Event Series

CFLP Blue Bag Lunches

CFLP Blue Bag Lunches

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CFLP Blue Bag Lunches

CFLP blue bag lunch talk with Prof. Jeffery Zhang

Feb 1, 2023, 12:00-1:00 pm EST
Professor Jeffery Zhang from Michigan Law will be speaking at our February blue bag lunch talk on Wednesday, February 1 at 12pm. The talk will be virtual on Zoom. Please register here by January 31. 
CFLP Blue Bag Lunches

Blue Bag Lunch Talk with Professor Nejat Seyhun

Sep 8, 2022, 12:00-1:00 pm EDT
Jeffries Hall, Room 1060
Ross School of Business professor Nejat Seyhun will begin the 2022 Blue Bag Lunch Talk series discussing the race inequalities in insider trading.   
CFLP Blue Bag Lunches

Much ado about debt?

Apr 7, 2022, 12:00-1:00 pm EDT
With sovereign debt soaring, the issues of "how much debt is too much debt" and "what to do about it'' are likely to move once again from the technocratic realm of "quiet politics" into the electoral realm of "loud politics." Join Charlotte Cavaille, Assistant Professor at Ford School of Public Policy, as we discuss implications for future research, including the need to shift to elite-centric research designs.
CFLP Blue Bag Lunches

Board dynamics over the startup life cycle

Jan 13, 2022, 12:00-1:00 pm EST
Professor Nadya Malenko discusses her research regarding venture capital backed firms, which face neither the regulatory requirements nor a major separation of ownership and control of their public peers.
CFLP Blue Bag Lunches

High tax heresy

Nov 4, 2021, 12:00-1:00 pm EDT
Professor James R. Hines Jr. will discuss the most sensible way to pay for the federal government, noting that the answer lies largely in higher tax rates, not in the many popularly-discussed alternatives.
CFLP Blue Bag Lunches

Two public/private divides revisited

Oct 7, 2021, 12:00-1:00 pm EDT
Professor Gabriel Rauterberg explores how the public/private divide in U.S. securities markets interact and questions whether the current structure is socially optimal.
CFLP Blue Bag Lunches

Misconduct synergies

Sep 9, 2021, 12:00-1:00 pm EDT
Professor Emmanuel Yimfor discusses his research on the question: Do corporate control transactions discipline the labor force? Center on Finance, Law & Policy's monthly Blue Bag Lunch Talk series.
CFLP Blue Bag Lunches

Insider giving

May 6, 2021, 12:00-1:00 pm EDT
Professor Nejat Seyhun will discuss a new paper on "insider giving," as a potent substitute for insider trading due to lax reporting requirements and legal restrictions.
CFLP Blue Bag Lunches

Banking on a Revolution

Mar 11, 2021, 12:00-1:00 pm EST
Professor Terri Friedline's book, Banking on a Revolution, makes a compelling case for a revolutionized financial system that centers the needs, experiences, and perspectives of those it has historically excluded, marginalized, and exploited.
CFLP Blue Bag Lunches

Sustainability scrutiny in the financial markets

Feb 4, 2021, 12:00-1:00 pm EST
Professor Adriaens' research explores the impact of water risk – as a proxy for climate impact - on corporate share price premiums and financial performance of global indexes, and the impact of green investment intent and corporate ESG disclosure on bond yield spread (relative to 10-year treasury notes).
CFLP Blue Bag Lunches

The macroeconomics of COVID-19

Jan 21, 2021, 12:00-1:00 pm EST
Professor Linda Tesar will review some recent evidence on the impact of  COVID-19 on economic activity in the US and abroad and will discuss some of the ways that macroeconomists have begun to model the "COVID shock" and its economic effects. 
CFLP Blue Bag Lunches

Journey to a fully refundable child tax credit in the United States

Dec 3, 2020, 12:00-1:00 pm EST
In this talk Associate Dean Shaefer will chart the journey of recent calls to expand the child tax credit and the rising popularity of the child allowance among poverty scholars, in Congress, and in the Biden Administration.
CFLP Blue Bag Lunches

Domesticating foreign finance

Sep 10, 2020, 12:00 pm EDT
More than a decade after the 2008 financial crisis, U.S. policymakers still have not adequately addressed one of the primary causes of the crash: foreign banks.
CFLP Blue Bag Lunches

College savings accounts for HeadStart families: Preliminary results from Michigan

Nov 7, 2019, 12:00-1:00 pm EST
Room 1025 Jeffries Hall
The Saving for Education, Entrepreneurship and Downpayment (SEED) initiative began in 2003 to test asset-building accounts for children and youth with the goal of providing strategic and practical lessons in how to create an inclusive CSA system. At the SEED impact assessment site in Michigan (MI-SEED), 500 Head Start families were offered Michigan 529 Educational Savings plans. The accounts were opened with an initial contribution of $800 from program funding and a possible $200 match from the State of Michigan. Any subsequent savings by the family were matched 1:1 up to $1200. Another set of similar Head Start families made up a comparison group that was not offered accounts. Most of the participating pre-school children are now old enough to graduate from high school and actually use the accounts to fund post-secondary education. This presentation will offer preliminary longitudinal data on accounts, standardized test scores, and other educational outcomes over time. 
CFLP Blue Bag Lunches

Modernizing bank merger review

Sep 12, 2019, 12:00-1:00 pm EDT
Room 1025 Jeffries Hall
  Sixty years ago, Congress established a federal pre-approval regime for bank mergers to protect consumers from then-unprecedented consolidation in the banking sector. This process worked well for several decades, but it has since atrophied, producing numerous “too big to fail” banks. Professor Kress's research contends that regulators’ current approach to evaluating bank merger proposals is poorly suited for modern financial markets. Policymakers and scholars have traditionally focused on a single issue: whether a bank merger would reduce competition. Over the past two decades, however, changes in bank regulation and market structure—including the repeal of interstate banking restrictions and the emergence of nonbank financial service providers—have rendered bank antitrust analysis largely obsolete. As a result, regulators have rubber stamped recent bank mergers, despite evidence that such deals could harm consumers and destabilize financial markets.  Professor Kress's research asserts that contemporary bank merger analysis should instead emphasize statutory factors that regulators have long neglected: whether a proposed merger would increase systemic risks, enhance the public welfare, and strengthen the relevant institutions. Professor Kress's research urges regulators to modernize their approach, and it proposes a novel framework to ensure that bank merger oversight safeguards the financial system. The proposals contained herein have far-reaching implications not only for bank regulation but also for the ongoing debate over merger policy in technology, agriculture, and other industries.
CFLP Blue Bag Lunches

The rise of whistleblower bounties to prevent and deter corporate wrongdoing

Apr 4, 2019, 12:00-1:00 pm EDT
Jeffries Hall 0220
Many statutes now permit bounties for whistleblowers who provide enforcement relevant information to the authorities.  The growth in such bounties has been quite rapid in recent years generating substantial scholarly, policy and practical interest.  However, much of the scholarship does not address a critical feature of corporate liability in the US – there is considerable uncertainty about both the scope and definition of wrongdoing. This talk examines the effects of this uncertainty on the desirable structure and incidence of bounty regimes.  Some key findings are that the greater this uncertainty the harder it will be to gather information about wrongdoing both within a firm and more generally because individuals will likely be reluctant to share information that might be relevant to enforcement. This has numerous effects. First, as gathering and sharing of information becomes more difficult it will become harder to deter and prevent wrongdoing, which in part depends on gathering and sharing information.  Second, weaker gathering and sharing of information within the firm will hamper the ability of employees to work together cohesively. This not only worsens firm performance (which has its own costs), but also is likely to increase wrongdoing because poor firm performance is a key predicator of corporate wrongdoing. The analysis thus counsels caution in extending whistleblower bounties to areas where the underlying law is uncertain, provides insights on how one might design a bounty system in light of this uncertainty (e.g., differentiating between internal and external whistleblowers, varying bounties by firm size), and lays out certain steps that might be taken to ameliorate some of the identified effects of uncertainty.
CFLP Blue Bag Lunches

Local Government Fiscal Health: Do subjective self-assessments match "the numbers"?

Mar 14, 2019, 12:00-1:00 pm EDT
Jeffries Hall Room 0220
Local government fiscal health is typically assessed using objective financial indicators, but little is understood about how local officials subjectively understand their own fiscal health. We compare self-assessment data from the Michigan Public Policy Survey with financial data on Michigan local governments to explore the extent to which self-assessments align with conventional financial indicators. Qualitative results reveal that local officials emphasize long-term spending pressures (e.g. roads, infrastructure) and external factors, such as uncertainty around property values and state aid (i.e. revenue sharing) payments, when assessing their fiscal health. Quantitative results provide some corroborating evidence, but in general, conventional indicators are not powerful predictors of self-assessments, especially for high-stress governments. We believe that part of the disparity is that financial indicators do a poor job of capturing what local officials say they are most worried about. We suggest that self-assessments may be a useful supplement to conventional measures in capturing “true” fiscal health.
CFLP Blue Bag Lunches

Currency manipulation

Feb 7, 2019, 12:00-1:00 pm EST
Jeffries Hall 0220
Governments have increasingly relied on exchange rate stabilization policies, specifically intervention operations in currency markets and capital controls, to offset external shocks.  The focus on exchange rate stabilization is not limited to countries with pegged exchange rate regimes.  Indeed, a number of countries that currently actively intervene in currency markets self-describe as floaters. The U.S. has responded by raising concerns that these policies amount to currency manipulation. Article IV of the IMF Articles of Agreement requires that members “avoid manipulating exchange rates” in order to gain an unfair competitive advantage over other members. Separately (since 1989) the U.S. Treasury must report to Congress biannually regarding whether individual trading partners are manipulating currencies for unfair advantage.  This talk will examine both the theoretical underpinning and empirical evidence on currency intervention and manipulation, with the goal of better understanding when exchange rate stabilization is effective from the point of view of domestic policy-makers and when it should be considered manipulative from a global perspective.