American Law and Economics Association

Twenty‐Fifth Annual Meeting
May 15‐16, 2015

All sessions to be held at Columbia Law School

American Law and Economics Association 2014-2015
Officers
President: Robert E. Scott, Columbia University
Vice President: Kathryn E. Spier, Harvard University
Secretary-Treasurer: Ian Ayres, Yale University

Board of Directors
Class of 2015
Henry E. Smith, Harvard University
Thomas J. Miles, University of Chicago
Lee Anne Fennell, University of Chicago
Dhammika Dharmapala, University of Chicago
Class of 2016
Max M. Schanzenbach, Northwestern University
Edward R. Morrison, University of Chicago
Eric A. Posner, University of Chicago
Aaron S. Edlin, University of California, Berkeley
Class of 2017
Kenneth Ayotte, Northwestern University
Jesse M. Fried, Harvard University
Yair Listokin, Yale University
Florencia Marotta-Wurgler, New York University

Editors of the American Law and Economics Review
Max M. Schanzenbach
Abraham L. Wickelgren

Executive Secretary
Karen G. CroccoProgram Organizers for the 2015 Annual Meeting
Edward R. Morrison (Chair)
Florencia Marotta-Wurgler
Kenneth Ayotte
Jeffrey N. Gordon
Robert J. Jackson

Area Organizers
Jennifer H. Arlen
Scott Baker
Michal Barzuza
Efraim BenmelechCharles Calomiris
Anthony J. Casey
Robert D. Cooter
Giuseppe Dari-Mattiacci
Zev J. Eigen
Lee Epstein
Rosa Ferrer
Joshua B. Fischman
Yehonatan Givati
Zohar Goshen
Gillian Hadfield
Richard Holden
Jill Horwitz
William Hubbard
Samuel Issacharoff

Howell E. Jackson
Wei Jiang
Jonathan Klick
Wojciech Kopczuk
Dean Lueck
Thomas W. Merrill
Petra Moser
Mariana Pargendler
Alex Raskolnikov
Richard L. Revesz
Alan Schwartz
Maya Sen
Catherine M. Sharkey
Christopher Snyder
Paul B. Stephan
Joel Trachtman
Michelle S. White
Christopher S. Yoo

Friday, May 15(All sessions to be held in Jerome Greene Hall at Columbia Law School)(Author's name in bold indicates person presenting paper)

8:00 – 8:45:

Registration and Continental Breakfast (Lobby of Jerome Greene Hall)

8:45 – 10:30:

Session I:

Panel IA:

Consumer Bankruptcy (Room 101)

Panel Chair: Kathryn Fritzdixon
Will Dobbie, Paul Goldsmith-Pinkham, and Crystal Yang, “Consumer Bankruptcy and
Financial Health”
Discussant: Frank McIntyre
Rajashri Chakrabarti and Nathaniel Pattison, “Auto Credit and the 2005 Bankruptcy
Reform: The Impact of Eliminating Cramdowns”
Discussant: Nadia Nasser-Ghodsi
Kathryn Fritzdixon, “Do Larger Subprime Loans cause Debt Spirals? Evidence fromthe TN Auto Title Lending Market”
Discussant: Chrystin Ondersma

Panel IB:

Criminal Procedure (Room 102A)

Panel Chair: Murat C. Mungan
Andrew F. Daughety and Jennifer F. Reinganum, “Informal Sanctions on Prosecutors
and Defendants and the Disposition of Criminal Cases”
Discussant: Anthony Niblett
Barbara Luppi, Francesco Parisi, and Daniel Pi, “Reasonable Doubt: An Economic
Analysis”
Discussant: Yehonatan Givati
Murat C. Mungan and Jonathan Klick, “Reducing Guilty Pleas through ExonereeCompensations”
Discussant: Jennifer Reinganum

Friday (cont.)

Panel IC:

Courts, Politics, and Finance (Room 102B)

Panel Chair: Pat Akey
Yotam Kaplan, and Noam Gidron, “The Champion of a New Order: The Supreme
Court and the Liberalization of the U.S. Economy”
Discussant: Rafael Franck
Abhay Aneja, Marian Moszoro, and Pablo T. Spiller, “Political Bonds: Political
Hazards and the Choice of Municipal Financing Instruments”
Discussant: Suresh Naidu
Pat Akey, “Valuing Changes in Political Networks: Evidence from Campaign
Contributions to Close Congressional Elections”
Discussant: Thomas Bourveau

Panel ID:

Administrative Law and Legislation (Room 103)

Panel Chair: Eyal Zamir
Jonathan S. Masur and Eric A. Posner, “Toward a Pigovian State”
Discussant: Gillian Metzger
Brian Broughman and Deborah A. Widiss, “After the Override: An Empirical
Analysis of Shadow Precedent”
Discussant: Thomas Merrill
Eyal Zamir, Daphna Lewinsohn-Zamir, and Ilana Ritov, “It's Now or Never! Using
Deadlines as Nudges”
Discussant: Jed Stiglitz

Panel IE:

Antitrust and Public Goods (Room 105)

Panel Chair: Aaron Edlin
Keith N. Hylton, “Competition and Innovation: A Framework for the Patent-Antitrust
Conflict”
Discussant: Stephen Yelderman
Eric Helland and Seth A. Seabury, “Are Settlements in Patent Litigation Collusive?
Evidence from Paragraph IV Challenges”
Discussant: Scott Hemphill
Aaron Edlin, Scott Hemphill, Herbert Hovenkamp, and Carl Shapiro, “The Actavis
Inference: Theory and Practice”
Discussant: Ezra Friedman

Friday (cont.)

Panel IF:

Formal Versus Informal Contracts (Room 107)

Panel Chair: Abraham L. Wickelgren
Stephan Tontrup, “Pacta sunt Servanda – Testing Voluntary Compliance to Contracts”
Discussant: Richard McAdams
Zev J. Eigen and David A. Hoffman, “A Fuller Understanding of ContractualCommitment”
Discussant: Dane Thorley
Abraham L. Wickelgren, “A Novel Justification for Legal Restrictions on Noncompete Clauses”
Discussant: Albert H. Choi

Panel IG:

Corporate Governance: Theory of Organization and Governance(Room 304)

Panel Chair: Jesse M. Fried
F. Andrew Hanssen and Alexander Raskovich, “The Property Rights Theory ofVertical Relations: Evidence from the Hollywood Studio Era”
Discussant: Albert H. Choi
Zohar Goshen and Richard Squire, “Principal Costs”
Discussant: Jesse Fried
Jesse M. Fried, “The Illusory Promise of Pre-emptive Rights”
Discussant: Zohar Goshen

Panel IH:

Bias, Stereotypes, and Discrimination (Annex)

Panel Chair: Eric A. Posner
Anat Bracha, Alma Cohen, and Lynn Conell-Price, “Affirmative Action and
Stereotype Threat”
Discussant: Marco Fabbri
Prasad Krishnamurthy and Aaron Edlin, “Affirmative Action and Stereotypes inHigher Education Admissions”
Discussant: Eric Rasmusen
Adam S. Chilton and Eric A. Posner, “An Empirical Study of Political Bias in Legal
Scholarship”
Discussant: F. Andrew Hanssen

10:30 – 11:00:

Coffee BreakFriday (cont.)

11:00 – 12:45:

Session II:

Panel IIA:

Mergers, Acquisitions, and Takeovers (Room 101)

Panel Chair: Nitzan Shilon
Albert H. Choi, “Facilitating Mergers and Acquisitions with Earnouts and Purchase
Price Adjustments”
Discussant: Yair Listokin
Lucian Bebchuk, Alon Brav, and Wei Jiang, “The Long-Term Effects of Hedge Fund
Activism”
Discussant: Darius Palia
Nitzan Shilon, “The Case for Managerial Signaling in Deciding Hostile Takeovers”
Discussant: Kathryn Judge

Panel IIB:

Topics in Tax Policy Design I (Room 102A)

Panel Chair: Yehonatan Givati
David M. Schizer, “Limiting Tax Expenditures”
Discussant: Joshua Blank
Jacob Goldin, “Nudges, Mandates, and Taxes: Policy Design with Active and Passive
Decision-Makers”
Discussant: Wojciech Kopczuk
Yehonatan Givati, “Googling a Free Lunch: The Taxation of Fringe Benefits”
Discussant: Jacob Goldin

Panel IIC:

Contracts and Bargaining (Room 102B)

Panel Chair: Victor Goldberg
Lisa Bernstein, “Private Ordering, Social Capital, and Network Governance in
Procurement Contracts: A Preliminary Exploration”
Discussant: Jody Kraus
Benjamin Shmueli, “When Can Post-Judgment Bargaining Be Anticipated: Bridging
Economic and Behavioral Approaches”
Discussant: Luigi Franzoni
Victor Goldberg, “Buffalo's Field of Dreams: Kenford Company v. Erie County”
Discussant: Dan Kelly

Friday (cont.)

Panel IID:

Informational Efficiency in Securities Markets (Room 103)

Panel Chair: Merritt B. Fox
Robert J. Jackson, Jr., Wei Jiang, and Joshua Mitts, “How Quickly Do Markets Learn?
Private Information Dissemination in a Natural Experiment”
Discussant: Allen Ferrell
April Klein and Tao Li, “Costs and Benefits of Acquiring Information: How Hedge
Fund Managers Trade on the Freedom of Information Act”
Discussant: Robert Jackson
Merritt B. Fox, Lawrence R. Glosten and Gabriel V. Rauterberg, “The New Stock
Market: Sense and Nonsense”
Discussant: Joshua Mitts

Panel IIE:

International Trade and Investment (Room 105)

Panel Chair: Dmitriy Skougarevskiy
Jiwon Lee and Teresa Wittgenstein, “Weak vs. Strong Ties: Explaining Early
Settlement in WTO Disputes”
Discussant: Ben Depoorter
Alan O. Sykes, “Economic Necessity in International Law”
Discussant: Kevin E. Davis
Wolfgang Alschner and Dmitriy Skougarevskiy, “Consistency and Legal Innovationin the BIT Universe”
Discussant: Kish Parella

Panel IIF:

Patents I (Room 107)

Panel Chair: David S. Abrams
Michael D. Frakes and Melissa F. Wasserman, “Is the Time Allocated to Review
Patent Applications Inducing Examiners to Grant Invalid Patents?: Evidence fromMicro-Level Application Data”
Discussant: Kevin Collins
John R. Allison and Lisa Larrimore Ouellette, “How Courts Adjudicate Patent
Definiteness and Disclosure”
Discussant: Kathy Strandburg
David S. Abrams, Ufuk Akcigit, and Gokhan Oz, “The NPE: Benevolent Middleman
or Stick-Up Artist?”
Discussant: Christopher Sprigman

Friday (cont.)

Panel IIG:

Judicial Behavior I (Room 304)

Panel Chair: Doron Teichman
Arnaud Philippe and Aurélie Ouss, “‘No Hatred or Malice, Fear or Affection’: Mediaand Sentencing”
Discussant: Miguel F.P. de Figueiredo
Adi Leibovitch, “Relative Judgments”
Discussant: Max M. Schanzenbach
Doron Teichman, Yuval Feldman, and Amos Schurr, “Anchoring Legal Standards”
Discussant: Adi Leibovitch

Panel IIH:

Empirical Studies in Criminal Law (Annex)

Panel Chair: Emily Owens
Adam B. Cox and Thomas J. Miles, “Cooperating with the Cops: The Secure
Communities Program and Clearance Rates”
Discussant: Crystal Yang
Emily Owens, “Testing the School-to-Prison Pipeline”
Discussant: Amanda Agan
Miguel F.P. de Figueiredo, “Throw Away the Jail or Throw Away the Key? The
Effect of Punishment on Recidivism and Social Cost”
Discussant: John J. Donohue III

12:45 - 2:00:

Lunch – Faculty House

2:00 – 3:45:

Session III:

Panel IIIA:

Topics in Domestic and International Taxation (Room 101)

Panel Chair: Elizabeth Chorvat
John R. Brooks, II, “Quasi-Public Spending on Quasi-Public Goods”
Discussant: Edward Fox
Mihir A. Desai and Dhammika Dharmapala, “Interest Deductions in a
Multijurisdictional World”
Discussant: Mitchell Kane
Elizabeth Chorvat, “Looking Through Corporate Expatriations for Buried Intangibles”
Discussant: Fadi Shaheen

Friday (cont.)

Panel IIIB:

Procedure and Litigation I (Room 102A)

Panel Chair: Giuseppe Dari-Mattiacci
Dov Fox and Alex Stein, “Watersheds”
Discussant: Keith N. Hylton
Itai Ater, Yehonatan Givati, and Oren Rigbi, “The Right to Counsel: Benefits andCosts”
Discussant: Crystal Yang
Giuseppe Dari-Mattiacci and Margherita Saraceno, “Fee-shifting with Two-sided
Asymmetric Information”
Discussant: William Hubbard

Panel IIIC:

Lawyers and Law Firms (Room 102B)

Panel Chair: David A. Hyman
Jamein P. Cunningham, “An Evaluation of the Federal Legal Services Program:
Evidence from Crime Rates and Property Values”
Discussant: Gerd Muehlheusser
John Morley, “Why Law Firms Collapse”
Discussant: Lisa RohrerDavid A. Hyman, Mohammad Rahmati, Charles Silver, and Bernard Black, “AreSuccessful Plaintiffs’ Lawyers Good, or Just Lucky?”
Discussant: Ronen Avraham

Panel IIID:

Precedent and Legal Rules (Room 103)

Panel Chair: Anup Malani
Daniel Chen, Jens Frankenreiter, and Susan Yeh, “Measuring the Effects of Legal
Precedent in U.S. Federal Courts”
Discussant: Jeff Lax
Charles M. Cameron and Lewis A. Kornhauser, “Stare Decisis and Judicial Log-Rolls:
A Gains-from-Trade Model”
Discussant: Scott Baker
Scott Baker and Anup Malani, “Judicial Learning and the Quality of Legal Rules”
Discussant: Jonathan Kastellec

Friday (cont.)

Panel IIIE:

Executives and Litigation Risk (Room 105)

Panel Chair: Emanuel Zur
Suman Banerjee, Mark Humphery-Jenner, Vikram Nanda, and Mandy Tham,“Executive Overconfidence and Securities Class Actions”
Discussant: Eric L. Talley
James Malm and Shawn Mobbs, “Independent Directors and Corporate Litigation”
Discussant: Michael KlausnerHagit Levy, Ron Shalev, and Emanuel Zur, “The Effect of CFO Personal Litigation
Risk on Firms’ Disclosure and Accounting Choices”
Discussant: Jared Wilson

Panel IIIF:

Political Connections, Networks, Contributions (Room 107)

Panel Chair: Prasad Krishnamurthy
Thomas Bourveau, Renaud Coulomb, and Marc Sangnier, “Political Connections andInsider Trading”
Discussant: Yotam Kaplan
Geeyoung Min and Hye Young You, “Active Firms and Active Shareholders:
Corporate Political Activity and Shareholder Proposals”
Discussant: Daniel Wolfenzon
Thomas Lambert, “Lobbying on Regulatory Enforcement Actions: Evidence from
Banking”
Discussant: Prasad Krishnamurthy

Panel IIIG:

Experiments (Room 304)

Panel Chair: Ben Depoorter
Dan Ariely, Ximena Garcia-Rada, Lars Hornuf, and Heather Mann, “The (True)
Legacy of Two Really Existing Economic Systems”
Discussant: Alexander Stremitzer
Emanuela Carbonara and Marco Fabbri, “Social Influence on Third-party Punishment:
an Experiment”
Discussant: Stephan Tontrup
Ben Depoorter and Stephan Tontrup, “Unenforced Laws: A Field Experiment”
Discussant: Macartan Humphreys

Friday (cont.)

Panel IIIH:

Judicial Behavior II (Annex)

Panel Chair: W. Bentley MacLeod
Adam Feldman and Elli Menounou, “Words That Matter: Predicting Persuasive Briefs
in the United States Supreme Court”
Discussant: Jed Stiglitz
Donald P. Green, Jonathon S. Krasno, Costas Panagopoulos, Michael Schwam-Baird,and Dane Thorley, “Please Recuse Yourself: A Field Experiment Exploring theRelationship between Campaign Donations and Judicial Recusal”
Discussant: Jonah Gelbach
Elliott Ash and W. Bentley MacLeod, “Incentive and Selection Effects of Judicial
Elections: Theory and Evidence from State Supreme Courts”
Discussant: Daniel Chen

3:45 – 4:15:

Coffee Break

4:15 – 6:00:

Session IV:

Panel IVA:

Financial Institutions I: Does the Regulation of Financial Institutions
Improve Outcomes? (Room 101)

Panel Chair: Gerard Hertig
Talia Gillis, “Testing Beyond Comprehension”
Discussant: Alexei Alexandrov
Andrew F. Tuch, “Regulating Investment Bankers’ Loyalty in Mergers andAcquisitions”
Discussant: Donna Hitscherich
Ettore Croci, Gerard Hertig, and Eric Nowak, “Decision-Making During the Crisis:
Why Did the Treasury Let Commercial Banks Fail?”
Discussant: Anita AnandPanel IVB:
Panel Chair:

Topics in Tax Policy Design II (Room 102A)
Zachary Liscow

Yair Listokin, “Tax Expenditure Estimates Are Almost as Good as Revenue Estimates”
Discussant: David Kamin
Lee Anne Fennell and Richard H. McAdams, “The Distributive Deficit in Law andEconomics”
Discussant: Zachary Liscow
Zachary Liscow, “How Income Taxes Should Change during Recessions”
Discussant: John R. Brooks, IIFriday (cont.)

Panel IVC:

Antitrust (Room 102B)

Panel Chair: Daniel L. Rubinfeld
Michal S. Gal and Daniel L. Rubinfeld, “The Hidden Costs of Free Goods:
Implications for Antitrust Enforcement”
Discussant: James Dana
Tamer Cetin and Kadir Y. Eryigit, “Measuring the Economic Effects of Deregulation:
Evidence from the Turkish Airline Industry”
Discussant: Daniel L. Rubinfeld
Alexei Alexandrov and Daniel F. Spulber, “Sufficient Decisions in Multi-Sided andMulti-Product Markets”
Discussant: Pablo Spiller

Panel IVD:

Employment and Labor Law (Room 103)

Panel Chair: Evan Starr
Alison Morantz, Kathleen Choi, and Alexander Weiss, “Filing Not Found: Which
Injuries Go Unreported to Worker Protection Agencies, and Why?”
Discussant: David A. Hoffman
Egor Matveyev, “Assortative Matching in Managerial Labor Markets: Theory andMeasurement”
Discussant: Pierre-Andre Chiappori
Evan Starr, Norman Bishara, and JJ Prescott, “Noncompetes in the US Labor Force”
Discussant: Paige Skiba

Panel IVE:

Regulatory Competition (Room 105)

Panel Chair: Eric L. Talley
K.J. Martijn Cremers and Simone M. Sepe, “Whither Delaware? Limited Commitment
and the Financial Value of Corporate Law”
Discussant: Michal Barzuza
Jared I. Wilson, “The Value of Exclusive Forum Provisions”
Discussant: Simone M. Sepe
Eric L. Talley, “Corporate Inversions and the Unbundling of Regulatory Competition”
Discussant: Roberta Romano

Friday (cont.)
Panel IVF:

Negligence (Room 107)

Panel Chair: Omri Ben-Shahar
Alice Guerra, Barbara Luppi, and Francesco Parisi, “Presumption of Negligence”
Discussant: Shmuel Leshem
Alon Cohen and Avraham Tabbach, “Informational Negligence Law”
Discussant: Fernando Gomez
Omri Ben-Shahar and Ariel Porat, “Personalizing Negligence Law”
Discussant: Michael Frakes

Panel IVG:

Voting, Elections, Representation (Room 304)

Panel Chair: Abhay Aneja
Raphael Franck, “The Lawyers' Comparative Advantage in Parliamentary Elections”
Discussant: Pat Akey
Vardges Levonyan, “What Led to the Ban on Same-Sex Marriage in California?:
Structural Estimation of Voting Data on Proposition 8”
Discussant: Barak Richman
Abhay Aneja, “The Causal Effect of Political Representation on Crimes against
Ethnic Minorities: State-Level Evidence from India”
Discussant: Sunita Parikh

Panel IVH:

Secondary Liability and Enforcement in Securities Markets (Annex)

Panel Chair: Assaf Hamdani
James J. Park, “Auditor Contributions to Securities Class Action Settlements”
Discussant: Sean Griffith
Stephen J. Choi and Adam C. Pritchard, “SEC Investigations and Securities Class
Actions: An Empirical Comparison”
Discussant: Merritt B. Fox
Assaf Hamdani, “Respondeat Superior and Secondary Liability”
Discussant: David Webber

6:00 – 7:00:

Cocktails – Faculty House (116th St. between Amsterdam & Morningside)
At Amsterdam and 116th Street, head east. After passing Jerome Greene Hallon the left, enter Wien courtyard through gates. Follow courtyard around to
the right. Faculty House will be the last building on the right.

7:00:

ALEA Annual Dinner – Faculty House
Presiding:
Welcome:Speaker:

Robert E. Scott, President, ALEA
Gillian Lester, Dean of Columbia Law School
Kathryn E. Spier, Vice President, ALEA

Saturday, May16

8:00 – 8:30:

Continental Breakfast (Lobby of Jerome Greene Hall)

8:30 – 10:15:

Session V:

Panel VA:

Empirical Research in Taxation (Room 101)

Panel Chair: Kyle Rozema
Matthew Dimick, David Rueda, and Daniel Stegmueller, “The Altruistic Rich?
Inequality and Other-Regarding Preferences for Redistribution in the US”
Discussant: Kyle Rozema
Edward Fox, “Do Taxes Affect Marriage? Lessons from History”
Discussant: Dhammika Dharmapala
Kyle Rozema, “Excise Taxes and the Allocation of Producer Surplus”
Discussant: Matthew Dimick

Panel VB:

Torts: Data and Theory (Room 102A)

Panel Chair: Benjamin J. McMichael
Robert Cooter and David DePianto, “Community Versus Market Values of Life”
Discussant: Eric A. Posner
Benjamin Ogden and Keith N. Hylton, “Incentives to Take Care Under Contributory
and Comparative Fault”
Discussant: Ezra Friedman
Benjamin J. McMichael, “Beyond Physicians: The Effect of Licensing and Liability
Laws on Nurse Practitioners and Physician Assistants”
Discussant: Jill Horwitz

Panel VC:

Institutional Investors (Room 102B)

Panel Chair: Katherine Valerie Litvak
Paul Calluzzo and Simi Kedia, “Mutual Fund Board Connections and Proxy Voting”
Discussant: Quinn Curtis
Joseph McCahery, Zacharias Sautner, and Laura T. Starks, “Behind the Scenes: The
Corporate Governance Preferences of Institutional Investors”
Discussant: Holger Spamann
Vladimir Atanasov, Thomas Hall, Vladimir Ivanov, and Katherine Valerie Litvak,“The Impact of Public Pension Funds on Governance of Venture Capital Funds: Which
Limited Partners Limit VC Opportunism?”
Discussant: Brian Broughman

Saturday (cont.)

Panel VD:

Procedure and Litigation II (Room 103)

Panel Chair: Minor MyersDan Klerman and Greg Reilly, “Forum Selling”
Discussant: Paul R. Gugliuzza
Shay Lavie, “Quotas”
Discussant: Zach Clopton
Charles R. Korsmo and Minor Myers, “Aggregation by Acquisition: Replacing Class
Actions with a Market for Legal Claims”
Discussant: Avery Katz

Panel VE:

Property Regimes in China (Room 105)

Panel Chair: Wei Zhang
Yun-chien Chang and Henry E. Smith, “The Numerus Clausus Principle, Property
Customs, and the Emergence of New Property Forms”
Discussant: Henry Hansmann
Shitong Qiao, “Small Property, Big Market: A Focal Point Explanation”
Discussant: Lee Anne Fennell
Ji Li and Wei Zhang, “Weak Law v. Strong Ties: An Empirical Study of Business
Investment, Law and Political Connections in China”
Discussant: Frank Upham

Panel VF:

Judicial Behavior III (Room 107)

Panel Chair: Joshua B. Fischman
Michael A. Bailey and Matthew L. Spitzer, “Appointing Extremists”
Discussant: Charles M. Cameron
Daniel L. Chen, Moti Michaeli, and Daniel Spiro, “Ideological Perfectionism on
Judicial Panels”
Discussant: Anup Malani
Joshua B. Fischman and Tonja Jacobi, “The Second Dimension of the Roberts Court”
Discussant: Vardges Levonyan

Saturday (cont.)

Panel VG:

Copyright (Room 304)

Panel Chair: Guy A. Rub
Paul Justin Heald, Kristofer Erickson, and Martin Kretschmer, “The Valuation of
Unprotected Works: The Case of Public Domain Photographs on Wikipedia”
Discussant: Guy A. Rub
Milton Harris, S. Abraham Ravid, Ronald Sverdlove, and Suman Basuroy,“Intellectual Property Contracts: Theory and Evidence from Screenplay Sales”
Discussant: Lisa Larrimore Ouellette
Guy A. Rub, “Reconciling the Copyright-Contracts Conflict”
Discussant: Scott Baker

Panel VH:

Corporate Governance: Empirical Methods (Annex)

Panel Chair: Brian Galle
Emiliano M. Catan and Marcel Kahan, “The Law and Finance of Anti-Takeover
Statutes”
Discussant: Laurie Simon Hodrick
Vladimir Atanasov and Bernard Black, “The Trouble with Instruments: Re-examining
Shock-Based IV Designs”
Discussant: Wei Jiang
Brian Galle and David Walker, “Sunshine, Stakeholders, and Executive Pay: A
Regression-Discontinuity Approach”
Discussant: Emiliano M. Catan

10:15 – 10:45:

Coffee Break

10:45 – 12:30:

Session VI:

Panel VIA:

Financial Institutions II: The Financial Crisis in Retrospect: Can We Do
Better in Policing Systemic Risk? (Room 101)

Panel Chair: Anthony J. Casey
Kathryn Judge, “Thirteen Months: The Role of a Modern Lender of Last Resort”
Discussant: Prasad Krishnamurthy
Wulf A. Kaal, Barbara Luppi and Sandra Paterlini, “Did the Dodd-Frank Act Impact
Private Fund Performance? Evidence from 2010 - 2015”
Discussant: Katherine Valerie Litvak
Anthony J. Casey and Eric A. Posner, “A Framework for Bailout Regulation”
Discussant: Michael Simkovic

Saturday (cont.)

Panel VIB:

Can Legal Reforms Improve the Quality of Medical Care? (Room 102A)

Panel Chair: Jill Horwitz
Michael Frakes, Matthew Frank, and Seth A. Seabury, “The Impact of National
Medical Liability Standards on Local Access to Physician Services”
Discussant: Kristin Madison
Paola Bertoli, Sofia Amaral Garcia, and Veronica Grembi, “Does Experience Rating
Improve Obstetric Practices? Evidence from Geographical Discontinuities”
Discussant: Elliott Ash
Myungho Paik, Bernard Black, and David A. Hyman, “Damage Caps and Defensive
Medicine, Revisited”
Discussant: Frank A. Sloan

Panel VIC:

Liability Insurance (Room 102B)

Panel Chair: Kyle Logue
Patricia A. Robinson, Frank A. Sloan, and Lindsey M. Eldred, “Advantageous
Selection, Moral Hazard, and Insurer Sorting on Risk in the U.S. Automobile InsuranceMarket”
Discussant: Joshua Teitelbaum
Henrik Lando, “Optimal Rules of Misrepresentation in Insurance Law”
Discussant: Abraham L. Wickelgren
Omri Ben-Shahar and Kyle Logue, “Under the Weather: Government Insurance andthe Regulation of Climate Risks”
Discussant: Brian Galle

Panel VID:

Contract Theory (Room 103)

Panel Chair: Kevin E. Davis
Maija Halonen-Akatwijuka and Oliver D. Hart, “Short-term, Long-term, andContinuing Contracts”
Discussant: W. Bentley MacLeod
Juanjo Ganuza and Fernando Gomez, “Formal Contracts without Courts”
Discussant: Patrick Bolton
Oren Bar-Gill and Kevin E. Davis, “(Mis)perceptions of Law in Consumer Markets”
Discussant: Andrew F. Daughety

Saturday (cont.)

Panel VIE:

Corporate Governance: Directors and Shareholders (Room 105)

Panel Chair: Jordan M. Barry
Yaron Nili, “Servants of Two Masters? The Feigned Hysteria over Activist-Paid
Directors”
Discussant: Slava Fos
Matthew D. Cain, Jill E. Fisch, Sean J. Griffith, and Steven Davidoff Solomon, “HowCorporate Governance is Priced: The Case of the Golden Leash”
Discussant: Dhammika Dharmapala
Lynne L. Dallas and Jordan M. Barry, “Long-Term Shareholders and Time-Phased
Voting”
Discussant: Assaf Hamdani

Panel VIF:

Judicial Behavior IV (Room 107)

Panel Chair: Christopher L. Griffin, Jr.
Claudine Desrieux and Romain Espinosa, “Do Employers Fear Unions in Labor
Courts? Theory and Evidence from French Labor Courts”
Discussant: Dan Klerman
Guy Grossman, Oren Gazal-Ayal, Sam Pimentel, and Jeremy Weinstein, “Descriptive
Representation and Judicial Outcomes in Multi-Ethnic Societies”
Discussant: Thomas J. Miles
Christopher L. Griffin, Jr., “An Empirical Assessment of Panel Effects in QuasiJudicial Decision Making”
Discussant: Jens Frankenreiter

Panel VIG:

Patents II (Room 304)

Panel Chair: Shawn P. Miller
Roger Smeets, “Does Patent Litigation Crowd Out Corporate R&D? An Analysis of
US Public Firms”
Discussant: David S. Abrams
Ian Ayres and Amy Kapczynski, “Innovation Sticks: The Limited Case for Penalizing
Failures to Innovate”
Discussant: Giuseppe Dari-Mattiacci
Mark A. Lemley and Shawn P. Miller, “If You Can't Beat 'Em, Join 'Em? How Sitting
by Designation Affects Judicial Behavior”
Discussant: David Schwartz

Saturday (cont.)

Panel VIH:

Criminal Law: Theory and Data (Annex)

Panel Chair: Shmuel Leshem
Ricard Gil and Mario Macis, “Ain't No Rest for the Wicked”: Population, Crime, andthe 2013 Government Shutdown”
Discussant: Max M. Schanzenbach
Berno Buechel and Gerd Muehlheusser, “Black Sheep or Scapegoats? Implementable
Monitoring Policies under Unobservable Levels of Misbehavior”
Discussant: Nicolas Sahugeut
Ehud Guttel and Shmuel Leshem, “On the Credibility of Prosecutorial (and Other)
Threats”
Discussant: Omri Ben-Shahar

12:30 –1:45:

Lunch – Faculty House

1:45 – 3:30:

Session VII:

Panel VIIA:

Crime Prevention (Room 101)

Panel Chair: Andrea Cann Chandrasekher
Jillian B. Carr and Jennifer L. Doleac, “Keep the Kids Inside: Juvenile Curfews, Bad
Weather, and Urban Gun Violence”
Discussant: Bernardo S. da Silveira
Andrew Porter, “Libraries Fighting Crime: Spillover Effects of Public Institutions”
Discussant: Eric Helland
Andrea Cann Chandrasekher, “The Effect of Police Slowdowns on Crime”
Discussant: JJ Prescott

Panel VIIB:

Corporate and Municipal Bankruptcy (Room 102A)

Panel Chair: Vincent S.J. Buccola
Vincent S.J. Buccola, “The Legislative Structure of Municipal Bankruptcy”
Discussant: Frederick Tung
Antonio Falato and Nellie Liang, “Do Creditor Rights Increase Employment Risk?
Evidence from Loan Covenants”
Discussant: Kenneth Ayotte
Antonio E. Bernardo, Alan Schwartz, and Ivo Welch, “Contracting Externalities andMandatory Menus in the U.S. Corporate Bankruptcy Code”
Discussant: Laura Napoli Coordes

Saturday (cont.)

Panel VIIC:

Property Law: Theory and Applications (Room 102B)

Panel Chair: Lee Anne Fennell
Yael R. Lifshitz, “Rethinking Original Ownership”
Discussant: Henry E. Smith
Ronit Levine-Schnur and Gideon Parchomovsky, “Is the Government Fiscally Blind?
An Empirical Examination of the Effect of the Compensation Requirement on Eminent
Domain Exercises”
Discussant: Katrina Wyman
Lee Anne Fennell, “Slicing Spontaneity”
Discussant: Richard Brooks

Panel VIID:

Antitrust: Vertical Interactions (Room 103)

Panel Chair: Jonathan B. Baker
Mika Kato, “Demand-Enhancing Innovation”
Discussant: Christopher S. YooLouis Kaplow, “The Meaning of Vertical Agreement and the Structure of Competition
Law”
Discussant: Ian Ayres
Jonathan B. Baker, “Evaluating Appropriability Defenses for the Exclusionary
Conduct of Dominant Firms in Innovative Industries”
Discussant: Keith N. Hylton

Panel VIIE:

Empirical Work on Contracts (Room 105)

Panel Chair: Yonathan A. Arbel
Sarath Sanga, “The Contract Frontier: A Study of the Modern Joint Venture”
Discussant: Charles Sabel
Jean Beuve, Marian Moszoro, and Stéphane Saussier, “Political Contestability andContract Rigidity: An Analysis of Procurement Contracts”
Discussant: Lisa Bernstein
Yonathan A. Arbel, “Contract Remedies in Action: Specific Performance”
Discussant: Florencia Marotta-Wurgler

Saturday (cont.)

Panel VIIF:

Products Liability (Room 107)

Panel Chair: Brian LibgoberAndrzej Baniak and Peter Grajzl, “Controlling Product Risks when Consumers are
Heterogeneously Overconfident: Producer Liability vs. Minimum Quality Standard
Regulation”
Discussant: Juanjo Ganuza
Ezra Friedman, “The Value of A Statistical Judgment: A New Approach to theInsurer's Duty to Settle”
Discussant: Claudine Desrieux
Brian Libgober and JJ Prescott “Accident Liability in Imperfect Markets”
Discussant: Claude Fluet

Panel VIIG:

Corporate Governance and Activism (Room 304)

Panel Chair: Kobi Kastiel
Mira Ganor, “Why do Dual-Class Firms Have Staggered Boards?”
Discussant: Steven Davidoff
Stephen J. Choi, Jill E. Fisch, Marcel Kahan, and Edward B. Rock, “Does Majority
Voting Improve Board Accountability?”
Discussant: Ryan Bubb
Kobi Kastiel, “Against All Odds: Shareholder Activism in Controlled Companies”
Discussant: Richard Squire

Panel VIIH:

Cross Cutting Papers (Annex)

Panel Chair: Lisa Larrimore Ouellette
Ariel Porat and Omri Yadlin, “A Welfarist Perspective on Lies”
Discussant: Avery Katz
Scott Baker and Alex Raskolnikov, “Information, Strategy, and Optimal Responses toLegal Uncertainty”
Discussant: Justin McCrary
Jonathan S. Masur and Lisa Larrimore Ouellette, “Deference Mistakes”
Discussant: Scott Baker

3:30 – 4:30:

Wine and Cheese Reception (Drapkin Lounge)(Third-floor of Jerome Greene Hall)