Message from the Co-Chairs for almost three decades, penn’s institute for law and economics has contributed to scholarship, policy, and practice on relevant issues of law and economics that affect our country’s businesses and financial institutions. Message from the Co-Chairs Board of Advisors Message from the Dean Message from the Co-Directors Roundtable Programs off the record, spring 2009 Corporate Finance, spring 2009 Corporate Finance, Fall 2008 Corporate Finance, spring 2008 Corporate Finance, Fall 2007 Panel Programs delaware Chancery program Corporate governance Conference
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FoUnded In 1980, the Institute for Law and economics at the University of pennsylvania has an ambitious agenda that is timelier than ever. the study of law and economics remains the most rapidly growing movement in legal scholarship and jurisprudence. Under the sponsorship of the Law school, the Wharton school, and the department of economics in penn’s school of arts and sciences, the Institute has played a leading role in this expanding field. Cross-disciplinary research, the cornerstone of ILe, seeks to influence the national policy debate by analyzing the impact of law on the global economy, spotlighting the significant role that economics plays in fashioning legal policy. our innovative roundtables and conferences, launched in 1985, complement these goals by provoking in-depth and frequently groundbreaking examinations of critical issues. these and other programs highlighted in this annual report have helped the Institute to stay on the leading edge of this cross-discipline. the Institute for Law and economics has unique advantages. We draw on the research and teaching strengths of the Law school, the Wharton school, and the department of economics. our geographic location is optimal, allowing us to bring together
deal day Chancery Court programs Lectures Law and entrepreneurship distinguished Jurist past Lectures Academic Events nYU/penn Conference, spring 2009 penn/nYU Conference, spring 2008 ILe/Wharton Finance seminars Publications and Papers Associate Faculty Institute Investors
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participants from Washington and new York for full-day meetings and still get everyone home in time for dinner. We have been able to call on the expertise of penn Law school alumni who occupy key positions in law, business, and government. and, critically, we have an extraordinarily distinguished cadre of board members and sponsors who are willing to give of their time and expertise to make our programming a success. In each area, from our public lectures and panels through our closed-door roundtables to our more academically-oriented faculty workshops, we are driven by the same mission: to use the tools of economics to understand the law. In a world in which complex legal rules govern economic relationships, the tools of economics provide a way of asking whether the law creates appropriate incentives to encourage actors to maximize social welfare. Funding for ILe comes from a diverse group of corporations, law firms, foundations, and individuals who endorse our work each year. over the past decade, the Institute has more than tripled its donor base to provide ongoing support for the programs discussed in this annual report. a list of Institute Investors for 2008–2009 appears on page 49.
Cover Captions (from left to right) off the record. Hon. e. norman veasey, Weil, gotshal & manges LLp; Lee a. meyerson, simpson thacher & Bartlett LLp; perry golkin, Kohlberg Kravis roberts & Co.; gerald rosenfeld, rothschild north america.
tHe InstItUte’s programs have become increasingly relevant and important in this challenging economic climate, focusing on the issues that the academic, legal, and business communities care about. today the Institute enjoys an outstanding international reputation for the excellence of its programs, where leaders in business, financial management, legal practice, and academic scholarship candidly discuss the intersection of theory and practice on a host of significant issues. on behalf of the Institute’s Board of advisors, we want to express our gratitude to everyone who has helped the Institute during this past year, whether through financial contributions or by participation in ILe programs. one of the foremost goals of the Institute is to broaden and diversify our foundation, and once again we have realized that goal. We are delighted to report some superb additions to our Board of advisors during the past year. We are pleased to welcome the following new members: daniel H. Burch (macKenzie partners, Inc.); stuart m. grant (grant & eisenhofer p.a.); and Heidi stam (vanguard). these accomplished individuals will greatly enhance the work of the Institute and broaden the composition of our Board. all of the members of our Board give graciously to the Institute, not just financially but also of their time and expertise, and we are very grateful for their contributions. very special thanks must be given to ILe Benefactors Bob Friedman, paul Levy, and skadden, arps, slate, meagher & Flom LLp (through eric Friedman). their extraordinary level of financial support enables the Institute to continue to lead the field, and we want to express our sincere appreciation to each of them. this year we welcomed Jill Fisch as a co-director of ILe, joining ed rock and michael Wachter. these three distinguished professors have continued to do a truly outstanding job coordinating the work of the Institute. their tireless dedication to all aspects of the Institute’s work and their ability to come up with timely programs and attract the ideal participants to make every program an unqualified success are why ILe is world-renowned as the forum for interesting dialogue on topical issues for corporations and their financial and legal advisors.
Charles “Casey” Cogut Simpson Thacher & Bartlett LLP
Joseph B. Frumkin Sullivan & Cromwell LLP
Corporate roundtable, Fall 2008. paul g. Haaga, Jr., Capital research and management Company. University of pennsylvania Law school.
september 2009
off the record. marcy engel, eton park Capital management. Cover Text ronald Coase, The Nature of the Firm (1937)
institute for law and economics
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message from the co-chairs