Law and Economics

The Law & Economics Colloquium is sponsored by the Searle Center on Law, Regulation, and Economic Growth. This is an advanced seminar that brings together outside scholars, resident faculty, and Northwestern students for discussions on cutting-edge research papers in the law and economics field. During the course of the colloquium, a leading scholar will present a paper growing out of his or her research in the law and economics. Presenters will receive valuable feedback and suggestions for how to expand or improve their research and Northwestern Law students and faculty will gain a broader understanding of the relation of law and economic theory.

Fall 2014

Organized by Professors Bernard Black and Myungho Paik

All sessions take place on Mondays from 4:00pm - 5:50pm in Rubloff 339.

September 15
Efraim Benmelech, Associate Professor of Finance, Kellogg School of Management
Leasing and Capital Reallocation

September 29
Yehonatan Givati, Associate Professor, Hebrew University Law School
The Right to Counsel: Benefits and Costs

October 13
James Greiner, Professor of Law, Harvard Law School
Research Design Projects on Domestic Violence and Financial Distress

October 27
Ben Keys, Assistant Professor, The University of Chicago Harris School of Public Policy, and Jialan Wang
Perverse Nudges: Minimum Payments and Debt Paydown in Consumer Credit Cards

November 3
Darius Palia, Professor and Thomas A. Renyi Chair in Banking, Rutgers Business School
Entrepreneur Lending Discrimination

November 10
Susan Yeh, Assistant Professor of Law, George Mason School of Law
The Impact of Government Power to Expropriate on Economic Growth and Inequality

November 17
Barry Adler, Bernard Petrie Professor of Law and Business, New York University School of Law
Paper forthcoming

November 24

Zohar Goshen, Alfred W. Bressler Professor of Law, Columbia Law School, and Richard Squire, Professor of Law, Fordham University School of Law
Paper forthcoming


Spring 2014

Organized by Professors Kate Litvak and Ezra Friedman

All sessions take place on Wednesdays from 4:00pm - 5:50pm in Rubloff 339.

January 22
Neel Sukhatme, fourth-year Ph.D. student in Economics, Princeton University
"Optimal Patent Term and Cross-Industry Measures of Patent Term Sensitivity"

January 29
Nicola Persico, Professor of Managerial Economics and Decision Sciences, Kellogg School of Management
"An Economic Analysis of Black-White Disparities in NYPD's Stop and Frisk Program"

February 12
Craig Garthwaite, Assistant Professor of Management & Strategy, Kellogg School of Management
"The White/Black Educational Gap, Stalled Progress, and the Long Term Consequences of the Emergence of Crack Cocaine Markets"

February 19
Simon Sepe, Associate Professor of Law, The University of Arizona
"Staggered Boards and Firm Value, Revisited?"

March 12
Emir Kamenica, Professor of Economics, The University of Chicago Booth School of Business
"Labor Supply of Politicians"

April 2
David Hyman, H. Ross & Helen Workman Chair in Law and Professor of Medicine, University of Illinois
"The Economics of Plaintiff-Side Personal Injury Practice"

April 9
Robert Daines, Professor of Finance (by courtesy) Pritzker Professor of Law and Business, Stanford Graduate School of Business
"Right on schedule: CEO option grants and opportunism"

April 16
Holger Spamann, Assistant Professor of Law, Harvard Law School
This Morning's Breakfast, Last Night's Game:  Detecting Extraneous Influences on Judging


Fall 2013

Organized by Professor Kenneth Ayotte.

All sessions take place on Thursdays from 4:00pm - 5:50pm in Rubloff 339.

September 26
Dylan Minor, Assistant Professor of Managerial Economics and Decision Sciences, Kellogg School of Management
"Pay for Performance: Environmental Risk-Taking and Disasters"

October 03
Max Schanzenbach, Professor of Law, Northwestern University School of Law,
"The Prudent Investor Rule: A Theoretical and Empirical Reassessment"

October 17
Michael Simkovic, Associate Professor, Seton Hall University School of Law
“The Economic Value of a Law Degree"

October 24
Anthony Casey, Assistant Professor of Law, University of Chicago Law School
"Tailoring the Corporate Web"

November 07
Peter DiCola, Associate Professor of Law, Northwestern University School of Law
“Money from Music: Survey Evidence on Musicians’ Revenue and Lessons About Copyright Incentives”

November 14
Gillian Hadfield, Richard L. And Antoinette Schamoi Kirtland Professor of Law and Professor of Economics, University of Southern California Law School
"Scaffolding:  Using Formal Contracts to Build Informal Relations in Support of Innovation"

December 03
Lorenz Kueng, Assistant Professor of Finance, Kellogg School of Management
"Tax News: Identifying the Household Consumption Response to Tax Expectations using Municipal Bond Prices"


Spring 2013

Organized by Professors Bernard Black and Katherine Litvak

Except when otherwise noted, all sessions take place on Wednesdays from 4:00pm - 5:50pm in Rubloff 339.

January 23
Paige Skiba
, Associate Professor of Law, Vanderbilt University Law School
"The Difference a Day (Doesn’t) Make: Does Giving Borrowers More Time to Repay Break the Cycle of Repeated Payday Loan Borrowing?"

January 30
This session has been cancelled.

February 13
Art Durnev, Assistant Professor of Finance, Henry B. Tippie College of Business, University of Iowa
"The Real Effects of Political Uncertainty: Elections, Capital Allocation, and Performance"


February 20

Shane Greenstein
, Elinor and Wendell Hobbs Professor of Management and Strategy, Kellogg School of Management"Collective Intelligence and Neutral Point of View: The Case of Wikipedia"

March 6

Bernard Black, Nicholas D. Chabraja Professor, Northwestern Law and Kellogg School of Management
"Methods for Multicountry Studies of Corporate Governance (and Evidence from the BRIKT Countries)"

March 13  *Presentation begins at 3:30pm
Joshua Teitelbaum, Associate Professor of Law, Georgetown
"Unlucky or Risky? Unobserved Heterogeneity and Experience Rating in Insurance Markets"

April 3
Jim Naughton
, Assistant Professor of Accounting Information & Management, Kellogg School of Managment
"Economic Consequences of Pension Accounting Rules"

April 10
Jennifer Arlen
, Norma Z. Paige Professor of Law, New York University School of Law, New York University School of Law
"A Process Account of the Endowment Effect: Voluntary Debiasing Through Agents and Markets"

April 17
Veronica Santarosa
, Assistant Professor of Law, University of Michigan School of Law
"Financing Long-Distance Trade Without Banks: The Joint Liability Rule and Bills of Exchange in 18th-century France"


Fall 2012

Organized by Professors Jide Nzelibe and Joshua Fischman

Except where otherwise noted, all sessions take place on Thursdays from 4:00-5:50pm in Rubloff 339.

September 20
Dhammika Dharmapala
, Professor, University of Illinois College of Law
“Freeze-Outs before Cross-Listings: An Analysis of the Mardi Gras Strategy”  

September 24  
**This make-up session occurs on a Monday from 12:00-1:20pm in Rubloff 339. There is no Thursday session this week. 
Pablo Spiller, Jeffrey A. Jacobs Distinguished Professor of Business & Technology, University of California, Berkeley
"Third-Party Opportunism and the (In)Efficiency of Public Contracts"

October 11
Michael Frakes
, Assistant Professor and Jia Jonathan Zhu and Ruyin Ruby Ye Sesquicentennial Faculty Fellow, Cornell University Law School
“Does Medical Malpractice Deter? The Impact of Tort Reforms and Malpractice Standard Reforms on Healthcare Quality” 

October 18
Lee Fennell
, Max Pam Professor of Law and Herbert and Marjorie Fried Research Scholar, University of Chicago Law School
"Resource Access Costs"        

November 1
Ronen Avraham
, Thomas Shelton Maxey Professor in Law, University of Texas School of Law
"Explaining Cross-Line Variation in Insurance Anti-Discrimination Laws"

November 8
Thomas Brennan
, Associate Professor of Law,  Northwestern University School of Law and Associate Professor of Finance, Kellogg School of Management
"Deconstructing the Taxation of Packaged Financial Strategies"

November 29
William Hubbard
,  Assistant Professor, University of Chicago Law School
"Two Models of Pleading"

Tuesday, December 4
Mark Ramseyer
, Mitsubishi Professor of Japanese Legal Studies, Harvard Law School
"The Fable of Land Reform: Expropriation and Redistribution in Occupied Japan"


Spring 2012

Organized by Professors Bernard Black and Katherine Litvak

January 18
Diane Schanzenbach, Faculty Fellow, Institute for Policy Research, Associate Professor, Human Development and Social Policy, Northwestern Education and Social Policy
"Food Stamps in the Long Run"
"Inside the War on Poverty: The Impact of Food Stamps on Birth Outcomes"

January 25
Valeri Nikolaev, Assistant Professor of Accounting, The University of Chicago Booth School of Business
"Scope for Renegotiation and Debt Contract Design"

February 8
Yael Hochberg, Assistant Professor of Finance, Kellogg School of Management
"Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments"

February 15
David Schwartz, Assistant Professor of Law, IIT Chicago-Kent College of Law
"The Rise of Contingent Fee Representation in Patent Litigation"

February 29
Tom Ginsburg, Leo Spitz Professor of International Law and Professor of Political Science, The University of Chicago Law School
"The Global Spread of Constitutional Review: An Empirical Analysis"

March 7
Lisa Bernstein, Wilson-Dickinson Professor of Law, The University of Chicago Law School
"Trade Usage in the Courts: The Flawed Evidentiary Basis of Article 2's Incorporation Strategy"

April 4
Thomas Brennan, Associate Professor of LawAssociate Professor of Finance, Kellogg School of Management
"Reinvestment Behavior of Large Repatriating Firms"

April 11
Allen Ferrell, Harvey Greenfield Professor of Securities Law, Harvard Law School
"Thirty Years of Shareholder Rights and Stock Returns: Beta, Not Alpha"


Fall 2011

Organized by Professors Ken Ayotte and Ezra Friedman.

September 15
Daniel Chen, Assistant Professor of Law and Economics, Duke Law School
"Insiders and Outsiders: Does Forbidding Sexual Harassment Exacerbate Gender Inequality?"

September 22
Louis Kaplow, Finn M. W. Caspersen and Household International Professor of Law and Economics, Harvard Law School
"Burden of Proof"

October 6
Abe Wickelgren, Bernard J. Ward Professor in Law, The University of Texas at Austin School of Law
"Anti-Competitive Exclusion and Market Division Through Loyalty Discounts"

October 13
David Smith, C. Coleman McGehee Research Associate Professor of Banking and Commerce, University of Virginia, School of Commerce
"The Ownership and Trading of Debt Claims in Chapter 11 Restructurings"

October 27
Camelia Kuhnen, Associate Professor of Finance, Northwestern University, Kellogg School of Management
"Neuroeconomics: How do Financial Decisions Come About?"
All of the papers referenced in these slides can be found on Professor Kuhnen's website.

November 3
Alexander Stremitzer, Acting Professor of Law, UCLA School of Law
"Framing Contracts: Why Loss Framing Increases Effort"

November 17
Henry Smith, Fessenden Professor of Law, Harvard Law School
"An Economic Analysis of Law Versus Equity"

November 29
Ryan Bubb, Assistant Professor of Law, New York University School of Law


Spring 2011

Organized by Professors Bernard Black and Kate Litvak. The colloquia will take place at 4 p.m. in Rubloff 150 on the dates listed below.

January 24
Scott A. Baker, Professor of Law and Interim Director IP & Technology Law Program, Washington University at St. Louis Law School
"On Accuracy of Third Party Audits"

January 31
Edward R. Morrison, Harvey R. Miller Professor of Law and Economics, Columbia Law School
"Mortgage Modification and Strategic Default: Evidence from a Legal Settlement with Countrywide"

February 18 - (12 p.m.; McCormick 375)
Justin McCrary, Assistant Professor, University of California, Berkeley School of Law
"Dynamic Perspectives on Crime"

February 21
David A. Weisbach, Walter J. Blum Professor of Law and Kearney Director of the Program in Law and Economics, University of Chicago Law School
"Knowledge of the Tax Law"

March 10 - (12 p.m.)
Jesse M. Fried, Professor of Law, Harvard Law School
"Share Repurchases, Equity Issuances, And The Optimal Design Of Executive Pay"

March 28
Eric French, Chicago Federal Reserve Board
"The Effect of Disability Insurance Receipt on Labor Supply"

April 4
Randall Morck, Stephen A. Jarislowsky Distinguished Chair in Finance and University Professor, Alberta School of Business
"Adoptive Expectations"

April 11
Albert Yoon, Associate Professor, University of Toronto Faculty of Law
"The Labor Market for Law Professors"


Fall 2010

Organized by Professors Ezra Friedman and Max Schanzenbach. The colloquia will take place at 4 p.m. in Rubloff 339 on the dates listed below.

September 16
Ken Ayotte, Professor of Law, Northwestern University School of Law
"Economic and Legal Entities as Transferable Bundles of Contracts"

September 23
Randall Picker, Paul H. and Theo Leffmann Professor of Commercial Law, The University of Chicago School of Law
"The Razors-and-Blades Myth"

October 1
David Yermack, Albert Fingerhut Professor of Finance and Business Transformation, New York University
"Deferred Compensation, Risk, and Company Value: Investor Reactions to CEO Incentives"

October 7
Nicola Persico, Professor of Economics, Law and Society, New York University
"Selecting a Standard of Evidence that Promotes the Efficient Amount of Litigation"

October 28
Wei Jiang, Associate Professor, Finance and Economics, Columbia University
"Uncovering Hedge Fund Skill from the Portfolio Holdings They Hide"

November 4
Eric Talley, Rosalinde and Arthur Gilbert Professor of Law, University of California, Berkley
"Left, Right, and Center: Strategic Information Acquisition and Diversity in Judicial Panels"

November 18
David Abrams, Assistant Professor of Law, Business, and Public Policy, University of Pennsylvania Law School
"Building Criminal Capital vs Specific Deterrence: The Effect of Incarceration Length on Recidivism"

December 2
Sumit Agarwal, Federal Reserve Bank of Chicago
"Market-Based Loss Mitigation Practices for Troubled Mortgages Following the Financial Crisis"


Spring 2010

Organized by Professors Ezra Friedman and Andrea Chandrasekher. The colloquia will take place at 4 p.m. in Rubloff 175 on the dates listed below.

January 21
Lorens Helmchen, Assistant Professor, School of Public Health and Institute of Government and Public Affairs University of Illinois at Chicago.
"How Does Proactive Disclosure of Medical Error Affect Settlement, Suit, and the Accuracy of Compensation and Deterrence?"

January 28
Stuart Graham, Assistant Professor, Georgia Tech, College of Management.
"Separating Patent Wheat from Chaff: Would the U.S. Benefit from Adopting a Patent Post-Grant Review?"

February 11
Alan Jagolinzer, Assistant Professor of Accounting, Stanford Graduate School of Business,
"Performance Based Incentives for Internal Monitors"

February 18
Claudia Landeo, Associate Professor of Economics, University of Alberta, Department of Economics (Visiting Northwestern)
"Naked Exclusion: An Experimental Study of Contracts with Externalities"

March 4
Jonathan Guryan, Associate Professor of Economics, University of Chicago Booth School of Business,
"Birth Cohort and the Black-White Achievement Gap: The Roles of Access and Health Soon After Birth"

March 11
Marianne Bitler, Associate Professor of Economics, University of California Irvine,
"Insurance Mandates and Mammography"

April 8
Anna Aizer, Assistant Professor of Economics and Public Policy, Brown University,
"Juvenile Incarceration and Adult Outcomes: Evidence from Randomly-Assigned Judges"

April 15
Jiro Kondo, Assistant Professor of Finance, Kellogg School of Management,
"Vagueness as Adjudicator Authority: Theory and Evidence on Contract Vagueness and Enforcement Evaluation"


Fall 2009

Organized by Professor Max Schanzenbach, Benjamin Mazur Professor of Law and Professor Kenneth Ayotte, Associate Professor of Law. The colloquia will take place at 4 p.m. in Schachtman-Gordon Hall (Rubloff 339) on the dates listed below.

September 17
Paola Sapienza, Professor, Kellogg School of Management, Northwestern University
"Moral and Social Constraints to Strategic Default on Mortgages"

September 24
Thomas J. Miles, Assistant Professor of Law, University of Chicago
"Racial Disparities in the Allocation of Wiretap Applications across Federal Judges"

October 8
Emily Owens, Assistant Professor, Policy Analysis and Management, Cornell University
"Media and the Criminal Justice System"

October 15
David A. Matsa, Assistant Professor, Kellogg School of Management
"Growing Out of Trouble? Managerial Responses to Risk of Corporate Liability"

October 29
Richard Hynes, Professor of Law, University of Virginia
"Why Banks are Not Allowed in Bankruptcy"

November 5
Shmuel Leshem, Assistant Professor of Law, University of Southern California
"The Benefits of a Right to Silence for the Innocent"
"Appendix"

November 19
Jens C. Dammann, Professor of Law, University of Texas
"Where Are Limited Liability Companies Formed? An Empirical Analysis"

December 1
Jens Ludwig, Professor, University of Chicago Law School & Harris School of Public Policy
"The Effects Of School Desegregation On Crime"


Spring 2009

Organized by Professor Ezra Friedman. The colloquia will take place at 4 p.m. in Rubloff 175 on the dates listed below.

January 22
Eric Posner, Kirkland and Ellis Professor of Law, University of Chicago Law School
"The Rights of Migrants" (coauthored with Adam B. Cox)

January 29
Robert Marquez, Craig & Rhonda Cerny Professor in Finance, W.P. Carey School of Business, Arizona State University
"Stakeholder Capitalism, Corporate Governance and Firm Value"

February 12
Jonah Gelbach, Associate Professor of Economics, Eller College of Management, University of Arizona
"Valid Inference in Single-Firm, Single-Event Studies Used in Scholarship and Securities Litigation: A Research Agenda

March 5
Chris Sanchirico, Professor of Law, Business, and Public Policy, University of Pennsylvania Law School
"A Critical Look at the Economic Argument for Taxing Only Labor Income"

March 12
Lee Fennell, Professor of Law, University of Chicago Law School
"Adjusting Alienability"

April 6
Albert Choi, Professor of Law, University of Virginia School of Law
"Shrink Wraps: Who Should Bear the Cost of Communicating Mass-Market Contract Terms"

April 9
Adam Badawi, Bigelow Teaching Fellow and Lecturer in Law, University of Chicago Law School
"Harm, Ambiguity, and the Regulation of Illegal Contracts"

April 16
Gillian Hadfield, Richard L. and Antoinette S. Kirtland Professor of Law and Professor of Economics, USC Gould School of Law
"The Dynamic Quality of Law: The Role of Judicial Incentives and Legal Human Capital in the Adaptation of Law"