Insider Trading Symposium

January 27, 2007


On January 27, 2007, the Journal of Law, Economics & Policy presented our 2007 Symposium, Perspectives on Insider Trading commemorating the 40-year anniversary of the publication of Dean Emeritus of George Mason School of Law Henry Manne’s seminal work, Insider Trading and the Stock Market. Dean Manne presented a comparative analysis of his original work with what he has discovered over the course of 40 years of study since its publication. The Symposium itself consisted of a day of papers focusing on insider trading, presented by renowned scholars in the Law and Economics community in conjunction with the remarks of commentators on their work.  The commentators who evaluated and probed the scholarly articles included renowned academics, professional practitioners, and policy makers.


8:00-8:30 – Registration and Continental Breakfast

8:30-9:00 – Welcoming Remarks
Ms. Kristina M. Husar, Symposium Editor, Journal of Law, Economics & Policy
Mr. Daniel D. Polsby, George Mason University School of Law Dean and Foundation Professor of Law

9:00-10:00 – Keynote Address
Introduction: Mr. Lloyd Cohen, Professor of Law, George Mason University
Keynote Speaker: Mr. Henry G. Manne, George Mason University School of Law Dean Emeritus, discussing his recent paper, Hayek, Virtual Markets, and the Dog that did not Bark.

10:00-11:45 – Panel 1: Insider Trading Policy and the Public

Paper 1: What Do You Think About Insider Trading? An Economist’s Perspective on the Insider Trading Debate and Its Impact.
Author: Mr. Alexandre Padilla, Assistant Professor of Economics Metropolitan State College of Denver
Commenter: Mr. Lloyd Cohen, Professor of Law, George Mason University

Paper 2: Do Investors Value Insider Trading Laws? International Evidence
Author: Assistant Professor Laura Beny, University of Michigan Law School
Commenter 1: Joshua Gessler, Esq., Associate, Arnold & Porter L.L.P.
Commenter 2: Mr. Bruce Johnsen, Professor of Law, George Mason University School of Law

15 minutes Q&A

12:00-1:15 – Lunch
12:45-1:15 – Luncheon Address: The Honorable Kathleen Casey, Esq., Commissioner U.S. Securities and Exchange Commission

1:30-3:00 – Panel 2: Insider Trading & Predicting the Future

Paper 1: Evidence on the Non-linear Relation between Insider Trading Decisions and Future Earnings Information
Author: Mr. Darren Roulstone, Associate Professor of Accounting at the University of Chicago School of Business
Commenter: Mr. George Benston, John H. Harland Professor of Finance at Emory University

Paper 2: Insider Trading and Prediction Markets
Author: Mr. Robin Hanson, Assistant Professor of Economics at George Mason University
Commenter: Professor Fred McChesney, James B. Haddad Professor of Law at Northwestern University School of Law

15 minutes Q&A

3:15-4:45 – Panel 3: Chinese Walls

Paper 1: Insider Trading, Chinese Walls, and Brokerage Commissions: The Origins of Modern Regulation of Information Flows in Securities Markets
Author: Mr. Stanislav Dolgopolov, Fellow, Olin Center for Law & Economics, the University of Michigan Law School
Commenter: Mr. Houman Shadab, Senior Research Fellow, Regulatory Studies Program, Mercatus Center at George Mason University

Paper 2: Investment Bankers on Board of Directors and Pricing of Stock Options
Author: Mr. Nejat Seyhun, Jerome B. & Eilene M. York Professor of Business Administration; Professor of Finance at the University of Michigan School of Business
Commenter: Marlon Paz, Esq., the Securities and Exchange Commission

15 minutes Q&A

5:00 – Reception (Atrium)

VA CLE credits: The Virginia Bar Association approved this event for 5.5 credits.