Dhammika Dharmapala : Courses and Seminars
Corporate Governance in Emerging Markets
This seminar provides an overview of recent developments and scholarship relating to corporate governance, primarily from a “law and finance” perspective. It particularly emphasizes the context of developing and transitional economies and other jurisdictions without a long tradition of strong corporate and securities law and enforcement. Topics to be covered include: 1) The emerging markets context, the distinctive legal and governance issues raised by firms with controlling shareholders, and the legal and institutional preconditions for stock market development 2) The debate on the impact of historical legal origins on stock market development 3) Legal and economic aspects of tunneling and other forms of self-dealing among firms with controlling shareholders 4) The evidence on the impact of corporate law and corporate governance reforms on firm value and stock market development 5) The distinctive context of corporate governance in China, including issues raised by the role of governmental entities as controlling shareholders 6) Regulatory dualism and the regulation of hostile takeovers in emerging markets 7) The causes and implications of the phenomenon of international cross-listing 8) The role of public and private enforcement of securities law in stock market development 9) The relationship between taxation and corporate governance While some background in areas such as corporate and securities law would be helpful, there is no formal prerequisite for the seminar. Some readings from the “law and finance” literature will be interdisciplinary in approach, and some undertake statistical analysis. However, no background in finance or statistics will be assumed. Rather, the emphasis will be on understanding the implications of the readings for law and policy. The grade is based on a substantial paper and class participation.
Introductory Income Taxation
This class provides an introduction to federal income tax law. Topics covered in this course include (but are not limited to) what constitutes income; deductions; the tax treatment of gains and losses; realization and timing; tax shelters. The class uses a combination of lectures, class discussion and problems, focusing on the application of the Internal Revenue Code, Treasury Regulations, cases, and other sources of tax law. Policy issues underlying the tax law will also be analyzed. This class has no prerequisites. The grade is based on a final in-class examination and class participation.
This course provides an overview of the application to law of the basic principles of corporate finance and financial economics. Topics include discounting and present value, portfolio theory and diversification, the theory of efficient capital markets and its applications in securities litigation, corporate capital structure, and the analysis of options and other derivative instruments. This class assumes no background in finance, and is aimed primarily at students with little or no prior exposure to the field (rather than those with an MBA or with an undergraduate finance major). It does not use any mathematics beyond basic arithmetic and some simple algebra. The grade is based on a final in-class examination (90%) and class participation (10%).
Eric Posner, Dhammika Dharmapala