Institute for Law and Economics

Penn Law

2008 PENN / NYU CONFERENCE

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 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

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

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

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

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

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?

Commentator:
David I. Walker
Boston University School of Law

Moderator:
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

Commentator:
Julian Franks
London Business School

Moderator:
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

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

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

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