DRAFT (as of August 22, 2003)

American Law and Economics Association
Thirteenth Annual Meeting
September 20-21, 2003
University of Toronto Faculty of Law

Saturday, September 20(All Sessions to Be held at the Law School, unless otherwise noted)(Author's name in bold indicates person presenting paper)
8:00 - 9:00:

Registration and Continental Breakfast (Rowell Room, Flavelle House)

9:00 - 10:30:

Session I:

Panel IA:

Alternative Forms and Settings for Dispute Resolution (Room FL-A)

Panel Chair:

Kathy SpierTom Ginsburg and Richard McAdams, “Coordination at the Core: An
Expressive Theory of International Adjudication”Theodore Eisenberg and Elizabeth Hill, “Employment Arbitration &Litigation: An Empirical Comparison”
Andrew F. Daughety and Jennifer F. Reinganum, “Exploiting Future
Settlements: A Signaling Model of Most-Favored-Nation Clauses inSettlement Bargaining”
Panel IB:

Positive Political Theory: Politics, Policy, and Money (Room FL-B)

Panel Chair:

Bruce Chapman

John M. de Figueiredo and Brian S. Silverman, “Academic Earmarks and theReturns to Lobbying”
John R. Lott, Jr., “Campaign Finance Reform and Electoral Competitions”
Susan Rose-Ackerman, “Public Participation in Consolidating Democracy:
Hungary and Poland”
Panel IC:

Property and Institutions (Room FL-C)

Panel Chair:

Henry Smith

Lee Fennell, “Contracting Communities”
Ronen Avraham and Eyal Erenberg, “Liability Rules and Modular LiabilityRules: Another Ex-Ante View of the Cathedral”
Gideon Parchomovsky and Peter Siegelman, “Selling Mayberry: Individuals
and Communities in Nuisance Disputes”

Saturday (cont.)
Panel ID: Corporate and Securities Law I (Bennett Lecture Hall)
Panel Chair:

Jeff MacIntosh

Guhan Subramanian, “Bargaining in the Shadow of Takeover Defenses”
Bernard Black, Hasung Jang, and Woochan Kim, “Does Corporate Governance
Affect Firm Value? Evidence from Korea”
Robert B. Thompson and Randall S. Thomas, “Shareholder Litigation”

10:30 - 10:45:

Coffee Break (Lower Rotunda, Flavelle House)

10:45 - 12:15:

Session II :Panel IIA: Antitrust and Regulated Industries (Room FL-A)
Panel Chair:

Edward Iacobucci

Roy J. Epstein and Daniel L. Rubinfeld, “Merger Simulation: Empirical Analysisof PCAIDS with Nests”
Paul Stephan, “Competitive Competition Law? An Essay Against International
Cooperation”
George L. Priest, “Reexamining the Markets for Judicial Clerks and Other
Assortative Matching Markets”
Panel IIB:

Contracts and Commercial Law I (Bennett Lecture Hall)

Panel Chair:

Bentley MacLeod

Robert Cooter and Ariel Porat, “Decreasing Liability Contracts”
Alan Schwartz and Robert E. Scott, “Contract Theory and the Limits of Contract
Law”
Avery Katz, “The Efficient Design of Option Contracts: Basic Principles andApplications to Legal Doctrine”

Saturday (cont.)
Panel IIC: Criminal Law I (Room FL-B)
Panel Chair:

Edward Glaeser

Ian Ayres and John Donohue III, “Shooting Down the Less Guns More CrimeHypothesis”
Richard T. Boylan, “What do Prosecutors Maximize: An Examination of U.S.
Attorneys”
Richard R. W. Brooks and Steven Raphael, “Life Terms or Death Sentences: TheUneasy Relationship Between Judicial Elections and Capital Punishment”
Panel IID: Social Welfare Policy/Family Law (Room FL-C)
Panel Chair:

Elizabeth Scott

Barak D. Richman, “Incorporating Psychosocial Variables into Health Care
Policy: A Behavioral Economic Examination of Medicaid Expansion”
Margaret F. Brinig, Gerald Jogerst, Jeannette Daly, Jeffrey Dawson, “The Public
Choice of Elder Abuse Law”
Robert H. Sitkoff, “An Agency Costs Theory of Trust Law”

12:15 - 1:30:

Lunch (Rowell Room, Flavelle House)

1:30 - 3:00:

Session III

Panel IIIA: Taxation (Room FL-A)
Panel Chair:Louis Kaplow

Douglas Cumming and Jeffrey MacIntosh, “Crowding Out Private Equity:
Canadian Evidence”
David I. Walker, “Equity Compensation, Deferral, and Taxation of Investment
Income”
Leandra Lederman, “The Federal Income Tax and Entrepreneurship”

Saturday (cont.)
Panel IIIB: Criminal Law III (Room FL-B)
Panel Chair:

Edward Glaeser

Philip Bond and Kathleen Hagerty, “Preventing Crime Waves”
Benito Arrunada, “Third Party Moral Enforcement: The Rise and Decline ofChristian Confession”
Dan Kahan and Edward Schwartz, “The Contours of Racial Profiling: Some
Insights from Game Theory”

Panel IIIC: International Economic Law (Room FL-C)
Panel Chair:

Warren Schwartz

Jeffrey Gordon, “An American Perspective on the New German Anti-takeover
Law”
Eric A. Posner and Jack Goldsmith, “International Agreements: A Rational
Choice Approach”
Frederick Tung, “Mixed Metaphors: The Disconnect Between U.S. Corporate
Charter Competition and Issuer Choice in International Securities Regulation”
Panel IIID: Intellectual Property I (Bennett Lecture Hall)
Panel Chair:

Polk WagnerJohn F. Duffy, “A Minimum Optimal Patent Term”
Oren Bar Gill and Gideon Parchomovsky, “Publish or Patent: the Synergetic
Advantage of Narrow Patents and Public Information”
F. Scott Kieff, “The Case for Registering Patents and the Law and Economics ofPresent Patent-Obtaining Rules”
3:00 - 3:15: Coffee Break (Lower Rotunda, Flavelle House)Saturday (cont.)
3:15 - 4:45: Session IV:
Panel IVA: Bankruptcy I (Room FL-A)
Panel Chair:

George Triantis

Henry Hansmann, Reinier Kraakman and Richard Squire, “Legal Entities, Asset
Partitioning, and the Evolution of Organizations”
Antonio Nicita and Ugo Pagano, “A Comparative Institutional Analysis of theFirm”Richard Hynes, “Overoptimism and Bankruptcy Policy”
Panel IVB: Comparative Law/Legal History (Room FL-B)
Panel Chair:

Katharina Pistor

Curtis Milhaupt, “Nonprofit Organizations as Investor Protection: Economic
Theory, and Evidence from East Asia”
Vincy Fon and Francesco Parisi, “Customary Law and Articulation Theories: An
Economic Analysis”
Jane K. Winn, “Exoticism and Cosmopolitanism in the Regulation of Global
Electronic Commerce”
Panel IVC: Corporate and Securities Law II (Bennett Lecture Hall)
Panel Chair:

Lynn Stout

Allen Ferrell, “Does Mandated Disclosure Improve Informational Efficiency?
Evidence from the Over-the-Counter Market”
Lisa Meulbroek, “Company Stock in Pension Plans: How Costly Is It?”
Lucian Bebchuk, “Empowering Shareholders”

Saturday (cont.)
Panel IVD: Contracts and Commercial Law III (Room FL-C)
Panel Chair:

Bentley MacLeod

Philip Bond, “Persistent Court Corruption”
Kevin Davis, “The Demand for Immutable Contracts: Another Look at the Law
and Economics of Contract Modification and Renegotiation”
Omri Ben-Shahar and Oren Bar-Gill, “The Credibility of Threats to Breach”

5:30-7:00:

Cocktails (Sutton Place Hotel, 955 Bay Street (at Wellesley)

7:00:Dinner – (Sutton Place Hotel)
Welcoming remarks: Ron Daniels, Dean, Faculty of Law, University of Toronto
Speaker: The Honorable Frank H. Easterbrook, United States Court of Appeals(Seventh Circuit)Sunday, September 21
8:00-9:00:

Continental Breakfast (Rowell Room, Flavelle House)

9:00-10:30: Session V:
Panel VA:

Social Norms (Room Room FL-A)

Panel Chair:

Richard McAdams

Vincy Fon and Francesco Parisi, “Revenge and Retaliation”
Albert Yoon, “Love’s Labor’s Lost: Judicial Tenure Among Lower Federal Court
Judges, 1945 – 2000"
Ian Ayres, Fredrick E. Vars & Nasser Zakariya, “To Insure Prejudice: Racial
Disparities in Taxicab Tipping”

Panel VB:

Regulatory Policy/Administrative Law (Bennett Lecture Hall)

Panel Chair:

Steven Croley

Alison D. Morantz, “Has Regulatory Devolution Injured American Workers? An
Empirical Comparison of State and Federal OSHA Enforcement”
Jonathan R. Nash, “Ecosystems and Endgangered Species, Markets andGeography: A New Direction for Habitat Trading Programs”
Howard Chang, “Risk Regulation, Public Concerns and the Hormones Dispute:
Nothing to Fear But Fear Itself”
Panel VC:

Bankruptcy II (Room FL-B)

Panel Chair:

George TriantisAlan Schwartz, Arturo Bris, Ivo Welch, “Who Should Pay for Bankruptcy
Costs?”
Lynn M. LoPucki, “A Team Production Theory of Bankruptcy Reorganization”
B. Espen Eckbo and Karin S. Thorburn, “Control Benefits and CEO Discipline in
Automatic Bankruptcy Auctions”

Sunday (cont.)
Panel VD:

Labor and Employment Law (Room FL-C)

Panel Chair:

Stewart Schwab

Janet Currie, Mehdi Farsi and W. Bentley MacLeod, “Cut to the Bone?
Hospital Takeovers and Nurse Employment Contracts”
Omri Yadlin, “The Conspirator Dilemma: Introducing the ‘Trojan Horse’
Enforcement Strategy”
Joanna M. Shepherd and George B. Shepherd, “U.S Labor Market Regulationand the Export of Employment: Major League Baseball Replaces U.S. Players withForeigners”

10:30-10:45:

Coffee Break (Lower Rotunda, Flavelle House)

10:45-12:15:

Session VI:

Panel VIA: Law and Development (Room FL-A)
Panel Chair:

Kevin Davis

Amir N. Licht, Chanan Goldschmidt, and Shalom H. Schwartz, “Culture Rules:
The Foundations of the Rule of Law and Other Norms of Governance”
Daniel Berkowitz, Johannes Moenius and Katharina Pistor, “Trade, Law andProduct Complexity”
Lars P. Feld and Stefan Voigt, “Economic Growth and Judicial Independence:
Cross-Country Evidence Using a Set of New Indicators”
Panel VIB: Corporate and Securities Law III (Room FL-B)
Panel Chair:Jennifer Arlen

Anup Agrawal and and Sahiba Chadha, “Corporate Governance and Accounting
Scandals”
Peter G. Klein and Kathrin Zoeller, “Universal-Bank Underwriting and Conflictsof Interest: Evidence from German Initial Public Offerings”
Yakov Amihud, “The Declining Information Content of Dividend
Announcements and the Effect of Institutional Holdings”

Sunday (cont.)
Panel VIC: Contracts and Commercial Law II (Bennett Lecture Hall)Panel Chair:

Bentley MacLeod

Chris Sanchirico and George Triantis, “Evidence Arbitrage: The Fabrication ofEvidence and the Verifiability of Contract Performance”
Steven Shavell, “On the Writing and the Interpretation of Contracts”
Luca Anderlini, Leonardo Felli, and Andrew Postlewaite, “Courts of Law andUnforeseen Contingencies”
Panel VID: Torts and Compensation Systems I (Room FL-C)
Panel Chair:Mark Grady

Allan M. Feldman and Jeonghyun Kim, “The Hand Rule and United States v.
Carroll Towing Co. Reconsidered”
Michelle J. White, “The ‘Arms Race’ on American Roads: The Effect of Heavy
Vehicles on Traffic Safety and the Failure of Liability Rules”
Michael Abramowicz, “Trial by Market”
12:15-1:30: Lunch (Rowell Room, Flavelle House)
1:30 - 3:00: Session VII:
Panel VIIA:
Panel Chair:

Judicial Procedure and Evidence (Room FL-A)
Chris Sanchirico

Amy Farmer and Paul Pecorino, “Pretrial Signaling with Negative Expected
Value Suits”
Andrew F. Daughety and Jennifer F. Reinganum, “Speaking Up: A Model of
Judicial Dissent and Discretionary Review”
Stuart Schwab, Theodore Eisenberg, Paula Hannaford-Agor, Valerie P. Hans,Nicole L. Mott, G. Thomas Munsterman & Martin T. Wells, “Judge-Jury
Agreement in Criminal Cases: A Partial Replication of Kalven & Zeisel’s ‘The
American Jury’”Sunday (cont.)
Panel VIIB: Corporate and Securities Law IV (Bennett Lecture Hall)
Panel Chair:

Eric Talley

Stephen Choi and Jill Fisch, “How to Fix Wall Street: A Voucher Financing
Proposal”
Michel A. Robe, “Asymmetric Information, Myopia and Firm Value”
Edward M. Iacobucci, “Sales of Control, the Equal Opportunity Rule andSecurities Regulation”
Panel VIIC:
Panel Chair:Intellectual Property II (Room FL-B)
Wendy Gordon

Ariel Katz, “A Network Effects Perspective on Software Piracy”
Shubha Ghosh, “Rights of First Entry in ‘Derivative Markets’: Exploring Market
Definition in Copyright”
Christopher S. Yoo, “Copyright and Product Differentiation”
Panel VIID: Comparative Law/Legal History II (Room FL-C)
Panel Chair:

Katharina Pistor

Donald Smythe, “A Schumpeterian view of the Great Merger Movement in
American Manufacturing, 1895-1904"
Margaret M. Blair, “Corporate Law and the Accumulation of Organizational
Assets: Lessons from the 19th Century”
Laura Beny, “The Political Economy of Insider Trading, Legislation andEnforcement: International Evidence”
3:00 - 3:15: Coffee Break (Lower Rotunda, Flavelle House)Sunday (cont.)
3:15 - 4:45: Session VIII:
Panel VIIIA:
Panel Chair:Intellectual Property III (Room FL-A)
James Bessen

Henry Smith, “Measurement and Exclusion in Intellectual Property Law”
Michael Meurer, “Too Many Markets or Too Few? Copyright Policy Toward
Shared Works”
Polk Wagner, "Is the Federal Circuit Succeeding: An Empirical Assessment ofJudicial Performance"

Panel VIIIB:
Panel Chair:

Behavioral Law and Economics (Bennett Lecture Hall)
Richard McAdams

Russell Korobkin, “Bounded Rationality and Unconscionability: A Behavioral
Theory of Policing Form Contracts”
Douglas Kysar, “The Expectations of Consumers”
Stephen Choi and Adam Pritchard, “Behavioral Economics and the SEC”
Panel VIIIC:
Panel Chair:

Torts and Compensation Systems II (Room FL-B)
Mark Grady

Bruce Hay and Kathryn Spier, “Manufacturer Liability for Product Injuries toNon-Consumers”
Albert Choi and Chris Sanchirico, “Should Plaintiffs Win What Defendants Lose:
Litigation Stakes, Litigation Effort, and the Benefits of Decoupling”
Tom Baker, Alon Harel, Tamar Kugler, “The Virtues of Uncertainty in Law: An
Experimental Approach”
4:45:

Wine & Cheese Reception - Rowell Room, Flavelle House