Publications

Professional Books  

Perspectives in Law, Business & Innovation, Mark Fenwick, Wulf A. Kaal, Toshiyuki Kono & Erik P.M. Vermeulen eds., New York Springer (2016)

Festschrift in Honor of Christian Kirchner, Wulf A. Kaal, Andreas Schwartze & Matthias Schmidt eds., Mohr Siebeck Verlag (2014)

Hedge Fund Regulation by Banking Supervision – a Comparative Institutional Analysis, Eur. U. Stud., Ser. V., Econ. Vol. 3174, Peter Lang Verlag (2006)

Professional Articles and Circulating Working Papers

2018:

Initial Coin Offerring Governance, FinTech Handbook, Florian Möslein & Sebastian Omlor eds., Verlag C.H. Beck (2018)

The Blockchain Innovation in Private Investment Funds, J. Fin. Trans., Vol. 47 (2018) (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2998033)

Wulf A. Kaal & Craig Calcaterra, Crypto Transaction Dispute Resolution, The Business Lawyer (2018) (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2992962)

Mark Fenwick, Wulf A. Kaal & Erik P.M. Vermeulen, Legal Education in the Blockchain Revolution, Vand. J. Ent. & Tech. L., Vol. 20, Issue 2 (2018) (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2939127)

Private Investment Fund Regulation – Literature and Empirical Evidence from 2005 to 2015, U. Penn. Bus. & Com. L. J. (2018) (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2998097)

2017:

Blockchain Solutions for Agency Problems in Corporate Governance, MEDIUM (Feb. 2017) (https://medium.com/@wulfkaal/blockchain-solutions-for-agency-problems-in-corporate-governance-a83aae03b846#.livem11vu)

Blockchain Applications and Fee Structure Developments in Private Investment Funds, Lowell Milken Institute for Business Law and Policy (2017) (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2959730)

Wulf A. Kaal & Erik P.M. Vermeulen, How to Regulate Disruptive Innovation – From Facts to Data, J. L., Science & Tech. (2017) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2808044)

Mark Fenwick, Wulf A. Kaal, and Erik P. M. Vermeulen, Regulation Tomorrow: What Happens When Technology Is Faster Than the Law?, Am. U. Bus. L. Rev. (2017) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2834531)

Mark Fenwick, Wulf A. Kaal & Erik P.M. Vermeulen, The Unmediated and Technology-Based “Corporate Governance” of Today’s Winning Companies, J. Inf. Tech. & Priv. L. (2017) (https://papers.ssrn.com/sol3/papers2.cfm?abstract_id=2922176)

 Shareholder Agreements – National Report of the United States of America, in: International Compendium on Shareholder Agreements, Kristian Csach, Bohumil Havel & Sebastian Mock eds. (2017) (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3017612)

Dynamic Regulation via Contingent Capital, Ann. Rev. Banking & Fin. L. (2017)                  (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2957645)

Wulf A. Kaal & Bentley Anderson, Unconstrained Mutual Funds and Retail Investor Protection, Ann. Rev. Banking & Fin. L. (2017) (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2811729)

Blockchain Innovation for Private Investment Funds, Cayman Financial Review (April 2017)

Blockchain Applications and Fee Structure Implications for Private Investment Funds, Cayman Financial Review (June 2017)

2016:

The Post Dodd-Frank-Act Evolution of the Private Fund Industry: Comparative Evidence from 2012 and 2015, The Business Lawyer (2016) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2739479)

What Drives Dodd-Frank Act Compliance Cost for the Private Fund Industry?, The Journal of Alternative Investments (2016)  (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2629386)

Confluence of Private and Mutual Funds, in Elgar Handbook on Mutual Funds (2016) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083)

Private Investment Fund Due Diligence – Evidence from 1995 to 2015, Ann. Rev. Banking & Fin. L. (2016)  (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2811718)

The Private Fund Industry Five Years After the Dodd-Frank Act: A Survey Study, Ann. Rev. Banking & Fin. L. (2016)  (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2732915)

Dynamic Regulation for Innovation, in: Perspectives in Law, Business & Innovation, Mark Fenwick, Wulf A. Kaal, Toshiyuki Kono & Erik P.M. Vermeulen eds., New York Springer (2016) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2831040)

Wulf A. Kaal & Dale Oesterle, The History of Hedge Fund Regulation in the United States, in: Handbook on Hedge Funds, Oxford University Press (2016) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974)

Wulf A. Kaal & Timothy A. Kraus, Hedge Funds and Systemic Risk, in: Handbook on Hedge Funds, Oxford University Press (2016) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2748096)

The Emergence of Unconstrained Mutual Funds, The Offshore Financial Review (2016)

Dynamic Regulation to Curtail Excessive Corporate Risk-Taking: A Response to Professor Schwarcz, 65 Emory Law Journal Online (2016)

The Changing Landscape of Private Fund Investor Due Diligence, The Offshore Financial Review (2016)

The Effect of Dodd-Frank Act Compliance Cost on the Private Fund Industry, Banking & Financial Services Policy Report, Wolters Kluwer (2016)

Implications of Private and Mutual Funds Convergence, Cayman Financial Review (2016)

The Dodd-Frank Act – Scope and Impact, Global Encyclopedia of Public Administration and Public Policy (2016)

The Role of Venture Capital in Regulating Disruptive Innovation, Cayman Financial Review (2016)

Review, Claire A. Hill & Richard W. Painter, Better Bankers, Better Banks – Promoting Good Business Through Contractual Commitment, 2 Journal of International and Banking Law (2016)

2015:

Dynamic Regulation via Governmental Contracts, in Liber Amicorum Peter Nobel (2015) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2517677)

Private Fund Disclosures under the Dodd-Frank Act, 9 Brook. J. Corp., Fin. & Com. L. 428 (2015) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2447306)

The Systemic Risk of Private Funds After the Dodd-Frank Act, Mich. Bus. & Entrepreneurial L. Rev. (2015) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2470008)

How to Address Increased Compliance Cost for Private Funds, Cayman Financial Review (2015)

2014:

Wulf A. Kaal & Timothy A. Lacine, The Effect of Deferred and Non-Prosecution-Agreements on Corporate Governance: Evidence from 1993-2013, The Business Lawyer (Nov. 2014)(http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2486570)

Hedge Funds’ Systemic Risk Disclosures in Bankruptcy, Am. Bank. Inst. L. Rev. (2014) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2348463)

Investment Adviser Regulation, in Research Handbook on Securities Regulation in the United States, Jerry W. Markham & Rigers Gjyshi eds., Edward Elgar, (2014) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2337268)

Evolution of Law: Dynamic Regulation in a New Institutional Economics Framework, in Festschrift in Honor of Christian Kirchner (Wulf Kaal, Andreas Schwartze & Matthias Schmidt eds.)(2014) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2267560)

Wulf A. Kaal & Elizabeth R. Malay, The Role of Corporate Integrity Agreements in the Expansion of Fiduciary Duties, Wake Forest J. Bus. & Intell. Prop. L. (2014) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2317580)

Private Fund Performance after the Dodd-Frank Act, Cayman Financial Review (2014)

2013:

Hedge Fund Manager Registration Under the Dodd-Frank Act, 50 San Diego L. Rev. 244-322 (2013) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2150377)

Dynamic Regulation of the Financial Services Industry, 49 Wake Forest L. Rev. 791-828 (2013) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2273857)

A Comparative Perspective on the Limitations of the Duty of Oversight – A Comment on Lisa Fairfax, 10 St. Thomas L. J. 460-468 (2013) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2215283)

Improving Debt Bonus Programs for Executives, The Cayman Financial Review (2013)

Private Fund Investment Adviser Registration Under the Dodd-Frank Act, The Cayman Financial Review (2013)

Dampening Financial Regulatory Cycles with Dynamic Regulation – A Response to Professor McDonnell, 65 Fla. L. Rev. F. 32 (2013).

2012:

Contingent Capital in Executive Compensation, 69 Washington & Lee L. Rev. 1821-1889 (2012) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2139798)

Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance, 26 Notre Dame J.L. Ethics & Pub. Pol’y 281-326 (2012) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1998455)

Wulf A. Kaal & Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law After Morrison v. National Australia Bank, 97 Minn. L. Rev. 132-205 (2012) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2029983)

Wulf A. Kaal & Christoph K. Henkel, Contingent Capital with Sequential Triggers, 49 San Diego L. Rev. 221-277 (2012) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1908473)

Christian Kirchner, Richard W. Painter, Wulf A. Kaal & Sven Höppner, Europäischer vs. US-amerikanischer Wettbewerb der Gesellschaftsrechte – Abschied vom alten Delaware-Verbundprodukt, Die Aktiengesellschaft 469-477 (2012)

Christoph K. Henkel & Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring, 32 Nw. J. Int’l L. & Bus. 191-262 (2012) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2061166)

Who is Afraid of Dodd-Frank? Not Wall Street!, The St. Thomas Lawyer (2012)

2011:

Hedge Fund Regulation via Basel III, 44 Vand. J. Transnat’l L. 389-463 (2011) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1806252)

Wulf A. Kaal & Richard W. Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche, 8 Eur. Company & Fin. L. Rev. 77-105 (2011)(http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901)

2010:

Wulf A. Kaal & Richard W. Painter, Initial Reflections on an Evolving Standard: Constraints on Risk Taking by Directors and Officers in Germany and the United States, 40 Seton Hall L. Rev. 1433-1485 (2010) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614)

Wulf A. Kaal & Richard W. Painter, Extraterritorial Application of US Securities Law: Will the US Become the Default Jurisdiction for European Securities Litigation, 7 Eur. Company L. 90 (2010) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1664809)

Wulf A. Kaal & Christian Kirchner, Economics of Financial Market Regulation: Financial Reporting Standards, Banking Regulation, and Hedge Funds, in Law and Economics of Global Financial Institutions 5 (Peter Nobel, Katrin Krehan & Anne-Cathrine Tanner eds., 2010).

Risk Taking by Managers – Recent Developments, 1 American Bar Association  -Business Law Section 39-53 (2010)

2009:

Hedge Fund Valuation – Retailization, Regulation, and Investor Suitability, 28 Ann. Rev. Banking & Fin. L. 581-637 (2009) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387)

2005:

Christian Kirchner, Richard W. Painter & Wulf A. Kaal, Regulatory Competition in EU Corporate Law after Inspire Art: Unbundling Delaware’s Product for Europe, 2 Eur. Company & Fin. L. Rev. 159-206 (2005) (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=617681)

2004:

Interconnections between the European Investment Services Directive and the Regulatory Situation in the U.S., 24 No. 4 Futures & Derivatives L. Rep. 13-38 (2004)

Work In Progress 

Private Investment Funds – Practice, Regulation, and Compliance, Palgrave Macmillan (2016)

Dynamic Regulation 

What Drives Dodd-Frank Act Compliance Cost for the Private Fund Industry? (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2629386)

Wulf A. Kaal, Barbara Luppi & Sandra Paterlini, Did the Dodd-Frank Act Impact Hedge Fund Performance? Evidence from 2000 – 2015 (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2629347)

Wulf A. Kaal & Timothy Lacine, Stock Price Reaction to Deferred- and Non-Prosecution Agreements (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2629451)

Private Fund Due Diligence – Evidence from 2000 to 2015

Wulf A. Kaal & Timothy Lacine, The Effect of Deferred- and Non-Prosecution Agreements on the Value of Financial Institutions

Hedge Fund Manager Registration Under the Dodd-Frank Act: Evidence from 2012 and 2015

Corporate Wrongdoing: Quasi Public Enforcement Versus Private Enforcement – Evidence from 1993 to 2015

Wulf A. Kaal & Erik Vermeulen, Crowdfunding as Dynamic Regulation of Innovation

Wulf A. Kaal & Dale Oesterle, The History of Hedge Fund Regulation in the United States, in: Handbook on Hedge Funds, Oxford University Press (2016)

Blogs

blogs.law.harvard.edu/corpgov/

clsbluesky.law.columbia.edu

wulfkaal.com

Amici Curiae

 Brief of Sixteen Law Professors as Amici Curiae in Support of Respondents {at __}, Chadbourne & Parke, LLP v. Troice, Nos. 12-79, 12-86, 12-88 (U.S. {__}), ECF No. {Number found on Pacer Docket, e.g. 14}.

Brief of Eleven Law Professors as Amici Curiae in Support of Petitioner, Brown v. Calamos, 132 S. Ct. 2774 (2012) (No. 11-1173), 2012 WL 1514403.

Brief of Amici Curiae Law Professors in Support of Respondents, Morrison v. Nat’l Australia Bank, 130 S. Ct. 2869 (2010) (No. 08-1191), 2010 WL 740747.

Brief of Amicus Curiae Law Professors in Support of Defendants-Appellees, Viking Global Equities v. Porsche Auto. Holding SE, No. 11-0397 (2nd Cir. Aug. 3, 2011), ECF No. 76.

Brief of Amici Curiae of German and American Law Professors in Support of Defendant-Appellant Porsche, Viking Global Equities v. Porsche Auto. Holding SE, 36 Misc.3d 1233(A) (2012) (No. 650435/11).

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