Thursday, February 7th

p.m.

Participants arrive in Ontario
Overnight room block reserved
Sheraton Ontario Airport Hotel
429 N. Vineyard Avenue
Ontario, CA 91764
(909) 937-8000
When making reservation, please refer to:
"Securities Fraud Symposium"

6:00 p.m.

Reception and casual dinner (open seating)
Rosa's Restaurant, 425 N. Vineyard Avenue, Ontario, (909) 937-1220 (attire: casual)

Friday, February 8th

7:30 a.m.

Participants take shuttle to the Claremont Colleges

8:15 a.m.

Participants arrive at Burkle Building (1021 North Dartmouth Avenue, Claremont, CA 91711)

8:15-8:45 a.m.

Continental breakfast and registration in Jenkins Courtyard (south side of Burkle Building)

8:45-9:00 a.m.

Welcoming remarks, Burkle Building, Room 16, 1st Floor
Pamela Gann, President, Claremont McKenna College

9:00-10:15 a.m.

SESSION 1: Plaintiffs, Settlements and Litigation Reform
Session Chair: Cindy R. Alexander, U.S. Securities and Exchange Commission

Presenter 1: 9:00-9:15 a.m.
"An Eliot Effect? Prosecutorial Discretion in Mutual Fund Settlement Negotiations, 2003-07"
Eric Zitzewitz, Dartmouth College

Presenter 2: 9:15-9:30 a.m.
"The Screening Effect of the Private Securities Litigation Reform Act" (PDF)
Stephen J. Choi, New York University
Karen K. Nelson, Rice University
Adam C. Pritchard, University of Michigan

Presenter 3: 9:30-9:45 a.m.
"There are Plaintiffs and…There are Plaintiffs: An Empirical Analysis of Securities Class Action Settlements" (PDF)
James D. Cox, Duke University
Randall S. Thomas, Vanderbilt University
Lynn Bai, University of Cincinnati

Discussion:

9:45-10:15 a.m.

10:15-10:30 a.m.

Refreshment Break, Jenkins Courtyard, Burkle Building, 1st Floor

10:30-11:30 a.m.

SESSION 2: Market Efficiency, Reliance and Damages
Session Chair: Michael A. Perino, St. John's University School of Law

Presenter 1: 10:30-10:45 a.m.
"Do Investors' Gains and Losses from Securities Fraud Equal Out Over Time? Some Preliminary Evidence"
Alicia Davis Evans, University of Michigan

Presenter 2: 10:45-11:00 a.m.
"The Paradox of 'Fraud-on-the-Market' Theory"
Janet Kiholm Smith, Claremont McKenna College
Richard L. Smith, Claremont Graduate University

Presenter 3: 11:00-11:15 a.m.
"A Simple, Nonparametric Approach to Asymptotically Valid Inference in Single-Firm Event Studies with One Event Date"
Jonah Gelbach, University of Arizona
Eric Helland, Claremont McKenna College and RAND Corporation
Jonathan Klick, Florida State University

Discussion:

11:15-11:45 a.m.

11:45-12:00 p.m.

Students escort participants to luncheon at the Marian Miner Cook Athenaeum, CMC

12:00-1:15 p.m.

Luncheon
Keynote Speaker: John C. Coffee, Adolf A. Berle Professor of Law,
Columbia Law School

1:30-2:45 p.m.

PRACTITIONER PANEL: CURRENT ISSUES IN SECURITIES FRAUD LITIGATION

Panelists:
Vincent Cappucci, Partner, Entwistle & Cappucci
Brad Cornell, Senior Consultant, CRA International and Professor, California Institute of Technology
James Farrell, Partner, Securities Litigation and Professional Liability, Latham & Watkins, LLP
Larry Fine, Senior Vice President, AIG
David Tabak, Senior Vice President, NERA Economic Consulting
Moderator: Eric Landau, Partner, Securities and Shareholder Litigation Group, Jones Day

2:45-3:00 p.m.

Students escort participants back to Burkle Building, Room 16

3:00-4:30 p.m.

SESSION 3: Securities Litigation and Corporate Governance
Session Chair: Michael Klausner, Stanford University

Presenter 1: 3:00-3:15 p.m.
"Insider Trading Before Accounting Scandals" (PDF)
Anup Agrawal, University of Alabama
Tommy Cooper, University of Alabama

Presenter 2: 3:15-3:30 p.m.
"The Determinants of Managerial Decisions to Cook the Books" (PDF)
Jonathan M. Karpoff, University of Washington, Seattle
D. Scott Lee, Texas A&M University
Gerald S. Martin, Texas A&M University

Presenter 3: 3:30-3:45 p.m.
"Securities Fraud Class Actions and Corporate Governance: New Evidence on the Role of Merit" (PDF)
Christopher F. Baum, Boston College and DIW Berlin
James G. Bohn, UHY Advisors, Boston, MA
Atreya Chakraborty, University of Massachusetts, Boston

Presenter 4: 3:45-4:00 p.m.
"The Impact of the Securities Litigation on the Directors' Labor Market"
Eric Helland, RAND Corporation and Claremont McKenna College

Discussion:

4:00-4:45 p.m.

4:45-5:00 p.m.

Wrap-up

5:00 p.m.

Students escort participants to the Green Room, 1st Floor, Platt Campus Center, HMC

5:00-5:30 p.m.

Cocktail Reception

6:00-7:00 p.m.

Dinner - for participants only
Comments: Robert Reville, Senior Economist and Director of the RAND Institute for Civil Justice (on leave)

8:00 p.m.

Participants take shuttle to Sheraton Ontario Airport Hotel

Saturday, February 9th

Elective activities in the Los Angeles area