Insider Trading Symposium

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. ┬áThe 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.