Friday, April 21, 2017
CALL FOR PAPERS
AALS Section on Transactional Law and Skills
Access to the Courts in the Transactional Setting
2018 AALS Annual Meeting
San Diego, CA
This call for papers solicits unpublished papers that analyze the question of access to the courts in a variety of transactional law settings.
From small business disputes, to mandatory consumer arbitration, to restrictions on shareholder lawsuits, it is no longer obvious that parties will have access to courts in the event of a dispute. In many cases small businesses may negotiate for alternative dispute resolution in commercial contracts as more efficient than going to courts. In others, like in the context of consumer contracting, restricting access to the courts is not typically subject of negotiation, and many consumer transactions now come with mandatory arbitration clauses. In recent years, in response to an explosion in shareholder and class action litigation, corporations also began to look to a variety of self-help remedies (often aided by state legislatures), including exclusive forum provisions and fee-shifting provisions among others, to restrict access to the courts by shareholders.
Taken together one could reasonably question whether the current trajectory in common business and consumer settings to limit parties and third parties access to the courts through a variety of transactional mechanisms is good policy or it goes too far.
The Section on Transactional Law and Skills invites submissions from any full-time faculty member of an AALS member school who has written an unpublished paper, is working on a paper, or who is interested in writing a paper on this topic to submit a 1 or 2-page proposal to the Chair of the Section by August 31, 2017. Papers accepted for publication as of August 31, 2017 that will not yet be published as of the 2018 meeting are also encouraged. The Executive Committee will review all submissions and select proposals for presentation as part of our AALS 2018 Section Meeting.
Please direct all submissions and questions to the Chair of the Section, Brian JM Quinn, section chair, at the address below:
Brian JM Quinn
Boston College Law School
885 Centre St., Newton MA 02459
Monday, March 17, 2014
Eric Chiappinielli of Texas Tech is sponsoring a day long conference in Dallas on April 25 on the topic of multi-jurisdictional litigation. Kudos to Eric - he has put together a top-notch group for the day: Bernie Black, Randy Baron, Sean Griffith, Minor Myers, Randall Thomas, and Verity Winship as well as Chief Justice Strine and Reuters' Alison Frankel. Here's the conference summary:
M&A litigation is increasingly filed in both the target’s state of incorporation and its headquarters state. It is the most important current development in corporate litigation. The leading plaintiffs’ and defendants’ deal litigators from Delaware and from Texas will discuss every aspect of this issue at our day-long conference. Chief Justice Strine of the Delaware Supreme Court and Justice Brown of the Texas Supreme Court will be panelists.
This looks like an event well-worth attending. Sign up here.
Friday, April 26, 2013
Below is the Call for Papers for a new workshop dedicated to bringing together corporate law scholars who write on litigation issues.
Call for Papers: The University of Illinois College of Law and the University of Richmond School of Law invite submissions for the First Annual Workshop for Corporate & Securities Litigation. This workshop will be held on Friday, November 8, 2013, in Chicago, Illinois.
OVERVIEW: This annual workshop will bring together scholars focused on corporate and securities litigation to present their works-in-progress. Papers addressing any aspect of corporate and securities litigation or enforcement are eligible. Appropriate topics include, but are not limited to, securities litigation, fiduciary duty litigation, or comparative approaches to business litigation. We welcome scholars working in a variety of methodologies, including empirical analysis, law and economics, law and sociology, and traditional doctrinal analysis. Authors whose papers are selected will be invited to present their work at a workshop hosted by the University of Illinois College of Law in Chicago, Illinois, on Friday November 8, 2013. Local costs (lodging and workshop meals) will be covered. Participants are asked to pay for their own travel expenses. The workshop is designed to maximize discussion and feedback. All participants will have read the selected papers. The author will provide a brief introduction to the paper, but the majority of the individual sessions will be devoted to collective discussion of the paper involved.
SUBMISSION PROCEDURE: If you are interested in participating, please send an abstract of the paper you would like to present to Jessica Erickson at email@example.com not later than Friday, May 31, 2013. Please include your name, current position, and contact information in the e-mail accompanying the submission. Authors of accepted papers will be notified by Friday, June 28.
QUESTIONS: Any questions concerning the workshop should be directed to the organizers—Professor Verity Winship (firstname.lastname@example.org) and Professor Jessica Erickson (email@example.com).
Friday, April 12, 2013
The AALS Section on Transactional Law and Skills is seeking paper proposals for its session at the 2014 Annual Meeting.
The topic will be “Value Creation in the 21st Century,” and will feature a mini-symposium on Prof. Ron Gilson’s foundational article on value creation by business lawyers.
Prof. Gilson has agreed to be one of the panelists. We are looking for additional presenters pursuant to the call for papers, below:
Call For Papers
AALS Section on Transactional Law and Skills
Value Creation by Business Lawyers in the 21st Century
2014 AALS Annual Meeting
New York, NY
In 1984, the Yale Law Journal published one of the foundational scholarly articles in the study of transactional law, Professor Ronald Gilson’s “Value Creation by Business Lawyers.” In the years since its publication the article has fueled a robust debate on the role of business lawyers and the justification for the services they provide. On the thirtieth anniversary of that influential article this program will re-examine Prof. Gilson’s thesis, evaluate the impact of the article, and discuss the prospects for business lawyers creating value in the 21st Century.
We are honored that Prof. Gilson has agreed to participate on the panel. The other presenters will include invited participants, and authors of scholarly works selected from this call for papers.
The Section on Transactional Law and Skills invites submissions of proposals for papers germane to the program description provided above. We welcome any full-time faculty member of an AALS member school who has written an unpublished paper, is working on a paper, or who is interested in writing a paper on this topic to submit a 1 or 2-page proposal to the Chair of the Section by June 7, 2013. The Executive Committee will review all submissions and select proposals.
Please direct all submissions and questions to the Chair of the Section, Eric Gouvin at the address below:
Eric J. Gouvin
Professor of Law and Director,
Center for Innovation & Entrepreneurship
Western New England University School of Law
Tuesday, October 23, 2012
From Karl Okamoto:
12TH ANNUAL TRANSACTIONAL CLINICAL CONFERENCE APRIL 6, 2013 UNIVERSITY OF TEXAS, AUSTIN, TX
PRE-CONFERENCE DINNER ON APRIL 5TH, 6PM
SAVE THE DATE. This year’s Transactional Clinical Conference will be held on Saturday, April 6, 2013. The Pre-Conference Dinner will be held on Friday evening at 6PM. Plan to attend.
CALL FOR PROPOSALS. The Organizing Committee is seeking proposals for Presentations. Our theme for this year’s Conference is "Serving the Economy." We are hoping to engender discussion on topics like crowdfunding, measuring and improving impact, who should we serve, and other topics on the role of clinics in the economy. We strongly encourage proposals that use an interactive format. Proposals must be submitted by January 31, 2013 to Ashlyn Lembree at firstname.lastname@example.org.
2013 Organizing Committee
Ashlyn Lembree (New Hampshire)
Karl Okamoto (Drexel)
Eliza Platts-Mills (Texas)
Michael Schlesinger (John Marshall)
Judith Sharp (UMKC)
Wednesday, June 20, 2012
AALS Section on Transactional Law and Skills
Call for Papers
January 2013 Annual Meeting
The AALS Section on Transactional Law and Skills will meet during the AALS Annual Meeting in New Orleans, Louisiana, from 1:30 pm – 3:15 pm on Saturday, January 5, 2013. Please note this program in your calendar. We hope to see you there.
We are soliciting papers for presentation at the Annual Meeting. The topic for this year’s session is: Researching and Teaching Transactional Law and Skills in an Increasingly Global World.
Two presenters will be chosen on the basis of paper summaries submitted in response to this Call for Papers. The topic encompasses the scholarship and teaching of international and comparative transactional law and cross-border transactions. The Executive Committee encourages submissions on a broad range of transactional law and skills issues related to this year’s topic. Paper proposals focused on the teaching of international and comparative transactional law and skills are welcomed, but the Executive Committee is especially interested in papers that explore international and cross-border transactions from an empirical, doctrinal, or theoretical perspective. The Executive Committee specifically encourages submissions from junior scholars.
If you are interested in presenting a paper, please submit a summary of no more than three double-spaced pages, by e-mail, on or before Monday, July 30, 2012. You also may submit a complete draft of your paper. Send your submission to Joan Heminway at The University of Tennessee College of Law (email@example.com). Papers will be reviewed and selected for presentation at the program by members of the Executive Committee of the Section on Transactional Law and Skills:
Afra Afsharipour, Treasurer (U.C. Davis)
Eric Gouvin, Chair-Elect (Western New England)
Joan Heminway, Chair (Tennessee)
Lyman Johnson (Washington and Lee/St. Thomas)
Therese Maynard (Loyola Los Angeles)
Gordon Smith, Secretary (BYU)
Tina Stark, Past Chair (Boston University)
Authors of accepted papers will be notified by August 31, 2012. Please pass this Call for Papers along to any colleagues who may be interested.
Monday, April 30, 2012
Third Biennial Conference on Transactional Education
Preparing the Transactional Lawyer: From Doctrine to Practice
November 2 – 3, 2012
Emory University School of Law
Emory’s Center for Transactional Law and Practice is delighted to announce its third biennial conference on the teaching of transactional law and skills. The conference, entitled “Preparing the Transactional Lawyer: From Doctrine to Practice,” will be held at Emory Law, beginning at 1:00 p.m. on Friday, November 2nd and ending at 3:45 p.m. on Saturday, November 3rd. We will welcome participants at a reception at 5:00 on Friday afternoon.
The registration fee for the Conference is $179.00. It includes a pre-Conference lunch beginning at 11:30 a.m., snacks, and the reception on November 2 and breakfast, lunch, and snacks on November 3. We are planning an optional dinner for attendees on Friday evening, November 2, at an additional cost. Attendees are responsible for their own hotel accommodations and travel arrangements. Further details about registration, hotel accommodations, and other logistics will follow.
As in prior years, the proceedings of the Conference as well as the materials distributed by speakers will be recorded and published in Transactions: The Tennessee Journal of Business Law, a publication of the Clayton Center for Entrepreneurial Law of The University of Tennessee.
CALL FOR PROPOSALS: We are accepting proposals immediately, but in no event later than June 15, 2012. We welcome proposals on any subject of interest to current or potential teachers of transactional law and practice. The sessions will address the following questions:
• What do law school graduates need to know in order to become effective transactional lawyers?
• How do we best teach law students what they need to know to become effective transactional lawyers?
• How do we assess the students’ progress toward becoming effective transactional lawyers?
• What does the future of teaching transactional law and skills look like?
In addition to proposals addressing the overarching questions listed above, we hope to receive proposals that address and update topics that we have considered in past conferences, such as:
• Teaching basic and advanced contract drafting
• Teaching other critical deal skills such as client interviews, negotiation, counseling, and due diligence
• Teaching transactions in an international setting
• Teaching transactional skills in a doctrinal course
• Ethics and professionalism in transactional practice
• Transactional centers and certificates
• Preparing students for transactional practice on day one
Each session will be approximately 80 minutes long. We invite you to present your topic individually or with a panel of other participants and we encourage you to make your presentation creative and interactive. We look forward to receiving your proposals so that we can finalize the Program.
Please submit the attached proposal form electronically via the Emory Law website at http://www.law.emory.edu/transconf on or before June 15, 2012
Tuesday, January 24, 2012
The Section on Law and South Asian Studies has issued the following call for papers on Legal Education and Legal Reform in South Asia for the AALS' 2013 Annual Meeting in New Orleans:
The Section on Law and South Asian Studies of the AALS seeks outstanding proposals relating to the topic of of legal education as a vehicle for legal reform in South Asia. The selected proposals will be the basis for presentations at the AALS Annual Meeting to be held in New Orleans in early January, 2013. Topics relating to any country within South Asia, including Afghanistan, Bangladesh, Bhutan, Burma, India, Nepal, Pakistan, Sri Lanka, will be appropriate. Possible topics include: curricular reform; regional and comparative legal education reforms; the training of lawyers and judges as actors for social and legal change; the conservative pull of legal education; evolution of clinical legal education; the role of externships in institutional reform; the role of US law school programs in legal change. Please send a 500-1000 word proposal to the chair of the Section, Shubha Ghosh, at firstname.lastname@example.org by February 24, 2012.
While this is not necessarily a transactional program, there are a number of readers of this blog that are interested in legal reform and transactional law in South Asia. Some reforms, such as India's recently proposed (and now stalled) Companies Bill 2011, touch upon important issues related to M&A transactions. It would be interesting to have a better understanding of whether legal education and the training of lawyers and regulators has had any impact on these law reform efforts.
Thursday, June 16, 2011
The AALS Section on Transactional Law and Skills will hold its inaugural section meeting during the AALS Annual Meeting in Washington, D.C., on Saturday, January 7, 2012 from 3:30-5:15 pm. The topic for the session is “Transactional Law Teaching and Scholarship: Moving Forward.” The Section invites submissions of proposals relating to teaching or scholarship on any aspect of transactional lawyering. Please submit proposals of no longer than two double-spaced pages by August 15, 2011 to:
Eric J. Gouvin
Western New England University School of Law
1215 Wilbraham Road
Springfield MA 01119
Proposals will be reviewed by officers and executive committee members of the Section:
- Chair: Tina L. Stark, Emory University School of Law (through 6/30/11); Boston University School of Law (beginning 7/1/11)
- Chair-elect: Joan MacLeod Heminway, The University of Tennessee College of Law
- Secretary: Eric J. Gouvin, Western New England University School of Law
- Treasurer: Afra Afsharipour, University of California, Davis, School of Law
- Lyman P.Q. Johnson: Washington and Lee University School of Law and University of St. Thomas (Minneapolis) School of Law
- Therese H. Maynard: Loyola Law School Los Angeles
- D. Gordon Smith: Brigham Young University Law School
Please forward this Call for Proposals to any colleagues who may be interested.
Tuesday, June 14, 2011
As Gordon Smith announced yesterday, under the leadership of Tina Stark, who will be heading the Transactional Law Program at Boston University, an ad hoc committee of transactional lawyering professors proposed a new section on transactional law and skills to the Association of American Law Schools. The AALS has approved the new section, and we will have our first section meeting at the annual meeting in Washington D.C. on Saturday, January 7, 2012 from 3:30-5:15 pm.
Chair: Tina L. Stark, Boston University School of Law
Chair-elect: Joan MacLeod Heminway, The University of Tennessee College of Law
Secretary: Eric J. Gouvin, Western New England University School of Law
Treasurer: Afra Afsharipour, University of California, Davis, School of Law
Lyman P.Q. Johnson: Washington and Lee University School of Law
Therese H. Maynard: Loyola Law School Los Angeles
D. Gordon Smith: Brigham Young University Law School
More information about the annual meeting program will be forthcoming soon.
I think that the formation of this new section offers exciting opportunities for those of us who study transactional lawyering.
Monday, December 27, 2010
A message from Professor Tina Stark:
If you are attending the AALS Meeting, please come to the organizational meeting of the provisional AALS Section on Transactional Law and Skills and sign the petition in favor of creating the new Section. The meeting is being held on Wednesday, January 5th from 2:00 p.m. to 3: 45 p.m. at the Hilton Hotel, Yosemite A, Ballroom Level. We need signatures from at least 50 professors from at least 25 law schools. Please stop by. Signing will just take minute. A copy of the petition: Download Transactional.law.aalspetition.
If you are unable to attend the meeting, you can sign the attached petition and send the original (not a PDF) by snail mail to me for receipt no later than January 15, 2011.
Professor Tina L. Stark
Emory University School of Law
1301 Clifton Road
Atlanta, GA 30322
As the Section will not yet be formed, no official business will be conducted, but we will discuss the purpose of the Section and the process for gaining provisional and then permanent status.
Have a wonderful holiday.
If you read the petition, you will note that I am the Treasurer for the proposed Section. I agree with my colleagues that this would be a wonderful development for teaching and scholarship about transactional lawyering. If you agree, please take a moment to sign the petition.
Tuesday, June 1, 2010
The fifth annual Conglomerate Junior Scholars Workshop is underway and open to untenured scholars in the general area of business law.
During the virtual workshop, the Conglomerate will link to your paper and provide a forum for you to receive feedback before you publish it or present it at a conference, workshop or job talk.
The full announcement is here.
Tuesday, January 19, 2010
I previously posted on Emory’s Transactional Teaching Conference. I’m now informed that: [T]here was a problem with the Call for Proposals online submission process. As a result, any proposal that was previously submitted has not been received. The technical team has corrected the problem and the new call for proposals form [is here.] If you previously submitted a proposal, please resubmit it using the link above. We sincerely apologize for the inconvenience and look forward to your participation in the conference. MAW
I previously posted on Emory’s Transactional Teaching Conference. I’m now informed that:
[T]here was a problem with the Call for Proposals online submission process. As a result, any proposal that was previously submitted has not been received. The technical team has corrected the problem and the new call for proposals form [is here.]
If you previously submitted a proposal, please resubmit it using the link above. We sincerely apologize for the inconvenience and look forward to your participation in the conference.
Tuesday, December 8, 2009
Emory University School of Law’s Center for Transactional Law and Practice recently announced its second biennial conference on the teaching of transactional law and skills, Transactional Education: What’s Next? The conference will be held at Emory on Friday, June 4, and Saturday, June 5, 2010.
The Steering Committee is an impressive group that has been thinking for quite some time about the issues facing those of us who train people to practice transactional law. Its members include:
Tina L. Stark, Chair, Emory University School of Law,
Danny Bogart, Chapman University School of Law,
Deborah Burand, University of Michigan Law School,
Joan MacLeod Heminway, The University of Tennessee College of Law,
Jeffrey Lipshaw, Suffolk University Law School, and
Jane Scott, St. John’s University School of Law
I attended this conference the last time it was held and found it very valuable. The Tennessee Journal of Business Law published what is essentially a transcript of the conference, which is available on-line here.
The Steering Committee is accepting proposals now through February 1, 2010 on any subject of interest to current or potential teachers of transactional law and skill
Click here to find out more information about the conference or how to submit a proposal.
Monday, July 27, 2009
At the Chicago meeting of the M&A Market Trends Subcommittee of the ABA Business Law Section(scheduled for 10:00 a.m. to 11:30 a.m., local time, on Saturday, August 1st):
Jennifer Muller of Houlihan Lokey will discuss deal stats for the first six months of 2009.
Wilson Chu and other members of the working group for the 2009 Private Target M&A Deal Points Study will provide a preview of selected results from that study.
Jim Griffin and other members of the working group for the 2009 Strategic Buyer/Public Target Deal Points Study will provide a preview on the public company side of things.
Saturday, July 25, 2009
The ABA's Business Law Section's subcommittee on Proxy Statements and Business Combinations will meet on Monday, August 3, at 9:30 am. Michele Anderson, Chief of M&A in the Division of Corporation Finance of the SEC is scheduled to discuss various SEC M&A regulatory issues (proposed rules, current comments, enforcement actions, etc), including
The ABA's Business Law Section's subcommittee on Proxy Statements and Business Combinations will meet on Monday, August 3, at 9:30 am. Michele Anderson, Chief of M&A in the Division of Corporation Finance of the SEC is scheduled to discuss various SEC M&A regulatory issues (proposed rules, current comments, enforcement actions, etc), includingthis just announced 13D enforcement action.
Monday, June 1, 2009
On Wednesday, June 10, 2009, I'll be speaking at the Conference on Business Associations at the annual AALS Mid–Year Meeting . Here are the details: "Perspectives from Practice 9:00 –10:15 a.m. James D.C. Barrall, Global Chair, Benefits and Compensation Group, Latham & Watkins, Los Angeles, California Allison Danner, Assistant U.S. Attorney, United States Department of Justice, Northern District of California, San Francisco, California Ben Packard, Vice President, Global Responsibility, Starbucks Coffee Company, Seattle, Washington Mei-lan Stark, Senior Vice President, Intellectual Property, Fox Entertainment Group, Los Angeles, California David R. Stickney, Esq., Bernstein Litowitz Berger & Grossman LLP, San Diego, California Michael A. Woronoff, Head of Corporate Securities Practice, Proskauer Rose, Los Angeles, California Steven Ramirez, Loyola University, Chicago, Moderator The distinguished practitioners on this panel will focus on the following question: From the stand-point of preparing students for your practice, what would you like to see law schools doing that they are not doing, and not doing what they are doing?" This is a topic I think about quite a bit. See, e.g. here. Hope to see you there. MAW
On Wednesday, June 10, 2009, I'll be speaking at the Conference on Business Associations at the annual AALS Mid–Year Meeting . Here are the details:
"Perspectives from Practice
9:00 –10:15 a.m.
James D.C. Barrall, Global Chair, Benefits and Compensation Group, Latham & Watkins, Los Angeles, California
Allison Danner, Assistant U.S. Attorney, United States Department of Justice, Northern District of California, San Francisco, California
Ben Packard, Vice President, Global Responsibility, Starbucks Coffee Company, Seattle, Washington
Mei-lan Stark, Senior Vice President, Intellectual Property, Fox Entertainment Group, Los Angeles, California
David R. Stickney, Esq., Bernstein Litowitz Berger & Grossman LLP, San Diego, California
Michael A. Woronoff, Head of Corporate Securities Practice, Proskauer Rose, Los Angeles, California
Steven Ramirez, Loyola University, Chicago, Moderator
The distinguished practitioners on this panel will focus on the following question: From the stand-point of preparing students for your practice, what would you like to see law schools doing that they are not doing, and not doing what they are doing?"
This is a topic I think about quite a bit. See, e.g. here.
Hope to see you there.
Wednesday, January 2, 2008
I'm presenting the paper Paradigm Shift: Federal Securities Regulation in the New Millennium tomorrow in New York at the American Association of Law Professors annual meeting of the securities regulation section. Here is the abstract:
In May 2007, Oaktree Capital Management LLC, a U.S.-based hedge fund adviser with over forty billion dollars in assets under management, sold approximately fourteen percent of its equity for more than $800 million in a widespread offering made to a number of prospective purchasers. This equity offering was not made on the New York Stock Exchange or Nasdaq. Instead, Oaktree's initial offering was made on the U.S. private market. The company thereafter listed its equity securities on Goldman Sachs & Co.'s non-public market, the GS Tradable Unregistered Equity OTC Market. This offering is emblematic of a paradigm shift occurring in the capital markets: the market for capital is increasingly competitive and global, viable public and private markets are proliferating world-wide, domestic investing patterns are changing as intermediary investing and deretailization occur, and financial innovation is quickening. The result is an on-going, perhaps revolutionary, transformation in the scope and structure of the global and domestic capital markets. This essay is about this paradigm shift, its implications for the SEC regulatory process and the future of federal securities regulation. It was prepared for and will be presented at the 2008 meeting of the AALS securities regulation section.
I hope to see you there.
Wednesday, September 5, 2007
Central States Law School Association and the Journal of Law in Society Joint Conference October 26-27, 2007
The Central States Law School Association and the Journal of Law in Society announce a joint conference at Wayne State University Law School in Detroit, Michigan on October 26-27, 2007. The conference will consist of a Friday afternoon symposium presentation of selected papers and Saturday open workshop panel presentations. With author consent, the selected symposium papers will be published in the Journal of Law in Society as its symposium issue for 2007-2008.
Authors will present selected symposium papers on Friday afternoon in up to three panel sessions with question and answer periods at the end of each panel session. A participant dinner will be held at the close of the panels on Friday. From 9 am until 4 pm on Saturday, authors will present papers on any private or public-law topic in a number of workshop panels, with question and answer periods either after each paper or at the end of each panel as the authors decide. The annual meeting of the Central States Law School Association and election of officers for 2007-2008 will conclude the conference on Saturday evening.
Does Globalization Represent a Threat or Promise for Social Justice and Democratic Institutions? With the rapid pace of globalization, countries have witnessed increasing integration of communications, economic processes, and financial markets. There is a widespread assumption that the competitive pressures unleashed by globalization are ultimately useful in spurring broader economic growth and greater integration, yet there is also growing concern that globalization plays a direct role in creating new and in some cases apparently insoluble problems for social justice and democratic institutions.
Conference participants are invited to consider this topic from three perspectives: (1) Does the growing power of corporations and their concomitant ability to set the terms of competition in a globalized economy aid or hurt social justice and democratic institutions? (2) Do increases in property right protection (including intellectual property regimes) aid or hurt social justice and democratic institutions? (3) Do financial and tax competition aid or hurt social justice and democratic institutions?
Open workshop paper proposals or abstracts may be submitted anytime up until August 25, 2007. Workshop paper proposals will continue to be accepted after the August deadline, subject to the availability of presentation slots.
Proposals must contain the following information: (1) name, address, telephone, and email; (2) title of presentation; (3) brief description of presentation idea; and (4) organization affiliation and position. Completed papers are not required, although they are welcome. Please send submissions via email to Mr. Oday Salim at the following email address: email@example.com. In the subject line, please include your name and the words "Central States."
Any other questions can be addressed to any of our officers:
President Linda Beale, Associate Professor, Wayne State University Law School, firstname.lastname@example.org; (313)577-3941
Vice-President Cindy Buys, Assistant Professor, Southern Illinois University School of Law, email@example.com; (618)453-8743
Treasurer Carolyn Dessin, Associate Professor, University of Akron School of Law, firstname.lastname@example.org; (330)972-6358
Secretary Danshera Cords, Associate Professor, Capital University Law School, email@example.com; (614)236-6516
Monday, July 30, 2007
Perhaps one of the more interesting papers presented at last week's Law and Society Annual Meeting in Berlin was Holger Spamann's, On the Insignificance and/or Endogeneity of La Porta et al.'s 'Anti-Director Rights Index' under Consistent Coding. Here is the abstract:
I re-code the "Antidirector Rights Index" (ADRI) of shareholder protection rules from La Porta et al. 1998 for 46 countries in 1997 and 2005 with the help of local lawyers. My emphasis is on consistent coding; I do not change the original variable definitions. Consistently coded ADRI values are neither distributed with significant differences between Common and Civil Law countries, nor predictive of stock market outcomes. The revision of the variable definitions in Djankov et al. 2005 salvages some of the original results, but reinforces severe endogeneity concerns regarding the index components that drive the remaining significant results. I review the other index components and conclude that the ADRI is unlikely to be a valid measure of shareholder protection. Results derived with the ADRI in the literature may have to be revisited. Along the way, I develop some general guidelines for consistent coding.
Translating, Spamann looks at the famous article Law and Finance by Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer, & Robert W. Vishny (The Journal of Political Economy, Vol. 106, No. 6 (Dec., 1998), pp. 1113-1155). That paper examines the legal rules covering protection of corporate shareholders in 49 countries. It found that common law countries have the strongest protection for investors and civil law countries the weakest protections. And its findings set off a host of scholarship on inter alia the jurisdictional path dependency and origins of corporate and securities regulation, the role of law in economic growth and building share equity premiums, and the relative strengths of various legal systems for investors. By casting doubt on La Porta et al.'s findings, Spamann also throws into question all of this further scholarship. Nonetheless, there has been an observable difference in equity premiums among all of these systems with common law countries generally having higher ones and the U.S. the highest. The paper of La Porta et al. may have dubious groundings and others are bringing forward some good research to also dispute it and its progeny, but on some level all agree that the law and its protection of investors matters for finance, the question is really how and how much?