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Publications and Papers

Listed below is a sampling of recently published papers and work in progress by members of the Associate Faculty of the Institute for Law and Economics. ILE maintains a series of research papers and provides copies – electronic or paper – to interested parties upon request to Nadia Jannetta.

The Institute is a member of the Legal Scholarship Network (LSN), a subset of the Social Science Research Network. Current ILE research papers are posted in the University of Pennsylvania Law and Economics Research Paper Series on the LSN Web site. Abstracts as well as complete papers can be downloaded.

Faculty appointments are in the University of Pennsylvania Law School unless otherwise noted.

Franklin Allen

Nippon Life Professor of Finance and Professor of Economics, The Wharton School

  • “Money, Financial Stability, and Efficiency,” (with E. Carletti and D. Gale), Journal of Economic Theory 149, 2014, 100-127.

  • “The IPO of Industrial and Commercial Bank of China and the ‘Chinese Model’ of Privatizing Large Financial Institutions (with J. Qian, S. Chan and M. Zhao), European Journal of Finance, forthcoming.

  • Stakeholder Governance, Competition and Firm Value, (with E. Carletti and R. Marquez), Review of Finance, forthcoming.


Tom Baker

William Maul Measey Professor of Law and Health Sciences

  • Liability Insurer Data as a Window on Lawyers’ Professional Liability, U.C. Irvine L. Rev. (forthcoming 2016) (with Rick Swedloff)

  • Everything’s Bigger in Texas except the Medmal Settlements - Conn. Ins. L. J. (forthcoming 2016) (with Eric Helland and Jonthan Klick)

  • Putting the Health Back in Health Insurance, Medical Care Research and Review (2014) (with Pavel Atanasov)
  • Can Consumers Make Affordable Care Affordable?   The value of choice architecture (2013) (with Eric Johnson, Ran Hassin, Allison Bajger, Galen Treuer), 8(12) PLOS ONE e81521
  • “You Want Insurance with That?” Using Behavioral Economics to Protect Consumers from Add-On Insurance Products, 20 Conn. Ins. L. J. 1 (2013) (with Peter Siegelman)


William W. Bratton

Deputy Dean and Nicholas F. Gallicchio Professor of Law; Co-Director, Institute for Law and Economics

  • Bankers and Chancellors (with Michael Wachter), Texas Law Review (2014).

  • Institutional Investor Activism: Hedge Funds and Private Equity, Economics and Regulation (with Joseph A. McCahery).  Oxford University Press, 2015.

  • A Transactional Genealogy of Scandal from Milken to Enron to Goldman Sachs (with Adam Levitin), Southern California Law Review, 2013.
  • A Theory of Preferred Stock (with Michael Wachter), University of Pennsylvania Law Review, 2013.


Howard F. Chang

Earle Hepburn Professor of Law

  • An Empirical Analysis of Cost Recovery in Superfund Cases:  Implications for Brownfields and Joint and Several Liability” (with Hilary Sigman), Journal of Empirical Legal Studies, 2014.

  • Endogenous Decentralization in Federal Environmental Policies (with Hilary Sigman & Leah Traub), International Review of Law and Economics, 2014.

  • The Effect of Allowing Pollution Offsets with Imperfect Enforcement” (with Hilary Sigman), American Economic Review, 2011.


Cary Coglianese

Edward B. Shils Professor of Law and Professor of Political Science

  • “Performance-Based Regulation: Concepts and Challenges,” in Francesca Bignami and David Zaring, eds., Elgar Handbook of Comparative Law and Regulation (forthcoming)

  • “Using Public Law to Shape Private Organizations,” in Austin Sarat and Patricia Ewick, eds., The Wiley Handbook of Law and Society (forthcoming) (with Jennifer Nash)

  • “Administrative Law: The U.S. and Beyond,” in James D. Wright, ed., International Encyclopedia of Social and Behavioral Sciences, 2d ed. (Elsevier, 2015)
  • “Capturing Regulatory Reality: Stigler’s The Theory of Economic Regulation,” in Steven Balla, Martin Lodge and Edward Page, eds., Oxford Handbook of the Classics of Public Policy (2015) (with Christopher Carrigan).
  • “Performance Track’s Postmortem: Lessons from the Rise and Fall of EPA’s ‘Flagship’ Voluntary Program,” Harvard Environmental Law Review 38:1-86 (2014) (with Jennifer Nash).


Jill Fisch

Perry Golkin Professor of Law; Co-Director, Institute for Law and Economics

  • Corporate Governance Innovation: The Case of the Golden Leash, 164 U. Pa. L. Rev. 649 (2016) (with Matthew D. Cain, Steven J. Griffith, and Steven Davidoff Solomon).

  • The Broken Buck Stops Here: Embracing Sponsor Support in Money Market Fund Reform, 93 N. Car. L. Rev. 935 (2015).

  • Why Do Retail Investors Make Costly Mistakes?: An Experiment on Mutual Fund Choice, University of Pennsylvania Law Review (2014) (with Tess Wilkinson-Ryan).
  • Confronting the Peppercorn Settlement in Merger Litigation: An Empirical Analysis and a Proposal for Reform, 93 Tex. L. Rev. 557 (2015) (with Sean J. Griffith and Steven Davidoff Solomon).
  • Why do Retail Investors Make Costly Mistakes? An Experiment on Mutual Fund Choice, 162 U. Pa. L. Rev. 605 (2014) (with Tess Wilkinson-Ryan).
  • Who Calls the Shots? How Mutual Funds Vote on Director Elections, 3Harv. Bus. L. Rev. 35 (2013) (with Stephen Choi and Marcel Kahan).


Itay Goldstein

Professor of Finance, The Wharton School

  • Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage (with Alex Edmans and Wei Jiang), American Economic Review, (December, 2015).

  • Government Intervention and Information Aggregation by Prices (with Philip Bond), Journal of Finance, (December, 2015).

  • Information Diversity and Complementarities in Trading and Information Acquisition (with Liyan Yang), Journal of Finance, August 2015.
  • Speculation and Hedging in Segmented Markets (with Yan Li and Liyan Yang), Review of Financial Studies, March 2014.
  • Trading Frenzies and Their Impact on Real Investment (with Emre Ozdenoren and Kathy Yuan), Journal of Financial Economics, August 2013.



Lawrence A. Hamermesh

Ruby R. Vale Professor of Corporate and Business Law, Widener University School of Law (Senior Special Counsel, Securities and Exchange Commission Division of Corporation Finance, 2010–2011)

  • The Importance of Being Dismissive: The Efficiency Role of Pleading Stage Evaluation of Shareholder Litigation (with Michael Wachter) (forthcoming 2016).
  • Director Nominations, Delaware Journal of Corporate Law, 2014.

  • Putting Stockholders First, Not the First-Filed Complaint (with Leo Strine, Jr. and Matthew C. Jennejohn), The Business Lawyer, 2013.
  • Who Let You Into the House?, Wisconsin Law Review, 2012.



Richard J. Herring

Jacob Safra Professor of International Banking, Professor of Finance, The Wharton School; Co-Director, Wharton Financial Institutions Center

  • How to Reform the Credit-Rating Process to Support a Revival of Private-Label Securitization (with Edward Kane), Quarterly Journal of Finance, forthcoming 2012.

  • Fair Value Accounting and Financial Stability: Does How We Keep Score Affect How the Game is Played?, in Handbook of Key Global Financial Markets, Institutions, and Infrastructure, forthcoming, 2012

  • How to Use Contingent Capital Buffers (with Charles Calomiris), in The Future of Central Banking, Central Banking Publications, 2011.



Robert W. Holthausen

The Nomura Securities Company Professor and Ernst and Young Professor, Professor of Accounting and Finance, and Chairman, Accounting Department, The Wharton School

  • Corporate Valuation:  Theory, Evidence and Practice, with Mark Zmijewski, Cambridge Business Publishers, 2014.

  • Valuation with Market Multiples: How to Avoid Pitfalls When Identifying and Using Comparable Companies, Journal of Applied Corporate Finance, 2012.

  • Pitfalls in Levering and Unlevering Beta and Cost of Capital Estimates in DCF Valuations, Journal of Applied Corporate Finance, 2012.


Robert P. Inman

Richard King Mellon Professor of Finance; Professor of Finance and Economics, Business and Public Policy, Real Estate, The Wharton School

  • Federal Institutions and the Democratic Transition: Learning from South Africa, Journal of Law, Economics, and Organizations, 2011.
  • How Should Suburbs Help Their Central Cities? Growth and Welfare Enhancing Intra-Metropolitan Fiscal Distributions, Annals of the American Academy of Political and Social Sciences, 2009.
  • Making Cities Work: Prospects and Policies for Urban America, Princeton University Press, 2009.


Jonathan Klick

Professor of Law and Erasmus Chair of Empirical Legal Studies at Erasmus University Rotterdam

  • Does Anyone Get Stopped at the Gate? An Empirical Analysis of State Adoption of the Daubert Trilogy (with Eric Helland), Supreme Court Economic Review, 2012.

  • The Relationship between Abortion Liberalization and Sexual Behavior: International Evidence (with Sven Neelsen & Thomas Stratmann), American Law and Economics Review, 2012.

  • Why Aren’t Regulation and Litigation Substitutes?: An Examination of the Capture Hypothesis (with Eric Helland), in Regulatory Breakdown: The Crisis of Confidence in U.S. Regulation, University of Pennsylvania Press, 2012.


Michael S. Knoll

Theodore K. Warner Professor of Law, Professor of Real Estate, The Wharton School; Co-Director, Center for Tax Law & Policy

  • Comptroller v. Wynne:  Internal Consistency, A National Marketplace, and Limits on State Sovereignty to Tax, 163 University of Pennsylvania Law Review Online 267 (2015) (coauthor).

  • Wynne:  It’s Not About Double Taxation, 75 State Tax Notes 413 (2015) (coauthor).

  • What is Tax Discrimination? (with Ruth Mason), Yale Law Journal, 2012.

  • The Connection between Competitiveness and International Taxation, Tax Law Review, 2012.

  • Prejudgment Interest (with Jeff Colon), chapter 15 in Litigation Services Handbook: The Role of the Financial Expert, 5th Edition, 2012.


George J. Mailath

Walter H. Annenberg Professor in the Social Sciences, Professor of Economics, School of Arts and Sciences

  • Stable Matching with Incomplete Information (with Qingmin Liu, Andrew Postlewaite and Larry Samuelson), Econometrica, March 2014.

  • Incentive Compatibility and Differentiability:  New Results and Classic Applications (with Ernst-Ludwig von Thadden), Journal of Economic Theory, September 2013.

  • A Foundation for Markov Equilibria in Sequential Games with Finite Social Memory (with V. Bhaskar and Stephen Morris), Review of Economic Studies, July 2013.


Charles W. Mooney, Jr.

Charles A. Heimbold, Jr. Professor of Law

  • Great Expectations for True Sales of Receivables, Securitization, and Bankruptcy Policy (with Steven Harris), forthcoming 2013.
  • The Bankruptcy Code’s Safe Harbors for Qualified Financial Contracts: Too Safe to Fail, Texas International Law Journal, forthcoming 2013.
  • The Truth about Shortfall of Intermediated Securities: Perspectives Under the Geneva Securities Convention, United States Law, and the Draft European Securities Directive, in Intermediated Securities:  The Impact of the Geneva Securities Convention and the European Securities Law Directive, Cambridge University Press, 2013.


David K. Musto

Ronald O. Perelman Professor in Finance, The Wharton School

  • What do Consumers’ Fund Flows Maximize? Evidence from their Brokers’ Incentives (with Susan Christoffersen and Rich Evans), Journal of Finance, 2013.
  • Notes on Bonds: Liquidity at all Costs in the Great Recession (with Greg Nini and Krista Schwarz), Wharton School Working Paper.
  • Does Junior Inherit? Refinancing and the Blocking Power of Second Mortgages (with Philip Bond, Ronel Elul and Sharon Garyn-Tal), Working Paper.


Gideon Parchomovsky

Professor of Law

  • Intellectual Property Defenses, 114 Colum.  L. Rev.  (forthcoming 2014) (with Alex Stein).            

  • Property Lost in Translation, 80 U. Chi.  L. Rev.  (forthcoming 2013) (with Abraham Bell).

  • Cities, Property, and Positive Externalities (with Peter Siegelman), William and Mary Law Review, 2012.

  • The Case for Imperfect Enforcement of Property Rights (with Abraham Bell), University of Pennsylvania Law Review, 2012.

  • The Relational Contingency of Rights (with Alex Stein), Virginia Law Review, 2012.


Andrew W. Postlewaite

Harry P. Kamen Professor of Economics, School of Arts and Sciences; Professor of Finance, The Wharton School

  • Economic Models as Analogies,” (with Itzhak Gilboa, Larry Samuelson and David Schmeidler), Economic Journal, forthcoming.
  • Should Courts Always Enforce What Contracting Parties Write? (with L. Anderlini and L. Felli), Review of Law and Economics, 2011.
  • Political Reputations and Campaign Promises (with E. Aragones and T. Palfrey), Journal of the European Economic Association, 2007.


Michael R. Roberts

Professor of Finance, The Wharton School

  • A Century of Capital Structure: The Leveraging of Corporate America (with John Graham and Mark Leary), Journal of Financial Economics, 2015.

  • Do Peer Firms Affect Corporate Capital Structure (with Mark Leary), Journal of Finance, 2014.

  • Corporate Dividend Policies: Lessons from Private Firms (with Roni Michaely), Review of Financial Studies, 2012.


Edward B. Rock

Saul A. Fox Distinguished Professor of Business Law

  • Symbolic Corporate Governance Politics (with Marcel Kahan), Boston University Law Review, 2014.

  • Adapting to the New Shareholder-Centric Reality, University of Pennsylvania Law Review, 2013.
  • Shareholder Eugenics in the Public Corporation, Cornell Law Review, 2012.


David A. Skeel, Jr.

S. Samuel Arsht Professor of Corporate Law

  • Bankruptcy Law as a Liquidity Provider (with Kenneth Ayotte), University of Chicago Law Review, 2013.

  • The New Financial Deal: Understanding the Dodd-Frank Act and its (Unintended) Consequences, Wiley, 2011.

  • Transaction Consistency and the New Finance in Bankruptcy (with Thomas Jackson), Columbia Law Review, 2012.


Michael L. Wachter

William B. Johnson Professor of Law and Economics; Co-Director, Institute for Law and Economics

  • The Importance of Being Dismissive: The Efficiency Role of Pleading Stage Evaluation of Shareholder Litigation (with Lawrence A. Hamermesh) (forthcoming 2016).

  • Bankers and Chancellors (with William W. Bratton), 93 Texas Law Review 1 (2014).

  • The Striking Success of the National Labor Relations Act, 37 REGULATION 20 (Spring 2014). 

  • A Theory of Preferred Stock (with William W. Bratton), University of Pennsylvania Law Review, 2013.


Susan M. Wachter

Richard B. Worley Professor of Financial Management, Professor of Real Estate and Finance, The Wharton School; Co-Director, Institute for Urban Research

  •  “Transparency in the Mortgage Market,” co-authors Andrey D. Pavlov and Albert Zevelev, Journal of Financial Services Research, forthcoming.
  •  “Second Liens and the Leverage Option,” co-author Adam J. Levitin, Vanderbilt Law Review, forthcoming, Vol. 68, 2015.
  • “The Housing and Credit Bubbles in the United States and Europe: A Comparison,” Journal of Money, Credit and Banking, Vol. 47, March/April 2015, pp. 37-42.
  • “Borrowing Constraints During the Housing Bubble,” co-authors Irina Barakova and Paul Calem, Journal of Housing Economics, Vol. 24, June 2014, pp. 4-20.



Amy Wax

Robert Mundheim Professor of Law

  • Diverging Family Structure and Rational Behavior: The Decline in Marriage as a Disorder of Choice, in The Economics of the Family, Elgar Publishers, 2011.
  • Disparate Impact Realism, William and Mary Law Review, 2011.
  • Stereotype Threat: A Case of Overclaim Syndrome?, in The Science on Women and Science, AEI Press, 2009.


Bilge Yilmaz

Associate Professor of Finance, The Wharton School

  • Adverse Selection and Convertible Bonds (with Archishman Chakraborty), Review of Economic Studies, 2011.
  • Predatory Mortgage Lending (with Philip Bond and David Musto), Journal of Financial Economics, 2009.
  • Information and Efficiency in Tender Offers (with Robert Marquez), Econometrica, 2008.