Upcoming Events

 

 

TBA

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.

More info forthcoming!

 

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Intelligence Squared Debate: More Clicks, Fewer Bricks: The Lecture Hall is Obsolete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

Tickets available soon!

 

 

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

 
 

TBA

Public Lecture Series: Discussion with Jennifer M. Hill, CFO for Global Banking and Markets, Bank of America

Columbia Business School

 

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

 
 

December 6, 2013

Uris Unplugged Luncheon:

Guest Jennifer Hill

Columbia Business School - Room 307

12:30-2:00pm

JD/MBA Students - by invitation only

 

 

December 2, 2013

The Changing Face of Unionism

17 West 17th St - Eighth Floor

6:00-8:00pm

Rich Yeselson called for changes in how unions are run and organized in an article on "Fortress Unionism" - and Bruce Raynor and Andy Stern, both former presidents of national unions, responded. Sarita Gupta, Executive Director, Jobs with Justice, now joins the discussion.

To read the relevant articles, see here.

 

 

October 31, 2013

Richman Center Advisory Board Meeting

Weil Gotshal & Manges LLP

767 5th Avenue- 25th Floor

8:00am-9:30am (Breakfast starts at 7:45am)

 

 

November 19, 2013

Richman Public Lecture Series: Laurence D. Fink, Chairman and Chief Executive Officer of BlackRock

Columbia Business School- Room 301

6:15pm-7:30pm

(Co- sponsored with Silfen Series)

Mr. Fink has led the firm since its founding in 1988, keeping client-centric solutions and innovation at the forefront of his leadership. Mr. Fink leads the Global Executive Committee, which sets the strategic direction of the Company and works across businesses to ensure BlackRock is prepared to solve our client’s most critical investment challenges.

Mr. Fink is frequently sought after by government leaders, policy makers and some of the world’s largest organizations for guidance on how to navigate the increasing complexities of the global financial markets. He is actively involved in discussing major public policy issues and represents the investor perspective in ongoing financial reforms.

Mr. Fink was named "CEO of the Decade" by Financial News in 2011 and has been named one of the "World's Best CEO's" by Barron's for seven consecutive years.

 

 

November 21, 2013

Columbia University Fall Policy Forum

For Elected and Appointed Officials

Columbia University, Faculty House, 64 Morningside Drive

 

 

Past Events

Joseph Stiglitz

Professor Joseph Stiglitz speaks at the America’s Housing Crisis conference. Read more.

Professor Jeffrey Gordon of Columbia Law School and Peter Fisher of BlackRock, Inc. kick off the Public Lecture Series. Read more.

Jack Macdowell of Carrington Capital Management speaks at the America’s Housing Crisis conference. Read more.