Pollack Center for Law & Business

9th Annual NYU/Penn Conference on Law & Finance

Sponsored by NERA Economic Consulting

February 8-9, 2013

NYU Stern School of Business

Kaufman Management Center, Room 1-100
44 West Fourth Street
New York, NY 10012

Organizers:
William Allen, New York University
Yakov Amihud, New York University
Jill Fisch, University of Pennsylvania
Itay Goldstein, University of Pennsylvania

Program:

Friday, February 8, 2013
9:30 a.m.
Registration and Breakfast

10:00 a.m.
Welcoming Remarks

10:15-11:15 a.m.
Competition for Managers, Corporate Governance and Incentive Compensation
Viral Acharya, NYU Stern School of Business, CEPR, NBER
Marc Gabarro, Erasmus University
Paolo Volpin, LBS, CEBR
Commentator: James Spindler, University of Texas at Austin School of Law
Moderator: William Allen, NYU School of Law and Stern School of Business

15 minute break

11:30-12:30 a.m.
Concentrated Ownership Revisited: Idiosyncratic Value and Agency Costs
Zohar Goshen, Columbia Law School
Assaf Hamdani, Hebrew University of Jerusalem
Commentator: Alex Edmans, The Wharton School of the University of Pennsylvania
Moderator: Itay Goldstein, The Wharton School of the University of Pennsylvania

12:30-1:30 p.m.
Lunch

1:30-2:30 p.m.
Executive Compensation and Corporate Governance in the US: Perception, Facts and Challenges
Steven Kaplan, University of Chicago Booth School of Business
Commentator: Holger Spamann, Harvard Law School
Moderator: Bill Bratton, University of Pennsylvania Law School

2:30-3:30 p.m.
How Do Retail Investors Choose Funds? An Experiment
Jill Fisch, University of Pennsylvania Law School
Tess Wilkinson-Ryan, University of Pennsylvania Law School
Commentator: Wei Jiang, Columbia Business School
Moderator: Geoffrey Miller, New York University School of Law

15 minute break

3:45-4:45 p.m.
The Disciplinary Effects of Proxy Contests
Vyacheslav Fos, College of Business, University of Illinois at Urbana-Champaign
Commentator: Robert Thompson, Georgetown University Law Center
Moderator: Marcel Kahan, New York University School of Law

5:00-6:00 p.m.: Cocktails
6:00-8:00 p.m.: Event Dinner

Saturday February 9, 2013
8:30 am Registration and Breakfast

9:00-10:00 a.m.
Secured Credit Externalities
Barry Adler, NYU School of Law
Vedran Capkun, HEC Paris
Commentator: Mark Jenkins, Wharton School of the University of Pennsylvania
Moderator: Ryan Bubb, NYU School of Law

10:00-11:00 a.m.
Soft Shareholder Activism
Doron Levit, Wharton School of the University of Pennsylvania
Commentator: Frank Partnoy, University of San Diego School of Law
Moderator: Michael Wachter, University of Pennsylvania Law School

15 minute break

11:15-12:15 p.m.
Virtual Ownership and Managerial Distance: The Governance of Industrial Foundations
Henry Hansmann, Yale Law School
Steen Thomsen, Copenhagen Business School
Commentator: Yaniv Grinstein, Cornell University, Johnson Graduate School of Management
Moderator: Yakov Amihud, NYU Stern School of Business

12:15-1:30 p.m.
Lunch