM
211 Steinberg Hall - Dietrich Hall
The Wharton School

Jack Coffee

Prof. Coffee received his B.A. from Amherst, his LL.B. from Yale, and his LL.M. (in taxation) from New York University. Following graduation from law school, he was a Reginald Heber Smith fellow for one year, doing poverty law litigation in New York City. Between 1970 and 1976, he was a corporate lawyer with Cravath, Swaine & Moore. From 1976 until coming to Columbia in 1980, he was a professor at Georgetown University Law Center.

 

Thursday, November 30, 2006

ILE / WHARTON FINANCE SEMINAR

Luigi Zingales
Robert C. McCormack Professor of Entrepreneurship and Finance
University of Chicago – Graduate School of Business

Who Blows the Whistle on Corporate Fraud?

Seminar: 3:00 to 4:30 PM

Luigi Zingales

Luigi Zingales studies the theory of the firm, the relation between organization and financing, and the going-public decision. In addition to holding his position at the GSB, Zingales is currently a faculty research fellow for the National Bureau of Economic Research, a research fellow for the Center for Economic Policy Research, and a fellow of the European Governance Institute. He is also the director of the American Finance Associations and an editorialist for Il Sole 24 Ore, the Italian correspondent of the Financial Times. Zingales also serves on the Committee on Capital Markets Regulation, which has been examining the legislative, regulatory, and legal issues affecting how public companies function.

Zingales received a bachelor’s degree in economics summa cum laude from Universita Bocconi in Italy in 1987 and a PhD in economics from the Massachusetts Institute of Technology in 1992.

 

Thursday, April 6, 2006

ILE / WHARTON FINANCE SEMINAR

Roberta Romano
Oscar M. Ruebhausen Professor of Law
Director, Center for the Study of Corporate Law

Yale Law School

The States as A Laboratory: Legal Innovation and State Competition for Corporate Charters

Seminar: 3:00 to 4:30 PM
211 Steinberg Hall - Dietrich Hall
The Wharton School

Roberta Romano

Roberta Romano is the Oscar M. Ruebhausen Professor of Law and Director of the Yale Law School Center for the Study of Corporate Law. Her research has focused on state competition for corporate charters, the political economy of takeover regulation, shareholder litigation, institutional investor activism in corporate governance, and the regulation of financial instruments and securities markets. She is a fellow of the American Academy of Arts and Sciences, a research associate of the National Bureau for Economic Research, and a past President of the American Law and Economics Association. She is the author of The Advantage of Competitive Federalism for Securities Regulation and The Genius of American Corporate Law and editor of Foundations of Corporate Law. Professor Romano has a B.A. from The University of Rochester, an M.A. from The University of Chicago, and a J.D. from Yale.

 

Thursday, October 20, 2005

ILE / WHARTON FINANCE SEMINAR

Raghuram G. Rajan
Economic Counsellor and Director, Research Department
International Monetary Fund

Creating Constituencies for Reform
[Co-authored with Luigi Zingales, University of Chicago]

Seminar: 3:00 to 4:30 PM
211 Steinberg-Dietrich
The Wharton School

Raghuram G. Rajan

Raghuram G. Rajan is the Economic Counselor and Director of Research at the International Monetary Fund. Prior to holding this post, Rajan taught at the Graduate School of Business at the University of Chicago where he is the Joseph L. Gidwitz Professor of Finance. His research is broadly on the role of institutions, especially financial institutions, in fostering economic development. In 2003, Rajan was awarded the inaugural Fischer Black Prize by the American Finance Association for contributions to finance by an economist under 40. Rajan is an electrical engineering graduate from the Indian Institute of Technology in Delhi. He earned his M.B.A. from the Indian Institute of Management, Ahmedabad, and his Ph.D. from MIT.

 

Thursday, March 31, 2005

ILE / WHARTON FINANCE SEMINAR

Lucian Bebchuk
Professor of Law, Economics, and Finance
Director, Program on Corporate Governance, Harvard Law School

What Matters in Corporate Governance?

Seminar: 3:00 to 4:30 PM

 

Thursday, November 11, 2004

ILE / WHARTON FINANCE SEMINAR

Paul A. Gompers
Professor of Business Administration
Graduate School of Business Administration
Harvard University

Venture Capital Investment Cycles: The Role of Experience and Specialization

Seminar: 3:00 to 4:30 PM

ILE/Wharton Finance Seminar

Jeffrey N. Gordon
Richard Paul Richman Professor of Law, Columbia Law School

Money Market Funds Run Risk: Will Floating Net Asset Value Fix the Problem?

Seminar: 3:00 to 4:30 PM