Global Law in Finance Network (GLawFiN)
The “Legal Theory of Finance” (see Global Finance and Law Initiative) serves as the foundation for GLawFiN, a global network of academics and doctoral students devoted to examining the explanatory power of this theory. GLawFiN currently includes Columbia Law School, Oxford University and Frankfurt University, represented respectively by Katharina Pistor, Dan Awrey, and Brigitte Haar. The network sponsors one doctoral student per site with a 2-year fellowship; organizes annual meetings of the network, special seminars and lectures on the Legal Theory of Finance; and holds interdisciplinary workshops on themes that relate this theory to others in the social sciences and humanities. GLawFiN’s advisory board includes leading academics and practitioners.
Professors Pistor, Awrey and Haar will be teaching an intensive four-day course on Law and Finance at Columbia's Global Center in Paris from January 6-10, 2014. See details here.
The project is funded jointly by the Max Planck Research Award granted to Katharina Pistor for her work on international financial regulation and the Institute for New Economic Thinking (INET).
GLawFiN Principal Researchers
Dan Awrey is a University Lecturer in Law and Finance at Oxford University, where he is also a Fellow of Linacre College. Dan holds degrees from Queen’s University (B.A., LL.B.), the University of Toronto (LL.M.) and Oxford University (D.Phil.). Before entering academia, Dan served as Director of Law and Corporate Affairs for a global investment management firm and, prior to that, as an associate practicing securities and corporate finance law at a major Canadian law firm. Dan’s teaching and research interests reside primarily in the area of financial regulation and, more specifically, the institutions, instruments and markets which comprise what is often, and rather inelegantly, referred to as the shadow banking system. Dan's research and views in this area have been featured in publications including The Financial Times and The Wall Street Journal. In addition to his posts at Oxford, Dan is a Senior Visiting Lecturer at the National University of Singapore. He is also a member of the research team of the Global Law in Finance Network co-funded by the Institute for New Economic Thinking.
Brigitte Haar is Professor of Private Law, German, European, International and Comparative Corporate and Financial Law at Goethe University Frankfurt. She directs the Doctorate/PhD-program on Law and Economics of Money and Finance, is a member of the executive committee of the House of Finance at Goethe University Frankfurt, and a fellow of the Center for Financial Studies, Frankfurt. Prior to joining Goethe University Law School, she was a research associate at the Max-Planck-Institute for comparative and international private law. Brigitte Haar received her doctoral and postdoctoral degrees from the University of Hamburg. She holds a master of laws degree from the University of Chicago and pursued postdoctoral research at Yale Law School with a Max Planck fellowship awarded for her prize-winning doctoral dissertation. More recently, she served as Bok Visiting International Professor at the University of Pennsylvania Law School, and will be visiting Columbia Law School in the spring of 2014. Her principal research interests are comparative corporate governance, financial regulation and European integration, including EU financial regulation, corporate governance codes, executive compensation and retail financial services. She is a founding editor and current member of the editorial board of the European Business Organization Law Review and a member of the consumer council and the administrative board of the German Federal Financial Supervisory Authority (BaFin).
Katharina Pistor is Michael I. Sovern Professor of Law at Columbia Law School and director of Columbia Law School’s Center on Global Legal Transformation. She graduated from the University of Freiburg law school (Germany), holds an LLM degree from the University of London an MPA degree from the Kennedy School of Government (Harvard) and a doctoral degree in law from the University of Munich. She has held research positions at the Harvard Institute for International Development and the Max Planck Institute for Foreign and Comparative Private Law. Prior to joining the Columbia Law faculty in 2001 she taught at the Kennedy School of Government. Pistor has also taught as lecturer or visitor at Harvard Law School, the Universities of Pennsylvania, and NYU. She is a member of Columbia University’s Committee on Global Thought, the board of directors of the European Corporate Governance Institute and the Curatorium of Bucerius Law School, a Research Associate of the Center for Economic Policy Research, and serves on several editorial boards, including Economics of Transition, Columbia’s Journal of Transnational Law, the American Journal of Comparative Law, and the European Business Organization Law Review. In 2012 she was co-recipient of the Max Planck Research Award on International Financial Regulation. She is also the recipient of research grants by the Institute for New Economic Thinking and the National Science Foundation. Her research focuses on comparative law with emphasis on emerging markets, the legal construction of financial markets, and law and development. She has published widely in leading law and social science journals and has co-authored and edited several books.
GLawFiN Advisory Board
John Armour is Hogan Lovells Professor in Law and Finance, in association with Oriel College, at Oxford University, having previously been a University Senior Lecturer in Law and Fellow of Trinity Hall at Cambridge University. He studied law (MA, BCL) at the University of Oxford before completing his LLM at Yale Law School and taking up his first post at the University of Nottingham. He has published widely in the fields of company law, corporate finance, and corporate insolvency. His main research interest lies in the integration of legal and economic analysis, with particular emphasis on the impact on the real economy of changes in the law governing company law, corporate insolvency and financial regulation. He has been involved in policy related projects commissioned by the Department of Trade and Industry, the Financial Services Authority, the Insolvency Service, and the Jersey Economic Development Department.
Jeffrey Golden is currently a Visiting Professor in the Law Department at the London School of Economics and Political Science, Chairman of The P.R.I.M.E. Finance Foundation in the Hague, and a member of the Foundation’s Panel of Recognised International Market Experts in Finance, and a Director of MFX Solutions, Inc., an industry initiative providing currency hedging for microfinance. He recently retired from international law firm Allen & Overy LLP, which he joined as a partner in 1994 after 15 years with the leading Wall Street practice of Cravath, Swaine & Moore. He was the founding partner of Allen & Overy's US law practice and senior partner in the firm's global derivatives practice and has extensive experience of a wide range of capital markets matters, including swaps and derivatives, international equity and debt offerings, US private placements and listings and mergers, acquisitions and joint ventures. He acts for the International Swaps and Derivatives Association, was a principal author of ISDA's master agreements and has appeared as an expert witness in several high profile derivatives cases.
Jeffrey Gordon is Richard Paul Richman Professor of Law at Columbia Law School in New York, Co-Director of Richman Center for Business, Law & Public Policy, and Co-Director, Ira M. Millstein Center for Global Markets and Corporate Ownership. Professor Gordon teaches and writes extensively on corporate governance, mergers and acquisitions, comparative corporate governance, and, more recently, the regulation of finance institutions. Professor Gordon graduated from Yale and Harvard Law School, clerked for a federal appeals court judge, practiced at a New York law firm, and worked in the General Counsel’s office of the U.S. Treasury. He began his academic career at NYU in 1982 and moved to Columbia in 1988. While at Treasury, he worked on the Chrysler Corporation loan guarantee program and financial regulation.
Martin Hellwig is Director of Max Planck Institute for Research on Collective Goods, Bonn, and Professor of Economics, University of Bonn. He holds a diploma in economics from the University of Heidelberg (1970) and a doctorate in economics from the Massachusetts Institute of Technology (1973). Following a postdoctoral year at Stanford University, he spent three years (1974-77) as Assistant Professor of Economics at Princeton University, ten years as Associate Professor (1977-79) and Professor of Economics at the University of Bonn (1979-87), and another nine years at the University of Basle, Switzerland, before joining the University of Mannheim in 1996. Professor Hellwig research focuses on general economic theory and he has written extensively on the economics of information, incentives, and equilibrium, public goods and taxation, financial markets and financial institutions, and the foundations of macroeconomics and monetary theory.
Cathy Kaplan is a partner in Sidley Austin’s New York office, where she is co-head of the New York Global Finance Practice. Ms. Kaplan’s practice is focused on a broad range of structured finance transactions. She has worked on structured notes, structured insurance products, CDOs, CLOs, cross border transactions and asset and mortgage backed financings. Ms. Kaplan has been at the forefront of a number of types of securitizations. She developed the first receivables program backed by healthcare receivables. In addition, Ms. Kaplan was counsel to the underwriter on the first transaction involving Japanese assets to be publicly registered with the SEC and was counsel to the underwriters for the first Australian mortgage transaction registered with the SEC. She has worked on international securitizations involving export receivables, natural resource assets and trade receivables in Argentina, Mexico, Brazil, the UK, Italy, France, Turkey and Japan.
Daniela Weber-Rey assumed her new role as Deutsche Bank AG's Chief Governance Officer and Deputy Global Head Compliance in June 2013. Prior to joining Deutsche Bank, she spent more than 20 years as a partner at the law firm Clifford Chance, where she mainly advised on corporate and capital market law, corporate governance, regulatory law in the financial sector and on compliance. She has also held various management positions that include her most recent role as a Member of the Partnership Council. Since 2005, Daniela has served repeatedly as a member of expert bodies at the European Commission. In 2008, she was selected as a Member of the Government Commission on the German Corporate Governance Code. In 2012, she was appointed to the Board of the European Corporate Governance Institute (ECGI, Brussels) and to the Advisory Board of the International Center for Insurance Regulation (ICIR, Frankfurt). Between 2008 and 2013, she served as a Member of the Administrative Board of BNP Paribas, Paris, and between 2011 and 2013 she was a Member of the Insurance and Reinsurance Stakeholder Group of the European Insurance and Occupational Pensions Authority, EIOPA, Frankfurt.Daniela has published and lectured regularly in English, German and French on corporate law, corporate governance, M&A, capital market law, regulatory law as well as on general developments in the financial sector.
GLawFiN Visiting Scholar
Jeremy Pam has been a Visiting Scholar at Columbia Law School affiliated with the Global Law and Finance Network (GLawFiN) since May 2013. From May 2012 he was a Fellow with the Program in Careers in Law Teaching and a Research Fellow with the Hertog Program in Law and National Security. He came to Columbia after positions in the U.S. government and private practice. From 2010-12 he worked for the State Department at the U.S. Embassy in Kabul as the governance policy chief. From 2006-7 he worked for the Treasury Department at the U.S. Embassy in Baghdad as the financial attache. From 2007-10 he was a visiting/guest scholar at the U.S. Institute of Peace in Washington. Prior to his government service, he practiced law from 2000-6 at Cleary Gottlieb in New York, where he specialized in advising governments on sovereign debt restructurings during financial crises. In spring 2005 he was also a visiting lecturer in law at Yale Law School and co-taught the international business transactions course. His research interests include international financial and security crises (and the role of law and lawyers therein), administrative law, constitutional law, and legal theory.
GLawFiN Doctoral Fellows
Biljana Biljanovska is doctoral student in the Doctorate/Ph.D. Program in Law and Economics of Money and Finance at Goethe-University, Frankfurt. She holds an LL.B. and an LL.M. in Finance and Financial Law from the Iustinianus Primus Faculty of Law at Ss. Cyril and Methodius University, Skopje. After the completion of her bachelor studies she worked as an intern at the Primary Public Prosecution Office in Skopje, Macedonia. Since 2013 she has been working as a research assistant for the Sustainable Architecture for Finance in Europe (SAFE) at the Center for Financial Studies, Frankfurt in the area of Corporate Governance. Her research interests include bank recovery and resolution, particularly the operability of the Bail-in Tool within bank groups. She is investigating the implications of legal entity separateness in bank groups for effective enforcement of the Bail-in Tool, against the premises of the law-finance paradox. She is fluent in English, has a working knowledge of Bulgarian, and knows basic German.
Jacob Bonavita is a doctoral student in the Doctorate/Ph.D. Program in Law and Economics of Money and Finance at Goethe-University. He completed his First Juridical State Exam in Germany (Goethe-University Frankfurt) and received his 'Licence en droit' in France (Université Paris X – Nanterre). After completing his studies in Frankfurt, he worked as a Legal Intern at Cleary Gottlieb Steen & Hamilton LLP in Frankfurt. Since 2011 Jacob has been working as a research and teaching assistant for the Department of Private Law as well as the Finance Department at Goethe-University. His research project focuses on contract law and financial markets, particularly the influence of legal institutions on financial market dynamics. His doctoral thesis will address the legal foundation as well as the effectiveness of disclosure obligations in the context of financial advice under the assumption of fundamental uncertainty. He is fluent in German, English, French and Italian.
Maciej Borowicz is a doctoral student at Colombia Law School (CLS) and in the process of completing his doctorate at the European University Institute (EUI). He is also a member of the New York State Bar. He holds law degrees from Adam Mickiewicz University in Poznań, Poland (M.A.) and Duke University (LLM). He also attended courses in law, economics and finance at the University of Antwerp, the Max Planck Institute for Intellectual Property, Competition and Tax Law in Munich, the Swiss National Bank's Study Center in Gerzensee (Switzerland) and Fordham University in New York. In 2009 he received a prize awarded by the Patent Office of the Republic of Poland for his master thesis on complex licensing agreements (technology pools). While studying at Duke he developed an interest in finance and financial regulation. Later, encouraged by Fabrizio Cafaggi at the EUI, he combined his interest in contract and finance to develop an account of the regulatory functions of standardized financial contracting. At CLS he will continue studying financial contracting using the Legal Theory of Finance as his theoretical framework. In the past Maciej Borowicz worked for law firms in Warsaw and Brussels and taught international banking at a university in Florence. He speaks Polish (native language) and English and has a working knowledge of German and Italian.
Javier Solana is a doctoral student in Law and Finance at the University of Oxford. He holds a B.A. in Business Administration (Hons.) and an LL.B. (Hons.) from Carlos III University in Madrid. He also holds an M.Phil. in Law from the same university and an LL.M. in International Finance from Harvard Law School. He has been the recipient of many academic awards, including the prestigious “la Caixa” Fellowship in 2011. Between 2009 and 2012, Javier worked as a research and teaching assistant for the Commercial Law Department at Carlos III University in Madrid. He has also worked as a trainee lawyer at Cuatrecasas, Gonçalves Pereira in the international arbitration team in Madrid and, more recently, as a Legal Intern in the Finance and Private Sector unit within the Legal Vice Presidency at the World Bank in Washington D.C. His main fields of research include the regulation of financial institutions and financial products, insolvency and arbitration. He is fluent in Spanish, English and French, has an intermediate command of Mandarin Chinese and a basic knowledge of Arabic.
Global Finance and Law Initiative
Launched in 2011, the GFLI brought together researchers from law, sociology and economics, who conducted in-depth case studies on the legal construction of foreign exchange, sovereign debt, global derivatives and domestic as well as transnational credit markets. The project culminated in the publication of a special issue of the Journal of Comparative Economics entitled “Law in Finance”, which includes the case studies as well as “A Legal Theory of Finance” by Katharina Pistor.
The project was funded by the Institute for New Economic Thinking (INET).
Daniel Awrey is a Lecturer in Law and Finance and Fellow of Linacre College at Oxford University. His research interests include the regulation of financial markets and institutions.
Bruce Carruthers is a Professor of Sociology at Northwestern University who focuses on the institutional foundations of market economies. His research interests include the construction and role of trust in markets, as well as the relationship between law and capitalism.
Anna Gelpern is an Associate Professor of Law at American University, Washington, and a visiting fellow at the Peter G. Peterson Institute for International Economics. Her research explores the legal and policy implications of debt, development, and financial globalization.
Mitu Gulati is a Professor of Law at Duke University. His research focuses on the evolution of contract language, the history of international financial law, and the measurement of judicial behavior.
Alya Guseva is an Associate Professor of Sociology at Boston University who researches the dynamics of market formation. Her recent research focuses on the development of new financial and consumer markets in the emerging economies of Eastern and Central Europe.
Rachel Harvey is a Postdoctoral Research Scholar with the Center on Global Legal Transformation. Her research focuses on the centrality of social and institutional processes in the emergence and development of global financial markets.
Tamara Lothian is a Principal with International Strategies Group, a Boston-based consultancy; a Lecturer at Columbia Law School; and a Research Fellow and Visiting Professor of Law at Fundacao Getulio Vargas, in Rio de Janeiro, Brazil. The central theme of her recent academic work focuses on rethinking core conceptualizations of finance and financial reform and in the United States and the global economy.
Perry Mehrling is a Professor of Economics at Barnard College. His research interests include the economics of money and banking, monetary theory and policy, and the history and foundations of monetary economics.
Akos Rona-Tas is an Associate Professor of Sociology at the University of California, San Diego, and a research associate at INRA, Paris. He is currently working on the problem of rationality and uncertainty in two different contexts: credit markets and the use of science in risk management.