What Drives Dodd-Frank Act Compliance Cost for Private Funds?

Originally posted on CLS Blue Sky Blog:

Are Dodd-Frank Act compliance costs forcing smaller private investment fund advisers out of the market?  Several policy makers have suggested that Dodd-Frank Act compliance costs affect smaller firms more than larger firms and many financial studies have shown that an inverse relationship exists between the size of a regulated firm and the per-unit cost of compliance. If the administrative and compliance costs created by Title IV of the Dodd-Frank Act should disproportionally affect smaller private fund advisers, it is conceivable that over time smaller fund advisers could get forced out of the market or merge with other funds. Private fund advisers who are contemplating a startup may not enter the market. A disproportionate effect of Title IV of the Dodd-Frank Act on startup private funds and smaller advisers could create barriers to market entry and precipitate a trend toward consolidation among smaller private fund advisers. A surplus of larger private fund advisers with correspondingly…

View original 481 more words

Stock Price Response to Non- and Deferred Prosecution Agreements

Wulf Kaal:

Reblogged from CLS Blue Sky Blog

Originally posted on CLS Blue Sky Blog:

In response to perceived corporate governance shortcomings in major U.S. corporations, the U.S. Department of Justice, starting in 2002, substantially increased the execution of non- and deferred prosecution agreements (N/DPAs). High profile N/DPAs and plea agreements executed in 2012 and 2014 suggest that the DOJ – not judges or the legislature – through its targeting of certain industries, is effectuating large-scale corporate governance changes. The companies subject to NDPAs are among the largest domestically and worldwide, including Johnson & Johnson, KPMG, HSBC, JPMorgan Chase, Deutsche Bank, ABN Amro Bank, Barclays Bank, Credit Suisse, Fannie Mae, Freddie Mac, General Reinsurance, Lloyds TSB, Metropolitan Life Insurance, UBS, and Wells Fargo. The collective market capitalization of U.S. financial corporations that are subject to NDPAs exceeds $690 billion and exceeds over $20 trillion in assets under management.

The controversy surrounding N/DPAs is bitter and well defined. Because historically corporate governance fell under state law…

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Book Project Presentation – “Dynamic Regulation” – Tilburg University Netherlands – June 22-23rd, 2015

Hosted By Prof. Erik P.M. Vermeulen – Professor of Business and Financial Law at Tilburg University and Tilburg Law and Economics Center (TILEC) in the Netherlands.

Below are abstracts and SSRN links of my prior 4 articles on “Dynamic Regulation”:

Evolution of Law: Dynamic Regulation in a New Institutional Economics Framework

Festschrift in Honor of Christian Kirchner, 2013



The literature on New Institutional Economics (NIE) evaluates the relationship between public and private rulemaking in the evolution of law. This paper introduces the concept of dynamic regulation as an optimization process for the learning experience in the NIE framework. Dynamic regulation describes intra- and inter-jurisdictional feedback effects between different public rulemakers and between private and public rulemakers. Dynamic elements in the rulemaking process may increase the availability of relevant information for rulemaking and may improve institutional design.

Dynamic Regulation of the Financial Services Industry

Wake Forest Law Review, 2014



Governance adjustments via stable rules in reaction to financial crises are inevitably followed by relaxation, revision, and retraction. The economic conditions and the corresponding requirements for optimal and stable rules are constantly evolving, suggesting that a different set of rules could be optimal. Despite the risk of future crises, anticipation of future developments and preemption of possible future crises do not play a significant role in the regulatory framework and academic literature. Dynamic elements in financial regulation as a supplemental optimization process for rulemaking could help facilitate rulemaking when it is most needed – ex-ante before crises – to curtail the effects of crises and suboptimal regulatory outcomes – ex-post after crises. By including dynamic elements, the regulatory sine curve of financial regulation could be optimized in relation to the phase-shifted first derivative (cosine curve) that describes common elements of financial crises. Dynamic regulation could help dampen the degree of volatility of both the cosine curve and the regulatory sine curve by creating an anticipatory regulatory response to financial crises.

Dynamic Regulation via Governmental Contracts

Liber Amicorum Peter Nobel, 2014



Dynamic elements can be included in the rulemaking process through intra- and inter-jurisdictional feedback effects that improve the availability and quality of information for rulemaking. Key features associated with governmental contracts, such as the corporate wrongdoers’ self-reporting, preemptive remedial measures instituted by the entity to avoid corporate criminal indictment, and the government’s investigation of specific corporate wrongdoing, facilitate multilevel feedback effects that increase the availability and quality of information for rulemaking. Governmental contracts can thus integrate dynamic elements in rulemaking.

The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance: Evidence from 1993-2013

Wulf A. Kaal

University of St. Thomas, Minnesota – School of Law; European Corporate Governance Institute (ECGI)

Timothy Lacine

University of St. Thomas (Minnesota)

The Business Lawyer , Vol. 70, 2014


Non- and Deferred Prosecution Agreements (N/DPAs) are controversial because prosecutors, not judges or the legislature, are changing the governance of leading public corporations and entire industries. To analyze N/DPAs’ corporate governance implications and provide policy makers with guidance, the authors code all publicly available N/DPAs (N=271) from 1993 to 2013, identifying 215 governance categories and subcategories. The authors find evidence that the execution of N/DPAs is associated with significant corporate governance changes. The study categorizes mandated corporate governance changes for entities that executed an N/DPA as follows: (1) Business Changes, (2) Board Changes, (3) Senior Management, (4) Monitoring, (5) Cooperation, (6) Compliance Program, and (7) Waiver of Rights. The authors supplement the analysis of governance changes in these categories with a more in depth evaluation of the respective subcategories of governance changes. The authors also code and analyze preemptive remedial measures, designed by corporations to preempt the execution of an N/DPA or corporate criminal indictment. The paper evaluates the implications of the empirical evidence for boards, management, and legal practitioners.

AALS Section on Securities Regulation – Call for Papers – 2016 AALS Annual Meeting

The AALS Section on Securities Regulation invites papers for its program on “The Future of Securities Regulation: Innovation, Regulation and Enforcement.”

January 6-10, 2016 New York, NY

TOPIC DESCRIPTION: This panel discussion will explore the current trends and future implications in the securities regulation field including transactional and financial innovation, the regulation of investment funds, the intersection of the First Amendment and securities law, the debate over fee-shifting bylaws, the ever-expanding transactional exemptions including under Regulation D, and judicial interpretations of insider trading laws. The Executive Committee welcomes papers (theoretical, doctrinal, policy-oriented, empirical) on both the transactional and litigation sides of securities law and practice.
ELIGIBILITY: Full-time faculty members of AALS member law schools are eligible to submit papers. Pursuant to AALS rules, faculty at fee-paid law schools, foreign faculty, adjunct and visiting faculty (without a full-time position at an AALS member law school), graduate students, fellows, and non-law school faculty are not eligible to submit. Please note that all faculty members presenting at the program are responsible for paying their own annual meeting registration fee and travel expenses. NOTE FURTHER, AALS has announced reduced registration fees for junior faculty for the 2016 conference.

PAPER SUBMISSION PROCEDURE: Up to four papers may be selected from this call for papers. There is no formal requirement as to the form or length of proposals. However, more complete drafts will be given priority over abstracts, and presenters are expected to have a draft for commentators two weeks prior to the beginning of the AALS conference.

Papers will be selected by the Section’s Executive Committee in a double-blind review. Please submit only anonymous papers by redacting from the submission the author’s name and any references to the identity of the author. The title of the email submission should read: “Submission – 2016 AALS Section on Securities Regulation.”

Please email submissions to the Section Chair Christine Hurt at: hurtc@law.byu.edu on or before August 21, 2015.

ISNIE 2015 – Harvard Law School

ISNIE 2015 Conference Schedule

Harvard Law School Cambridge, MA

THURSDAY, JUNE 18TH, 2015 4:15pm: Registration (Wasserstein, Milstein West)

5:00-6pm: Keynote Address (Wasserstein, Milstein West) Property Rights and the Efficiency of Bargaining

Michael Whinston, MIT



7:30-8:30am: Registration & Continental Breakfast (Wasserstein, Milstein West) 8:30-10am: Session 1


Chair: Alexander Stremitzer, Stanford University

Promises and Reliance

Rebecca Stone (UCLA) Alexander Stremitzer (UCLA)

Experimental Investigation of Legal Reasoning and Judicial Decision-Making

Holger Spamann (Harvard Law School)
Lars Kloehn (Ludwig Maximilian University of Munich)

Incentives and Expectations

Christine Exley (Stanford University)


Chair: Matthew Jennejohn & Gordon Smith, BYU

The Effect of Contract Detail and Prior Ties on Contract Change: A Learning Story

Zhe (Adele) Xing (University of Southern California) Kyle J. Mayer (University of Southern California) Xuanli Xie (Peking University)
Jeff J. Reuer (Purdue University)

Fiduciary Law and Entrepreneurial Action

D. Gordon Smith (BYU Law School)

Release and Catch: Hybrid Organizational Structures in Innovation Markets

Jonathan Barnett (University of Southern California) Ehud Kamar (Tel-Aviv University)

Reframing Court Intervention in Relational Contracts

Matthew Jennejohn (BYU Law School)


Chair: Jens Prüfer (Tilburg University)

Price Coherence and Excessive Intermediation

Benjamin Edelman (Harvard Business School) Julian Wright (National University of Singapore)


Consumers’ Privacy Choice in the Big Data Era

Sebastian Dengler (Tilburg University) Jens Prüfer (Tilburg University)

The Impact of Within-Platform Competition in Two-Sided Business Models

Mahdi Talavalei (IE Business School) Juan Santalo (IE Business School)


Chair: Joanne Oxley (University of Toronto) Outsourced R&D and GDP Growth

Anne Marie Knott (Washington University)

Evidence on the Relation Between Importing from Low-wage Countries and US Domestic Pollution

Yue Maggie Zhou (University of Michigan)
Xiaoyang Li (Cheung Kong Graduate School of Business)

Exposure to Offshoring and the Politics of Trade Liberalization: Debate and Votes on Free Trade Agreements in the 108th U.S. Congress
Erica Owen (Texas A&M University)


Chair: Roman Levkin (Duke University)

Recasting the Iron Rice Bowl: The Reform of China’s State Owned Enterprises

Daniel Berkowitz (University of Pittsburgh) Hong Ma (Tsinghua University)
Shuichiro Nishioka (West Virginia University)

Business History: a Lantern on the Stern?

Decio Zylbersztajn (Universidade de São Paulo – USP/Brazil) Caroline Gonçalves (Universidade de São Paulo – USP/Brazil)

The Shadows of History for Today’s Fiscal Outcomes: Evidence from Polish Municipalities

Jaroslaw Kantorowicz (Erasmus University Rotterdam)

The Legacy of Empires on Political Outcomes in Romania

Roman Levkin (Duke University)



Chair: Eric Brousseau (University Paris-Dauphine)

Russian Regional Institutions: Measurement, Typology, and Dynamics

Alexy Baranov (HSE)
Egor Malkov (HSE)
Leonid Polishchuk (HSE)
Michael Rochlitz (HSE)
Georgiy Syunyaev (Columbia University )

The Relationship Between Inclusive Institutions, Proximate Causes of Growth and Economic Growth: A Case Study of Four Mandate Territories, Lebanon, Palestine, Syria and Trans- Jordan, 1918-1946/48

Andrew Schein (Netanya Academic College)

A New Cross-National Measure of Corruption

Escresa Laarni (University of the Philippines) Picci Lucio (University of Bologna)

The Economics of Multi-level Governance: on the Benefits of Overlapping Jurisdictions

Eric Brousseau (University Paris-Dauphine)


Chair: Michelle Hallack (Federal Fuminense University)

The Role of Access to De Jure Rights in Resettlement of Displaced Farmers

Ranjan Ghosh (Swedish University of Agricultural Sciences (SLU)) Vikram Patil (Humboldt University Berlin)
Vinish Kathuria (IIT Bombay)

Are There Cultural Prerequisites to Effective Property Rights?: Evidence from Inheritance Rights of Widows in Colonial India

Parashar Kulkarni (NYU)

The Transaction Costs of Oil and Gas Lease Auctions: the Brazilian Local Content Policy

Miguel Vazquez (Federal Fluminense University) Michelle Hallack (Federal Fuminense University)




10:30am-12pm: SESSION 2

Chair: Gary D. Libecap, UCSB, NBER

The Economics of First Possession Rights to a Heterogeneous Resource: Prior Appropriation Rights to Water

Bryan Leonard (UCSB)
Gary D. Libecap (UCSB, NBER)

What Lies Beneath? Aquifer Heterogeneity and the Economics of Collective Action

Eric Edwards (Utah State University)

Accession, Riparianism, and the Colorado Doctrine

Eric R. Claeys (George Mason University School of Law)


Chair: Richard Gil, Johns Hopkins Carey Business School

Policies in Relational Contracts

Daniel Barron (Northwestern) Michael Powell (Northwestern)

Managing Careers in Organizations

Rongzhu Ke (Chinese University of Hong Kong) Jin Li (Northwestern University)
Michael Powell (Northwestern University)

The Upside of Implicit Downsizing Costs

Matthias Fahn (University of Munich) Nicolas Klein (University of Montreal)

Long-Term Employment Relations When Agents Are Present-Biased

Florian Englmaier (LMU Munich) Matthias Fahn (LMU Munich) Marco Schwarz (LMU Munich)


Chair: Sergei Guriev, Sciences Po, Paris

Information and Censorship in Non-Democratic Regimes

Sergei Guriev (Sciences Po, Paris) Daniel Treisman (UCLA)

Content and Coordination Censorship in Authoritarian Regimes

Maria Petrova (Universitat Pompeu Fabra) Galina Zudenkova (University of Mannheim)


Turning the Virtual Tables: Government Strategies for Addressing Online Opposition with an Application to Russia

Sergey Sanovich (NYU) Denis Stukal (NYU) Richard Bonneau (NYU) John Jost (NYU) Jonathan Nagler (NYU) Joshua Tucker (NYU)

Sources of Authoritarian Responsiveness: A Field Experiment in China

Chen Jidong (Beijing Normal University) Pan Jennifer (Harvard University)
Xu Yiqing (MIT)


Chair: Jeffrey Evans Stake (Indiana University)

Does Experience Rating Improve Obstetric Practices? Evidence From Geographical Discontinuities in Italy

Sofia Amaral-Garcia (ETH Zurich)
Paola Bertoli (University of Economics, Prague) Veronica Grembi (Copenhagen Business School)

Institutions & Information: Public Perception of Climate Change Information Provided by Government vs. the Market

Cherie Metcalf (Queen’s Faculty of Law) Jonathan Nash (Emory Law)

Who Responds to U.S. News & World Report’s Law School Rankings?

Jeffrey Evans Stake (Indiana University) Michael Alexeev (Indiana University)


Chair: Jesse Fried (Harvard Law School)

The Contingent Effect of Management Practices

Steven Blader (NYU Stern School of Business) Claudine Gartenberg (NYU Stern School of Business) Andrea Prat (Columbia Business School)


Can Globalized Board Room Help with Cross-Listing? The Effects of U.S. Directors on Cross-Listed Foreign Firms

Chinmoy Ghosh (University of Connecticut, USA) Fan He (Central CT State University, USA) Haoyong Zhou (Keele University, UK)

The Illusory Promise of Pre-emptive Rights

Jesse Fried (Harvard Law School)


Chair: Abraham Bell (Bar Ilan University / University of San Diego)

High on Innovation: The Impact of Liberalization Policies on Innovation

Keyvan Vakili (London Business School)
Laurina Zhang (Ivey Business School, Western University)

From Patent Thickets to Patent Networks: The Legal Infrastructure of the Digital Economy

Jonathan Barnett (University of Southern California)

A Productive Efficiency Theory of Fair Use

Abraham Bell (Bar Ilan University / University of San Diego)
Gideon Parchomovsky (University of Pennsylvania / Bar Ilan University)


Chair: Zoe Le Squeren (Sorbonne Business School)

Trust and Public Private Partnerships

Laure Athias (University of Lausanne) Pascal Wicht (University of Lausanne)

Institutional and Political Determinants of Private Participation in Infrastructure

Marian Moszoro (UC Berkeley & Kozminski)
Gonzalo Araya (Ministry of Transport & Telecommunications, Chile) Fernanda Ruiz-Nunez (PPPs Group of the World Bank)
Jordan Schwartz (Global Infrastructure Facility of the World Bank)

The Political Cycle of Public-Private Contract Renegotiations: Evidence from the French Car Park Sector

Zoe Le Squeren (Sorbonne Business School)

John Moore (French Railway Regulatory Body)

12-1:30pm: LUNCH, MILSTEIN WEST 1:30-3pm: SESSION 3



Tribes and Distrust: Linking Social Capital to Fraud Victimization

Christopher Yenkey (University of Chicago)

Creating and Capturing Value in Repeated Exchange Relationships: Managing a Second Paradox of Embeddedness

Elfenbein Daniel (Washington University in St. Louis) Zenger Todd (University of Utah)

Private Ordering, Social Capital, and Network Governance

Lisa Bernstein (University of Chicago)


Chair: Marian Moszoro & Rick Geddes, UC Berkeley; Cornell

The Governance of Surface Transportation in the 21st Century: Understanding the Emergence of the Public-Private Partnership Model

Jonathan Gifford (George Mason University) Lisardo Bolaños (George Mason University) Nobuhiko Daito (George Mason University) Jeong Yun Kweun (George Mason University)

PPP Procurement in the United Kingdom: An Analysis of Tendering Periods

Eoin Reeves (University of Limerick) Darragh Flannery (University of Limerick) Donal Palcic (University of Limerick)

Using Public Procurement to Implement Social Policy. A First Empirical Study

Stephane Saussier (Sorbonne Business School)
Louise Vidal (Sorbonne Business School & City of Paris)


Chair: Rocco MacChiavello, University of Warwick

Innovation Activities and the Incentives for Vertical Acquisitions and Integration

Laurent Fresard (University of Maryland)
Gerard Hoberg (University of Southern California) Gordon Phillips (University of Southern California)

Mergers and Acquisitions in the US Video Game Industry: Assessing Theories of Vertical Integration

Ricard Gil (Johns Hopkins Carey Business School) Frederic Warzynski (Aarhus University)

Relational Adaptation and the Costs and Benefits of Vertical Integration: Evidence from Costa Rica Coffee

Rocco Macciavello (U. Warwick)
Josepa Miquel-Florensa (Toulouse School of Economics)



Chair: Seyhun Orcan Sakalli (Paris School of Economics, AMSE)

Monitoring and the Value of Public Office in the Spanish Empire

Jenny Guardado (University of Chicago)

Extractive States: The Case of the Italian Unification.

Carmine Guerriero (ACLE and University of Amsterdam) Guilherme de Oliveira (ACLE and University of Amsterdam)

Ethno-economic Specialization and Intergroup Conflict

Ruben Durante (Sciences-Po)
Irena Grosfeld (Paris School of Economics)
Seyhun Orcan Sakalli (Paris School of Economics, AMSE) Ekaterina Zhuravskaya (Paris School of Economics)


Chair: Claude Menard (University of Paris (Pantheon-Sorbonne))

Cronyism and Competition in Indonesian Manufacturing Pre and Post Suharto

Anna Kochanova (Max Planck Institute)
Bob Rijkers (The World Bank)
Mary Hallward-Driemeier (The World Bank)

Oligarchs, State, and Wealth Defense in Unconsolidated Democracies

Stanislav Markus (University of Chicago) Volha Charnysh (Harvard University)

The Difficult Transition from Limited to Open Access Society: The Illustrative Case of Tunisia

Claude Menard (University of Paris (Pantheon-Sorbonne)) Fahmi Ben-Abdelkader (ESCP-Europe)


Chair: Victor Fleischer (University of San Diego)

Institutional Transformation and the Origins of World Income Distribution

Rok Spruk (Utrecht University)

Decentralization and Progressive Taxation

Simon Berset (University of Fribourg) Mark Schelker (University of Fribourg)

Curb Your Enthusiasm For Pigovian Taxes

Victor Fleischer (University of San Diego)


Chair: Stefan Voigt (University of Hamburg)

Abuse of Authority and Active Citizenship: an Endogenous Explanation

Lorenzo Sacconi (University of Trento)
Virginia Cecchini Manara (Scuola Superiore S.Anna Pisa)

Designing a Leaky Bucket: Meltzer and Richard (1981) with Endogenous Inefficiency in Redistributive Institutions

Ahmet F. Aysan (Central Bank of the Republic of Turkey)
Haldun Evrenk (TOBB University of Economics and Technology )

The Determinants of Emergency Constitutions

Christian Björnskov (University of Aarhus) Stefan Voigt (University of Hamburg)


3-3:30pm: 3:30-5pm:




Chair: Mark Ramseyer, Harvard Law School

Ronald Coase and Hijack for Ransom: Why “All Hulls End Up with Lloyds”

Anja Shortland (King’s College London)

Naxalites and Extralegal Governance

Pavan Mamidi (IIM Ahmedabad)

How Information Shapes Interpersonal Conflict. From Prisons to the Lab.

Diego Gambetta (EUI, Florence and Nuffield College, Oxford) Aron Szekely (CNR Istit. Scienze Cognizione Rome)

Nuclear Power and the Mob: Extortion and Social Capital in Japan

J. Mark Ramseyer (Harvard Law School)


Chair: Jens Prüfer, Tilburg University

Paying Not to Get the Match: A Behavioral Contract Theory of Retirement Plan Design

Ryan Bubb (NYU Law)
Patrick Warren (Clemson Economics)

Discretion in Hiring

Danielle Li (Harvard Business School) Mitch Hoffman (University of Toronto) Lisa Kahn (Yale)

Believing in Making a Difference

Jens Prüfer (Tilburg University) YiLong Xu (Tilburg University)


Chair: Nan Jia & Lant Pritchett, University of Southern California; Harvard University

Mapping the Coevolution of States and Markets: A Dynamic Approach to Development

Yuen Yuen Ang (University of Michigan)


The Dynamics of Political Embeddedness in China

Heather Haveman (University of California Berkeley) Nan Jia (University of Southern California)
Jing Shi (RMIT University)
Yongxiang Wang (University of Southern California)

The Limits of Reputation: Lies, Opportunism, and the Evolution of Contract Enforcing Institutions

Catherine S.M. Duggan (Harvard Business School)


Chair: Doug Allen (Simon Fraser University)

The Status of Married Women

Yoram Barzel (University of Washington)

Coase and the Departure from Property

Benito Arruñada (Pompeu Fabra University)

Institutionally Constrained Technology Adoption: Resolving the Longbow Puzzle

Doug Allen (Simon Fraser University) Peter Leeson (George Mason University)


Chair: Rob Spruk (University of Utrecht/University of Ljubjana)

Endogenous Property Rights and Inequality in Non-democratic Regimes: Theory and Evidence

Alexander M. Yarkin (Higher school of economics (HSE), Moscow)

Political Institutions, Resources, and War: A General Theory and 900 Years of Empirics from Ancient Rome

Jordan Adamson (Clemson University)

Factor Endowments and Institutional Specialization: Why Some Countries Have Different Forms of Corruption Than Others

Robbert Maseland (University of Groningen)
Rob Spruk (University of Utrecht/University of Ljubjana)



Chair: Carl Magnus Bjuggren (Research Institute of Industrial Economics (IFN))

Noncompetes in the US Labor Force

Evan Starr (University of Maryland Smith School of Business) James Prescott (University of Michigan Law School)
Norman Bishara (University of Michigan Ross School of Business)

Does Labour Law Increase Unemployment? Analysis of a New Dataset for 31 Countries

Prabirjit Sarkar (Jadavpur University, Kolkata & CBR, Cambridge) Simon Deakin (CBR, University of Cambridge)

The Effect of Employment Protection on Labor Productivity

Carl Magnus Bjuggren (Research Institute of Industrial Economics (IFN))


Chair: F. Andrew Hanssen (Clemson University)

Mapping the Road to Freedom – The Correlates and Roots of the Rule of Law

Jerg Gutmann (University of Hamburg) Stefan Voigt (University of Hamburg)

A Talmudic Bankruptcy Solution: The CCC Principle

Vincy Fon (George Washington University)

The Bankruptcy Decision in Nineteenth Century France: Cities Vs. Banks

Jean Beuve (Université de Paris-1)
Martine Carré-Tallon (Université de Paris-Dauphine) Jerome Sgard (Sciences-Po)

The Property Rights Theory of Vertical Relations: Evidence from the Hollywood Studio Era

F. Andrew Hanssen (Clemson University) Alexander Raskovich (U.S. Department of Justice)


6:00-7:00pm: Keynote Address (Milstein West)
The Evolution of Cooperation

Martin Nowak, Harvard University

7:00-8:00pm: Reception (Milstein East)
Poster Session (Milstein East)

Subjective Insecurity and Cooperation: Evidence from Field Experiments

Maria Alejandra Velez (Universidad de los Andes – Bogota) Carlos Trujillo (Universidad de los Andes – Bogota)
Lina Moros (Universidad de los Andes – Bogota)
Clemente Forero-Pineda (Universidad de los Andes – Bogota)

The Comparative Performance of Long Term Contracts

Kanishka Kacker (World Bank)

Aligning to Trust, Patience, and Expectations? Behavioral Determinants of Value Chain Governance

Christian Kimmich (Swiss Federal Research Institute WSL) Urs Fischbacher (University of Konstanz)

Corporate Performance and Governmental Favoritism in Administrative Restructuring: Evidence from a Natural Experiment in China

Shengfeng Lu (Wuhan University) Ziming Li (University of Florida)

A Theory of Mindsets in Organizations

Kimiyuki Morita (Hitotsubashi University)

Performance Incentives and Economic Growth: Regional Officials in Russia and China

Michael Rochlitz (Higher School of Economics) Vera Kulpina (Higher School of Economics) Thomas Remington (Emory University)
Andrei Yakovlev (Higher School of Economics)

Screening and Monitoring Miners: Recruitment and Personnel Management in Japanese Coal Mining

Mayo Sakai (The University of Tokyo)


SATURDAY, JUNE 20TH, 2015 8:30-9:00am: Registration & Continental Breakfast (Milstein West)


Session 5
PANEL 1: INNOVATION AND THE PATENT SYSTEM (ROOM 1010) Chair: Stephen Haber, Stanford University

Why Do Inventors Sell to Patent Trolls? Experimental Evidence for the Asymmetry Hypothesis

Stephen Haber (Stanford University) Seth Werfel (Stanford University)

Lessons from Variations in Internal Structures and Dynamics About Behaviors of Government Bodies in the Fields of Innovation and Finance

F. Scott Kieff (Commissioner, US International Trade Commission ) Troy A. Paredes (Harvard Law School)

Royalty Stacking and Standard Essential Patents: Theory and Evidence from the World Mobile Wireless Industry

Alexander Galetovic (Universidad de los Andes) Kirti Gupta (Qualcomm)


Chair: Andreas Engert, University of Mannheim

Non-Profit Status and Relational Sanctions: Commitment to Quality Through Repeat Interactions and Organizational Choice

Albert Choi (University of Virginia Law School)

Incomplete Contracts and the Courts – an Exploration

Andreas Engert (University of Mannheim)

Pay for Play: A Theory of Hybrid Relationships

Tracy R. Lewis (Duke University) Alan Schwartz (Yale University)


Chair: Rick G. Vanden Bergh & John de Figueiredo, University of Vermont; Duke University

Motivations for Corporate Political Activity

Adam Fremeth (Ivey Business School, Western University)
Brian Richter (McCombs School of Business, University of Texas) Brandon Schaufele (Ivey Business School, Western University)

The Organization of Non-market Strategy

Dylan Minor (Kellogg School of Management)

Market-Political Complementarity in Firm Capabilities: An Integrated Theoretical Perspective

Nan Jia (University of Southern California) Kyle Mayer (University of Southern California)

Political Risk As a Hold-Up Problem: Implications for Integrated Strategy

Kenneth W. Shotts (Stanford Graduate School of Business)


Chair: Eric Rasmusen (Indiana University)

Coordination in Agribusiness: an Empirical Analysis Among Brazilian Natural Rubber Producers and Processors

Luís G. Mazzaro (Getulio Vargas Foundation – FGV/EAESP)
Antonio C. Manfredini-Oliveira (Getulio Vargas Foundation – FGV/EAESP)

Emergence of Cooperatives and Farmer Heterogeneity

Anna Petruchenya (Rotterdam School of Management, Erasmus University) George Hendrikse (Rotterdam School of Management, Erasmus University)

Why Use Requirement Contracts? The Tradeoff Between Hold Up and Breach

Eric Rasmusen (Indiana University)


Chair: Amir Licht (Interdisciplinary Center Herzliya)

The Value of a Statistical Judgment: A New Approach to an Insurer’s Duty to Settle

Ezra Friedman (Northwestern University)

The Sorry Clause

Vatsalya Srivastava (Tilburg University)

Redundancy: When Law Repeats Itself

John M. Golden (University of Texas School of Law)


Lord Eldon Redux: Information Asymmetry, the Roots of Accountability, and the Structure of Fiduciary Loyalty

Amir Licht (Interdisciplinary Center Herzliya)


Chair: Maria del Pilar Lopez Uribe (London School of Economics)

Bargaining Under Institutional Challenges

Leyla D. Karakas (Syracuse University)

Loose-Lipped Leviathan? State Ownership and Transparency in Foreign Direct Investment

Anthony Cannizzaro (George Washington University) Robert Weiner (George Washington University)

Roads or Schools? Political Budget Cycles with Different Types of Voters

Maria del Pilar Lopez Uribe (London School of Economics)


Chair: Sebastian Storloz (World Bank)

Clubbing in Trade Policies: How Much a Threat to Trade Liberalization?

Barbara Dluhosch (Helmut Schmidt University) Daniel Horgos (Helmut Schmidt University)

Private Access Fees and Congestion: Is There a Role for Government After All?

Nathan Seegert (University of Utah) Stephen Salant (University of Michigan)

Contractual Choices and Technical Efficiency in Public Procurement : The Case of Regional Railway Transport in France

Miguel Amaral (EPPP Chair (Sorbonne Business School)) Jean-Christophe Thiebaud (EPPP Chair (Sorbonne Business School))

Institutional Benefits from Implementing Inflationary Targeting

Sebastian Storloz (World Bank)


10:30-11am: Break 11am-12:30pm: Session 6


Chair: Stefanos Mouzas, Lancaster University

Contracting in Networks: What is New and Why It Matters

Stefanos Mouzas (Lancaster University)

Bridging Gaps Between Policies for Sustainable Markets and Market Practices

Lars-Gunnar Mattsson (Stockholm School of Economics)

Social Capital and Incentives in the Provision of Product Quality by Cooperatives

Wendong Deng (Rotterdam School of Management) George Hendrikse (Rotterdam School of Management)


Chair: Daniel Kelly, Notre Dame Law School

Categorical Versus Ad Hoc Fiduciaries and the Domain of Fiduciary Duties

Daniel B. Kelly (Notre Dame Law School)

The Essential Role of Agency Law: Agency Law As Asset Partitioning

Gabriel Rauterberg (Columbia Law School)

The Prudent Investor Rule and Market Risk: An Empirical Analysis

Robert Sitkoff (Harvard Law School)
Max Schanzenbach (Northwestern University School of Law)

Fiduciary Governance

Paul B. Miller (McGill University Faculty of Law) Andrew S. Gold (DePaul University College of Law)



Chair: Yuan Li, University of Duisburg-Essen

Logrolling Under Fragmented Authoritarianism: Theory and Evidence from China

Yuan Li (University of Duisburg-Essen) Mario Gilli (University of Milan-Bicocca) Jiwei Qian (National University of Singapore)

Power Struggle and Government Oversizing: Unintended Consequences of Checks-and- Balance in a One-party Regime

Nan Gao (Zhongnan University of Finance and Law)
Philip Keefer (World Bank)
Pinghan Liang (Southwestern University of Finance and Economics) Lixin C. Xu (World Bank)

Information Disclosure and Reforms in Authoritarian Governance

Chen Jidong (Beijing Normal University) Xu Yiqing (MIT)

Designated Succession: When Does It Work in Authoritarian Regimes?

Yuan Li (University of Duisburg-Essen) Shu Yu (University of Rochester) Yongjing Zhang (University of Ottawa)


Chair: Deepraj Mukherjee (Kent State University)

What Drives Dodd-Frank Act Compliance Cost for Private Funds?

Wulf Kaal (University of Minnesota)

Does Institutional Shareholding Affect Firm Value? An Empirical Analysis in Indian Market

Amiya K. Sahu (Goa Institute of Management, India)

Corporate Social Responsibility and the Allocation of Procurement Contracts: Evidence from a Natural Experiment

Caroline Flammer (Ivey Business School)

Economic Globalization and Governance: The Role of Social Globalization

Deepraj Mukherjee (Kent State University) Nabamita Dutta (University of Wisconsin-La Crosse)



Chair: Theodore Koutmeridis (University of Glasgow)

On the Sealing of Criminal Records, Stigma and Deterrence

Murat Mungan (Florida State University)

Criminals and the Price System: Evidence from Czech Metal Thieves

Tomas Brabenec (University of Economics, Prague) Josef Montag (Mendel University)

Mafia in the Ballot Box

Giuseppe De Feo (University of Strathclyde) Giacomo De Luca (University of York)

The Changing Returns to Crime: Do Criminals Respond to Prices?

Mirko Draca (University of Warwick) Theodore Koutmeridis (University of Glasgow) Stephen Machin (University College London)


Chair: Bernardo Mueller (University of Brasilia)

Do Policies Affect Preferences? Evidence from Random Variation in Abortion Jurisprudence

Daniel Chen (ETH Zurich)
Vardges Levonyan (ETH Zurich) Susan Yeh (George Mason University)

Who to Help? Trust and Preferences over Redistribution in Russia

Ekaterina Borisova (Higher School of Economics) Andrei Govorun (Higher School of Economics) Denis Ivanov (Higher School of Economics)
Irina Levina (Higher School of Economics)

Beliefs and the Persistence of Inefficient Institutions

Bernardo Mueller (University of Brasilia)



Session 7
PANEL 1: BEHAVIORAL CONTRACTS AND ORGANIZATIONS (ROOM 1010) Chair: Oliver Hart, Harvard University

Is Competition Fair? An Experimental Study

Bjoern Bartling (University of Zurich) Manuel Grieder (University of Lausanne) Christian Zehnder (University of Lausanne)

Short-term, Long-term, and Continuing Contracts

Maija Halonen-Akatwijuka (Bristol University) Oliver Hart (Harvard University)

Auctions vs. Negotiations: The Effects of Inefficient Renegotiation

Fabian Herweg (University of Bayreuth) Klaus M. Schmidt (University of Munich)

Rewards and Punishments: Informal Contracting Through Social Preferences

Sylvain Chassang (Princeton University) Christian Zehnder (University of Lausanne)


Chair: Marian Moszoro & Rick Geddes, UC Berkeley; Cornell

An Economic Analysis of Debarment

Emmanuelle Auriol (Toulouse School of Economics) Tina Soreide (University of Bergen)


Chair: Massimiliano Vatiero (Università della Svizzera italiana)

The Effects of Governance on Relational and Formal Contracts: Theory and Evidence from Groundwater Irrigation Markets

Jeffrey Michler (University of Illinois) Steven Wu (Purdue University)

Reputation and Ownership of Public Goods

Maija Halonen-Akatwijuka (University of Bristol) Evagelos Pafilis (King’s College London)

On the Role of Investments and the Nature of Residual Control Rights

Massimiliano Vatiero (Università della Svizzera italiana)

12:30-2:30pm: Lunch & ISNIE Business Meeting (Open to All ISNIE Members) (Milstein West)


Is There a Deadweight Loss of Politics in Public Service Provision?

Richard Boylan (Rice University)

The Complexity of Private Actor Interests in Public-private Arrangements: The Nature of the Firm and Its Social Value Orientation

Ilze Kivleniece (Imperial College London) Bertrand V. Quelin (HEC Paris)

Political Bonds: Political Hazards and the Choice of Municipal Financing Instruments

Abhay Aneja (UC Berkeley) Marian Moszoro (UC Berkeley) Pablo T. Spiller (UC Berkeley)



Persistent Effects of Pre-Inca Settlements in North-East Peru

Mariel Bedoya (Group for the Analysis of Development) María A. Gastañanuí (Entrepreneurial Finance Lab)

Bureaucratic Capacity and the Adaptation of Institutional Transplants

Valentin Seidler (Institute for Advanced Study, Princeton) Claudia Williamson (Mississippi State University)

On the Institutional Origins of Regional Political Cultures Across Spain

David Soto-Oñate (University of Vigo)

Identity and Integration: Fractionalization and the Vote for the Eurozone in France

Megan Teague (George Mason University) Noel Johnson (George Mason University)


Chair: Kimiyuki Morita (Hitotsubashi University)

Measuring Firm Size in Empirical Corporate Finance

Frank Li (Ivey Business School) Chongyu Dang (Ivey Business School)

Why Do Dual Class Firms Have Staggered Boards?

Mira Ganor (The University of Texas Law School)

Subprime Governance: Managerial Agency Costs in Vertically Integrated Banks

Claudine Gartenberg (NYU Stern School of Business) Lamar Pierce (Washington University in St Louis)

Mary Shirley, Ronald Coase Institute

Discussant: Doug Allen, Simon Fraser University


Information Acquisition, Decision Making, and Implementation in Organizations

Hideshi Itoh (Hitotsubashi University) Kimiyuki Morita (Hitotsubashi University)


Chair: Helene Naegele (DIW Berlin)

Behavioral Impediments to Water Transfers: Some Evidence from California Groundwater Management

Mark Kanazawa (Carleton College)

From Plows to Horizontal Fracking: Anticommons and Unintended Consequences of Land Privatization

Bryan Leonard (UC Santa Barbara) Dominic Parker (U. of Wisconsin-Madison)

Offset Credits in the EU Emissions Trading System : A Firm-Level Evaluation of Transaction Costs

Helene Naegele (DIW Berlin)


Chair: Daniel Chen (Toulouse Institute for Advanced Studies)

The Economics of Rights: The Effect of the Right to Counsel

Itai Ater (Tel Aviv University) Yehonatan Givati (Hebrew University) Oren Rigbi (Ben-Gurion University)

Incentive and Selection Effects of Judicial Elections: Theory and Evidence from State Supreme Courts

Elliott Ash (Columbia University)
Bentley MacLeod (Columbia University and NBER)

Examining Federal District Judges’ Referrals to Magistrate Judges

Jonathan Nash (Emory University)

Priming Ideology? Electoral Cycles Without Electoral Incentives Among U.S. Judges

Carlos Berdejo (Loyola Law School)
Daniel Chen (Toulouse Institute for Advanced Studies)


Chair: Laure Athias (University of Lausanne)

Lost in Translation: Cultural Differences and Earnings Management Contagion

Nathan Dong (Columbia University)


Segregation, Discrimination, and Firm Entry: Evidence from Post-war African-American Movie Theaters

Ricard Gil (Johns Hopkins Carey Business School) Justin Marion (UC – Santa Cruz)

Cultural Biases in Public Service Delivery: Evidence from a Regression Discontinuity Approach

Laure Athias (University of Lausanne) Pascal Wicht (University of Lausanne)

4:00-4:30pm: Break 4:30-6:00pm: Session 8


Chair: Matteo Rizzolli (LUMSA University)

On The Shoulders of Giants or The Road Less Traveled?: An Experimental Approach to Sequential Innovation in Intellectual Property

Stefan Bechtold (ETH Zurich)
Christopher Buccafusco (Chicago-Kent College of Law) Christopher Sprigman (NYU Law School)

Unenforced Laws: A Field Experiment

Ben Depoorter (UC Hastings, Stanford CIS, UG CASLE, ) Stephan Tontrup (Max-Plancke)

Why Do People Respect Property? Bringing Plato’s Ring of Gyges to the Lab

Marco Faillo (University of Trento)
Matteo Rizzolli (LUMSA University) Stephan Tontrup (Max Plank Institute Jena)


Chair: Sumner La Croix, University of Hawaii

Presidents, Regulators and Policy Disagreement

Alex Acs (University of Pennsylvania, Law)

Citizens, Dictators and Networks: A Game Theory Approach

Wilson Perez-Oviedo (FLACSO, Ecuador)

Has State-level Regulation Improved Efficiency of Thermal Power Generation in India?

Ranjan Ghosh (Swedish University of Agricultural Sciences (SLU)) Vinish Kathuria (IIT Bombay)

Politicians’ Twitter and Political Donations

Maria Petrova (Institute for Political Economy and Governance, Un)


Ananya Sen (Toulouse School of Economics) Pinar Yildrim (Wharton School of Business)


Chair: Miguel Jaramillo (GRADE)

More Than Just a Pig Story: Explaining the Evolution of Chain Coordination and Structures in the Hog Industry in Quebec

Annie Royer (Laval University) Michel Morisset (Laval University)

The Role of Social Enterprise and Hybrid Organizations

Ofer Eldar (Yale Law School)

The Impact of Formality on Microenterprise Performance: Evidence from Downtown Lima

Miguel Jaramillo (GRADE) Lorena Alcazar (GRADE)


Chair: Janis Skrastins (London Business School)

Competing Through Contracts and Investments: Selection, Matching and Firm Organization in Residential Real Estate

Orie Shelef (Stanford University)
Amy Nguyen-Chyung (University of Michigan)

Firm Boundaries and Financial Contracts

Janis Skrastins (London Business School)

Is It Worth Trusting Your Manager?

Elena Kulchina (Duke University)



Chair: Andrei Yakovlev (Higher School of Economics)

Lobbying on Regulatory Enforcement Actions: Evidence from Banking

Thomas Lambert (Universite Catholique de Louvain)

The Impact of Decentralization on Public Service Delivery: A Spatial Regression Discontinuity Approach

Katrina Kosec (IFPRI) Tewodaj Mogues (IFPRI)

Incentives for Repeated Contracts in Public Sector: Empirical Study of Gasoline Procurement in Russia

Andrei Yakovlev (Higher School of Economics) Oleg Vyglovsky (Higher School of Economics) Olga Demidova (Higher School of Economics) Alexander Bashlyk (Higher School of Economics)


Chair: Akitoshi Muramoto (Komazawa University)

Mandatory Disclosure: Theory and Evidence from Industry-Physician Relationships

Daniel Chen (ETH Zurich) Vardges Levonyan (ETH Zurich) Eric Reinhart (Harvard University) Glen Taksler (Cleveland Clinic)

The Structure of Negotiations: Incomplete Agreements and the Focusing Effect

Heiko Karle (ETH Zurich) Andrea Canidio (CEU Budapest)

Strategic Determination of Renegotiation Costs

Akitoshi Muramoto (Komazawa University)



Chair: Yannick Perez (CentraleSupélec Paris)

Corporate Political Strategy in Contested Regulatory Environments: Evidence from the Electric Utility Sector

Adam Fremeth (Ivey Business School, Western University) Guy Holburn (Ivey Business School, Western University) Richard Vanden Bergh (University of Vermont)

Institutional and Technological Lock-in in the Choice of Power Generation Portfolio: the Brazilian Case

Miguel Vazquez (Universidade Federal Fluminense) Michelle Hallack (Federal Fuminense University)

Missing Money for EVs: Economics Impacts of TSO Market Designs

Paul Codani (CentraleSupélec Paris) Yannick Perez (CentraleSupélec Paris) Marc Petit (CentraleSupélec Paris)

6:15-7:00pm: Reception (Milstein East) 7:00-9:30pm: Gala Dinner (Milstein East)





2015 National Business Law Scholars Conference

June 4-5, 2015

Seton Hall University School of Law

THURSDAY, JUNE 4th Registration & Breakfast (Room 273)

Opening Remarks (Room 273)

Concurrent Panels
Panel A (Room 271)
Regulating Financial Markets

Moderator and Discussant: Alexander Dill (Chicago-Kent College of Law)

  •   Gina-Gail S. Fletcher (Indiana University Maurer School of Law), Conflict-Based Market Manipulation
  •   Joan MacLeod Heminway (The University of Tennessee College of Law), Curation and Crowdfunding: Creating a Sustainable Investment Market for the Masses
  •   Anita K. Krug (University of Washington School of Law), Uncertain Futures in Evolving Financial Markets

Panel B (Room TBD)

The Intersection of Business and Tax Law

Moderator and Discussant: William E. Foster (University of Arkansas School of Law)

  •   Jordan M. Barry (University of San Diego School of Law), Tax and the Boundaries of the Firm
  •   Eric C. Chaffee (The University of Toledo College of Law), Collaboration Theory: A Theory of the Tax Exempt Nonprofit Corporation
  •   Ann Graham (Hamline University School of Law), Corporate Social Responsibility and Tax Inversions: Profitability, PR, and Politics

Panel C (Room 272)

Corporate Rights and Theory
Moderator and Discussant: Michael Halberstam (SUNY Buffalo Law School)

  •   Vince Buccola (The Wharton School, University of Pennsylvania), Toward a Federal Theory of the Firm: Corporate Rights and Organizational Neutrality
  •   Joseph K. Leahy (South Texas College of Law), The Ultra Vires Solution to Citizens United
  •   Elizabeth Pollman (Loyola Law School, Los Angeles), Constitutionalizing Corporate Law




Concurrent Panels
Panel A (Room TBD)
Reimagining Securities Regulation
Moderator and Discussant: Jeff Schwartz (University of Utah S.J. Quinney College of Law)

  •   George S. Georgiev (UCLA School of Law), When Disclosure Vanishes: Re-Thinking Materiality and Firm Size in Securities Regulation
  •   Jonathan D. Glater (University of California, Irvine School of Law), Private Offerings and Public Ends: Reconsidering the Regime for Classification of Investors under the Securities Act of 1933
  •   Neal Newman (Texas A&M University School of Law), A Capital Formation Overhaul

Panel B (Room 271)

Mergers and Acquisitions
Moderator and Discussant: Benjamin Means (University of South Carolina School of Law)

  •   Adam B. Badawi (Washington University School of Law) & David H. Webber (Boston University School of Law), Does the Quality of the Plantiff’s Law Firm Matter in Deal Litigation?
  •   Brian Broughman (Indiana University Maurer School of Law), Authorizing the Deal: Mergers versus Tender Offers
  •   Andrew Tuch (Washington University School of Law), Justifying Limits on Investment Banks’ Self-interest

Panel C (Room 272)

Exploring Corporate Governance
Moderator and Discussant: Jay B. Kesten (Florida State University College of Law)

  •   John F. Coyle (University of North Carolina School of Law), Mandatory Cumulative Voting in the Twenty-First Century
  •   Jeffrey Manns (George Washington University Law School), Rating the Independence of Outside Directors

Travel to Lunch Venue

Lunch and Keynote Address (The Newark Club) – Troy A. Paredes (Harvard Law School)

Plenary Panel (Room TBD)
The Extraterritorial Application of Federal Financial Market Regulation
Moderator and Discussant: Eric C. Chaffee (The University of Toledo College of Law)

  • Colleen M. Baker (University of Illinois)
  • Sean J. Griffith (Fordham Law School)
  • Eric Pan (U.S. Securities and Exchange Commission)
  • Joshua T. White (University of Georgia Terry College of Business)

2:30-2:45 2:45-4:30


Concurrent Panels
Panel A (Room 271)
Securities Litigation
Moderator and Discussant: William O. Fisher (University of Richmond School of Law)

  •   Wendy Gerwick Couture (University of Idaho College of Law), Confirmatory Misrepresentations in a Post-Halliburton II World
  •   Michael Halberstam (SUNY Buffalo Law School), The American Advantage in Civil Procedure? An Autopsy of the Deutsche Telekom Litigation
  •   Michael Perino (St. John’s University School of Law), Is the Price Right? An Empirical Study of Fee Setting in Securities Class Actions
  •   David Zaring (The Wharton School, University of Pennsylvania), ALJs And The Problem of SEC Enforcement Discretion

Panel B (Room TBD)

Comparative and International Business Regulation
Moderator and Discussant: John Coyle (University of North Carolina School of Law)

  •   Martin Gelter (Fordham University School of Law), Opportunity Makes a Thief: Corporate Opportunities as Legal Transplant and Convergence in Corporate Law
  •   Yuliya Guseva (Rutgers School of Law-Newark), An Argument for More Centralized Capital Market Regulation: Judicial and Regulatory Expertise, Predictability, and Multiparty Cooperation
  •   Tom C.W. Lin (Temple University Beasley School of Law), Financial Weapons of War
  •   Kristin N. Johnson (Seton Hall University School of Law), Multilateral Dialogues and

Minilateral Commitments

Panel C (Room 272)
Exploring Fiduciary Duties
Moderator and Discussant: Martin Gelter (Fordham University School of Law)

  •   Andrew Gold (DePaul University College of Law), Fiduciary Governance
  •   Brent J. Horton (Fordham University Schools of Business), Modifying Fiduciary Duties in Delaware: Does It Work?
  •   Sandra K. Miller (Widener University) & Karie Davis-Nozemack (Georgia Institute of Technology, Scheller College of Business), Toward Consistent Fiduciary Duties for Publicly- Traded Entities
  •   William A. Nelson (George Washington University Law School), Broker-Dealer: A Fiduciary By Any Other Name?




Concurrent Panels
Panel A (Room 272)
Insider Trading
Moderator and Discussant: Joan MacLeod Heminway (The University of Tennessee College of Law)

  •   Andrew Chin (University of North Carolina School of Law), Section 16(b) and the Promise of Legal Informatics
  •   Zachary J. Gubler (Arizona State University Sandra Day O’Connor College of Law), Toward a Unified Theory of Insider Trading Law
  •   Michael D. Guttentag (Loyola Law School Los Angeles), Harmonizing Disclosure Regulation and the Insider Trading Prohibition

Panel B (Room 271)

Delaware and Business Law
Moderator and Discussant: Colleen M. Baker (University of Illinois)

 J. Robert Brown (University of Denver Sturm College of Law), The Limits on Corporate Bylaws

 Joshua P. Fershee (West Virginia University College of Law), The Ideological Polarization of the Business Judgment Rule: An Emerging Judicial Primacy?

 Omari Scott Simmons (Wake Forest University School of Law), Delaware’s Global Threat

Panel C (Room TBD)
Investment Fund Regulation
Moderator and Discussant: Jacob Hale Russell (Stanford Law School)

  •   Wulf A. Kaal (University of Minnesota Law School), What Drives Dodd-Frank Act Compliance Cost for Private Funds?
  •   Cary Martin (DePaul University College of Law), Reducing Redundancy and Streamlining Investor Protection
  •   Bernard S. Sharfman (George Mason University School of Management), Activist Hedge Funds in a World of Board Independence: Creators or Destroyers of Long-Term Value?

Reception (Atrium)


7:15-8:00 8:00-9:00

Breakfast (Room 273)

Concurrent Panels
Panel A (Room TBD)
Business and Bankruptcy Law
Moderator and Discussant: Matthew Bruckner (Howard University School of Law)

  •   Pamela Foohey (Indiana University Maurer School of Law), Who Forgives Which Churches: Black Churches in Chapter 11
  •   Poonam Puri (Osgoode Hall Law School, York University), Directors’ Duties, Environmental Obligations and InsolvencyPanel B (Room 271)
    Business Law and Uncertainty
    Moderator and Discussant: Tracie Porter (Western State College of Law)
  •   Cathy Hwang (Stanford Law School) & Benjamin P. Edwards (Michigan State University College of Law), The Value of Uncertainty
  •   Jay B. Kesten (Florida State University College of Law), Political Uncertainty and the Market for IPOs

Panel C (Room 272)

CEO Compensation
Moderator and Discussant: Tom C.W. Lin (Temple University Beasley School of Law)

  •   Michael B. Dorff (Southwestern Law School) & Russell Korobkin (UCLA School of Law), Bargaining with the CEO
  •   William O. Fisher (University of Richmond School of Law), CEO Compensation Break

Concurrent Panels

Panel A (Room 271)
Business Law and Empirical Legal Studies
Moderator and Discussant: Cathy Hwang (Stanford Law School)

  •   Suren Gomtsyan (Tilburg Law School), The Theory and Practice of Interest (Share) Transfer Restrictions
  •   Wulf A. Kaal (University of Minnesota Law School), The Effect of Deferred and Non- Prosecution Agreements on Corporate Governance: Evidence from 1993–2013
  •   Jeff Schwartz (University of Utah S.J. Quinney College of Law), The Conflict Minerals Experiment
  •   Joshua T. White (University of Georgia Terry College of Business), The Information Environment of Cross-Listed Firms: Evidence from the Supply and Demand of SEC Filings


9:00-9:15 9:15-11:00

11:00-11:15 11:15-12:15

Panel B (Room 272)
Corporate Law Theory
Moderator and Discussant: Andrew Gold (DePaul University College of Law)

  •   Sean J. Griffith (Fordham Law School), Corporate Governance in an Era of Compliance
  •   Jay B. Kesten (Florida State University College of Law), Revisiting the Purpose(s) of Corporate Law
  •   Luke M. Scheuer (Widener University School of Law), Corporate Hegemony: A Response to a Dytopian Vision
  •   Charles M. Yablon (Benjamin N. Cardozo School of Law), Innovation, the State and Private Enterprise: A Corporate Lawyer’s Perspective

Panel C (Room TBD)

Business Ethics
Moderator and Discussant: Eric C. Chaffee (The University of Toledo College of Law)

  •   Seletha R. Butler (Georgia Institute of Technology, Scheller College of Business), Business Ethics: Conceptualize Governing with the Ethic of Care and Justice
  •   Benjamin Means (University of South Carolina School of Law), Wealth Inequality and Family Businesses
  •   Jennifer M. Pacella (City University of New York) , Advocate or Adversary? When Attorneys Act as Whistleblowers
  •   Tracie Porter (Western State College of Law), Ethical Standards for the “Business Personage” in the Banking and Financial Services Industry


Concurrent Panels
Panel A (Room 271)
Corporate Criminal Law
Moderator and Discussant: Wendy Gerwick Couture (University of Idaho College of Law)

  •   Todd Haugh (Indiana University Kelley School of Business), Fishy SOX: Overcriminalization’s New Harm Paradigm
  •   W. Robert Thomas (University of Michigan), Reconsidering the Development of Corporate- Criminal Liability: Should a Myth of History Undermine Our Modern Practice?

Panel B (Room TBD)

Business Entity Design
Moderator and Discussant: Joshua P. Fershee (West Virginia University College of Law)

  •   William E. Foster (University of Arkansas School of Law), Enduring Design for Business Entities
  •   Eric J. Gouvin (Western New England University), It’s the Little Things That Make Law Such a Big Deal: Identifying and Eliminating Legal Impediments to Business Formation

12:15-12:30 12:30-1:15


2:30-2:45 2:45-4:00

Panel C (Room272)
Post-Crisis Financial Regulation
Moderator and Discussant: Andrew Tuch (Washington University School of Law)

  •   Kathryn Judge (Columbia Law School), Thirteen Months: A Lesson in Crisis Containment
  •   Robert F. Weber (Georgia State University College of Law), The New Contingency of Bank Dividends

Travel to Lunch Venue

Lunch and Keynote Address (Room 273)

Kent Greenfield (Boston College Law School)

Plenary Panel (Room 273)
Regulation and Compliance in Financial Markets
Moderator and Discussant: Stephen J. Lubben (Seton Hall University School of Law)

  •   Michael Martinez (Mayer Brown)
  •   Tom McNeil (Morgan Stanley)
  •   Julissa Reynoso (Former U.S. Ambassador to Uruguay; Chadbourne & Parke LLP)
  •   David Zaring (The Wharton School, University of Pennsylvania)


Concurrent Panels
Panel A (Room 271)
The Intersection of Bankruptcy and Business
Moderator and Discussant: Pamela Foohey (Indiana University Maurer School of Law)

  •   Matthew Bruckner (Howard University School of Law), Crowdsourcing Fee Control
  •   John Patrick Hunt (University of California, Davis, School of Law), Taxes and Municipal Bankruptcy
  •   Stephen J. Lubben (Seton Hall University School of Law), The Overstated Absolute Priority Rule

Panel B (Room 272)

Business Law: Cyber
Moderator and Discussant: Elizabeth Pollman (Loyola Law School, Los Angeles)

  •   Sarah C. Haan (University of Idaho College of Law), Compelled Corporate Internet Disclosure
  •   Julia Y. Lee (Penn State University School of Law), Cyber-Trust
  •   Nizan Geslevich Packin (City University of New York), Big Data and Social Netbanks: Are You Ready to Replace Your Bank?


Panel C (Room TBD)
Business Law & Economics
Moderator and Discussant: Jordan M. Barry (University of San Diego School of Law)

  •   John Crawford (University of California, Hastings College of Law), The Moral Hazard Paradox of Financial Safety Nets
  •   Benjamin P. Edwards (Michigan State University College of Law), Agency Cost Capitalism
  •   Jacob Hale Russell (Stanford Law School), Fixing Consumer Mistakes: A Taxonomy ofRegulatory ResponsesClosing Remarks (Room 273)

American Law and Economics Association – Twenty-Fifth Annual Meeting

May 15-16, 2015 

All sessions to be held at Columbia Law School

Friday, May 15

(Author’s name in bold indicates person presenting paper)

8:00 – 8:45:       Registration and Continental Breakfast

Panel IA:          Consumer Bankruptcy

Panel Chair: Kathryn Fritzdixon

Will Dobbie, Paul Goldsmith-Pinkham, and Crystal Yang, “Consumer Bankruptcy and Financial Health”

Discussant: Frank McIntyre

Rajashri Chakrabarti and Nathaniel Pattison, “Auto Credit and the 2005 Bankruptcy Reform: The Impact of Eliminating Cramdowns”

            Discussant: Nadia Nasser-Ghodsi

Kathryn Fritzdixon, “Do Larger Subprime Loans cause Debt Spirals? Evidence from the TN Auto Title Lending Market”

                        Discussant: Chrystin Ondersma

Panel IB:          Criminal Procedure

Panel Chair:            Murat C. Mungan 

Andrew F. Daughety and Jennifer F. Reinganum, “Informal Sanctions on Prosecutors and Defendants and the Disposition of Criminal Cases”

Discussant: Anthony Nibbles

Barbara Luppi, Francesco Parisi, and Daniel Pi, “Reasonable Doubt: An Economic Analysis”

                        Discussant: Yehonatan Gavin

Murat C. Mungan and Jonathan Klick, “Reducing Guilty Pleas through Exoneree Compensations”

                        Discussant: Jennifer Reinganum

Friday (cont.)

 Panel IC:         Courts, Politics, and Finance

Panel Chair:             Pat Akey

Yotam Kaplan, and Noam Gidron, “The Champion of a New Order: The Supreme Court and the Liberalization of the U.S. Economy”

Discussant: Rafael Franck

Abhay Aneja, Marian Moszoro, and Pablo T. Spiller, “Political Bonds: Political Hazards and the Choice of Municipal Financing Instruments”

Discussant: Suresh Naiad

Pat Akey, “Valuing Changes in Political Networks: Evidence from Campaign Contributions to Close Congressional Elections”

Discussant: Thomas Bourveau

 Panel ID:          Administrative Law and Legislation

Panel Chair: Eyal Amir

Jonathan S. Masur and Eric A. Posner, “Toward a Pigovian State”

Discussant: Gillian Metzger

Brian Broughman and Deborah A. Widiss, “After the Override: An Empirical Analysis of Shadow Precedent”

Discussant: Thomas Merrill

Eyal Zamir, Daphna Lewinsohn-Zamir, and Ilana Ritov, “It’s Now or Never! Using Deadlines as Nudges”

Discussant: Jed Stiglitz

Panel IE:          Antitrust and Public Goods

     Panel Chair:            Aaron Edlin

Keith N. Hylton, “Competition and Innovation: A Framework for the Patent-Antitrust Conflict”

Discussant: TBA

Eric Helland and Seth A. Seabury, “Are Settlements in Patent Litigation Collusive? Evidence from Paragraph IV Challenges”

Discussant: Scott Hemphill

Aaron Edlin, Scott Hemphill, Herbert Hovenkamp, and Carl Shapiro, “The Actavis Inference: Theory and Practice”

Discussant: Ezra Friedman

Friday (cont.)

 Panel IF:           Formal Versus Informal Contracts

     Panel Chair:            Abraham L. Wickelgren

Stephan Tontrup, “Pacta sunt Servanda – Testing Voluntary Compliance to Contracts”

Discussant: Richard McAdams

Zev J. Eigen and David A. Hoffman, “A Fuller Understanding of Contractual Commitment”

Discussant: Dane Chorley

Abraham L. Wickelgren, “A Novel Justification for Legal Restrictions on Non-compete Clauses”

Discussant: Albert Choi  

Panel IG:          Corporate Governance: Theory of Organization and Governance

     Panel Chair: Jesse Fried

  1. Andrew Hanssen and Alexander Raskovich, “The Property Rights Theory of Vertical Relations: Evidence from the Hollywood Studio Era”

Discussant: Albert Choi

Zohar Goshen and Richard Squire, “Principal Costs”

Discussant: Jesse Fried

Jesse Fried, “The Illusory Promise of Pre-emptive Rights”

Discussant: Zohar Goshen

Panel IH:          Bias, Stereotypes, and Discrimination

     Panel Chair: Eric A. Posner

Anat Bracha, Alma Cohen, and Lynn ConellPrice, “Affirmative Action and Stereotype Threat”

Discussant: Marco Fabbri

Prasad Krishnamurthy and Aaron Edlin, “Affirmative Action and Stereotypes in Higher Education Admissions”

Discussant: Eric Rasmusen

Adam S. Chilton and Eric A. Posner, “An Empirical Study of Political Bias in Legal Scholarship”

Discussant: F. Andrew Hansen

10:30 – 11:00:    Coffee Break

Friday (cont.)

11:00 – 12:45:    Session II:        

Panel IIA:         Mergers, Acquisitions, and Takeovers

Panel Chair: Nitzan Shilon

Xiumin Martin and Emanuel Zur, “Dodging Repatriation Tax – Evidence from Domestic and Foreign M&As”

Discussant: Yair Listokin

Lucian Bebchuk, Alon Brav, and Wei Jiang, “The Long-Term Effects of Hedge Fund Activism”

Discussant: Darius Palia 

Nitzan Shilon, “The Case for Managerial Signaling in Deciding Hostile Takeovers”

            Discussant: Kathryn Judge

Panel IIB:         Topics in Tax Policy Design I

Panel Chair: Yehonatan Givati

David Schizer, “Limiting Tax Expenditures”

Discussant: Joshua Blank

Jacob Goldin, “Nudges, Mandates, and Taxes: Policy Design with Active and Passive Decision-Makers”

Discussant: Wojciech Kopczuk

Yehonatan Givati, “Googling a Free Lunch: The Taxation of Fringe Benefits”

Discussant: Jacob Goldin

Panel IIC:        Contracts and Bargaining

Panel Chair: Lisa Bernstein

Victor Goldberg, Buffalo’s Field of Dreams: Kenford Company v. Erie County

Discussant: Dan Kelly

Benjamin Shmueli, “When Can Post-Judgment Bargaining Be Anticipated: Bridging Economic and Behavioral Approaches”

                        Discussant: Luigi Franzoni

Lisa Bernstein, “Private Ordering, Social Capital, and Network Governance in Procurement Contracts: A Preliminary Exploration”

Discussant: Jody Kraus

Friday (cont.)

 Panel IID:         Informational Efficiency in Securities Markets

Panel Chair:  Merritt B. Fox

Robert J. Jackson, Jr., Wei Jiang, and Joshua Mitts, “How Quickly Do Markets Learn? Private Information Dissemination in a Natural Experiment”

Discussant: Allen Ferrell

April Klein and Tao Li, “Costs and Benefits of Acquiring Information: How Hedge Fund Managers Trade on the Freedom of Information Act”

Discussant: Robert Jackson

Merritt B. Fox, Lawrence R. Glosten and Gabriel V. Rauterberg, “The New Stock Market: Sense and Nonsense”

Discussant: Joshua Mitts

Panel IIE:        International Trade and Investment

     Panel Chair: Dmitriy Skougarevskiy

Jiwon Lee and Teresa Wittgenstein, “Weak vs. Strong Ties: Explaining Early Settlement in WTO Disputes”

Discussant: Ben Depoorter

Alan O. Sykes, “Economic Necessity in International Law”

Discussant: Kevin E. Davis

Wolfgang Alschner and Dmitriy Skougarevskiy, “Consistency and Legal Innovation in the BIT Universe”

Discussant: Kish Parella

Panel IIF:         Patents I

     Panel Chair: David S. Abrams

Michael D. Frakes and Melissa F. Wasserman, “Is the Time Allocated to Review Patent Applications Inducing Examiners to Grant Invalid Patents?: Evidence from Micro-Level Application Data”

Discussant: Kevin Collins

John R. Allison and Lisa Larrimore Ouellette, “How Courts Adjudicate Patent Definiteness and Disclosure”

Discussant: Kathy Strandburg

David S. Abrams, Ufuk Akcigit, and Jillian Popadak, “A First Empirical Look at NPE’s”

Discussant: Christopher Sprigman

Friday (cont.)

Panel IIG:        Judicial Behavior I

Panel Chair:             Doron Teichman

Arnaud Philippe and Aurélie Ouss, “‘No hatred or malice, fear or affection’: Media and Sentencing”

Discussant: Miguel F.P. de Figueiredo

Adi Leibovitch, “Relative Judgments”

Discussant: Max Schanzenbach

Doron Teichman, Yuval Feldman, and Amos Schurr, “Anchoring Legal Standards”

Discussant: Adi Leibovitch

Panel IIH:         Empirical Studies in Criminal Law

     Panel Chair: Emily Owens

Adam B. Cox and Thomas J. Miles, “Cooperating with the Cops: The Secure Communities Program and Clearance Rates”

Discussant: Crystal Yang

Emily Owens, “Testing the School-to-Prison Pipeline”

Discussant: Amanda Agan

Miguel F.P. de Figueiredo, “Throw Away the Jail or Throw Away the Key? The Effect of Punishment on Recidivism and Social Cost”

Discussant: John J. Donohue III

12:45 – 2:00:      Lunch

2:00 – 3:45:       Session III:      

Panel IIIA:       Topics in Domestic and International Taxation

     Panel Chair: Elizabeth Chorvat

John R. Brooks, II, “Quasi-Public Spending on Quasi-Public Goods”

Discussant: Edward Fox

Mihir A. Desai and Dhammika Dharmapala, “Interest Deductions in a Multijurisdictional World”

Discussant: Mitchell Kane

Elizabeth Chorvat, “Looking Through Corporate Expatriations for Buried Intangibles”

Discussant: Fadi Shaheen

Friday (cont.)

Panel IIIB:        Procedure and Litigation I

Panel Chair:   Giuseppe Dari-Mattiacci

Dov Fox and Alex Stein, “Watersheds”

Discussant: Keith N. Hylton

Itai Ater, Yehonatan Givati, and Oren Rigbi, “The Right to Counsel: Benefits and Costs”

Discussant: Crystal Yang

Giuseppe Dari-Mattiacci and Margherita Saraceno, “Fee-shifting with Two-sided Asymmetric Information”

Discussant: William Hubbard

Panel IIIC:        Lawyers and Law Firms

Panel Chair: David A. Hyman

Jamein P. Cunningham, “An Evaluation of the Federal Legal Services Program: Evidence from Crime Rates and Property Values”

Discussant: Gerd Muehlheusser

John Morley, “Why Law Firms Collapse”

Discussant: Lisa Rohrer

David A. Hyman, Mohammad Rahmati, Charles Silver, and Bernard Black, “Are Successful Plaintiffs’ Lawyers Good, or Just Lucky?”

Discussant: Ronen Avraham

Panel IIID:       Precedent and Legal Rules

Panel Chair:             Anup Malani

Daniel Chen, Jens Frankenreiter, and Susan Yeh, “Measuring the Effects of Legal Precedent in U.S. Federal Courts”

Discussant: Jeff Lax

Charles M. Cameron and Lewis A. Kornhauser, “Stare Decisis and Judicial Log-Rolls: A Gains-from-Trade Model”

Discussant: Scott Baker

Scott Baker and Anup Malani, “Judicial Learning and the Quality of Legal Rules”

Discussant: Jonathan Kasteller

Friday (cont.)

Panel IIIE:        Executives and Litigation Risk

Panel Chair: Emanuel Zur

Suman Banerjee, Mark Humphery-Jenner, Vikram Nanda, and Mandy Tham,, “Executive Overconfidence and Securities Class Actions”

Discussant: Eric Talley

James Malm and Shawn Mobbs, “Independent Directors and Corporate Litigation”

Discussant: Michael Klausner

Hagit Levy, Ron Shalev, and Emanuel Zur, “The Effect of CFO Personal Litigation Risk on Firms’ Disclosure and Accounting Choices”

Discussant: Jared Wilson

Panel IIIF:       Political Connections, Networks, Contributions

Panel Chair: Prasad Krishnamurthy

Thomas Bourveau, Renaud Coulomb, and Marc Sangnier, “Political Connections and Insider Trading”

Discussant: Yotam Kaplan

Geeyoung Min and Hye Young You, “Active Shareholders and Active Firms: Shareholder Proposal and Corporate Political Activity”

Discussant: Daniel Wolfenzon

Thomas Lambert, “Lobbying on Regulatory Enforcement Actions: Evidence from Banking”

Discussant: Prasad Krishnamurthy

Panel IIIG:       Experiments

     Panel Chair: Ben Depoorter

Dan Ariely, Ximena Garcia-Rada, Lars Hornuf, and Heather Mann, “The (True) Legacy of Two Really Existing Economic Systems”

Discussant: Alexander Stremitzer

Emanuela Carbonara and Marco Fabbri, “Social Influence on Third-party Punishment: an Experiment”

Discussant: Stephan Tontrup

Ben Depoorter and Stephan Tontrup, “Unenforced Laws: A Field Experiment”

Discussant: Macartan Humphreys

Panel IIIH:       Judicial Behavior II

     Panel Chair: W. Bentley MacLeod 

Adam Feldman and Elli Menounou, “Words That Matter: Predicting Persuasive Briefs in the United States Supreme Court”

Discussant: Jed Stiglitz

Donald P. Green, Jonathon S. Krasno, Costas Panagopoulos, Michael Schwam-Baird, and Dane Thorley, “Please Recuse Yourself: A Field Experiment Exploring the Relationship between Campaign Donations and Judicial Recusal”

Discussant: Jonah Gelbach

Elliott Ash and W. Bentley MacLeod, “Incentive and Selection Effects of Judicial Elections: Theory and Evidence from State Supreme Courts”

Discussant: Daniel Chen

3:45 – 4:15:       Coffee Break

4:15 – 6:00:       Session IV:

Panel IVA:        Financial Institutions I: Does the Regulation of Financial Institutions Improve Outcomes?

     Panel Chair:             Gerard Hertig

Talia Gillis, “Testing Beyond Comprehension”

Discussant: Alexei Alexandrov

Andrew F. Tuch, “Regulating Investment Bankers’ Loyalty in Mergers and Acquisitions”

Discussant: Donna Hitscherich

Ettore Croci, Gerard Hertig, and Eric Nowak, “Decision-Making during the Crisis: Why did the Treasury let Commercial Banks fail?”

Discussant: Anita Anand

Panel IVB:        Topics in Tax Policy Design II

   Panel Chair:  Zachary Liscow

Yair Listokin, “Tax Expenditure Estimates Are Almost as Good as Revenue Estimates”

Discussant: David Kamin

Lee Anne Fennell and Richard H. McAdams, “The Distributive Deficit in Law and Economics”

Discussant: Zachary Liscow

Zachary Liscow, “How Income Taxes Should Change during Recessions”

Discussant: John R. Brooks, II

Panel IVC:        Antitrust

Panel Chair: Daniel L. Rubinfeld

Michal S. Gal and Daniel L. Rubinfeld, “The Hidden Costs of Free Goods: Implications for Antitrust Enforcement”

Discussant: James Dana

Tamer Cetin and Kadir Y. Eryigit, “Measuring the Economic Effects of Deregulation: Evidence from the Turkish Airline Industry”

Discussant: Daniel L. Rubinfeld

Alexei Alexandrov and Daniel F. Spulber, “Sufficient Decisions in Multi-Sided and Multi-Product Markets”

Discussant: Pablo Spiller

Panel IVD:        Employment and Labor Law

     Panel Chair: Evan Starr

Alison Morantz, Kathleen Choi, and Alexander Weiss, “Filing Not Found: Which Injuries Go Unreported to Worker Protection Agencies, and Why?”

Discussant: David Hoffman

Egor Matveyev, “Assortative Matching in Managerial Labor Markets: Theory and Measurement”

Discussant: Pierre-Andre Chiappori

Evan Starr, Norman Bishara, and JJ Prescott, “Noncompetes in the US Labor Force”

Discussant: Paige Skiba

Panel IVE:        Regulatory Competition

     Panel Chair: Eric L. Talley

K.J. Martijn Cremers and Simone M. Sepe, “Whither Delaware? Limited Commitment and the Financial Value of Corporate Law”

Discussant: Michal Barzuza

Jared I. Wilson, “The Value of Exclusive Forum Provisions”

Discussant: Simone Sepe

Eric L. Talley, “Corporate Inversions and the Unbundling of Regulatory Competition”

            Discussant: Roberta Romano

Panel IVF:       Negligence

Panel Chair: Omri Ben-Shahar

Alice Guerra, Barbara Luppi, and Francesco Parisi, “Presumption of Negligence”

Discussant: Shmuel Leshem

Alon Cohen and Avraham Tabbach, “Informational Negligence Law”

Discussant: Fernando Gomez

Omri Ben-Shahar and Ariel Porat, “Personalizing Negligence Law”

Discussant: Michael Frakes

Panel IVG:        Voting, Elections, Representation

Panel Chair: Abhay Aneja

Raphael Franck, “The Lawyers’ Comparative Advantage in Parliamentary Elections”

Discussant: Pat Akey

Vardges Levonyan, “What Led to the Ban on Same-Sex Marriage in California?: Structural Estimation of Voting Data on Proposition 8”

Discussant: Barak Richman

Abhay Aneja, “The Causal Effect of Political Representation on Crimes against

Ethnic Minorities: State-level Evidence from India”

Discussant: Sunita Parikh       

Panel IVH:        Secondary Liability and Enforcement in Securities Markets

Panel Chair: Assaf Hamdani

James J. Park, “Auditor Contributions to Securities Class Action Settlements”

Discussant: Sean Griffith

Stephen J. Choi and Adam C. Pritchard, “SEC Investigations and Securities Class Actions: An Empirical Comparison”

Discussant: Merritt B. Fox

Assaf Hamdani, “Respondeat Superior and Secondary Liability”

Discussant: David Webber

6:00 – 7:00:       Cocktails

7:00:                 ALEA Annual Dinner

                        Presiding:          Robert Scott, President, ALEA

                        Speaker:            Kathryn Spier, Vice President, ALEA

Saturday, May16

8:00 – 8:30:       Continental Breakfast

8:30 – 10:15:      Session V:

Panel VA:         Empirical Research in Taxation

     Panel Chair:             Kyle Rozema

Matthew Dimick, David Rueda, and Daniel Stegmueller, “The Altruistic Rich? Inequality and Other-Regarding Preferences for Redistribution in the US”

Discussant: Kyle Rozema

Edward Fox, “Do Taxes Affect Marriage? Lessons from History”

Discussant: Dhammika Dharmapala

Kyle Rozema, “Excise Taxes and the Allocation of Producer Surplus”

Discussant: Matthew Dimick

Panel VB:         Torts: Data and Theory

Panel Chair: Benjamin J. McMichael

Robert Cooter and David DePianto, “Community vs Market Values of Life”

Discussant: Eric A. Posner

Benjamin Ogden and Keith N. Hylton, “Incentives to Take Care Under Contributory and Comparative Fault”

Discussant: Ezra Friedman

Benjamin J. McMichael, “Beyond Physicians: The Effect of Licensing and Liability Laws on Nurse Practitioners and Physician Assistants”

Discussant: Jill Horwitz

Panel VC:         Institutional Investors

Panel Chair: Katherine Valerie Litvak

Paul Calluzzo and Simi Kedia, “Mutual Fund Board Connections and Proxy Voting”

Discussant: Quinn Curtis

Joseph McCahery, Zacharias Sautner, and Laura T. Starks, “Behind the Scenes: The Corporate Governance Preferences of Institutional Investors”

Discussant: Holger Spamann

Vladimir Atanasov, Thomas Hall, Vladimir Ivanov, and Katherine Valerie Litvak, “The Impact of Public Pension Funds on Governance of Venture Capital Funds: Which Limited Partners Limit VC Opportunism?”

Discussant: Brian Broughma

Saturday (cont.)

Panel VD:         Procedure and Litigation II

     Panel Chair: Minor Myers

Dan Klerman and Greg Reilly, “Forum Selling”

Discussant: Paul R. Gugliuzza

Shay Lavie, “Quotas”

Discussant: Zach Clopton

Charles R. Korsmo and Minor Myers, “Aggregation by Acquisition: Replacing Class Actions with a Market for Legal Claims”

Discussant: Avery Katz

Panel VE:         Property Regimes in China

     Panel Chair: Wei Zhang

Yun-chien Chang and Henry E. Smith, “The Numerus Clausus Principle, Property Customs, and the Emergence of New Property Forms”

Discussant: Henry Hansmann

Shitong Qiao, “Small Property, Big Market: A Focal Point Explanation         “

Discussant: Lee Anne Fennell

Ji Li and Wei Zhang, “Weak Law v. Strong Ties: An Empirical Study of Business Investment, Law and Political Connections in China”

Discussant: Frank Upham

Panel VF:          Judicial Behavior III

    Panel Chair: Joshua B. Fischman

Michael A. Bailey and Matthew L. Spitzer, “Appointing Extremists

Discussant: Charles M. Cameron

Daniel L. Chen, Moti Michaeli, and Daniel Spiro, “Ideological Perfectionism on Judicial Panels”

Discussant: Anup Malani

Joshua B. Fischman and Tonja Jacobi , “The Second Dimension of the Roberts Court”

Discussant: Vardges Levonyan

Panel VG:         Copyright

     Panel Chair: Guy A. Rub

Paul Justin Heald, Kristofer Erickson, and Martin Kretschmer, “The Valuation of Unprotected Works: The Case of Public Domain Photographs on Wikipedia”

Discussant: Guy A. Rub

Milton Harris, S. Abraham Ravid, Ronald Sverdlove, and Suman Basuroy, “Intellectual Property Contracts: Theory and Evidence from Screenplay Sales”

                        Discussant: Lisa Larrimore Ouellette

Guy A. Rub, “Reconciling the Copyright-Contracts Conflict”

Discussant: Scott Baker

Panel VH:         Corporate Governance: Empirical Methods

 Panel Chair: Brian Galle

Emiliano M. Catan and Marcel Kahan, “The Law and Finance of Anti-Takeover Statutes”

Discussant: Darius Palia

Vladimir Atanasov and Bernard Black, “The Trouble with Instruments: Re-examining Shock-Based IV Designs”

Discussant: Wei Jiang

Brian Galle and David Walker, “Sunshine, Stakeholders, and Executive Pay: A Regression-Discontinuity Approach”

Discussant: Emiliano Catan

10:15 – 10:45:    Coffee Break

10:45 – 12:30:    Session VI:

Panel VIA:        Financial Institutions II: The Financial Crisis in Retrospect: Can We Do Better in Policing Systemic Risk?

     Panel Chair: Anthony J. Casey

Kathryn Judge, “Thirteen Months: The Role of a Modern Lender of Last Resort”

Discussant: Prasad Krishnamurthy

Wulf A. Kaal, Barbara Luppi and Sandra Paterlini, “Did the Dodd-Frank Act Impact Private Fund Performance? Evidence from 2010  to­ 2015”

Discussant: Katherine Valerie Litvak

Anthony J. Casey and Eric A. Posner, “A Framework for Bailout Regulation”

Discussant: Michael Simkovic

Panel VIB:       Can Legal Reforms Improve the Quality of Medical Care?            

     Panel Chair: Jill Horwitz

Michael Frakes, Matthew Frank, and Seth Seabury, “The Impact of National Medical Liability Standards on Local Access to Physician Services”

Discussant: Kristin Madison

Paola Bertoli, Sofia Amaral Garcia, and Veronica Grembi, “Does Experience Rating Improve Obstetric Practices? Evidence from Geographical Discontinuities”

Discussant: Elliott Ash

Myungho Paik, Bernard Black, and David A. Hyman, “Damage Caps and Defensive Medicine, Revisited”

Discussant: Frank A. Sloan

Panel VIC:        Liability Insurance

     Panel Chair: Kyle Logue

Patricia A. Robinson, Frank A. Sloan, and Lindsey M. Eldred, “Advantageous Selection, Moral Hazard, and Insurer Sorting on Risk in the U.S. Automobile Insurance Market”

Discussant: Joshua Teitelbaum

Henrik Lando, “Optimal Rules of Misrepresentation in Insurance Law”

Discussant: Abraham L. Wickelgren

Omri Ben-Shahar and Kyle Logue, “Under the Weather: Government Insurance and the Regulation of Climate Risks”

Discussant: Brian Galle

Panel VID:        Contract Theory

     Panel Chair: Kevin E. Davis

Maija Halonen-Akatwijuka and Oliver D. Hart, “Short-term, Long-term, and Continuing Contracts”

Discussant: W. Bentley MacLeod

Juanjo Ganuza and Fernando Gomez, “Formal Contracts without Courts”

Discussant: Patrick Bolton

Oren Bar-Gill and Kevin E. Davis, “(Mis)perceptions of Law in Consumer Markets”

Discussant: Andrew F. Daughety

Panel VIE:        Corporate Governance: Directors and Shareholders

     Panel Chair: Jordan M. Barry

Yaron Nili, “Servants of Two Masters? The Feigned Hysteria over Activist-Paid Directors”

Discussant: Slava Fos

Matthew D. Cain, Jill E. Fisch, Sean J. Griffith, and Steven Davidoff Solomon, “How Corporate Governance is Priced: The Case of the Golden Leash”

Discussant: Dhammika Dharmapala

Lynne L. Dallas and Jordan M. Barry, “Long-Term Shareholders and Time-Phased Voting”

Discussant: Assaf Hamdani

Panel VIF:        Judicial Behavior IV

     Panel Chair: Christopher L. Griffin, Jr.

Claudine Desrieux and Romain Espinosa, “Do Employers Fear Unions in Labor Courts? Theory and Evidence from French Labor Courts”

Discussant: Dan Klerman

Guy Grossman, Oren Gazal-Ayal, Sam Pimentel, and Jeremy Weinstein, “Descriptive Representation and Judicial Outcomes in Multi-Ethnic Societies”

Discussant: Thomas J. Miles

Christopher L. Griffin, Jr., “An Empirical Assessment of Panel Effects in Quasi-Judicial Decision Making”

Discussant: Jens Frankenreiter

Panel VIG:        Patents II

Panel Chair: Shawn P. Miller

Roger Smeets, “Does Patent Litigation Crowd Out Corporate R&D? An Analysis of US Public Firms”

Discussant: David S. Abrams

Ian Ayres and Amy Kapczynski , “Innovation Sticks: The Limited Case for Penalizing Failures to Innovate”

Discussant: Giuseppe Dari-Mattiaci

Mark A. Lemley and Shawn P. Miller, “If You Can’t Beat ‘Em, Join ‘Em? How Sitting by Designation Affects Judicial Behavior”

Discussant: David Schwartz

Saturday (cont.)

 Panel VIH:        Criminal Law: Theory and Data

     Panel Chair: Shmuel Leshem

Ricard Gil and Mario Macis, “Ain’t No Rest for the Wicked”: Population, Crime, and the 2013 Government Shutdown”

Discussant: Max Schanzenbach

Berno Buechel and Gerd Muehlheusser, “Black Sheep or Scapegoats? Implementable Monitoring Policies under Unobservable Levels of Misbehavior”

Discussant: Nicolas Sahugeut

Ehud Guttel and Shmuel Leshem, “On the Credibility of Prosecutorial (and other) Threats”

Discussant: Omri Ben-Shahar

12:30 –1:45:       Lunch

1:45 – 3:30:       Session VII:

Panel VIIA:       Crime Prevention

Panel Chair: Andrea Cann Chandrasekher

Jillian B. Carr and Jennifer L. Doleac, “Keep the Kids Inside: Juvenile Curfews, Bad Weather, and Urban Gun Violence”

Discussant: Bernardo S. da Silveira

Andrew Porter, “Libraries Fighting Crime: Spillover Effects of Public Institutions”

Discussant: Eric Helland

Andrea Cann Chandrasekher, “The Effect of Police Slowdowns on Crime”

Discussant: JJ Prescott

 Panel VIIB:       Corporate and Municipal Bankruptcy    

     Panel Chair: Vincent S.J. Buccola

Antonio E. Bernardo, Alan Schwartz, and Ivo Welch, “Contracting Externalities and Mandatory Menus in the U.S. Corporate Bankruptcy Code”

Discussant: Laura Napoli Cordes

Antonio Falato and Nellie Liang, “Do Creditor Rights Increase Employment Risk?

Evidence from Loan Covenants”

Discussant: Kenneth Ayotte

Vincent S.J. Buccola, “The Legislative Structure of Municipal Bankruptcy”

Discussant: Frederick Tung

Panel VIIC:      Property Law: Theory and Applications

     Panel Chair: Lee Anne Fennell

Yael R. Lifshitz, “Rethinking Original Ownership”

Discussant: Henry E. Smith

Ronit Levine-Schnur and Gideon Parchomovsky, “Is the Government Fiscally Blind? An Empirical Examination of the Effect of the Compensation Requirement on Eminent Domain Exercises”

Discussant: Katrina Wyman

Lee Anne Fennell, “Slicing Spontaneity”

Discussant: Richard Brooks

Panel VIID:       Antitrust: Vertical Interactions

Panel Chair: Jonathan B. Baker

Mika Kato, “Demand-enhancing Innovation”

Discussant: Matthew L. Spitzer

Louis Kaplow, “The Meaning of Vertical Agreement and the Structure of Competition Law”

Discussant: Ian Ayres

Jonathan B. Baker, “Evaluating Appropriability Defenses for the Exclusionary Conduct of Dominant Firms in Innovative Industries”

Discussant: Keith N. Hylton

Panel VIIE:       Empirical Work on Contracts

Panel Chair: Yonathan A. Arbel

Sarath Sanga, “The Contract Frontier: A Study of the Modern Joint Venture”

Discussant: Charles Sabel

Jean Beuve, Marian Moszoro, and Stéphane Saussier, “Political Contestability and Contract Rigidity: An Analysis of Procurement Contracts”

Discussant: Lisa Bernstein

Yonathan A. Arbel, “Contract Remedies in Action: Specific Performance”

Discussant: Florencia Marotta-Wurgler

Panel VIIF:      Products Liability

     Panel Chair: Brian Libgober

Andrzej Baniak and Peter Grajzl, “Controlling Product Risks when Consumers are Heterogeneously Overconfident: Producer Liability vs. Minimum Quality Standard Regulation”

Discussant: Juanjo Ganuza

Ezra Friedman, “The Value of A Statistical Judgment: A New Approach to the Insurer’s Duty to Settle”

Discussant: Sofia Amaral Garcia

Brian Libgober and JJ Prescott “Accident Liability in Imperfect Markets”

Discussant: Claude Fluet

Panel VIIG:      Corporate Governance and Activism

     Panel Chair: Kobi Kastiel

Mira Ganor, “Why do Dual-Class Firms Have Staggered Boards?”

Discussant: Steven Davidoff

Stephen J. Choi, Jill E. Fisch, Marcel Kahan, and Edward B. Rock, “Does Majority Voting Improve Board Accountability?”

Discussant: Ryan Bubb

Kobi Kastiel, “Against All Odds: Shareholder Activism in Controlled Companies”

Discussant: Richard Squire                                                                            

Panel VIIH:      Cross Cutting Papers

     Panel Chair: Lisa Larrimore Ouellette

Ariel Porat and Omri Yadlin, “A Welfarist Perspective on Lies”

Discussant: Avery Katz

Scott Baker and Alex Raskolnikov, “Information, Strategy, and Optimal Responses to Legal Uncertainty”

Discussant: Justin McCrary

Jonathan S. Masur and Lisa Larrimore Ouellette, “Deference Mistakes”

Discussant: Scott Baker

3:30 – 4:30:       Wine and Cheese Reception


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