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 Carey Law School unless otherwise noted.
Professor of Law, Business Economics, and Public Policy
The Law and Economics of Stop-and-Frisk, 46 Loy. L. Rev. 369 (2014).
William Maul Measey Professor of Law and Health Sciences
Uncertainty > Risk: Lessons for Legal Thought from the Insurance Runoff Market, __ Boston College L. Rev. __ (forthcoming 2020) (reviewed in Jotwell 6/2/2020).
How Liability Insurers Protect Patients and Improve Safety (with C. Silver), 68 DePaul L. Rev. 209 (2019).
Behavioral Economics, Decumulation, and the Regulatory Strategy for Robo Advice (with B. Dellaert), in The Disruptive Impact of FinTech on Retirement Systems, Olivia S. Mitchell, ed. (forthcoming 2019).
Mutually Assured Protection Among Large U.S. Law Firms (with R. Swedloff), 24 Conn. Ins. L. J. 1 (2018).
Regulating Robo Advice Across the Financial Services Industry (with B. Dellaert), 103 Iowa L. Rev. 713 (2018) (featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation, April 5, 2017).
In Defense of the Restatement of Liability Insurance Law (with K.Logue), 24 George Mason L. Rev. 767 (2017).
William W. Bratton
Nicholas F. Gallicchio Professor of Law; Co-Director, Institute for Law and Economics
Corporate Law and The Myth of Efficient Market Control (with S. Sepe), 105 Cornell L. Rev. ___ (forthcoming 2020).
Collected Lectures and Talks on Corporate Law, Legal Theory, History, Finance, and Governance, 42 Seattle U. L. Rev. 756 (2019).
The New Bond Workouts (with A. Levitin), 166 U. Pa. L. Rev. 166 (2018).
Corporate Finance: Cases and Materials (8th ed., Foundation Press 2016).
Howard F. Chang
Earle Hepburn Professor of Law
The Economics of Immigration Reform, 52 UC Davis L. Rev. 111 (2018).
Law and Economics of Immigration (Edward Elgar Publishing 2015).
Edward B. Shils Professor of Law and Professor of Political Science
The Regulator’s Handbook (Brookings Institution Press, forthcoming).
Who Wins, Who Loses: Inequality and the Distribution of Regulatory Impacts (Brookings Institution Press, forthcoming).
Making Regulation Work: Improving the World Through Better Regulatory Law and Policy (Edward Elgar, forthcoming).
Deploying Machine Learning for a Sustainable Future, in Daniel Esty, ed., A Better Planet: Forty Big Ideas for a Sustainable Future (Yale University Press, forthcoming).
Dimensions of Delegation, Univ. of Pa. L. Rev. (forthcoming).
Private Standards and the Benzene Case: A Teaching Guide (with G. Scheffler), Admin. L. Rev. (forthcoming).
Pledging, Populism, and the Paris Agreement: The Paradox of a Management-Based Approach to Global Governance, Md. J. of Int’l L. (forthcoming).
Management-Based Regulation (with S. Starobin), in Kenneth R. Richards and Josephine van Zeben, eds., Policy Instruments in Environmental Law (Edward Elgar, forthcoming).
Getting the Blend Right: Public-Private Partnerships in Risk Management, in Howard Kunreuther, Robert J. Meyer, and Erwann O. Michel-Kerjan, eds., The Future of Risk Management (Univ. of Pennsylvania Press, forthcoming).
Transparency and Algorithmic Governance (with D. Lehr), 71 Admin. L. Rev. 1 (2019).
Optimizing Regulation for an Optimizing Economy, 4 Univ. of Pa. J. Law & Pub. Affairs 1 (2018).
The Contribution of the Social Sciences to Policy and Institutional Change (with ten co-authors), in International Panel on Social Progress, Rethinking Society for the 21st Century, 3: 843-882 (Cambridge University Press, 2018).
Improving Regulatory Analysis at Independent Agencies, 67 Am. U. L. Rev. 733 (2018) (Reprinted in Revista de Direito Administraivo 277:15-47 (2018)).
Chevron’s Interstitial Steps, 85 Geo. Wash. L. Rev. 1339 (2017).
What Congress’s Repeal Efforts Can Teach Us About Regulatory Reform (with G. Scheffler), 3 Admin. L. Rev. Accord 43 (2017).
Style Matters: On the Role of Pattern Analysis in the Study of Regulation, in Thomas F. Burke and Jeb Barnes, eds., Varieties of Legal Order: The Politics of Adversarial and Bureaucratic Legalism 178-191 (Routledge, 2017).
Improving the Administrative State with Machine Learning (with D. Lehr), 42 Admin. & Reg. L. News 7 (2017).
Regulating by Robot: Administrative Decision-Making in the Machine Learning Era (with D. Lehr), 105 Geo. L.J. 1147 (2017).
Saul A. Fox Distinguished Professor of Business Law; Co-Director, Institute for Law and Economics
Shareholder Collaboration (with S. Sepe), __ Tex. L. Rev. __ (forthcoming 2020).
Defined Contribution Plans and the Challenge of Financial Illiteracy (with A. Lusardi & A. Hasler). 105 Cornell L. Rev. __ (forthcoming
The Problem of Sunsets (with S. Davidoff Solomon), 99 B.U. L. Rev. 1057 (2019).
The Myth of Morrison: Securities Fraud Litigation Against Foreign Issuers (with R. Bartlett M. Cain & S. Davidoff Solomon), 74 Bus. Law. 1967 (2019).
Is Sustainability Disclosure Sustainable?, 107 Geo. L. J. 923 (2019).
Boilermakers and the Contractual Approach to Litigation Bylaws in The Corporate Contract In Changing Times: Is the Law Keeping Up? (U. Chi. Press, William Savitt, Steven Davidoff Solomon, Randall Thomas eds., 2019).
The Emergence of the Robo Adviser (with M. Labouré and J. Turner), The Disruptive Impact of FinTech on Retirement Systems (Oxford Univ. Press, Oliva S. Mitchell, ed., 2019).
Governance by Contract: The Implications for Corporate Bylaws, 106 Cal. L. Rev. 373 (2018) - selected by the Corporate Practice Commentator as one of the Top Ten Corporate and Securities Articles of 2018.
The Logic and Limits of Event Studies in Securities Fraud Litigation, 96 Tex. L. Rev. 553 (2018) (with Jonathan Klick and Jonah Gelbach).
Associate Professor of Finance, The Wharton School
- Over-the-Counter vs. Limit-Order Markets: The Role of Traders’ Expertise (with C. Opp), 33 Rev. Fin. Stud. 866 (Feb. 2020).
- Voluntary Disclosure in Bilateral Transactions (with C. Opp and X. Zhang), 175 J. of Econ. Th. 652 (May 2018).
- Compensating Financial Experts (with R. Lowery), 71:6 J. Fin. 2782 (Dec. 2016).
- Asymmetric Information and Intermediation Chains (with C. Opp), 106:9 Am. Econ. Rev. 2699 (Sept. 2016).
Joel S. Ehrenkranz Family Professor of Finance, The Wharton School
Monetary Stimulus and Bank Lending, (with I. Chakraborty & A. MacKinlay), J. of Fin. Econ. (forthcoming).
Good Disclosure, Bad Disclosure (with L. Yang), 131:1 J. of Fin. Econ. 118 (Jan. 2019).
Government Guarantees and Financial Stability (with F. Allen, E. Carletti & A. Leonello), 177 J. of Econ. Th. 518 (Sept. 2018).
Stress Tests and Information Disclosure (with Y. Leitner), 177 J. of Econ. Th. 34 (Sept. 2018).
Housing Price Booms and Crowding-Out Effects in Bank Lending (with I. Chakraborty & A. MacKinlay), 31:7 Rev. Fin. Stud. 2806 (July 218).
Investor Flows and Fragility in Corporate Bond Funds (with H. Jiang & D. Ng), 126:3 J. of Fin. Econ. 592 (Dec. 2017).
Incentives for Information Production in Markets where Prices Affect Real Investment (with J. Dow & A. Guembel), 15:4 J. of Eur. Econ. Assoc. 877 (Aug. 2017).
Lawrence A. Hamermesh
Executive Director, Institute for Law and Economics, and Professor Emeritus, Widener University Delaware Law School (Senior Special Counsel, Securities and Exchange Commission Division of Corporation Finance, 2010–2011)
A Babe in the Woods: An Essay on Kirby Lumber and the Evolution of Corporate Law, __ Del. J. Corp. L. ___ (forthcoming 2020).
Delaware Corporate Fiduciary Law: Searching for the Optimal Balance (with L. Strine, Jr.), in Oxford Handbook of Fiduciary Law (Oxford Univ. Press, Evan J. Criddle, Paul B. Miller, and Robert H. Sitkoff, eds., 2019).
The Role of Directors in M&A Transactions: A Governance Handbook for Directors, Management and Advisors (co-editor, with D. Frankle, M. Halloran and P. Vella), ABA Business Law Section (2019).
Finding the Right Balance in Appraisal Litigation: Deal Price, Deal Process, and Synergies (with M. Wachter), 73 Bus. Law 961 (Fall 2018).
Lyman Johnson’s Invaluable Contribution to Delaware Corporate Jurisprudence (with J. Jacobs), 74 Wash. & Lee L. Rev. 909 (2017).
The Importance of Being Dismissive: The Efficiency Role of Pleading Stage Evaluation of Shareholder Litigation (with M. Wachter), 42 J. Corp. L. 597 (2017).
A Most Adequate Response to Excessive Shareholder Litigation, 45 Hofstra L. Rev. 147 (2016).
Richard J. Herring
Jacob Safra Professor of International Banking, Professor of Finance, The Wharton School; Co-Director, Wharton Financial Institutions Center, The Wharton School
International Coordination of Supervision: Why has it Grown? Will it be sustained? 10:2 J. Fin. Econ. Pol. 213 (July 2018).
The Evolving Complexity of Capital Regulation, 53 J. Fin. Serv. Res. 2 (June 2018).
Shadowing Capital Regulation: 1986-2015, in Financial Regulation: Essays In Honor of George Kaufman, World Scientific (forthcoming 2017).
The Corporate Complexity of Global, Systemically Important Banks (with J. Carmassi), 49:2-3 J. Fin. Serv. Res. 175 (June 2016).
Less Really Can Be More: Why Simplicity & Comparability Should be Regulatory Objectives, 44:1 Atl. Econ. J. 33 (Mar. 2016).
Professor of Law
- Transactional Scripts in Contract Stacks (with Cohney), ___ Minn. L. Rev. ___ (forthcoming 2020).
- Hushing Contracts (with E. Lampmann), __ Wash U L. Rev. ___ (forthcoming 2019).
- Coin-Operated Capitalism (with S. Cohney, J. Sklaroff and D. Wishnick), 119 Colum. L. Rev. 591 (2019).
- Relational Contracts of Adhesion, 85 U. Chi. L. Rev. 1395 (2018).
- Law and Psychology Grows Up, Goes Online, and Replicates (with K. Irvine and T. Wilkinson-Ryan), 15 J. Emp. Leg. Stud. 1 (2018).
- From Promise to Form: How Contracting Online Changes Consumers, 91 N.Y.U. L. Rev. 1595 (2017).
- Contract Consideration and Behavior (with Z. Eigen), 85 Geo. Wash. L. Rev. 351 (2017).
Robert W. Holthausen
The Nomura Securities Company Professor, Professor of Accounting and Finance, The Wharton School
Corporate Valuation: Theory, Evidence and Practice, with Mark Zmijewski, Cambridge Business Publishers, 2020 (2nd ed.).
Robert P. Inman
Richard King Mellon Professor of Finance (Emeritus); Professor of Finance and Economics, Business and Public Policy, Real Estate, The Wharton School
Democratic Federalism: Economics, Politics, and Law of Federal Governance (with D. Rubinfeld) (Princeton University Press, 2020).
Deterring Property Tax Delinquency in Philadelphia: an Experimental Evaluation of Nudge Strategies (with M. Chirico, C. Loeffler, J. MacDonald, and H. Sieg), 72.3 Nat’l Tax J. 479 (2019).
Professor of Law
The Logic and Limits of Event Studies in Securities Fraud Litigation (with J. Fisch & J. Gelbach), 96 Tex. L. Rev. 553 (2018).
The Law and Economics of Federalism, ed. (Edward Elgar Publishing 2017).
The Value of the Right to Exclude: An Empirical Assessment (with G. Parchomovsky), 165 U. Pa. L. Rev. 917 (2016).
Reducing False Guilty Pleas and Wrongful Convictions Through Exoneree Compensation (with M. Mungan), 59 J.L. & Econ. 173 (2016).
Everything’s Bigger in Texas: Except Medmal Settlements (with E. Helland & T. Baker), 22 Conn. Ins. L.J. 1 (2016).
Identifying Criminals’ Risk Preferences (with M. Mungan), 91 Ind. L. J. 791 (2016).
The Developmental Effect of State Alcohol Prohibitions at the Turn of the 20th Century (with M. Evans, E. Helland, & Ashwin Patel), 54 Econ. Inquiry 762 (2016).
Michael S. Knoll
Theodore K. Warner Professor of Law, Professor of Real Estate, The Wharton School; Co-Director, Center for Tax Law & Policy
- Steiner v. Utah: Designing a Constitutional Remedy (with R. Mason), 95 Tax Notes State 845 (2020).
- Why the Supreme Court Should Grant Certiorari in Steiner v. Utah (with R. Mason), 95 Tax Notes State 377 (2020).
- The Tax Cut and Jobs Act’s Incorporation “Incentives,” Issue Brief, Penn Wharton Public Policy Initiative, vol. 7, no. 8, October 2019.
- The Dormant Foreign Commerce Clause After Wynne (with R. Mason), 39 Va. Tax Rev. 357 (2020).
- The TCJA and the Questionable Incentive to Incorporate, Part 2, 162 Tax Notes 1447 (2019).
- The TCJA and the Questionable Incentive to Incorporate, 162 Tax Notes 977 (2019).
- The Modigliani-Miller Theorem at 60: The Long-Overlooked Legal Applications of Finance’s Foundational Theorem, 36 Yale J. on Reg. Bulletin 1 (2018).
- Taxation, Competitiveness, and Inversions: A Response to Kleinbard, 155 Tax Notes 619 (2017).
- The Economic Foundation of the Dormant Commerce Clause (with R. Mason), 103 Va. L. Rev. 309 (2017).
- Prejudgment Interest (with J. Colon), Chapter 16 in Litigation Services Handbook (6th ed. 2017).
George J. Mailath
Walter H. Annenberg Professor in the Social Sciences, Professor of Economics, School of Arts and Sciences
Learning under Diverse Views: Model-Based Inference (with L. Samuelson), 110 Amer. Econ. Rev. 1464 (2020).
The Curse of Long Horizons (with V. Bhaskar), 82 J. of Mathematical Econ. 74 (2019).
Modeling Strategic Behavior, World Scientific (2019).
Charles W. Mooney, Jr.
Charles A. Heimbold, Jr. Professor of Law
- Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. Bus. L. 386 (2020).
- An Essay on Pluralism in Financial Infrastructure Design: The Case of Securities Holding in the United States, in Financial Market Infrastructure: Law and Regulation (Jens-Hinrich Binder & Paolo Saguato Eds., Oxford University Press, forthcoming 2020).
- Lost in Transplantation? Modern Principles of Secured Transactions Law as Legal Transplants, in Secured Transactions Law in Asia: Principles, Perspectives and Reform (Louise Gullifer & Dora Neo Eds., Oxford, Hart Publishing, forthcoming 2020).
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.
Robert G. Fuller, Jr. Professor of Law
- The Agent’s Problem (with A. Eckstein), 70 Duke L. J. __ (forthcoming 2020).
- Corporate Law for Good People (with Y. Feldman & A. Libson), 115 Nw. U. L. Rev. ___ (forthcoming 2020).
- Reversing the Fortunes of Active Funds (with A. Libson), 99 Texas L. Rev. (forthcoming 2019).
- Toward a Horizontal Fiduciary Duty in Corporate Law (with A. Eckstein), 102 Cornell L. Rev. 1319 (2019).
- Toward the Personalization of Copyright Law (with A. Libson), 86 U. Chi. L. Rev. 527 (2019).
- Partial Takings (with A. Bell), 117 Colum. L. Rev. 2043 (2017).
- The Value of the Right to Exclude: An Empirical Assessment (with J. Klick), 165 U. Pa. L. Rev. 917 (2017).
Professor of Law; Co-Director
- Private Company Lies, ___ Geo. L.J. ___ (forthcoming 2020).
- Startup Governance, 168 U. Pa. L. Rev. 155 (2019).
- Corporate Oversight and Disobedience, 72 Vand. L. Rev. 2013 (2019)
- Corporate Disobedience , 68 Duke L.J. 709 (2019)
- Business Organizations: A Contemporary Approach (with A. Palmiter & F. Partnoy) (3d ed., West 2019).
- Startup Governance, 168 U. Pa. L. Rev. 155 (2019).
- Corporate Governance Beyond Economics, in Corporate Contract in Changing Times: Is The Law Keeping Up? (University of Chicago Press, S. Davidoff Solomon & R. Stuart Thomas eds., 2019).
- Quasi Governments and Inchoate Law: Berle’s Vision of Limits on Corporate Power, 42 Seattle U. L. Rev. 617 (2019) (Berle X Symposium: “Berle and His World”).
- Social and Asocial Enterprise, in The Cambridge Handbook of Social Enterprise Law (Cambridge University Press, B. Means & J. Yockey eds., 2018).
- Regulatory Entrepreneurship (with J. Barry), 90 S. Cal. L. Rev. 383 (2017).
- The Supreme Court’s View of Corporate Rights: Two Centuries of Evolution and Controversy (with M. Blair), in Corporations and American Democracy (Harvard University Press, N. Lamoreaux & W. Novak, eds., 2017).
Andrew W. Postlewaite
Harry P. Kamen Professor of Economics, School of Arts and Sciences; Professor of Finance, The Wharton School
- Economics: Between Prediction and Criticism (with I. Gilboa, L. Samuelson & D. Schmeidler), Int’l Econ. Rev. (2018).
- Laws and Authority (with G. Mailath & S. Morris), 71:1 Res. Econ. 32 (2017).
- Optimism and Pessimism with Expected Utility (with D. Dillenberger & K. Rozen), 71 J. of the Eur. Econ. Assoc. 32 (2017).
- Premuneration Values and Investments in Matching Markets (with G. Mailath & L. Samuelson), 127 Econ. J. 2041 (2017).
- A Dynamic Non-direct Implementation Mechanism for Interdependent Value Problems (with R. McLean), 101 Games & Econ. Behavior 34 (2017).
- Memorable Consumption (with I. Gilboa & L. Samuelson), 165 J. of Econ. Th. 414 (2016).
- Buying Locally (with A. Postlewaite & L. Samuelson ), 57:4 Int’l Econ. Rev . 1179 (2016).
Michael R. Roberts
William H. Lawrence Professor of Finance, The Wharton School
This History of the Cross-Section of Stock Returns (with J. Linnainmaa), Rev. Fin. Stud. (forthcoming).
Alvin L. Snowiss Professor of Law
- Marginal Rates Under the TCJA, 159 Tax Notes 1911 (June 25, 2018).
- Was the AMT Effectively Repealed?, 159 Tax Notes 495 (April 23, 2018).
David A. Skeel, Jr.
S. Samuel Arsht Professor of Corporate Law
- Distorted Choice in Corporate Bankruptcy, __YALE L.J.__ (forthcoming 2020).
- Bankruptcy’s Uneasy Shift to a Contract Paradigm (with G. Triantis), 166 U. Pa. L. Rev. 1777 (2018).
- The Empty Idea of ‘Equality of Creditors’, 166 U. Pa. L. Rev. 699 (2018).
- The Bylaw Puzzle in Delaware Corporate Law, 72 Bus. Law. 1 (2016/2017).
Lucian (Luke) Taylor
Associate Professor of Finance, The Wharton School
- Sustainable Investing in Equilibrium (with L. Pastor & R. Stambaugh), __ J. Fin. Econ. __ (forthcoming 2020).
- Fund Tradeoffs (with L. Pastor & R. Stambaugh), ___ J. Fin. Econ. ___ (forthcoming 2020).
- Inefficiencies and Externalities from Opportunistic Acquirers (with D. Li & W. Wang), 130 J. Fin. Econ. 265 (2018).
- Do Funds Make More When They Trade More? (with L. Pastor & R. Stambaugh), 72 J. Fin. 1483 (2017).
- Intangible Capital and the Investment-q Relation (with R. Peters), 123 J. Fin. Econ. 251 (2017).
Michael L. Wachter
William B. Johnson Professor of Law and Economics; Co-Director, Institute for Law and Economics
- Finding the Right Balance in Appraisal Litigation: Deal Price, Deal Process, and Synergies (with M. Wachter), 73 Bus. Law 961 (Fall 2018).
- The Importance of Being Dismissive: The Efficiency Role of Pleading Stage Evaluation of Shareholder Litigation (with L. Hamermesh), 42 J. Corp. L. 597 (2017).
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
- Why the Ability-to-Repay Rule is Vital to Financial Security (with P. McCoy), 108:3 Georgetown L. Rev. (forthcoming Feb. 2020).
- Mortgage Risk Premiums during the Housing Bubble (with A. Levitin & D. Lin), J. of Real Est. Fin. & Econ. (forthcoming).
- Endowments and Minority Homeownership (with A. Acolin & D. Lin), 21:1 Cityscape 5 (Mar. 2019).
- Credit Risk, Informed Markets, and Securitization, 24:3 Econ. Pol’y. Rev. 117 (Dec. 2018).
- REIT Capital Structure Choices: Preparation Matters (with A. Pavlov & E. Steiner), 46:1 Real Est. Econ. 160 (Feb. 2018).
- The Consequences of REIT Index Membership for Return Patterns (with A. Pavlov & E. Steiner), 46:1 Real Est. Econ. 210 (Feb. 2018).
- Credit Risk Transfer and the Sustainability of Housing Finance, Testimony for U.S. Congressional Subcommittee on Housing and Insurance (Dec. 2017).
Robert Mundheim Professor of Law
- The Third Parent Problem: Obergefell and Parent-Child Relations, forthcoming in the Nat’l Aff (Winter 2019).
- Trust Me I’m an Expert: Scientific and Legal Expertise in Scalia’s Jurisprudence, in Scalia’s Constitution: Essays on Law and Education (Palgrave, Fall 2018).
- What’s the Problem with Gatekeeping?, forthcoming in The Weekly Standard (Summer 2018).
- Debating Immigration Restriction: the Case for Low and Slow, Georgetown J. of Law and Public Policy (forthcoming, Summer 2018).
- The Perils of the Quest for Equal Results, First Things (forthcoming 2018).
- Low Skill Immigration: A Case for Restriction (with Jason Richwine), American Affairs, (Nov. 2017).
- Family and Household Economics, Chapter 12, in the Oxford Handbook of Law and Economics (Winter 2017).
- Educating the Disadvantaged: Two Models, Harv. J.L. & Pub. Pol’y (Fall 2017).
- Educating the Disadvantaged, 32 Nat’l Aff. (Summer 2017).
- The Poverty of the Neuroscience of Poverty: Policy Payoff or False Promise?, 57 Jurimetrics 239 (2017).
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.