Pollack Center for Law & Business

7th Annual NYU/Penn Conference on Law & Finance

Jointly sponsored by the University of Pennsylvania’s Institute for Law and Economics, Wharton’s Financial Institutions Center, and NYU Pollack Center for Law & Business

Friday, February 25, 2011
9:30 a.m.-5:00 p.m.

Saturday, February 26, 2011
8:30 a.m.-2:00 p.m.

NYU School of Law
Lester Pollack Colloquium Room, Furman Hall
245 Sullivan Street, between Washington Square South and West Third Street 

Conference Organizers:
William Allen
NYU Stern School of Business and NYU School of Law
Pollack Center for Law & Business
New York University

Yakov Amihud
Stern School of Business
New York University

Michael Roberts
The Wharton School
University of Pennsylvania

Jill Fisch
Institute for Law & Economics
University of Pennsylvania Law School

Program:
Friday, February 25, 2011

9:30 a.m.
Registration and Breakfast

10:00 a.m.
Welcoming Remarks

Dean Richard Revesz
Dean and Lawrence King Professor of Law
New York University School of Law

William Allen
Nusbaum Professor of Law & Business
Director, Lester Pollack Center for Law & Business
New York University

10:15–11:15 a.m.
The Political Economy of Fraud on the Market
William Bratton
Professor of Law
University of Pennsylvania Law School

Michael Wachter
William B. Johnson Professor of Law and Economics
University of Pennsylvania Law School

Commentator: Chester S. Spatt
Pamela R. and Kenneth B. Dunn Professor of Finance
Carnegie Mellon

Moderator: Jill Fisch
Perry Golkin Professor of Law
University of Pennsylvania Law School

11:15-11:30 a.m.
Coffee Break

11:30 a.m.-12:30 p.m.
Information Disclosure and Corporate Governance
Michael Weisbach
Professor and Ralph W. Kurtz Chair in Finance
The Ohio State University

Commentator: Merritt Fox
Michael E. Patterson Professor of Law
Columbia Law School

Moderator: Michael Wachter
William B. Johnson Prof. of Law and Economics
University of Pennsylvania Law School

12:30-1:30 p.m.
Lunch
Dean Peter Blair Henry
Dean Richard R. West Professorship in Business & William R. Berkley Professor of Economics & Business
NYU Stern School of Business

1:30-2:30 p.m.
Does Delaware Entrench Management?
Adam C. Pritchard
Frances and George Skestos Professor of Law
University of Michigan Law School

Commentator: Yaniv Grinstein
Professor of Finance
Cornell University

Moderator: Richard E. Kihlstrom
Ervin Miller-Arthur M. Freedman Professor of Finance and Economics
Wharton School of the University of Pennsylvania

2:30-3:30 p.m.
CEO Compensation and Corporate Risk-Taking: Evidence from a Natural Experiment
Todd Gormley
Professor of Finance
Wharton School of the University of Pennsylvania

Commentator: Michal Barzuza
Professor of Law
University of Virginia School of Law

Moderator: Michael Roberts
Professor of Finance
Wharton School of the University of Pennsylvania

3:30-3:45 p.m.
Coffee Break

3:45-4:45 p.m.
Corporate Governance and Corporate Political Activity: What Effect Will Citizens United Have on Shareholder Wealth?
John Coates
John F. Cogan, Jr. Professor of Law and Economics
Harvard Law School

Commentator: Andrew Metrick
Professor of Finance
Yale School of Management

Moderator: Barry Adler
Bernard Petrie Professor of Law and Business
NYU School of Law

5:00 - 6:00 p.m.
Cocktails
Aurora

6:00 - 8:00 p.m.
Dinner
Aurora
510 Broome Street
New York, NY

Saturday, February 26, 2011

8:30 a.m. Breakfast

9:00-10:00 a.m.
Fiduciary Duties and Equity-Debtholder Conflicts
Bo Becker
Professor of Business Administration
Harvard Business School

Commentator: Henry Hu
Allan Shivers Chair in the Law of Banking and Finance
University of Texas School of Law

Moderator: William Allen
Nusbaum Professor of Business; Professor of Law; Director Pollack Center for Law & Business

10:00-11:00 a.m.
Securitization and Moral Hazard: Evidence from a Lender Cutoff Rule
Ryan Bubb
Professor of Law
New York University School of Law

Commentator: Vikrant Vig
Professor of Finance
London Business School

Moderator: Kose John
Charles William Gerstenberg Professor of Banking and Finance
NYU Stern School of Business

11:00-11:15 a.m.
Coffee Break

11:15-12:15 p.m.
Competition for Managers, Corporate Governance and Incentive Compensation
Viral Acharya
Professor of Finance
NYU Stern School of Business

Commentator: Alan Schwartz
Sterling Professor of Law
Yale Law School

Moderator: Jennifer Arlen
Norma Z. Paige Professor of Law
NYU School of Law

12:15-12:30 p.m.
Closing Remarks

12:30-2:00 p.m.
Lunch