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Upcoming Events

2013 | 2012

 

May 23, 2014
Richman Center Spring Advisory Board Meeting

 

April 29, 2014
Public Lecture Series: Neal Soss, Chief Economist, Investment Banking, Credit Suisse

Columbia Business School

Room 141

6:15 p.m. - 7:45 p.m.

 

April 10, 2014

Executive Program - Master Class:Mortgage and Housing

Senior Level Dutch Delegation

Law School - Annex Building

9:00 a.m. - 11:00 a.m.

 

April 2, 2014

Intelligence Squared Debate: More Clicks, Fewer Bricks: The Lecture Hall is Obsolete

Participant Jonathan Cole, Provost and Dean Emeritus of Columbia University

6:45 p.m. - 8:15 p.m.

Is the college of the future online? With the popularity of MOOCs (massive open online courses) and the availability of online degree programs at a fraction of their on-campus price, we are experiencing an exciting experiment in higher education. Does the traditional classroom stand a chance? Will online education be the great equalizer, or is a campus-based college experience still necessary?

 

March 19, 2014

The End of Jobs as We Know them?

12:00 p.m. - 5:30 p.m.

224, West 57th, New York, NY

Join Open Society Foundations for a provocative dialogue about how work is transforming and what that means for our future

 

January 27, 2014

Blue Sky Workshop

 

Speaker Wolf-Georg Ringe

Jerome Greene Hall - Room 602

12:00 p.m.

Discussion Topic: Banking Union Resolution Without Deposit Guarantee: A Transatlantic Perspective On What It Would Take, authored with Jeffrey N. Gordon

The project of creating a Banking Union is designed to overcome the fatal link between sovereigns and their banks in the Eurozone. As part of this project, political agreement for a common supervision framework has been reached with difficulty, and it looks possible that resolution may follow soon. However, Member States’ disagreements appear to rule out a federalized deposit insurance scheme, commonly regarded as the necessary third pillar of a successful Banking Union. This paper argues for an organizational and capital structure substitute that can minimize the systemic distress costs of the failure of a large financial institution. We borrow from the approach the FDIC has devised in the implementation of the "Orderly Liquidation Authority" under the Dodd Frank Act. The FDIC’s experience teaches us three important lessons: first, systemically important institutions need to have in their liability structure sufficient subordinated term debt so that in the event of bank failure, the conversion of debt into equity will be sufficient to absorb asset losses without impairing deposits and other short term credit; second, the organizational structure of the financial institution needs to permit such a debt conversion without putting core financial constituents through a bankruptcy, and third, a federal funding mechanism deployable at the discretion of the resolution authority must be available to supply liquidity to a reorganizing bank. On these conditions, deposit insurance plays a subsidiary role in resolution and could remain at the national (not EU) level.

 

January 22, 2014

Blue Sky Workshop

Speaker Kevin Haeberle

Jerome Greene Hall - Room 646

12:00 p.m.

Discussion Topic: Stock-Market Law and the Accuracy of Public Companies' Stock Prices

This discussion revisits the association between firm value (as proxied by Tobin’s Q) and whether the firm has a staggered board. As is well known, in the cross-section firms with a staggered board tend to have a lower value. Using a comprehensive sample for 1978 – 2011, we show an opposite result in the time series: firms that adopt a staggered board increase in firm value, while de-staggering is associated with a decrease in firm value. We further show that the decision to adopt a staggered board seems endogenous, and related to an ex ante lower firm value, which helps reconciling the existing cross-sectional results to our novel time series results. To explain our new results, we explore potential incentive problems in the shareholder-manager relationship. Short-term oriented shareholders may generate myopic incentives for the firm to underinvest in risky long-term projects. In this case, a staggered board may helpfully insulate the board from opportunistic shareholder pressure. Consistent with this, we find that the adoption of a staggered board has a stronger positive association with firm value for firms where such incentive problems are likely more severe: firms with more R&D, more intangible assets, more innovative and larger and thus likely more complex firms.

RSVP at ttwyman@law.columbia.edu

 

January 16, 2014

Blue Sky Workshop

Speaker Martijn Cremer

Jerome Greene Hall - Room 502

2:00 p.m.

Discussion Topic: Staggered Boards and Firm Value, Revisited

This discussion revisits the association between firm value (as proxied by Tobin’s Q) and whether the firm has a staggered board. As is well known, in the cross-section firms with a staggered board tend to have a lower value. Using a comprehensive sample for 1978 – 2011, we show an opposite result in the time series: firms that adopt a staggered board increase in firm value, while de-staggering is associated with a decrease in firm value. We further show that the decision to adopt a staggered board seems endogenous, and related to an ex ante lower firm value, which helps reconciling the existing cross-sectional results to our novel time series results. To explain our new results, we explore potential incentive problems in the shareholder-manager relationship. Short-term oriented shareholders may generate myopic incentives for the firm to underinvest in risky long-term projects. In this case, a staggered board may helpfully insulate the board from opportunistic shareholder pressure. Consistent with this, we find that the adoption of a staggered board has a stronger positive association with firm value for firms where such incentive problems are likely more severe: firms with more R&D, more intangible assets, more innovative and larger and thus likely more complex firms.

RSVP at ttwyman@law.columbia.edu

 

January 8, 2014

Beida-Columbia Shale Energy Workshop

Richman Center co-director David Schizer speaks at the Beida-Columbia Shale Energy Workshop in Beijing

 

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Events

June 19, 2014

Jesse Greene, Richman Senior Fellow, will speak at NACD Directorship 2020: Future Trends and the Boardroom>

June 17, 2014

Jesse Greene, Richman Senior Fellow, will speak at "U.S. Cybercrime 2014: Understanding Today's Changing Threat Landscape," organized by Sandpiper Partners, LLC at the Yale Club in New York

May 15, 2014

Blue Sky Lunch featuring Michelle White on "Using Bankruptcy to Reduce Foreclosures">

April 29. 2014

Public Lecture Series: A Discussion with Neal Soss, Chief Economist at Credit Suisse>

April 2, 2014

Intelligence Squared Debate: More Clicks, Fewer Bricks: The Lecture Hall is Obsolete>

 

New Public Lecture Series

A Discussion with Neal Soss, Chief Economist at Credit Suisse

Columbia Business School
Room 141
6:15 p.m.-7:45 p.m.

Register Here >

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The world economies seem to be recovering from the financial crisis of 2008, but where are they headed? What opportunities will there be? What challenges will be faced by policy makers? What new forces are at work that we haven’t faced before? Unlike past recoveries we are confronted with unique challenges. In fact three big trends are interacting in ways that will impact all economies. Potential GDP growth rates are slowing in most large economies, populations of large nations with big GDPs are aging and the economic wellbeing of everyone is being impacted by inequality of income and wealth. Join us to understand these issues better and what policy challenges our leaders will have to address. Get a grip on what it means to you, your country and those around you as Neal Soss, Vice Chairman, Research at Credit Suisse explores many aspects of these three dynamics that will impact us all.

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New Intelligence Squared Debate

More Clicks, Fewer Bricks: The Lecture Hall is Obsolete
April 2, 2014
6:45 - 8:15 p.m

More info >

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Participant Jonathan Cole, Provost and Dean Emeritus of Columbia University.
Event recap and video available now!

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