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ACTIVITIES FOR STUDENTS

GUIDE TO COURSES ON REGULATION AT HARVARD UNIVERSITY, 2012-2013

The Regulatory Policy Program has created this guide to help students find courses on regulation, broadly defined. It is a work in progress. If you know of a course that you think should be added, please contact Jennifer Nash, jennifer_nash@harvard.edu, 617.495.9379.

 Courses at Harvard Kennedy School, Fall

API-105 A: Markets and Market Failure with Cases
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Albert (Nick) Nichols
The first half of the course covers skills for predicting market behavior, including supply and demand and the behavior of firms and consumers. The second half examines the rationale for government intervention in markets, including problems of information, monopoly, externalities, and collective or public goods. API-105 covers similar topics to API-101, but uses case discussions as well as lectures. The A and B sections cover the same core topics and have common problem sets and exams. With one or two exceptions, they also use the same cases, with the A section placing slightly more emphasis on market regulation and the B section placing slightly more emphasis on urban planning applications.

API-141: Finance
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Akash Deep
This course provides a general survey of finance and investments. It emphasizes an intuitive, logically rigorous understanding of the theory and practice of financial markets, illustrating the concepts through examples and cases drawn from diverse settings. Topics covered include: present value; diversification; the trade-off between risk and return; market efficiency; pricing of stocks and bonds; the capital asset pricing model; term structure of interest rates; the principle of arbitrage; derivative securities such as forwards, futures, and options; use of derivatives for hedging; real options; and risk management. Case discussions illustrate a wide range of applications of the theory including pension fund investment, rate of return regulation, hedge fund strategies, currency risk management, weather micro-insurance, privatization, deposit insurance and the subprime crisis. Prerequisites: Assumes knowledge of basic high school mathematics, familiarity with spreadsheets, and a course in microeconomics.

API-148: Advanced Risk Management and Infrastructure Finance            
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Akash Deep
The course presents an advanced treatment of the theory of financial risk management and its application to infrastructure finance. The theory presented in the course covers the topics of economic and financial rate of return, measurement of risk exposure, cost of funds, capital structure, valuation methods, dynamic hedging using futures and swaps, and credit risk models and derivatives. Applications, discussed mostly in the form of infrastructure cases, will examine issues related to project finance, public-private partnerships, project appraisal, risk allocation, debt management, commodity, interest-rate and currency risk hedging, credit enhancement, regulation and privatization. Prerequisite: Prior course in finance at the level of API-141 or equivalent.

API-302: Analytic Frameworks for Policy
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Richard Zeckhauser
This course develops abilities in using analytic frameworks in the formulation and assessment of public policies. It considers a variety of analytic techniques, particularly those directed toward uncertainty and interactive decision problems. It emphasizes the application of techniques to policy analysis, not formal derivations. Students encounter case studies, methodological readings, modeling of current events, the computer, a final exam, and challenging problem sets. Prerequisites: An understanding of intermediate-level microeconomic theory and introductory techniques of optimization and decision analysis; API-101, API-102, or equivalent.  Open to MPP1 students only if they have exempted from API-101. Also offered by the Economics Department as Ec 1415.

API-905Y: Seminar on Environmental Economics and Policy       
Semester:          Year
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Robert Stavins, Martin Weitzman
This is an advanced research seminar on selected topics in environmental and resource economics. Emphasizes theoretical models, quantitative empirical analysis, and public policy applications. Includes presentations by invited outside speakers. Students prepare critiques of presented papers and prepare a research paper of their own. Prerequisites: This course is intended primarily for PhD students in economics, political economy and government, public policy, or related fields with interests in applications in the environmental and natural resource area. Prerequisites include a graduate-level course in microeconomic theory, such as Econ. 2010a, Econ 2020a, API-109, API-110, or permission of instructor.  Also offered by the Department of Economics as Ec 2690hf.

BGP-200: Strategy, Competition, and Regulation             
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Erich Muehlegger
Regulation is one of the primary means by which the government affects firm decisions. Through a combination of lecture and case discussions, this course provides a framework for understanding strategic firm behavior and the objectives, consequences, and design of government regulation. Designed for students interested in the intersection of business and government, topics include competitive strategy, collusion, cartels, antitrust regulation, natural monopoly, environmental regulation, international trade, and health and safety regulations. In addition, the course examines the political economy of existing and prospective policies, introducing questions of fairness and justice, the influence of politics, and competition between jurisdictions.

DPI-562: Public Problems: Advice, Strategy and Analysis
Semester:           Fall
Credit:               1.0
Faculty:             Archon Fung, David Barron
This is a jointly taught seminar that is required for students in their third and fourth years of the HLS/HKS joint degree program. It will use a series of case studies to examine how to analyze, advise and strategize the resolution of a series of difficult real world public problems at the intersection of law and policy from the vantage point of government decision makers at the city, state and federal levels, as well as from the vantage point of nongovernmental organizations and advocacy groups.  Students enrolled at the Kennedy School who have already received a JD or have completed the first year of law school, or students at the Law School who have received a public policy degree or are presently enrolled in a public policy program other than the HKS program may also take this seminar with the permission of Professors Barron and Fung. Also offered by the Law School as HLS 2398.

IGA-103: Global Governance
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            John Ruggie
This course focuses on the interplay among states, international organizations (such as the UN, WTO, IMF, and World Bank), multinational corporations, civil society organizations, and activist networks in global governance. Cases are drawn from a broad range of issue areas, including peace and security, economic relations, human rights, and the environment. The objective is to better understand the evolution of global governance arrangements and what difference they make, in light of globalization and emerging geopolitical changes.  Also offered by the Law School as HLS 2100.

IGA-410: Energy Policy: Technologies, Systems, and Markets
Semester:           Fall
Credit:               1.0
Syllabus:            Click here for syllabus
Faculty:             Henry Lee
Energy is a critical component of every dimension of human society. It is an essential input for economic development, transportation, and agriculture, and it shapes national and international policies in the environmental, national security, and technology arenas. IGA-410 is an introductory energy policy course which discusses the policy dimensions of the energy choices needed to meet economic and environmental goals in both the near and long term. Oil and gas markets, electricity policy, end use - efficiency options, technology innovation, renewable energy, and climate change will be covered. The first part of the course introduces students to quantitative and qualitative analytical tools to assess energy problems and the fundamental concepts of energy policy. The second part uses case studies to explore specific challenges. Previous exposure to micro-economics is useful, but not required.

MLD-326: Decision Making and Leadership in the Public Sector
Semester:           Fall
Credit:
              1.0
Faculty:            
Philip Heymann
Lawyers are as deeply involved in political decision making as they are in judicial decision making, whether the occasion is legislation or administrative regulation or deciding on a discrete action by a governmental or other organizational unit. They also are called upon to manage public organizations. Most people learn these additional skills, if at all, through experience. There is, however, a logic that can help almost as much in understanding political choices as learning the basics of legal argument do in understanding judicial choices. The course teaches the thought process of policy choice and of management. At the same time, it provides vicarious experience in a variety of political/managerial settings through detailed case studies produced at the Harvard Kennedy School. Most classes involve adopting a particular role in a specific situation and thinking through what you might want to accomplish in that role and how to go about it in that setting. The examples are from domestic and foreign policy areas and almost always involve the political structures of the United States.  Also offered by the Law School as HLS 2267.

SUP-447: The Politics of American Education
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Paul Peterson
A comprehensive survey of the governmental institutions and political processes that shape education policy in the United States.  Also offered by the Government Department as Gov 1368.

SUP-500: Introduction to U.S. Health Care Policy
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Sheila Burke, David Stevenson
The aim of this course is to provide students with an overview of the U.S. health care system, its components, and the policy challenges created by the organization of the system. We will give attention to the status and implementation of the 2010 reform legislation and the ongoing budget debate in the U.S. Congress related to health care. We will focus on the major health policy institutions and important issues that cut across institutions, including private insurers and the federal/state financing programs (Medicare and Medicaid/SCHIP). In addition focus will be given to the quality of care, structure of the delivery system, the drivers of cost growth, and longterm care. The course will be a combination of lectures and discussions. The instructors will introduce topics and guide discussions. Students are expected to actively participate in the discussion. Literature from economics, politics, medical sociology, and ethics will be incorporated into discussions and written exercises. No disciplinary background is assumed, nor is any special familiarity with the field of health care required.

SUP-582: Health Policy Reform: Comparative Approaches to Reducing Inequalities
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Mary Ruggie
The United States spends more than any other country on health care, yet ranks low among developed countries in terms of equality in access and health outcomes. At the same time, inequalities in health care abound across the states in the U.S. This course asks how and why some policies and programs are more successful than others in reducing inequalities based on SES, race/ethnicity, age, and gender. We compare efforts in the U.S. with those in Canada, Britain, and Germany, as well as efforts at decentralized levels, including across the states in the U.S., in a search for transferrable lessons and best practices. Our main focus is new developments in financing, paying physicians and other providers, and delivering primary and integrative health care. We examine the roles of public and private sector actors, the distribution of responsibilities for provision and outcomes, the construction of regulatory frameworks, forms of rationing, and the relationship between health and social policy.

SUP-601: Urban Politics, Planning, and Development
Semester:          
Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Alan Altshuler
Examines the politics of urban planning, land use and environmental regulation, and economic development. Principal aim is to help students think strategically about the role of governance - and the group conflicts that swirl around it - in shaping the physical, social, and economic character of urban places. Focuses mainly on U.S. experience, but in global context and with attention to international comparisons. Policy topics include land use planning; zoning; infrastructure investment; downtown revitalization; public-private partnerships; and efforts to move from urban sprawl to "smart growth." Cross-cutting topics include: comparisons of U.S. patterns of urban planning and development with those in selected other countries; the causes and consequences of sprawl and racial-class segregation in U.S. metropolitan areas; business-government relations; and contending theories about the balance of forces in U.S. urban politics. Emphasis placed throughout on the special roles of business and of grass-roots democracy in U.S. urban governance, and on tensions between the values of capitalism, planning, and democracy.  Enrollment limited. Also offered by the Graduate School of Design as GSD 5201.

SUP-957: Core Course in Health Policy I
Semester:           Fall
Credit:
              1.0
Syllabus:
           Click here for syllabus
Faculty:
            Joseph Newhouse, Richard Frank, Alan Zaslavsky
This seminar is required for doctoral candidates in health policy and is open to others by permission of the instructor. Topics covered will include the financing and organization of health care, medical manpower, medical malpractice, technology assessment, prevention, mental health, long-term care, and quality of care. Prerequisite: API-101 at the A level, Econ 2140, or equivalent. This course is required for SUP-958. In general, masters students should take SUP-572 and not this course.  Permission of instructor required. Also offered by the Faculty of Arts and Sciences as Health Policy 2000 and by the School of Public Health as HPM-246.

Courses at Harvard Kennedy School, Spring
(Syllabi for Spring courses will be available in January)

API-102 A: Economic Analysis of Public Policy
Semester:           Spring
Credit:
              1.0
Faculty:
             Various
This course builds on API-101A and uses microeconomic tools to analyze government programs and policies. The course is broadly focused on evaluating the rationale for government intervention in the economy and evaluating the efficiency, incentive, and distributional effects of government policies. Applications include climate change, tax policy, welfare policy, government contracting, health care, education, immigration, and trade. The A section presumes the ability to use basic calculus. Prerequisite: API-101A or equivalent.  Students may receive credit for both API-102 and API-110 or API-112 only if API-102 is taken first.

API-102 C: Economic Analysis of Public Policy
Semester:           Spring
Credit:
              1.0
Faculty:
            Joseph Aldy
This course builds on API-101 to develop microeconomic tools of analysis for policy problems through various policy applications. The course is broadly focused on evaluating the rationale for government intervention in the economy and evaluating the efficiency, incentive, and distributional effects of government policies. The C section focuses on applications at the nexus of business and government, including energy policy, competition policy, environmental regulation, financial markets, labor markets, public health and safety, and insurance markets. Prerequisite: API-101 or equivalent.  Students may receive credit for both API-102 and API-110 or API-112 only if API-102 is taken first.

API-126: American Economic Policy
Semester:           Spring
Credit:               1.0
Faculty:             Jeffrey Liebman, Martin Feldstein, Lawrence Summers
Analyzes major issues in American economic policy, including national savings, taxation, health care, Social Security, budget policy, monetary and fiscal policy, and exchange rate management. Current economic issues and policy options are discussed in detail and in the context of current academic thinking. Prerequisites: Econ. 1010a or 1011a; API-101; or permission of instructor.  Also offered by the Economics Department as Ec 1420.

API-135: Fundamentals of Environmental Economics and Policy
Semester:           Spring
Credit:
              1.0
Faculty:
             Robert Stavins
Provides a survey, from the perspective of economics, of public policy issues associated with environmental protection and natural resources management. Lectures on conceptual and methodological topics are combined with examinations of specific resource and environmental issues, with particular focus on global climate change economics and policy. Prerequisite: Introductory microeconomics.  Also offered by the Economics Department as Ec 1661.

API-164: Energy Policy Analysis
Semester:           Spring
Credit:
              1.0
Faculty:
            Joseph Aldy
This course provides an overview of energy policy issues with an emphasis on the analysis necessary to frame, design, and evaluate policy remedies to energy problems. The course is intended for doctoral students interested but not necessarily specializing in energy issues. The course is offered in support of the Harvard University Center for the Environment (HUCE) Graduate Consortium on Energy and Environment http://environment.harvard.edu/student-resources/graduate-consortium. Prerequisites: Multivariate calculus. Permission of the instructor.

BGP-201: Industry Structure, Strategy, and Public Policy
Semester:           Spring
Credit:
              1.0
Faculty:
            F. M. Scherer
Provides a systematic economic and historical framework for evaluating industrial policies such as agricultural crop price supports, international dumping and subsidy rules, energy policy, technology policy, competition policy (antitrust),  public regulation, and corporate bailouts. It proceeds through a series of 10 industry case studies, in order: agriculture, crude petroleum, petroleum refining, steel, integrated circuits, computers, the Internet, automobiles, pharmaceuticals (domestic and international), and beer. Grading will be on the basis of two short “policy papers” and a final examination. A longer industry study can be substituted for the final exam.

BGP-204M: Food Policy and Agribusiness
Semester:           Spr Mod4
Credit:               0.5
Faculty:              Ray Goldberg
This course deals with public and private management of an industry sector that encompasses half the world's labor force, half the world's assets, and 40% of consumer purchases. The public policy issues of economic development, trade, nutrition, food safety, the environment, maintaining limited natural resources, protecting plant and animal diversity, intellectual property, genetics, and social and economic priorities will all be developed in case study format. Positioning public agencies and private firms within the developed and developing economies will be an integral part of the course. Wherever possible, the CEO or leading government official involved will be a guest at the class. Students may do a reading and research report for an additional one-half credit. Grading for the course is based on class participation (65%) and two written analyses of case studies (35%).

BGP-264M: Capital Market Regulation
Semester:           Spr Mod3
Credit:
              0.5
Faculty:
            Robert Glauber
Examination of the structure, competitiveness and social utility of U.S. capital markets as the basis for considering the range of proposals for financial regulatory reform growing out of the recent world-wide financial crisis. Specific topics will likely include: mechanisms for controlling risk in financial institutions, particularly capital and liquidity requirements; the unique problem of systemic risk; dealing with illiquid and insolvent institutions, including resolution authority; optimal regulatory structure; reform of securitization; regulation of derivatives trading; consumer protection; the future of Fannie Mae and Freddie Mac; the role and regulation of credit rating agencies; regulating executive compensation, particularly as it effects systemic risk. Classes will be primarily based on interactive discussion, but will also include lectures and regular guest speakers. Required written work will be a final take-home examination. The course assumes a basic understanding of finance and financial markets, but requires no prior professional or academic work in this field.  Also offered by the Law School as HLS 2018.

DPI-120: The U.S. Congress and Law Making
Semester:           Spring
Credit:
              1.0
Faculty:
             David King
The United States Congress is the "board of directors" for the Federal Government, and it plays the central role in most national policy decisions. Yet how it works - the real story of how it works - is largely unknown, even among people who have worked in policymaking for a long time. Taught by the faculty chair of Harvard's Bipartisan Program for Newly Elected Members of Congress, this course puts students in the midst of legislative politics through academic readings and real-world cases. The course begins with the theory and history of legislatures and ends with a simulation involving lobbyists, journalists, and would-be legislators. It is ideal for anyone considering working with the Congress or state legislatures.  Also offered by the Harvard Law School as HLS 2251.

DPI-135M: Public Management Innovation and Reform

Semester:           Spr Mod4
Credit:               0.5
Faculty:              Elaine Kamarck
At the beginning of the 21st century, many of the world's nations are engaged in serious efforts to reform their governments. This course is a review of government reform and modernization efforts around the world. It deals with the most common areas in need of reform and innovation such as civil service, regulation, service delivery, and the fight against corruption. It looks at innovations that involve the use of information technology, performance management, and competition to improve the effectiveness and efficiency of government. In addition to class lectures and discussions, the course will focus on global experiences with best practice.

DPI-431: Global Europe: Democracy, Policy, and Governance
Semester:           Spring
Credit:
              1.0
Faculty:
             Muriel Rouyer
Will Europe successfully face the major challenges of the 21st century? With the euro crisis, some have repeatedly chronicled the death of the European community, while others have long contended that it will "rule the 21st century." More soberly, pundits in 2011 suggest that "Europe will work." How? is the question addressed by this course. Part I, "Making Supranational Democracy Work," looks at the European Union as a supranational democracy in the making, in which powerful, responsive institutions and various actors develop innovative methods of regulation and governance. Part II, "European Policies and Values," focuses on specific preferences and interests of the European Union and their controversial impact in the global arena, including the single market, common agricultural policy, social policies, gender equality, global migrations, and multiculturalism. Part III "External Governance," explores different aspects of European external relations, through the examples of democracy promotion and neighborhood policy.

IGA-490M: The Global Health System: Governance Challenges and Institutional Innovations
Semester:           Spr Mod3
Credit:               0.5
Faculty:              Suerie Moon, Julio Frenk
Public health challenges - for example, pandemic flu, HIV/AIDS, obesity, neglected diseases, or tobacco use - increasingly shape and are shaped by the political, economic, and social aspects of globalization. Outbreaks of new infectious diseases, such as SARS or H1N1 flu, can wreak immediate economic havoc on a regional or global scale. Neglected diseases, such as sleeping sickness, continue to cause immense human suffering. Meanwhile, international rules that fall outside the traditional health sphere - such as those governing intellectual property, trade in agriculture, human migration, and greenhouse gas emissions - can have profound impacts on human health. While strong national health systems are critical for meeting the needs of their populations, the effects of and capacities to respond to a particular health threat often lie outside the control of any one nation state. How suitable are existing international/global and national institutions for responding effectively and equitably to such challenges? What functions must the 'global health system' achieve? Where are the major governance gaps? What institutional innovations have succeeded? And how can we improve our collective capacity to respond to the increasingly complex nature of global health challenges? Through an intensive half-semester module, this course is intended to equip students with an analytic approach to answering these questions through: a basic introduction to major public health challenges and key questions in global governance; an understanding of the current functioning of the global health system and its shortcomings; and exposure to new approaches to addressing global public health challenges. The course will include case studies of innovative governance arrangements such as: the Framework Convention on Tobacco Control; the revised International Health Regulations; the Global Fund to Fight AIDS, Tuberculosis and Malaria; and product development partnerships for drug development, among others. The course is expected to be of particular interest to students of public health and public policy, but is open to all graduate students across the University.  Also offered by the School of Public Health as GHP 548.

ITF-220: The Economics of International Financial Policy
Semester:           Spring
Credit:
              1.0
Faculty:
            Gita Gopinath
This course deals with the macroeconomics of open economies. The emphasis will be on models appropriate to major countries. Topics covered include: the foreign exchange market, devaluation, and import and export elasticities; the simultaneous determination of the trade balance, national income, the balance of payments, money flows, and price levels; capital flows and our increasingly integrated financial markets; the transfer problem; monetary and fiscal policy in open economies; international macroeconomic interdependence and policy coordination; supply relationships and nominal anchors for monetary policy; the determination of exchange rates in international money markets; and international portfolio diversification. Prerequisites: Microeconomics at the level of API-101 and macroeconomics at the level of API-121. Knowledge of international trade theory and econometric techniques is also desirable, but not essential. Students must be very comfortable with algebra.  Also offered by the Economics Department as Ec 1531. May not be taken for credit with Ec 1530.

ITF-225: The Future of Globalization: Issues, Actors, and Decisions
Semester:           Spring
Credit:
              1.0
Faculty:             
Robert Lawrence, Lawrence Summers
This course examines the economic, political, and social issues raised by globalization -- its impact on jobs, inequality, poverty, and the environment -- for citizens, societies, and nations. These issues are addressed with a focus on the economic interests and political powers of the actors that constitute the international system and the structures within which those actors operate to produce decisions and outcomes. We provide conceptual and empirical foundations, such as the economics of trade and of international finance, and use these to illustrate the issues and actors. We use analytical frameworks to understand hotly debated issues of the day -- such as Greece and the Euro crisis and the rise of China -- and also how structures and institutions created today will shape the decisions of the future. We do this through lectures, in-class debates, readings, and simulation exercises that place students in the shoes of the decision makers facing complex choices.

PED-209: Management, Finance, and Regulation of Public Infrastructure in the Developing World
Semester:           Spring
Credit:
              1.0
Faculty:
            Henry Lee
This course will explore efforts to manage, finance, and regulate the transportation, telecommunication, water, sanitation, and energy infrastructure systems in developing countries. Issues to be discussed include public-private partnerships, the fundamentals of project finance, contract and discretionary regulation, and managing the political context in which infrastructure decisions are made. The course will rely on case material taken from infrastructure programs in developing countries, including Brazil, Mexico, Thailand, Laos, Argentina, Chile, Lesotho, Uganda, Madagascar, and India, as well as key developed countries, including the United Kingdom, Canada, and Australia.

SUP-125: Public Economics: Designing Government Policy
Semester:           Spring
Credit:               1.0
Faculty:             Martin Feldstein, Raj Chetty
An economic analysis of government policy in market economies. Examines efficiency and equity arguments for government intervention, alternative tax systems, and empirical evidence on taxes and government programs, particularly social insurance and taxation. Prerequisites: Social Analysis 10; Ec 1010a; API-101; or permission of instructor.  Also offered by the Economics Department as Ec 1410.

Courses on Regulation at Harvard Law School, Fall
(For a list of all HLS courses, please go to http://www.law.harvard.edu/academics/curriculum/catalog/)

Antitrust Law and Economics – US
Semester:          
Fall
Faculty:             Einer Elhauge
This course covers U.S. antitrust law, which is the law that regulates the process of business competition, and the economic analysis that is relevant to understanding modern antitrust adjudication. Topics include horizontal agreements in restraint of trade, monopolization, vertical exclusionary agreements, vertical distributional restraints, price discrimination, and mergers. Prior economics background is not required because the course will teach you the relevant economics, and students have performed at the very top levels of the class without any prior economics background. Nonetheless, the course does involve a fair bit of economics, so students must be comfortable with that, and students have reported that they felt a prior background in economics is helpful for this class. The course will have weekly small sections led by former antitrust students to help with the economics and material in general. Students who have taken Global Antitrust Law may not take this course because it duplicates the U.S. portion of the material covered in Global Antitrust Law. The book for students who just plan to take this course will be Elhauge, U.S. Antitrust Law and Economics (2d ed. Foundation Press 2011). Students who plan to go on to take Antitrust Law & Economics – International should instead get Elhauge, Global Antitrust Law and Economics (2d ed. Foundation Press 2011), which includes both the U.S. and International portions.

Bankruptcy
Semester:           Fall
Faculty:              Mark Roe
This basic bankruptcy course covers the major facets of bankruptcy that influence business financing transactions. Much of the deal-making in a financing transaction is negotiated in anticipation of a possible reorganization in Chapter 11 or of a private reorganization in its shadow. For many lawyers, contact with bankruptcy law is anticipatory and not in front of the bankruptcy judge. When feasible, students will read not just bankruptcy court opinions and the Bankruptcy Code, but materials that financing lawyers use day-to-day: a bond indenture, a prospectus, a complaint in a loan dispute, and SEC submissions. Students will ordinarily participate in a simulated Chapter 11 reorganization.  The readings come from Roe, Bankruptcy and Corporate Reorganization (Foundation Press, 2011). This course has a prerequisite or corequisite of Corporations.

Communications and Internet Law and Policy
Semester:           Fall
Faculty:             Yochai Benkler
The course will provide an introduction and overview to questions of communications and Internet law and policy. The first half of the semester will be dedicated to lecture and in-class discussion to provide background and overview of major issues. The second half of the course will involve a workshop experience; students will work in groups to develop a policy paper each week, on a different subject, and share their findings and paper with the other students through in-class presentations. The topics are selected so that by following their own, and other student's presentations, students will receive an overview of the major topics currently at stake in communications and Internet law and policy, and will also develop an in-depth familiarity with a subset of the issues through intensive high-intensity research, discussion, and presentation.

Corporations: Board of Directors and Corporate Governance
Semester:          
Fall
Faculty:             John Coates
This course surveys the role of legal controls on business organizations with emphasis on the control of managers in publicly held corporations. Aspects of the law of agency, partnership, and closely held corporations are reviewed to highlight continuities and discontinuities with the publicly held corporation. Topics include basic fiduciary law, shareholder voting, derivative suits, executive compensation, reorganizations, and control transactions. The emphasis throughout is on the functional analysis of legal rules as one set of constraints on corporate factors among others. This course will be taught in conjunction with a course taken by Harvard Business School students taught by HBS Professor Jay Lorsch, and students who take this course will be required to meet two of the three class days per week at HBS, and to work together with HBS professors on joint projects. Students with questions should direct them to Professor Coates.

Derivatives Regulation
Semester:           Fall
Faculty:             Daniel Waldman
This course will examine how derivatives are regulated. It will introduce students to the most common forms of derivative instruments, how they are used and the regulatory structure applicable to futures, options and swaps. It will cover the regulation of exchanges and clearinghouses, including issues of principle-based vs. rule based regulation, conflicts of interest and governance standards. It will consider issues of systemic risk and the efforts of regulators to increase transparency in the derivatives markets.
The course will cover the regulation of foreign exchanges and intermediaries and the impact of regulation on global derivatives business. The course will also study the law of market manipulation and other fraudulent or disruptive trading practices and how regulation seeks to protect market users and the price discovery process.

Environmental Law
Semester:          Fall
Faculty:             Richard Lazarus
This course surveys federal environmental law. The first part of the course considers the character of environmental disputes, the problems inherent in fashioning legal rules for their resolution, including common law doctrine, constitutional law, statutes, administrative regulations. The second part of the course considers in more detail five different federal environmental laws, including the Clean Air Act, Clean Water Act, Resource Conservation and Recovery Act, Comprehensive Environmental Response, Compensation, and Liability Act, and the National Environmental Policy Act. These statutes will be studied in some detail so that students emerge with a basic understanding of their key provisions. Thematically, the statutes serve as illustrations of different regulatory approaches to environmental problems, from "command and control" to market-based instruments. In addition, we will discuss important matters of policy, including the recent efforts by the federal government to address climate change through the Clean Air Act and comprehensive energy and climate legislation. There are no pre-requisites. Laptops will not be permitted in class.

Environmental Law and Policy Clinic
Semester:          
Fall
Faculty:             Wendy Jacobs
The Emmett Environmental Law and Policy Clinic (ELPC) offers students an opportunity to do hands-on, meaningful, real-life, and real-time environmental legal and policy work. Clinic offerings include local, national, and international projects covering the spectrum of environmental issues, under the leadership of Director and Clinical Professor Wendy Jacobs. Clinic students work on policy projects and white papers, regulatory and statutory drafting and comments, manuals and guidance to help non-lawyers identify and protect their rights, litigation and advocacy work, including developing case strategies, research and drafting briefs (filed in state and federal courts, including the U.S. Supreme Court), preparing witnesses and their testimony, meeting with clients and attending and presenting at administrative and court hearings. Our clients include state and municipal governments, non-governmental organizations, and research and policy institutions. The subject matter varies each semester, but is likely to include climate change mitigation and adaptation, offshore drilling and water protection, sustainable agriculture/aquaculture, ethics in the study of human exposure to environmental contaminants, and analysis of technologies such as carbon capture and sequestration and extraction of natural gas by hydraulic fracturing.  Please note: Some ELPC students work off-campus with government agencies and nonprofit organizations, while others work on campus at the Clinic on cutting-edge projects and case work. Students are carefully matched to their projects/placements by the Clinic Director.  Please see the HLS course listing website for pre-requisites.

Health Law
Semester:           Fall
Faculty:             Mark Barnes
This course will cover the full range of topics that are traditionally referred to as "health law," including the physician-patient relationship, informed consent, privacy and confidentiality, medical malpractice, regulation of health professions, regulation of health facilities, health care financing (including a survey of Medicare, Medicaid and private medical insurance law), proposals for health care reform, regulation of drugs and devices, and if time permits, end-of-life decision-making and reproductive health. Health law will be viewed as the principles that govern and influence the interaction of patients and health care providers, and we will also consider the evolution of health care law over time, as it reflects the development of medicine as a profession and the emergence of the modern hospital during the first decades of the twentieth century. Readings will include a traditional casebook, as well as materials documenting the modern history of medicine, public health, and health care finance.

Health Law and Policy Workshop
Semester:           Fall
Faculty:             Einer Elhauge
This seminar will feature the presentation and discussion of cutting edge scholarship on health law, health policy, biotechnology and bioethics. Students must submit brief written comments on a number of the papers. Because the papers are different every term, students can take the class as many times as they wish. This course meets 12 times total across the whole year, likely 6 times each semester, so half of the weeks will be 'off' weeks where no workshop will take place.

International Finance
Semester:           Fall
Faculty:             Hal S. Scott
This seminar is intended for students who are interested in international finance and the structure of financial regulation in an increasingly globalized economy. The seminar will explore issues of current interest in the field, including the competitiveness of U.S. financial markets, regulatory reform of financial regulation in the United States and around the world, the structure of regulatory cooperation in global markets, and the role of public and private enforcement in financial markets. The initial sessions will provide background on these subjects. Later, the focus of the seminar will be a series of outside speakers from government, practice and industry. In the final sessions of the year, students will present their own research papers on topics of current interest.  Seehttp://www.law.harvard.edu/programs/pifs/ifllm.html for examples of papers written by students in prior years as well as a list of outside speakers. Enrollment in this seminar is by permission of the instructor. To apply, send a statement of interest to hscott@law.harvard.edu.

Legal History: History of American Economic Regulation
Semester:          
Fall
Faculty:             Morton Horwitz, Kenneth Mack
This course examines the history of regulation, focusing on the history of corporate, anti-trust and administrative law. It then shifts to the history of banking and financial regulation beginning with the establishment of the Federal Reserve in 1913, continuing through the New Deal reforms of the banking and financial system and the movement for deregulation beginning in the 1980s. Finally, we will survey current proposals to regulate banks and other financial institutions.

Natural Resources Law
Semester:          
Fall
Faculty:             Robert Anderson
This course is a survey course on Natural Resources Law. Topics covered include Wildlife and Biodiversity, Living Marine Resources, Rangelands, Forest Lands, Protected Lands, Minerals, Forests, and Energy Resources. Special attention will be paid to issues of Natural Resource Management on American Indian Lands. The course also addresses state responsibilities for natural resources management (focusing on the public trust doctrine) and issues raised by regulation of natural resources on private lands (focusing on constitutional takings doctrine). The casebook is Klein, Cheever, & Birdsong, Natural Resources Law: A Place-Based Book of Problems and Cases (2009 Aspen Publishers).

Courses on Regulation at Harvard Law School, Winter
(For a list of all HLS courses, please go to http://www.law.harvard.edu/academics/curriculum/catalog/)

Corporate and Capital Markets Law and Policy
Semester:           Winter
Faculty:             Lucian A. Bebchuk and Scott Hirst
This course will consider a range of policy issues in the law governing corporations, securities, capital markets, and financial institutions. Issues to be considered include the allocation of power between managers and shareholders, corporate transactions, executive pay, shareholder activism, cross-country differences in corporate and securities laws, securities regulation, and financial regulation. A significant number of sessions will feature speakers, including both presentations by prominent practitioners on current policy and practice issues and presentations by prominent academics on current research. Readings will mainly be from law review articles and discussion papers. Many of the readings will use economic reasoning, and familiarity with, or at least interest in or tolerance for, such reasoning will be helpful. The aim will be to give students a good sense of the issues that have been discussed in the literature and the ways in which policy arguments about such issues are developed.  The course will meet for 18 two-hour sessions during the winter semester, with twelve sessions taking place during the 10am-12am slot and six sessions taking place during the 3-5pm slot. There will be no examination. Instead, students will be asked to submit, before sessions, a brief memo on the assigned readings; grades will be based on these memos (primarily) and on participation in class discussion.  Pre-requisites: Open to JD students who took or are concurrently taking a basic course in corporations and to LLM students who took a course in corporate or business law in their prior legal studies.

Food and Drug Law
Semester:           Winter
Faculty:             Peter Barton Hutt
This course explores the full range of federal regulation of products subject to the jurisdiction of the Food and Drug Administration (FDA). These products include food, human prescription and nonprescription drugs, animal feed and drugs, biologics and blood products, medical devices, and cosmetics, which together comprise approximately 25% of the gross national product. The course examines the public policy choices underlying the substantive law, FDA enforcement power, and agency practice and procedure. The course covers such contemporary issues as protecting against unsafe or mislabeled food, controlling carcinogens, expediting approval of AIDS and cancer drugs, assuring the safety of prescription drugs before and after marketing, importing drugs from abroad, switching drugs from prescription to nonprescription status, balancing the benefits and risks of breast implants, the compassionate use of experimental products, regulating complex new medical device technology, control of such biotechnology techniques as gene therapy, requiring adequate consumer and professional labeling for FDA-regulated products, and the relationship among international, federal, and state regulatory requirements. A prior course in Administrative Law is desirable but not a prerequisite.
Enrollment in this course is limited to fifty-two students.

International Environmental Law
Semester:           Winter
Faculty:            James Salzman
This course explores the economic, political, and legal concepts relevant to international efforts to promote environmental protection. After laying a foundation in the nature of international law, institutions and the challenges of sustainable development, the course addresses concrete regimes designed to deal with specific international environmental problems, such as ozone depletion, marine pollution, fisheries depletion, biodiversity loss and, of course, climate change, among others. The course focuses principally on the dynamic of treaties, negotiations, and state and non-state actors on the international plane, with some discussion of the interplay between domestic legislation and international protection efforts.

Securities Litigation
Semester:           Winter
Faculty:             Allen Ferrell
The class will explore a variety of issues that arise in securities litigation. These issues will include accounting fraud, proxy fraud, underwriter liability, the interplay of SEC, criminal, class, and opt-out actions, the extraterritorial application of U.S. securities law, and insider trading. The class will also cover the recurring themes of securities litigation - state of mind, pleading, gatekeeper liability, duty, materiality, class certification, causation, damages, and settlement -- as they arise in various settings.

Regulation of Financial Institutions
Semester:           Winter
Faculty:            Margaret Tahyar and Howell Jackson
This two-credit course will explore recent developments in the regulation of financial institutions with an emphasis on the implementation of the reforms adopted in the Dodd Frank Act. We will also explore larger questions of appropriate goals of financial regulation and the complexities of maintain regulatory regimes for a global economy in the face of imperfect information, fragmented oversight, and political constraints. The course will be lead by Margaret Tahyar, a member of the Davis, Polk Financial Institutions Practice Group, and one of the country’s leading experts on financial regulatory reform. Professor Howell Jackson will also participate in class discussions. Grading will be based on a combination of class projects and a take home examination at the end of the semester.

 Courses on Regulation at Harvard Law School, Spring
(For a list of all HLS courses, please go to http://www.law.harvard.edu/academics/curriculum/catalog/)

Administrative Law
Semester:           Spring
Faculty:              Cass Sunstein
This course will examine the legal controls on government regulation, in areas as diverse as environmental law, national security, communications, foreign affairs, taxation, labor-management relations, and much more. Pervasive questions will involve the constitutional legitimacy of "the regulatory state"; the procedures that are supposed to improve and discipline agency decisions; the right to a hearing; the role of cost-benefit analysis; and the allocation of power between regulators and judges. A distinctive feature of the course will be frequent focus on democratic theory, on regulatory policy, and on how administrative law can actually make society work better or worse.

Advanced Environmental Law in Theory and Application
Semester:           Spring
Faculty:             Richard Lazarus
This course complements the general survey course in environmental law. The primary contrast between the two courses lies in their relative breadth and depth of coverage. The survey course can perhaps be best described as a series of broad, shallow dives into the substance of federal environmental law. This class, Advanced Environmental Law-In Theory and Application, includes a series, far fewer in number, of much narrower and deeper dives into some of the same material, but also different material, potentially including natural resources law. The basic objective of this advanced course is to teach students how to navigate and think about an exceedingly complex regime of statutes, regulations, informal agency practices, in the context of addressing a concrete environmental problem. By examining in detail environmental law in application, the theoretical underpinnings and the challenges of environmental lawmaking are well highlighted. There are no formal prerequisites for the class, although the environmental law survey course is a recommended course to have taken beforehand.

Antitrust Law and Economics – International
Semester:           Spring
Faculty:              Einer Elhauge
This course is the continuation of the regular course in U.S. antitrust law. It addresses the laws from other nations that are relevant to regulating the process of business competition and the economic analysis that is relevant to understanding modern antitrust adjudication. Topics include horizontal agreements in restraint of trade, monopolization and abuses of dominance, vertical exclusionary agreements, vertical distributional restraints, price discrimination, mergers, and the treatment of anticompetitive conduct that spans multiple nations. Prior economics background is not required because the course will teach you the relevant economics, and students have performed at the very top levels of the class without any prior economics background. Nonetheless, the course does involve a fair bit of economics, so students must be comfortable with that, and students have reported that they felt a prior background in economics is helpful for this class. Students who have taken Global Antitrust Law may not take this course because it duplicates the international portion of the material covered in Global Antitrust Law. The book will be Elhauge, Global Antitrust Law and Economics (Foundation Press 2d ed. 2011).  Pre-requisites: The basic course in U.S. antitrust law, such as the course taught in recent years by Professors Kaplow and Elhauge or Judge Boudin.

Antitrust, Technology and Innovation
Semester:           Spring
Faculty:             Phillip Malone
Many of today's most exciting and challenging developments in antitrust law arise in cases involving innovative technology industries. This seminar will take a detailed and critical look at the unique challenges to existing antitrust doctrine and enforcement presented by such cases. We will begin by examining relevant economic research and theory regarding the operation and characteristics of dynamic, innovation-driven markets, including network effects, path dependence, standardization, platform and systems competition, technical compatibility and interoperability. We will then explore theories and evidence concerning the relationships between competition, market structure and innovation, including Schumpeterian and Arrow models and subsequent refinements and critiques. The seminar will consider difficult issues of antitrust market definition, particularly in the context of computer technology, the internet and pharmaceuticals, including technology and innovation markets. A major portion of the seminar will be analyze some of the most challenging issues presented by the intersection of antitrust and intellectual property law in technology markets, including comparative US and European treatment of unilateral refusals to license intellectual property; patent thickets, cross-licenses, and pools; reverse payments and other agreements to settle patent litigation; and the antitrust implications of conduct in industry standard-setting organizations. Throughout the course, we will evaluate the similarities and differences between US, EU and other laws in their respective doctrinal approaches to and practical treatment of various key seminar topics. Readings will be drawn from a wide variety of leading US, European and other court cases, government guidelines, official reports such as the FTC/DOJ Antitrust and IP Report, economic and legal academic literature, enforcement Agency hearings and speeches, and actual litigation and appellate materials from relevant cases.  Prerequisites: An overview course or other prior seminar in antitrust law; or other demonstrated substantial familiarity with basic antitrust principles and permission of the instructor.

Bankruptcy and Corporate Reorganizations
Semester:           Spring
Faculty:              Adam Levitin
This course is about debt. What happens when a firm is overburdened with debt or cannot meet its obligations as they come due? How are losses to be allocated? How can the firm’s assets be redeployed for productive use? How can competing creditors be bound to an arrangement about the future of the firm? This course examines methods of dealing with troubled debt and provides a general introduction to bankruptcy law, covering Chapters 7 and 11 of the Federal Bankruptcy Code. Bankruptcy law provides a lens through which to explore the American credit economy. An understanding of bankruptcy is important not just for the restructuring specialist, but also for the transactional lawyer and the litigator, as bankruptcy law provides the background term for nearly all business transactions and determines the collectability of judgments. The course will address not only bankruptcy law, but also how it affects transactional planning and structures outside of bankruptcy. Beyond the Bankruptcy Code itself, topics covered include distressed debt trading, financial derivatives, junk bonds, leveraged buyouts, securitization, valuation, and workouts. Reference will be made to sovereign debt restructuring and consumer bankruptcy, but the course is primarily focused on business bankruptcy. No laptops.  Corporations recommended, but not required.

Corporate Finance
Semester:           Spring
Faculty:             Holger Spamann
This course addresses the fundamentals of financial economics as encountered in selected areas of corporate, bankruptcy, and securities law.

Corporate Reorganization
Semester:           Spring
Faculty:              
Martin Bienenstock
Corporate Reorganization identifies the dominant causes of business failure or distress, and analyzes how (a) corporate governance can mitigate or avoid failure and (b) chapter 11 resolves failure/distress. We do this in the context of case histories, jurisprudence, and articles about failures in the auto, steel, financial, manufacturing, and industries subject to mass tort liability. In formulating resolutions of distressed situations, we apply chapter 11 resolutions as a baseline against which other resolutions are compared. The course is designed to show that optimal restructuring is a multidisciplinary undertaking, even within its legal framework where emphasis is put on governance jurisprudence, statutory interpretation, the constitutional limits of the bankruptcy power, the bankruptcy court’s jurisdiction, and the use of litigation. This is a one-credit course that meets for 7 two-hour sessions. Grades are determined by 10-page papers on approved topics. Some students may earn two credits by writing more extensive papers.

Environmental Law and Policy Clinic
Semester:           Spring
Faculty:             Wendy Jacobs
The Emmett Environmental Law and Policy Clinic (ELPC) offers students an opportunity to do hands-on, meaningful, real-life, and real-time environmental legal and policy work. Clinic offerings include local, national, and international projects covering the spectrum of environmental issues, under the leadership of Director and Clinical Professor Wendy Jacobs. Clinic students work on policy projects and white papers, regulatory and statutory drafting and comments, manuals and guidance to help non-lawyers identify and protect their rights, litigation and advocacy work, including developing case strategies, research and drafting briefs (filed in state and federal courts, including the U.S. Supreme Court), preparing witnesses and their testimony, meeting with clients and attending and presenting at administrative and court hearings. Our clients include state and municipal governments, non-governmental organizations, and research and policy institutions. The subject matter varies each semester, but is likely to include climate change mitigation and adaptation, offshore drilling and water protection, sustainable agriculture/aquaculture, ethics in the study of human exposure to environmental contaminants, and analysis of technologies such as carbon capture and sequestration and extraction of natural gas by hydraulic fracturing.  Please note: Some ELPC students work off-campus with government agencies and nonprofit organizations, while others work on campus at the Clinic on cutting-edge projects and case work. Students are carefully matched to their projects/placements by the Clinic Director. Please see the HLS course listing website for pre-requisites.

Environmental Practice Skills, Methods, and Controversies: Siting and Permitting of a Wind Farm as a Case Study
Semester:           Spring
Faculty:              Wendy Jacobs
This seminar teaches the actual practice of environmental law, including mechanisms for raising and resolving controversies. We will examine – and work through -- a wind farm project from a variety of perspectives and meet with people who represent some of these interests: regulatory, community, NGO and private sector. The emphasis will not be on mastering the substance of the various environmental laws that are triggered (although some of that will be necessary), but instead on the practical skills and knowledge necessary to: identify the environmental impacts of a project; parse and apply relevant statutes and regulations; analyze mechanisms for mitigating project impacts and managing controversies; identify the permits and approvals needed for a project; select and hire environmental scientists and experts to support or oppose a project; and, defend (or challenge) a project in administrative and judicial proceedings. Students in this class will learn how projects proceed through environmental review, challenges, and permitting. Depending on the time available and level of class interest, we will also look at some of the project financing issues.  The seminar is practical, hands-on and participatory. Students will develop and apply the skills and methods needed to site a wind farm through class discussions, problem solving, and role-playing exercises. The wind farm is a proxy for any project that has both positive and adverse environmental impacts and that must work its way through multiple types of administrative and judicial proceedings and negotiation. There is no final exam. There will be short written and oral exercises through the semester and, at the end of the semester, a short final paper that focuses on ethical issues raised by the practice of environmental law. Grading will be based on the quality of class participation as well as of the exercises and final paper. Students in the seminar are encouraged (but not required) to enroll in the Environmental Law & Policy Clinic, which will provide students with the opportunity to put the skills they learn into practice.

Housing Law and Policy
Semester:           Spring
Faculty:             
David Grossman and Esme Caramello
This course will provide an introduction to housing law and policy through an analysis of issues facing advocates for low- and moderate-income tenants and homeowners. We will discuss government policies on public housing and subsidies; code enforcement; rent control; foreclosures and neighborhood stabilization; and the processes of abandonment and gentrification, and how these policies do or should affect the strategies employed by attorneys and activists striving for effective intervention in the lower income housing market. The class will draw on students' experiences in clinical placements (and elsewhere) as well as the perspectives of a variety of players in the housing market -- among them developers, tenants, organizers, lobbyists, judges, government officials, and a variety of practicing lawyers -- who will appear as guest panelists. A series of reflection papers will be required in lieu of an examination. The impact of housing law and policy on real people and communities is best understood through a combination of classroom work and practice in the field. Students are therefore encouraged, in conjunction with this course, to apply for membership in the Harvard Legal Aid Bureau (during the Spring of 1L year) or to enroll in the Post-Foreclosure Eviction Defense Clinic or the Predatory Lending/Consumer Protection Clinic at the WilmerHale Legal Services Center.

Insurance Law
Semester:           Spring
Faculty:             Bruce Hay
Insurance is an increasingly important mechanism for managing risk. This survey course provides students with a working knowledge of insurance law, with emphasis on the design, interpretation, and enforcement of insurance contracts. We will look at life, health and property insurance, and will give special attention to liability insurance, which plays such a prominent role in the work of both transactional lawyers and litigators. Laptops are not permitted in class.

International Finance
Semester:           Spring
Faculty:              Hal Scott
This course focuses on how law and regulation affects international finance. It examines policies and regulation affecting cross-border banking and securities transactions in the three major markets, the United States, the European Union and Japan. In the U.S. the focus is on how post-Enron capital market regulation affects foreign firms, in the E.U. on continuing efforts to build integrated financial markets, and in Japan on the role of foreign firms in rebuilding the Japanese financial system after the "lost decade." The course also looks at the infrastructure that underlies the global financial system--the U.S. dollar payment system, the Basel Capital Accord, global standards for the clearing and settlement of securities, and rules for different exchange rate regimes. In addition, the course deals with offshore markets--like the Euromarkets and various derivatives markets (including the securitized markets impacted by the subprime crisis), as well as global competition bet ween stock and derivatives exchanges and some key aspects of the emerging markets, for example sovereign debt and project finance. The course ends with an examination of how the international financial system has been regulated to control the financing of terrorism.

Law and Policy of Federal Funding Flows
Semester:           Spring
Faculty:             Mark Barnes
The federal government funds a wide range of activities undertaken by private actors -- individuals, for-profit businesses, and not-for-profit entities, including universities, hospital and research centers. In providing this funding for designated activities, government seeks to assure that certain tasks are undertaken that government itself either cannot undertake directly, or can undertake less efficiently than private actors. Various conditions attach to this funding, relating to how the funded activities may and may not be undertaken, how funds may and may not be spent, and how accountability for activities and expenditures is assured. Using examples drawn from a variety of funding programs, this course will examine some of the fundamental issues relating to governmental decisions to fund private sector activities. Among the questions we will examine will be: are there constitutional, ethical or practical limits to what private activities government may choose to fund; how does government legitimately determine what private actors may receive funding; how are funded programs approved, overseen and monitored; what costs or expenses should be reimbursed or paid, and which should not qualify for reimbursement or payment; with what degree of exactitude may government dictate how private actors implement the activities for which they are funded; and are there reasonable and sustainable differences between government “grants” as opposed to government “contracts.” We will use examples drawn from federal funding of basic science and applied science research, medical research, and medical care (Medicare, Medicaid, categorical funding for public health programs, and controversial medical procedures such as voluntary termination of pregnancy and organ donation); procurement of goods and services for defense, energy and other national purposes; direct subsidies of agriculture and other industries; audit and accountability standards under the Federal False Claims Act and various other "whistleblower" statutes; and the use of the taxation system to subsidize or incentivize private behavior as a substitute for direct funding of the desired activities. Materials will be drawn not only from case decisions, but from the voluminous regulations and guidelines that determine practices in this area (e.g., OMB circulars, Medicare payment regulations, USDA crop subsidy regulations, Defense Department procurement standards). Comparisons will be made to federal funding of local and state government activities. Along the way, we will seek to understand whether, in the massive growth of funding in these areas in recent decades, government has become more "private," or private actors have themselves become an indissoluble part of our permanent government in the post-industrial, post-modern American republic.

Local Government Law
Semester:           Spring
Faculty:              Gerald Frug
This course examines the possibility and desirability of decentralization of power in America. In the process of doing so, it focuses on issues such as federal and state control of city decision-making, the conflict between central cities and suburbs and among the suburbs themselves, alternatives to city-delivered services and to city taxation as a source of local revenue, and the ways in which racial and ethnic division fracture American metropolitan areas. Above all, this is a course about local democracy. For that reason, among others, active class participation is an integral part of the course and will be expected of every student enrolled in it. Text: Frug, Ford and Barron, Local Government Law (5th ed. 2009/10).

Predatory Lending and Consumer Protection Clinic
Semester:           Spring
Faculty:             Roger Bertling and Max Weinstein
The Predatory Lending/Consumer Protection Clinic focuses its advocacy efforts on preserving and protecting equity for low- and moderate-income homeowners; combating abuses in the consumer financial services industry; and ensuring equal and fair access to credit markets. The practice is primarily litigation and involves consumer, bankruptcy, real estate, banking, and tort law. The Clinic defends homeowners against foreclosure and commences complex litigation in Federal District Court, Bankruptcy Court, and Massachusetts Superior Court against subprime lenders, banking institutions, mortgage brokers, loan servicers, and foreclosure rescue scam artists. The Clinic also maintains a vibrant consumer law practice in which students e.g. defend against unlawful debt collection practices, litigate against car dealers, otherwise combat consumer abuse and represent consumers seeking a fresh start through petitions for bankruptcy. Students in the Clinic gain extensive experience interviewing clients, analyzing loan documents, drafting complaints, drafting and responding to discovery requests, conducting and defending depositions, negotiating with opposing counsel, arguing motions, and engaging in long-term case strategizing. Students also have the opportunity to engage in bankruptcy and transactional work; to participate in the Clinic’s Boston Municipal Court Attorney of the Day Debt Collection Project; and, on occasion, to work on legislative initiatives and impact litigation, particularly regarding patterns of racial discrimination in lending in the Greater Boston credit markets.

Securities Regulation
Semester:           Spring
Faculty:              Allen Ferrell
This course offers an introduction to the two most important federal securities laws: the Securities Act of 1933 and the Securities Exchange Act of 1934. The course explores the elaborate disclosure obligations these statutes impose on the distribution and trading of investment securities. Topics to be covered include the preparation of disclosure documents, exemptions from disclosure requirements, the relationship between disclosure obligations and anti-fraud rules, the duties of participants in securities transactions, and the applicability of federal securities laws to transnational transactions. The course will also explore the public and private enforcement of securities laws in the United States. Most students find it helpful to have completed or to take concurrently a course in Corporations before taking Securities Regulation.

Taxation: Current Issues in Law, Policy and Practice
Semester:           Spring
Faculty:             Stephen Shay
This seminar will consider a range of current issues in taxation focusing on works-in-progress by invited participants. Students will be asked to write short response papers to the papers to be presented. The seminar will meet every other week (one credit.) The seminar will be offered in the fall by Professor Halperin. Students may enroll for the entire year or a semester. 

The 2007-2009 Financial Crisis
Semester:           Spring
Faculty:              Holger Spamann
This seminar will examine the recent financial crisis's alleged causes and the regulatory response. Likely topics include: securitization; derivatives; credit rating agencies; bank capital regulation; investment bank supervision; repo financing and money market funds; executive compensation; interest rate policy; and housing policy. In class, we will ask if these are plausible culprits, and if the events confirm or challenge our prior understanding of markets. Students are expected to write a seminar paper examining the adequacy of the regulatory response to one particular alleged problem, and to discuss their preliminary findings in class in the second half of the semester. Doing so in teams of two students is encouraged.


Courses on Regulation at Harvard Business School, Fall
(For a list of all HBS elective courses, please go to: http://www.hbs.edu/mba/academics/coursecatalog/)

Managing International Trade and Investment
Seminar:              Fall
Faculty:              Dante Roscini
The course consists of four inter-related modules. The first module, Firms in the Global Economy, consists of cases that deal with the role of firms within the global economy. Discussions focus on the political and economic origins of our current era of globalization and how the rules that constrain and enable firms are changing.  The second module, National Policy and Firms Response, focuses on national policies that shape flows of goods and capital. Using a series of company-based cases, we investigate different logics of national regulation, and the tools that firms have available for predicting, avoiding, or even employing the long arm of government policy.  The third module, The Politics and Rules of International Trade shifts our analysis to institutions at the international level. We explore how formal institutions, such as the WTO, IMF, OECD, and EU as well as informal institutions and the norms promoted by social movements, influence the opportunities for success in international finance and trade.  MITI ends with a capstone module called Risk Analysis of International Investment.

Courses on Regulation at Harvard Business School, Winter
(For a list of all HBS elective courses, please go to: http://www.hbs.edu/mba/academics/coursecatalog/)

Creating the Modern Financial System
Semester:           Winter
Faculty:              David Moss
The course content covers seminal financial developments in a diverse set of countries - but with a special focus on the United States - from the 18th century to the present. Reaching across the chronological arc of the course are three broad topics: (1) financial markets and instruments, (2) financial intermediaries, and (3) financial behavior. Although nearly every case touches on all three topics, each case also has a primary focus. Whereas some cases highlight the introduction of new financial markets (such as the Dojima futures market in early modern Japan) or the creation of new instruments (such as mortgage-backed securities), others trace the emergence and maturation of critical financial institutions (including banks and insurance companies). Still others focus on the behavior of financial actors and groups, particularly in the context of financial bubbles and crashes. Because the course highlights the origins of financial markets and instruments as well as the fallout from numerous financial crises, government also looms large as an actor in many of the cases.

Field Project: Innovation in Business, Energy, and Environment
Seminar:              Winter
Faculty:              Rebecca Henderson, Joseph Lassiter, Forest Reinhardt, and Woodward Yang
This course is designed for students who want to explore opportunities for business innovation in the specific areas of energy and the environment. The very large scale of problems, the physical nature of the components (for example oil, water, soil, or plastic), the impact of government and regulation, the changing circumstances of fossil fuel prices and climate, and the need for large amounts of capital over a long development cycles all make innovation in energy and environment particularly challenging - and particularly important. The teaching team includes HBS academic leaders in many aspects of energy, business, and the environment.

Institutions, Macroeconomics, and the Global Economy
Seminar:              Winter
Faculty:              Lakshmi Iyer, Rafael Di Tella
The first module ("Macroeconomic and Financial Dynamics") uses the experiences of two famous economic policy makers (Alan Greenspan and John Maynard Keynes) and several countries which have suffered through tremendous economic dislocation (Argentina, Uganda, Peru) to identify and develop the issues of communication, confidence, coordination and institutional development that are central to the remainder of the course.  The second module ("Creating macroeconomic institutions") uses the European experience to illustrate how different countries have developed institutions that permit coordination of individual business decisions on good aggregate economic outcomes. Moreover, it demonstrates how changes in the environment can render previously successful institutional structures outmoded, thereby creating both opportunities and risks for firms and households.  The third module ("Globalization meets national institutions") discusses how the increasing integration of the global capital markets can affect the economic performance of previously successful nations by acting to undermine the internal coherence of the institutional structures on which their economic performance rested and the policy options available to countries. 

 

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