Pollack Center for Law & Business

First Annual NYU/Penn Conference on Law & Finance

February 25-26, 2005

Friday, February 25, 2005
Conference: 9:00 a.m. to 5:30
Dinner: 6:00 p.m.

Saturday, February 26, 2005
Conference: 9:00 a.m. to 12 noon
Box lunch provided

NYU School of Law
Furman Hall, 245 Sullivan Street
Pollack Seminar Room, 9th floor

Conference Organizers:
William Allen, Nusbaum Professor of Law and Business
Director, Center for Law & Business
New York University

Yakov Amihud , Ira Rennert Professor of Finance
Stern School of Business, New York University

Richard Kihlstrom, Ervin Miller-Arthur M. Freedman Professor of Finance and Economics
The Wharton School, University of Pennsylvania

Edward B. Rock , Saul A. Fox Distinguished Professor of Business Law
Co-director, Institute for Law and Economics
University of Pennsylvania School of Law

Friday, February 25

9:00 a.m. Registration and Breakfast

9:40 a.m. Welcoming Remarks: Dean Richard Revesz, NYU School of Law

9:45-10:45 a.m.
SEC Regulation Fair Disclosure, Information, and the Cost of Capital
Armando Gomes, The Wharton School, University of Pennsylvania
Gary Gorton, The Wharton School, University of Pennsylvania
Leonardo Madureira, The Wharton School, University of Pennsylvania

Commentator: Merritt Fox, Columbia University School of Law

10:45 to 11:00 a.m. Coffee Break

11:00 a.m.-12 p.m.
Theft and Taxes
Mihir A. Desai, Harvard University and NBER
Alexander Dyck, University of Toronto
Luigi Zingales, University of Chicago, NBER and CEPR

Commentator: Daniel Shaviro, NYU School of Law

12 p.m.-1:00 p.m.
Corporate Governance and Firm Performance
Lawrence D. Brown, Georgia State University
Marcus L. Caylor, Georgia State University

Commentator: Andrew Metrick, The Wharton School, University of Pennsylvania

1:00-1:30 p.m. Lunch

1:30-2:30 p.m.
How Do Legal Differences and Learning Affect Financial Contracts?
Stephen N. Kaplan, University of Chicago Graduate School of Business
Frederic Martel, University of Lausanne IMD and UBS Global Asset Management
Per Strömberg, University of Chicago Graduate School of Business

Commentator: Oliver Hart, Harvard University

2:30-2:45 p.m. Coffee Break

2:45-3:45 p.m.
The Good, The Bad, and the Lucky: CEO Pay and Skill
Robert Daines, Stanford Law School
Vinay Nair, The Wharton School, University of Pennsylvania
Lewis Kornhauser, NYU School of Law

Commentator: Antoinette Schoar, MIT

3:45-4:00 p.m. Coffee Break

4:00-5:00 p.m.
On the Capital Structure Implications of Bankruptcy Codes
Viral Acharya, London Business School
Rangarajan Sundaram, Stern School of Business, New York University
Kose John, Stern School of Business, New York University

Commentator: Alan Schwartz, Yale Law School

7:00 p.m. to 9:00 p.m. Dinner at Provence, 38 MacDougal Street

Saturday, February 26

8:30 a.m. Continental Breakfast

9:00-10:00 a.m.
Do the Merits Matter Less After the Private Securities Litigation Reform Act?
Stephen Choi, NYU School of Law

Commentator: Lemma Senbet, Smith School of Business, University of Maryland, Visiting, Stern School of Business

10:00-10:15 a.m. Coffee Break

10:15-11:15 a.m.
Why Defer to Managers? A Strong Form Efficiency Model
Michael Wachter, University of Pennsylvania Law School
Richard Kihlstrom, The Wharton School, University of Pennsylvania

Commentator: Ronald Gilson, Stanford University School of Law, Columbia University School of Law

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

11:30 a.m.-12:30 p.m.
Corporate Governance, Executive Compensation and Securities Litigation
Eric Talley, USC Law School
Gudrun Johnsen, International Monetary Fund

Commentator: Bernard Black, University of Texas

12:30 p.m. Lunch, Lipton Hall, 110 West Third Street