Publications and Papers

Listed below is a sampling of recently published papers and work in progress by members of the Associate Faculty of the Institute for Law and Economics. ILE maintains a series of research papers and provides copies—electronic or paper—to interested parties upon request to ile@law.upenn.edu.

The Institute is a member of the Legal Scholarship Network (LSN), a subset of the Social Science Research Network. Current ILE research papers are posted in the University of Pennsylvania Law and Economics Research Paper Series on the LSN Web site. Abstracts as well as complete papers can be downloaded (www.ssrn.com/link/penn-lawecon.html).

Faculty appointments are in the University of Pennsylvania Carey Law School unless otherwise noted.

David Abrams, Professor of Law, Business Economics, and Public Policy The Law and Economics of Stop-and-Frisk, 46 Loy. L. Rev. 369 (2014). Tom Baker, William Maul Measey Professor of Law and Health Sciences

Uncertainty > Risk: Lessons for Legal Thought from the Insurance Runoff Market, __ B. C. L. Rev. __ (forthcoming 2020) (reviewed in Jotwell 6/2/2020). How Liability Insurers Protect Patients and Improve Safety (with C. Silver), 68 DePau L. Rev. 209 (2019). Behavioral Economics, Decumulation, and the Regulatory Strategy for Robo Advice (with B. Dellaert), in The Dis u ive Im a of Fin e h on Re i emen Sys ems, Olivia S. Mitchell, ed. (forthcoming 2019). Mutually Assured Protection Among Large U.S. Law Firms (with R. Swedloff), 24 Conn. Ins. L. J. 1 (2018).

Regulating Robo Advice Across the Financial Services Industry (with B. Dellaert), 103 Iowa L. Rev. 713 (2018) (featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation, April 5, 2017). In Defense of the Restatement of Liability Insurance Law (with K.Logue), 24 Geo e Mason L. Rev. 767 (2017).

William W. Bratton, Nicholas F. Gallicchio Professor of Law; Co-Director, Institute for Law and Economics

Corporate Law and The Myth of Efficient Market Control (with S. Sepe), 105 Co ne Rev. __ (forthcoming 2020). L.

Collected Lectures and Talks on Corporate Law, Legal Theory, History, Finance, and Governance, 42 Sea e U. L. Rev. 756 (2019). The New Bond Workouts (with A. Levitin), 166 U. Pa. L. Rev. 1597 (2018).

Co o a e Finan e: Cases an Ma ed., Foundation Press 2016).

e ia s (8th

Howard F. Chang, Earle Hepburn Professor of Law The Economics of Immigration Reform, 52 UC Davis L. Rev. 111 (2018). Cary Coglianese, Edward B. Shils Professor of Law and Professor of Political Science The Re u a o ’s H an ook (Brookings Institution Press, forthcoming).

Who Wins, Who Loses: Inequa i y an he Dis i u ion of Re u a o y Im a s (Brookings Institution Press, forthcoming).

Makin Re u a ion Wo k: Im ovin he Wo Th ou h Be e Re u a o y Law an Po i y (Edward Elgar, forthcoming). Deploying Machine Learning for a Sustainable Future, in Daniel Esty, ed., A Be e P ane : Fo y Bi I eas fo a Sus aina e Fu u e (Yale University Press, forthcoming). Pledging, Populism, and the Paris Agreement: The Paradox of a Management-Based Approach to Global Governance, 34 M . J. of In ’ L. 139 (2020).

Dimensions of Delegation, 167 Univ. of Pa. L. Rev. 1849 (2019). Private Standards and the Benzene Case: A Teaching Guide (with G. Scheffler), 71 A min. L. Rev. 355 (2019).

Management-Based Regulation (with S. Starobin), in Kenneth R. Richards and Josephine van Zeben, eds., Po i y Ins umen s in Envi onmen a Law (Edward Elgar, forthcoming). Getting the Blend Right: Public-Private Partnerships in Risk Management, in Howard Kunreuther, Robert J. Meyer, and Erwann O. Michel-Kerjan, eds., The Fu u e of Risk Mana emen (Univ. of Pennsylvania Press, forthcoming). Transparency and Algorithmic Governance (with D. Lehr), 71 A min. L. Rev. 1 (2019). Optimizing Regulation for an Optimizing Economy, 4 Univ. of Pa. J. Law & Pu . Affai (2018). s 1

The Contribution of the Social Sciences to Policy and Institutional Change (with ten co-authors), in International Panel on Social Progress, Re hinkin So ie y fo he 21s Cen u y, 3: 843-882 (Cambridge University Press, 2018). Improving Regulatory Analysis at Independent Agencies, 67 Am. U. L. Rev. 733 (2018) (Reprinted in Revis a e Di ei o A minis aivo 277:15-47 (2018)). Chevron’s Interstitial Steps, 85 Geo. Wash. L. Rev. 1339 (2017). What Congress’s Repeal Efforts Can Teach Us About Regulatory Reform (with G. Scheffler), 3 A min. L. Rev. A o 43 (2017). Style Matters: On the Role of Pattern Analysis in the Study of Regulation, in Thomas F. Burke and Jeb Barnes, eds., Va ie ies of Le a O e : The Po i i s of A ve sa ia an Bu eau a i Le a ism 178-191 (Routledge, 2017). Improving the Administrative State with Machine Learning (with D. Lehr), 42 A min. & Re . L. News 7 (2017). Regulating by Robot: Administrative Decision-Making in the Machine Learning Era (with D. Lehr), 105 Geo. L.J. 1147 (2017). Jill E. Fisch, Saul A. Fox Distinguished Professor of Business Law; Co-Director, Institute for Law and Economics Shareholder Collaboration (with S. Sepe), 98 Tex. L. Rev. 683 (2020).

Defined Contribution Plans and the Challenge of Financial Illiteracy (with A. Lusardi & A. Hasler). 105 Co ne L. Rev. __ (forthcoming 2020). The Uncertain Stewardship Potential of Index Funds in G o a Sha eho e S ewa shi : Com exi ies, Cha en es an Possi i i ies (Cambridge University Press, Dionysia Katelouzou & Dan W. Puchniak eds., forthcoming 2020). The New Titans of Wall Street: A Theoretical Framework for Passive Investors (with A. Hamdani & S. Davidoff Solomon), 168 U. Pa. L. Rev. 73 (2019) — selected by the Corporate Practice Commentator as one of the Top Ten Corporate and Securities Articles of 2019. Mootness Fees (with M. Cain, S. Davidoff Solomon & R. Thomas), 72 Van . L. Rev. 1777 (2019). Centros, California’s “Women on Boards” Statute and the Scope of Regulatory Competition (with S. Davidoff Solomon), 20 Eu . Bus. O . L. Rev. 493 (2019). The Problem of Sunsets (with S. Davidoff Solomon), 99 B.U. L. Rev. 1057 (2019). The Myth of Morrison: Securities Fraud Litigation Against Foreign Issuers (with R. Bartlett & S. Davidoff Solomon), 74 Bus. Law. 1967 (2019). Is Sustainability Disclosure Sustainable?, 107 Geo. L. J. 923 (2019). Boilermakers and the Contractual Approach to Litigation Bylaws in The Co o a e Con a In Chan in Times: Is he Law Kee in U ? (U. Chi. Press, William Savitt, Steven Davidoff Solomon, Randall Thomas eds., 2019).

The Emergence of the Robo Adviser (with M. Labouré and J. Turner), The Dis u ive Im a of FinTe h on Re i emen Sys ems (Oxford Univ. Press, Oliva S. Mitchell, ed., 2019). Governance by Contract: The Implications for Corporate Bylaws, 106 Ca . L. Rev. 373 (2018) – selected by the Corporate Practice Commentator as one of the Top Ten Corporate and Securities Articles of 2018. The Logic and Limits of Event Studies in Securities Fraud Litigation (with J. Klick and J. Gelbach), 96 Tex. L. Rev. 553 (2018) – selected by the Corporate Practice Commentator as one of the Top Ten Corporate and Securities Articles of 2018. Vincent Glode, Associate Professor of Finance, The Wharton School

Over-the-Counter vs. Limit-Order Markets: The Role of Traders' Expertise (with C. Opp), 33 Rev. Fin. S u . 866 (Feb. 2020). Voluntary Disclosure in Bilateral Transactions (with C. Opp and X. Zhang), 175 J. E on. Th. 652 (May 2018).

Itay Goldstein, Joel S. Ehrenkranz Family Professor of Finance, The Wharton School Monetary Stimulus and Bank Lending, (with I. Chakraborty & A. MacKinlay), J. of Fin. E on. (forthcoming). Good Disclosure, Bad Disclosure (with L. Yang), 131:1 J. of Fin. E on. 118 (Jan. 2019). Government Guarantees and Financial Stability (with F. Allen, E. Carletti & A. Leonello), 177 J. of E on. Th. 518 (Sept. 2018). Stress Tests and Information Disclosure (with Y. Leitner), 177 J. of E on. Th. 34 (Sept. 2018). Housing Price Booms and Crowding-Out Effects in Bank Lending (with I. Chakraborty & A. MacKinlay), 31:7 Rev. Fin. S u . 2806 (July 2018). Investor Flows and Fragility in Corporate Bond Funds (with H. Jiang & D. Ng), 126:3 J. of Fin. E on. 592 (Dec. 2017). Incentives for Information Production in Markets where Prices Affect Real Investment (with J. Dow & A. Guembel), 15:4 J. of Eu . E on. Asso . 877 (Aug. 2017).

Lawrence A. Hamermesh, Executive Director, Institute for Law & Economics, and Professor Emeritus, Widener University Delaware Law School (Senior Special Counsel, Securities and Exchange Commission Division of Corporation Finance, 2010–2011) A Babe in the Woods: An Essay on Kirby Lumber and the Evolution of Corporate Law, __ De . J. Co . L. __(forthcoming 2020). Delaware Corporate Fiduciary Law: Searching for the Optimal Balance (with L. Strine, Jr.), in Oxfo H an ook of Fi u ia y Law (Oxford Univ. Press, Evan J. Criddle, Paul B. Miller, and Robert H. Sitkoff, eds., 2019). The Role of Directors in M&A Transactions: A Governance Handbook for Directors, Management and Advisors (co-editor, with D. Frankle, M. Halloran and P. Vella), ABA Business Law Section (2019).

Finding the Right Balance in Appraisal Litigation: Deal Price, Deal Process, and Synergies (with M. Wachter), 73 Bus. Law 961 (Fall 2018). Lyman Johnson’s Invaluable Contribution to Delaware Corporate Jurisprudence (with J. Jacobs), 74 Wash. & Lee L. Rev. 909 (2017). The Importance of Being Dismissive: The Efficiency Role of Pleading Stage Evaluation of Shareholder Litigation (with M. Wachter), 42 J. Co . L. 597 (2017).

Richard J. Herring, Jacob Safra Professor of International Banking, Professor of Finance, The Wharton School; Co-Director, Wharton Financial Institutions Center

International Coordination of Supervision: Why has it Grown? Will it be sustained? 10:2 J. Fin. E on. Po . 213 (July 2018).

The Evolving Complexity of Capital Regulation, 53 J. Fin. Se v. Res. 2 (June 2018). Shadowing Capital Regulation: 1986-2015, in Finan ia Re u a ion: Essays in H ono of Geo e Kaufman, World Scientific (2018).

David Hoffman, Professor of Law, University of Pennsylvania Law School Transactional Scripts in Contract Stacks (with Cohney), __ Minn. L. Rev. __ (forthcoming 2020). Hushing Contracts (with E. Lampmann), __ Wash U L. Rev. ___ (forthcoming 2019). Coin-Operated Capitalism (with S. Cohney, J. Sklaroff and D. Wishnick), 119 Co um. L. Rev. 591 (2019). Relational Contracts of Adhesion, 85 U. Chi. L. Rev. 1395 (2018). Law and Psychology Grows Up, Goes Online, and Replicates (with K. Irvine and T. Wilkinson-Ryan), 15 J. Em . Le . S u . 1 (2018). From Promise to Form: How Contracting Online Changes Consumers, 91:6 N.Y.U. L. Rev. 1595 (2017). Contract Consideration and Behavior (with Z. Eigen), 85 Geo. Wash. L. Rev. 351 (2017).

Robert W. Holthausen, The Nomura Securities Co. Professor, Professor of Accounting and Finance, The Wharton School

Co o a e Va ua ion: Theo y, Evi en e an P a i e (with M. Zmijewski), Cambridge Business Publishers (2020)(2nd ed).

Robert P. Inman, Richard King Mellon Professor of Finance (Emeritus); Professor of Finance and Economics, Business and Public Policy, Real Estate, The Wharton School

Demo a i Fe e a ism: E onomi s, Po i i s, an Law of Fe e a Gove nan e. (with D. Rubinfeld) (Princeton University Press, 2020).

Deterring Property Tax Delinquency in Philadelphia: an Experimental Evaluation of Nudge Strategies, 72.3 Na ’ Tax J. 479 (2019).

Jonathan Klick, Professor of Law The Logic and Limits of Event Studies in Securities Fraud Litigation (with J. Fisch & J. Gelbach), 96 Tex. L. Rev. 553 (2018).

The Law an E onomi s of Fe e a ism, ed. (Edward Elgar Publishing 2017).

Michael S. Knoll, Theodore K. Warner Professor of Law, Professor of Real Estate, The Wharton School; Co-Director, Center for Tax Law & Policy Steiner v. Utah: Designing a Constitutional Remedy (with R. Mason) 95 Tax N o es S a e 845 (2020). Why the Supreme Court Should Grant Certiorari in Steiner v. Utah (with R. Mason) 95 Tax N o es S a e 377 (2020). The Tax Cut and Jobs Act’s Incorporation “Incentives,” Issue Brief, Penn Wharton Public Policy Initiative, vol. 7, no. 8, October 2019. The Dormant Foreign Commerce Clause After Wynne (with R. Mason), 39 Va. L. Rev. 357 (2020). The TCJA and the Questionable Incentive to Incorporate, Part 2, 162 Tax No es 1447 (2019). The TCJA and the Questionable Incentive to Incorporate, 162 Tax N o es 977 (2019). The Modigliani-Miller Theorem at 60: The Long-Overlooked Legal Applications of Finance’s Foundational Theorem, 36 Ya e J. on Re . Bu e in 1 (2018).

Taxation, Competitiveness, and Inversions: A Response to Kleinbard, 155 Tax No es 619 (2017). The Economic Foundation of the Dormant Commerce Clause (with R. Mason), 103 Va. L. Rev. 309 (2017). Prejudgment Interest (with J. Colon), chapter 16 in Li i a ion Se vi es H an ook (6th ed. 2017). George J. Mailath, Walter H. Annenberg Professor in the Social Sciences, Professor of Economics, School of Arts and Sciences Learning under Diverse Views: Model-Based Inference, 110 Ame . E on. Rev. 1464 (2020). The Curse of Long Horizons (with V. Bhaskar), 82 J. of Ma hema i a E on. 74 (2019). Modeling Strategic Behavior, Wo (2019). S

ien ifi

Charles W. Mooney, Jr., Charles A. Heimbold, Jr. Professor of Law Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. Bus. L. 386 (2020).

An Essay on Pluralism in Financial Infrastructure Design: The Case of Securities Holding in the United States, in Finan ia Ma ke Inf as u u e: Law an Re u a ion (Jens-Hinrich Binder & Paolo Saguato Eds., Oxford University Press, forthcoming 2020). Lost in Transplantation? Modern Principles of Secured Transactions Law as Legal Transplants, in Se u e T ansa ions Law in Asia: P in i es, Pe s e ives an Refo m (Louise Gullifer & Dora Neo Eds., Oxford, Hart Publishing, forthcoming 2020) David K. Musto, Ronald O. Perelman Professor in Finance, The Wharton School What do Consumers’ Fund Flows Maximize? Evidence from their Brokers’ Incentives (with S. Christoffersen & R. Evans), 68:1 J. Fin. 201 (Feb. 2013).

Gideon Parchomovsky, Robert G. Fuller Jr. Professor of Law The Agent’s Problem (with A. Eckstein), 70 Duke L. J. __ (forthcoming 2020).

Corporate Law for Good People (with Y. Feldman & A. Libson), 115 Nw. U. L. Rev. __ (forthcoming 2020). Reversing the Fortunes of Active Funds (with A. Libson), 99 Texas L. Rev. (forthcoming 2019). Toward a Horizontal Fiduciary Duty in Corporate Law (with A. Eckstein), 102 Co ne L. Rev. 1319 (2019).

Toward the Personalization of Copyright Law (with A. Libson), 86 U. Chi. L. Rev. 527 (2019). Partial Takings (with A. Bell), 117 Co Rev. 2043 (2017). um. L.

The Value of the Right to Exclude: An Empirical Assessment (with J. Klick), 165 U. Pa. L. Rev. 917 (2017).

Elizabeth Pollman, Professor of Law; Co-Director, Institute for Law and Economics Private Company Lies, __ Geo. L.J. __ (forthcoming 2020). Startup Governance 168 U. Pa. L. Rev. 155 (2019). Corporate Oversight and Disobedience, 72 Van . L. Rev. 2013 (2019).

Corporate Disobedience, 68 Duke L.J. 709 (2019)

Business O aniza ions: A Con em o a y A oa h (with A. Palmiter & F. Partnoy) (3d ed., West 2019). Corporate Governance Beyond Economics, in Co o a e Con a in Chan in Times: Is The Law Kee in U ? (University of Chicago Press, S. Davidoff Solomon & R. Stuart Thomas eds., 2019). Quasi Governments and Inchoate Law: Berle’s Vision of Limits on Corporate Power, 42 Sea e U. L. Rev. 617 (2019) (Berle X Symposium: “Berle and His World”). Social and Asocial Enterprise, in The Cam i e H an ook of So ia En e ise Law (Cambridge University Press, B. Means & J. Yockey eds., 2018). Regulatory Entrepreneurship (with J. Barry), 90 S. Ca . L. Rev. 383 (2017).

The Supreme Court’s View of Corporate Rights: Two Centuries of Evolution and Controversy (with M. Blair) in Co o a ions an Ame i an Demo a y (Harvard University Press, N. Lamoreaux & W. Novak, eds., 2017).

Andrew W. Postlewaite, Harry P. Kamen Professor of Economics, School of Arts and Sciences; Professor of Finance, The Wharton School

Economics: Between Prediction and Criticism (with I. Gilboa, L. Samuelson & D. Schmeidler), In ' E on. Rev. (2018). Laws and Authority (with G. Mailath & S. Morris), 71:1 Res. E on. 32 (2017). Optimism and Pessimism with Expected Utility (with D. Dillenberger & K. Rozen), 71 J. of he Eu . E on. Asso . 32 (2017).

Premuneration Values and Investments in Matching Markets (with G. Mailath & L. Samuelson), 127 E on. J. 2041 (2017). A Dynamic Non-direct Implementation Mechanism for Interdependent Value Problems (with R. McLean), 101 Games & E on. Behavio 34 (2017).

Michael R. Roberts, William H. Lawrence Professor of Finance, The Wharton School This History of the Cross-Section of Stock Returns (with J. Linnainmaa), Rev. Fin. S u (forthcoming).

Reed Shuldiner, Alvin L. Snowiss Professor of Law

Marginal Rates Under the TCJA, 159 Tax N o es 1911 (June 25, 2018). Was the AMT Effectively Repealed?, 159 Tax N o es 495 (April 23, 2018).

David A. Skeel, Jr., S. Samuel Arsht Professor of Corporate Law Distorted Choice in Corporate Bankruptcy, __ YA LE L.J. __ (forthcoming, 2020). Bankruptcy’s Uneasy Shift to a Contract Paradigm (with G. Triantis), 166 U. Pa. L. Rev. 1777 (2018). The Empty Idea of ‘Equality of Creditors’, U. Pa. L. Rev. (forthcoming, 2017). The Bylaw Puzzle in Delaware Corporate Law, 72 Bus. Law. 1 (2016/2017).

Lucian (Luke) Taylor, Associate Professor of Finance, The Wharton School Sustainable Investing in Equilibrium (with L. Pastor & R. Stambaugh), __ J. Fin. E on. __ (forthcoming 2020). Fund Tradeoffs (with L. Pastor & R. Stambaugh), __ J. Fin. E on. __ (forthcoming 2020). Inefficiencies and Externalities from Opportunistic Acquirers (with D. Li & W. Wang), 130 J. Fin. E on. 265 (2018). Do Funds Make More When They Trade More? (with L. Pastor & R. Stambaugh), 72 J. Fin. 1483 (2017).

Intangible Capital and the Investment-q Relation (with R. Peters), 123 J. Fin. E on. 251 (2017).

Michael L. Wachter, William B. and Mary Barb Johnson Professor of Law and Economics; Co-Director, Institute for Law and Economics Finding the Right Balance in Appraisal Litigation: Deal Price, Deal Process, and Synergies (with L. Hamermesh), 73 Bus. Law 961 (Fall 2018). The Importance of Being Dismissive: The Efficiency Role of Pleading Stage Evaluation of Shareholder Litigation (with L. Hamermesh), 42 J. Co . L. 597 (2017).

Susan M. Wachter, Albert E. Sussman Professor of Real Estate, Professor of Finance, The Wharton School; Co-Director, Penn Institute for Urban Research

Why the Ability-to-Repay Rule is Vital to Financial Security (with P. McCoy), 108:3 Geo e own L. Rev. (forthcoming Feb. 2020). Mortgage Risk Premiums during the Housing Bubble (with A. Levitin & D. Lin), J. of Rea Es . Fin. & E on. (forthcoming). Endowments and Minority Homeownership (with A. Acolin & D. Lin), 21:1 Ci ys a e 5 (Mar. 2019). Credit Risk, Informed Markets, and Securitization, 24:3 E on. Po 'y. Rev. 117 (Dec. 2018). REIT Capital Structure Choices: Preparation Matters (with A. Pavlov & E. Steiner), 46:1 Rea Es . E on. 160 (Feb. 2018). The Consequences of REIT Index Membership for Return Patterns (with A. Pavlov & E. Steiner), 46:1 Rea Es . E on. 210 (Feb. 2018). Credit Risk Transfer and the Sustainability of Housing Finance, Testimony for U.S. Congressional Subcommittee on Housing and Insurance (Dec. 2017).

Amy Wax, Robert Mundheim Professor of Law The Third Parent Problem: Obergefell and Parent-Child Relations, forthcoming in the N a ' Aff (Winter 2019). Trust Me I’m an Expert: Scientific and Legal Expertise in Scalia’s Jurisprudence, in Scalia's Constitution: Essays on Law and Education 103 (Palgrave, Fall 2018). What’s the Problem with Gatekeeping?, forthcoming in The Week y S an a (Summer 2018). Debating Immigration Restriction: the Case for Low and Slow, 16 Geo. J. of L. an Pu . Po (forthcoming, Summer 2018). The Perils of the Quest for Equal Results, First Things (forthcoming 2018). Low Skill Immigration: A Case for Restriction (with Jason Richwine), American Affairs, (Nov. 2017). Family and Household Economics, chapter 12, in the Oxfo H an ook of Law an E onomi s (Winter 2017). Educating the Disadvantaged, 32 N a (Spring 2017).

Aff.

Educating the Disadvantaged: Two Models, 40 H a v. J.L. & Pu . Po ’y 687 (Fall 2017).

The Poverty of the Neuroscience of Poverty: Policy Payoff or False Promise?, 57 Ju ime i s 239 (2017).

ASSOCIATE FACULTY

ILE INVESTORS 2019-2020

Funding for the Institute for Law and Economics comes from a diverse group of individuals, law firms, corporations, and foundations who endorse our work each year. We are pleased and privileged to recognize and thank the ILE investors whose generous contributions underwrite the activities described in this report. We deeply appreciate their support and their active participation in institute programs.

Benefactors $25,000 or above Joseph Frumkin and Sullivan &

Cromwell LLP Robert L. Friedman Wachtell, Lipton, Rosen & Katz

Sponsors $10,000 to $24,999 Analysis Group Apollo Capital Management, L.P. Ashe Capital Management Bernstein Litowitz Berger &

Grossmann LLP Martin J. Bienenstock Cadwalader, Wickersham & Taft LLP Cooley LLP Cornerstone Research Cravath, Swaine & Moore LLP Debevoise & Plimpton LLP Dechert LLP Delaware Department of State DuPont Evercore John G. Finley FMC Corporation Fried Frank Joel E. Friedlander Freshfields Bruckhaus Deringer Eduardo Gallardo Joseph D. Gatto Goldman, Sachs & Co. Perry Golkin, Mrs. Donna O’Hara

Golkin, and The Perry and Donna

Golkin Family Foundation Holland & Knight, LLP Leon C. Holt, Jr. Houlihan Lokey Hughes Hubbard & Reed LLP Innisfree M&A Incorporated Sarkis Jebejian and Kirkland &

Ellis LLP Roy J. Katzovicz Lazard Daniel Lee Ted S. Lodge MacAndrews & Forbes Incorporated MacKenzie Partners, Inc. Merck & Co., Inc. Morgan, Lewis & Bockius LLP Morris, Nichols, Arsht & Tunnell LLP Potter Anderson & Corroon LLP Allan N. Rauch Richards, Layton & Finger, P.A. Ropes & Gray LLP Seyfarth Shaw LLP Shearman & Sterling LLP Simpson Thacher & Bartlett LLP Skadden, Arps, Slate, Meagher & Flom LLP

Vanguard White & Case LLP Wilson Sonsini Goodrich & Rosati Young Conaway Stargatt & Taylor, LLP

Members $5,000 to $9,999 Jeffrey M. Gorris Myron J. Resnick Kenneth W. Willman

Donors $1,000 up to $4,999 Christopher Foulds Mary J. Grendell James A. Ounsworth Helen P. Pudlin

LECTURES

Institute for Law & Economics University of Pennsylvania 3501 Sansom Street, Philadelphia, PA 19104–6204 215.898.7719, www.law.upenn.edu/ile/

June 2020

Michael L. Wachter, Co-Director William B. and Mary Barb Johnson Professor of Law and Economics 215.898.7852 mwachter@law.upenn.edu

Jill E. Fisch, Co-Director Saul A. Fox Distinguished Professor of Business Law 215.746.3454 jfisch@law.upenn.edu

William W. Bratton, Co-Director Nicholas F. Gallicchio Professor of Law 215.898.6911 wbratton@law.upenn.edu

Elizabeth Pollman, Co-Director Professor of Law 215.898.4564 epollman@law.upenn.edu

Lawrence A. Hamermesh, Executive Director 215.746.4576 lhamerme@law.upenn.edu

Nadia Jannetta, Managing Director 215.898.7719 njannett@law.upenn.edu

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 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 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.