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September 2016
Friday
16
September
2016
Moot Courtroom (A59)
8:30 AM - 5:00 PM
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Free and open to the public  | CLE credit available, pending approval  |  Webcast live
Tuesday
20
September
2016
Moot Courtroom (A59)
5:30 PM - 7:00 PM
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Speaker: Lawrence Douglas
Author and James J. Grosfeld Professor of Law, Jurisprudence, and Social Thought, Amherst College
Free and open to the public  | CLE credit available, pending approval  |  Webcast live
Wednesday
21
September
2016
The City Club of Cleveland
8:30 AM - 9:30 AM
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Speaker: B. Jessie Hill
Associate Dean for Academic Affairs and Judge Ben C. Green Professor of Law
Free and open to the public  | CLE credit available  |  Webcast live
Friday
23
September
2016
Moot Courtroom (A59)
8:30 AM - 4:30 PM
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Free and open to the public  | CLE credit available, pending approval  |  Webcast live
October 2016
Thursday
6
October
2016
Tinkham Veale University Center
8:30 AM - 5:00 PM
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Free and open to the public  | CLE credit available, pending approval  |  Webcast live
Thursday
6
October
2016
Moot Courtroom (A59)
6:00 PM - 7:00 PM
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Speaker: Franita Tolson
Betty T. Ferguson Professor of Voting Rights, Florida State University College of Law
Free and open to the public  | CLE credit available  |  Webcast live
Thursday
13
October
2016
Moot Courtroom (A59)
4:30 PM - 5:30 PM
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Speaker: Nathan Quick
Trial Chambers, International Criminal Court
Free and open to the public  | CLE credit available  |  Webcast live
Friday
14
October
2016
Moot Courtroom (A59)
8:30 AM - 4:00 PM
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Speaker: David J. Garrow, Distinguished Research Professor of History and Law, University of Pittsburgh
Pamela S. Karlan, Kenneth and Harle Montgomery Professor of Public Interest Law and Co-Director of the Supreme Court Litigation Clinic, Stanford University
Theodore M. Shaw, Julius L. Chambers Distinguished Professor of Law and Director of the Center for Civil Rights, University of North Carolina former Director-Counsel, NAACP Legal Defense and Education Fund
Free and open to the public  | CLE credit available, pending approval  |  Webcast live
Tuesday
18
October
2016
Moot Courtroom (A59)
4:30 PM - 5:30 PM
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Speaker: The Honorable Kathleen M. O'Malley
United States Court of Appeals for the Federal Circuit
CLE credit available  |  Webcast live
Wednesday
19
October
2016
The City Club of Cleveland
8:30 AM - 9:30 AM
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Speaker: Kevin C. McMunigal
Professor of Law
CLE credit available  |  Webcast live
Friday
28
October
2016
Moot Courtroom (A59)
8:00 AM - 12:00 PM
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Speaker: The Honorable Leo M. Gordon
U.S. Court of International Trade
Webcast live
Wednesday
9
November
2016
Moot Courtroom (A59)
4:30 PM - 5:30 PM
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Wednesday
16
November
2016
The City Club of Cleveland
8:30 AM - 9:30 AM
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CLE credit available  |  Webcast live
Saturday
19
November
2016
Moot Courtroom (A59)
10:45 AM - 12:45 PM
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February 2017
Friday
10
February
2017
Tinkham Veale University Center
8:30 AM - 5:00 PM
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March 2017
Friday
3
March
2017
Tinkham Veale University Center
8:30 AM - 5:00 PM
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Monday
6
March
2017
Moot Courtroom (A59)
4:30 PM - 5:30 PM
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Speaker: Elisabeth Rosenthal
Columnist, The New York Times
Thursday
9
March
2017
Moot Courtroom (A59)
4:30 PM - 5:30 PM
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Speaker: Michael H. Posner
Jerome Kohlberg Professor Ethics and Finance
Professor Business and Society
Center for Business and Human Rights
NYU Stern School of Business
Wednesday
22
March
2017
8:30 AM - 9:30 AM
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Webcast live
Who Needs the Stock Market? Part I: The Empirical Evidence
Sponsor
CWRU Law Downtown Lecture Series
SEP 18, 2013
8:30 AM - 9:30 AM
Location
The City Club of Cleveland
850 Euclid Avenue #200
Cleveland, Ohio 44114
CLE Credit
Approved for 1 hour of in-person CLE credit
Data on historical and current corporate finance trends drawn from a variety of sources present a paradox. External equity has never played a significant role in financing industrial enterprises in the United States. The only American industry that has relied heavily upon external financing is the finance industry itself. Yet it is commonly accepted among legal scholars and economists that the stock market plays a valuable role in American economic life, and a recent, large body of macroeconomic work on economic development links the growth of financial institutions (including, in the U.S, the stock market) to growth in real economic output. How can this be the case if external equity as represented by the stock market plays an insignificant role in financing productivity? This paradox has been largely ignored in the legal and economic literature.

This paper surveys the history of American corporate finance, presents original and secondary data demonstrating the paradox, and raises questions regarding the structure of American capital markets, the appropriate rights of stockholders, the desirable regulatory structure (whether the stock market should be regulated by the Securities and Exchange Commission or the Commodities Futures Trading Commission, for example), and the overall relationship between finance and growth.

The answers to these questions are particularly pressing in light of a dramatic increase in stock market volatility since the turn of the century creating distorted incentives for long-term corporate management, especially trenchant in light of the recent global financial collapse.
Speaker Information
Lawrence MitchellLawrence E. Mitchell
Dean and Joseph C. Hostetler—BakerHostetler Professor of Law
Case Western Reserve University School of Law

Additional Information
Approved for 1-hour of CLE credit, complimentary.
Registration opens at 8:00 a.m. and a Continental breakfast is served.


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