Spring 2020 Workshop Series Schedule

The Law and Economics Workshop on Contract and Economic Organization has gathered scholars from around the world to engage in topics pursuant to the law and economics of contracts, commercial transactions and business organizations. The Workshop furthers a cross-disciplinary discussion of working papers, and is renowned for the quality of discussion and the ideas the individual sessions generate. 

The Center hosts the Workshop in the Spring semester, and invites speakers from Law Schools in the first half and economists in the second half, thus bridging the space between the two disciplines in the course of the series. 


All presenters and topics are subject to change. All workshops will take place in Case Lounge (Jerome Greene Hall, Room 701) from 4:20-6:10 p.m. unless otherwise noted.

Fall Term Workshops are sponsored by the Center for Law & Economic Studies.

January 27, 2020 (Monday) 4:20 PM - 6:10 PM

Edward Rock

  • Martin Lipton Professor of Law, NYU Law School
  • Director, Institute for Corporate Governance & Finance

Author: Edward Rock

For Whom is the Corporation Managed in 2020?: The debate over corporate purpose

Abstract

A high profile public debate is taking place over one of the oldest questions in corporate law, namely, “For whom is the corporation managed?”  In addition to legal academics and lawyers, high profile business leaders and business school professors have entered the fray and politicians have offered legislative “fixes” for the “problem of shareholder primacy.”  In this article, I take this debate to be an interesting development in corporate governance and try to understand and explain what is going on.  I argue that, analytically and conceptually, there are four separate questions being asked. First, what is the best theory of the legal form we call “the corporation”?  Second, how should academic finance understand the properties of the legal form when building models or engaging in empirical research?  Third, what are good management strategies for building valuable firms? And, finally, what are the social roles and obligations of large publicly traded firms?  I argue that populist pressures emerging from the financial crisis, combined with political dysfunction, has led to the confusion of these different questions, with regrettable results.

February 10, 2020 (Monday) 4:20 PM - 6:10 PM

Anne Tucker

  • Professor of Law, Georgia State College of Law

Authors: Christopher Geczy, Jessica S. Jeffers, David K. Musto, Anne Tucker

Contracts with (Social) Benefits: The Implementation of Impact Investing

Abstract

We draw on new data and theory to examine how private equity contracts adapt to serve multiple goals, particularly the social-benefit goals that impact funds add to their financial goals. Counter to the intuition from multitasking models (Holmstrom and Milgrom 1991), few impact funds tie compensation to impact, and most retain traditional financial incentives. Funds contract on impact in other ways, using a combination of flexible and rigid terms consistent with Hart and Moore (2008). They also prioritize the formal oversight that fuels the braiding dynamic of Gilson, Sabel and Scott (2010). In the cross-section of impact funds, those with higher profit goals contract more tightly around both goals. We propose an explanatory framework where this results from hidden differences between agents’ utilities from impact.

February 24, 2020 (Monday) 4:20 PM - 6:10 PM

Albert Choi

  • Professor of Law, University of Michigan Law School

March 9, 2020 (Monday) 4:20 PM - 6:10 PM 

Brian Broughman

  • Professor of Law, Indiana University Maurer School of Law

March 23, 2020 (Monday) 4:20 PM - 6:10 PM

Bobby Bartlett

  • Faculty Director, Berkeley Center for Law Business and the Economy
  • I. Michael Heyman Professor of Law, University of California Berkeley School of Law

April 6, 2020 (Monday) 4:20 PM - 6:10 PM

Yonathan Arbel

  • Assistant Professor of Law, The University of Alabama Law School

April 20, 2020 (Monday) 4:20 PM - 6:10 PM

Florencia Moratta-Wurgler

  • Professor of Law, New York University School of Law
  • Co-Faculty Director, Birnbaum Women’s Leadership Network
  • Faculty Director, NYU Law in Buenos Aires