Sponsored by the Institute of Law and Economics at the University of Pennsylvania and the Doctorate / Ph.D. Programm LEMF
Friday, 16 December 2016, 1 p.m. - 6.30p.m. (Room Commerzbank)
Saturday, 17 December 2016, 8.30 a.m. - 1.30 p.m. (Room DZ Bank)
House of Finance, Campus Westend
Please register as places are limited!
Speakers: William W. Bratton, Robert Bartlett, Anthony Casey, Simon Deakin, Jesse Fried, Luca Enriques, Lars Hornuf, Joe McChahery
Commentators: Brigitte Haar, Brian Broughman, Andreas Engert, Jill Fisch, David Kershaw, Elizabeth Pollman, Holger Spamann, Felix Steffek
Symposium: 10 Years Equator Principles
14-15 March 2013
On 14-15 March 2013 the Ph.D. Program in Law and Economics of Money and Finance (Isabel Feichtner) and the Cluster of Excellence “The Formation of Normative Orders” (Manuel Wörsdörfer) held the symposium “10 Years Equator Principles – Fragment of a Normative Sustainability Order or Business as Usual?“ at the House of Finance.
The symposium consisted of different panels with scholars, practitioners and interest group representatives discussing the nature, role and impact of the Equator Principles. A detailed report of the symposium written by Mohamed Aldegwy (Doctoral Candidate of the LEMF Program) and Filip Krezo (Master Student in International and Political Economy) has been published on Verfassungsblog.
Program of the conference
Retail Financial Services after the Crisis
20-21 January 2012
On January 20 and 21, 2012 the Institute for Monetary and Financial Stability (Prof. Roman Inderst) and the Doctorate/Ph.D. Program in Law and Economics of Money and Finance (Prof. Brigitte Haar/Prof. Uwe Walz) held a joint conference on retail financial services. A panel discussion with regulatory experts from the European Commission (Jaqueline Minor, Director of Consumer Affairs), the BaFin (Michael Sell, Executive Director), the FSA (Peter Edmonds, Risk Division), the Federal Ministry of Food, Agriculture, and Consumer Protection (Christian Grugel, Head of Department), and a bank representative (Martin Krebs, Executive Board, ING-DiBa) was a fitting framework to kick off the conference. At the center of the debate were several policy initiatives in Germany, the UK as well as in Europe to improve retail investor competence and understanding in the field of financial products.Afterwards the leading researchers in European capital market law and finance explored the foundations of investor and consumer protection and their research findings to a large and very interested audience. In light of the interdisciplinary approach of the conference four different sessions were held each with a presentation from an economics as well as a legal scholar.
The first session was devoted to "Behavioral Law and Economics of Financial Regulation." the US legislator made use of insights from Behavioral Economics in drafting the Dodd-Frank Wall Street Reform and Consumer Protection Act. Professor Paul Heidhues (ESMT) presented a theoretical model about exploiting naiveté in a competitive credit market. The second session of the day dealt with the "Investor Model and Consumer Trust". Professor Niamh Moloney (London School of Economics) discussed in her presentation whether retail investors should rather be seen as consumers of financial products than investors in the capital market. Professor Luigi Guiso (Einaudi Institute for Economics and Finance) highlighted the importance of trust for the functioning of financial markets supported by several empirical studies he had conducted.
The second day started off with a session on the "Scope of Investor and Consumer Protection". Professor Susanne Kalss (Vienna University of Economics and Business) analyzed the ways in which Austrian courts handled the wave of retail investor lawsuits which the financial crisis had provoked. Professor Marco Ottaviani (Bocconi University) explained the behavior of financial advisors when confronted with naive as well as wary consumers with the help of a theoretical model and discussed, based on these implications, possible policy measures.
Professor Eilis Ferran (University of Cambridge) started off the last session on "Consumer Protection: Experience and Potential" presenting regulatory lessons from the Payment Protection Insurance Mis-selling Scandal in the UK. Last but not least, Professor Mark Armstrong (University of Oxford) presented his research on contingent payments in financial services in a setting with both naive and sophisticated consumers.
The second issue of the 2012 European Business Organization Law Review is devoted to the conference and publishes papers presented at the conference.
Program of the conference
11 February 2011
Symposium "Finanzsektor im Wettbewerb"
Finanzkrise und MarktwirtschaftBanken und Wettbewerb
Prof. Roman Inderst, Universität Frankfurt am Main
Prof. Wernahrd Möschel, Universität Tübimngen; vormals Vorsitzender der Monopolkommission
Dr. Horst Satzky, Partner, Hengeler, Müller; Vorstand des Forschungsinstituts für Wirtschaftsverfassung und Wettbewerb
Prof. Daniel Zimmer, Universität Bonn, Mitglied der Monoplokommission
Moderation: Prof. Brigitte Haar, LL.M. (Univ. Chicago), Universität Frankfurt am Main
30 June 2010
Sovereign Defaults in the Euro Area: Legal and Economic Issues – Lecture and Panel Discussion
The Doctorate/Ph.D. Program in Law and Economics in Money and Finance and the Institute for Monetary and Financial Stability, both sponsored by the Stiftung Geld und Währung, held a lecture and panel discussion on “Sovereign Defaults in the Euro Area: Legal and Economic Issues”. From a macroeconomic perspective first Professor Michael Burda from Humboldt University in Berlin introduced the audience to the “Simple mechanics of solvency, stability and sovereign debt” with a focus on what happened in Greece in February and March 2010. Afterwards the ensuing requirements of financial solidity were explored from a legal point of view by Professor Jörn Axel Kämmerer from Bucerius Law School in Hamburg with a view to the Treaty of Lisbon and applications to the Greek crisis.
The brief opening statements by the two remaining panelists – next to Professor Jörn Axel Kämmerer and Professor Michael Burda, Professor Helmut Siekmann, Professor Stefan Gerlach – were followed by a very lively discussion on sovereign defaults in the euro area moderated by Professor Brigitte Haar. Apart from the panelists, the audience –lawyers and economists practicing in well-known banks and law offices, employees of the German Ministry of Finance or the Federal Financial Supervisory Authority (Bafin), academic scholars, and students – actively contributed to a very interesting and fruitful discussion. The event was rounded off with a reception in the House of Finance where everyone was happy to take the opportunity to engage in a further informal discussion about this interesting and topical issue.
The Power Point Presentation of the speakers can be found here:
2 - 23 April 2010
European Financial Law Network Conference
On April 22 – 23, 2010 the European Financial Law Network held its annual PhD-conference organized by Prof. Dr. Brigitte Haar, LL.M. (Univ. Chicago), director of the Doctorate/ Ph.D. Program „Law and Economics of Money and Finance“ and Prof. Dr. Dres. h.c. Theodor Baums, Chair of DekaBank/Helaba Stiftungsprofessur „Law and Finance“. Further members of the network are top-ranked legal scholars from Luxembourg, Genoa, Gent, Strasbourg and Geneva.
The EFLN is designed to promote the selection of the candidates best suited the academic dialogue and interdisciplinary research required in light of the global dimension of European financial markets and to support and nurture their research through interaction with internationally respected scholars as much as with fellow doctoral students in different universities.
A number of young academics gave presentations of their research work in the area of banking and financial law, on topics such as the regulation of multinational banks in Europe, the collision of antitrust and securities laws, the comply or explain mechanism, which were followed by an open discussion. This kind of exchange turned out to be a promising way towards a fruitful exchange of knowledge and research ideas in the area of financial law in Europe.
15 - 16 May 2009
On May, 15th and 16th, 2009, the Kick-off-Conference on Law and Economics of Money and Finance in Times of Financial Crisis" was held. International guest speakers from New York, Luxemburg, Stockholm, Frankfurt and others discussed current issues of financial institutions such as souvereign wealth funds, central banks and banks, and of financial regulation in the areas of investment funds, retail banking and rating agencies. We are proud and delighted that so many outstanding scholars agreed to present a paper and participate in the ensuing, most lively discussions, thus contributing to a very prolific intellectual exchange and a very successful kick-off for our "Doctorate/Ph.D. Program in Law and Economics of Money and Finance".
The papers are published in a special issue in EBOR Vol. 10 No. 3 (2009) under the title "Law and Economics of Money and Finance in Times of Financial Crisis".
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