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The Journal of Law, Economics, & Policy (JLEP)
Presented a Symposium entitled:


Perspectives on Insider Trading

This Event was held: January 27, 2007



Summary of the Symposium
    Emeritus Dean Henry G. Manne opened up the forum with a discussion of his personal experience within the Law & Economics community, along with a retrospective discussion of his seminal work "Insider Trading and the Stock Market."

    Immediately following Dean Manne's keynote address, the first panel convened to discuss research relating to Insider Trading and the Public. Mr. Alexandre Padilla, Assistant Professor of Economics Metropolitan State College of Denver and Assistant Professor Laura Beny, University of Michigan Law School presented their research on Insider Trading. Professors Lloyd Cohen, Bruce Johnsen and Joshua Gessler all provided insightful critiques and suggestions to improve the respective papers. The audience, including such Law and Economics legends as Gordon Tullock and GMU Dean Dan Polsby engaged in a rousing discussion with the panel participants.

    During lunch, The Honorable Kathleen Casey, SEC Commissioner and GMUSL alumni addressed the attendees, sharing her personal view on securities regulation and the influence that the Law and Economic analysis, the corner stone of George Mason legal training, has had on her career.

    Following the lunch address, Panel 2 launched into a discussion on Insider Trading and the Future. GMU's own Robin Hanson presented his research on Insider Trading and Prediction Markets, while Darren Roulstone of Chicago presented the paper he co authored with Joseph D. Piotroski, also of Chicago. George Benston of Emory and Fred McChesney of Northwestern Universoty offered their thoughts on the papers strengths and also how they might be improved.

    The final panel focused on the history and effectiveness of Chinese Wall regulations. University of Michigan Professor Nejat Seyhun presented his most recent paper, while recent Michigan Law graduate and former research assistant to Dean Manne, Stanislav Dolgopolov, presented his paper Insider Trading, Chinese Walls, and Brokerage Commissions. Commenting on these works was Marlon Paz an attorney at the Securities and Exchange Commission and Mercatus Scholar Houman Shabat.

    The rigorous intellectual discussion was followed up by a delightful reception in the Atrium of Hazel Hall, which provided the participants and attendees the opportunity to continue to debate the topics of the day.

    If you were not able to attend the Symposium but are interested in listening to one of the presentations, please download,,,

    Also, each of these papers will be published in a forthcoming special Symposium issue.

    * Professor McChesney was unable to attend the symposium in person, but his analysis was ably represented by GMUSL Levy Fellow and JLEP Executive Editor, Jeremy Kidd.

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