---
url: https://wulfkaal.com/2015/05/15/american-law-and-economics-association-twenty-fifth-annual-meeting/
canonical: https://wulfkaal.com/2015/05/15/american-law-and-economics-association-twenty-fifth-annual-meeting/
title: "American Law and Economics Association - Twenty-Fifth Annual Meeting · Wulf Kaal"
site: wulfkaal.com
---

**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 Conell**\-**Price, “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**_ 

Cite this essay

Wulf A. Kaal, “American Law and Economics Association - Twenty-Fifth Annual Meeting,” wulfkaal.com (May 15, 2015), https://wulfkaal.com/2015/05/15/american-law-and-economics-association-twenty-fifth-annual-meeting/

APA

Kaal, W. A. (2015, May 15). American Law and Economics Association - Twenty-Fifth Annual Meeting. Wulf Kaal Blog. https://wulfkaal.com/2015/05/15/american-law-and-economics-association-twenty-fifth-annual-meeting/

BibTeX

```
@article{kaal2015american,
  author  = {Kaal, Wulf A.},
  title   = {American Law and Economics Association  -  Twenty-Fifth Annual Meeting},
  year    = {2015},
  month   = {05},
  url     = {https://wulfkaal.com/2015/05/15/american-law-and-economics-association-twenty-fifth-annual-meeting/},
  note    = {wulfkaal.com/blog}
}
```