AUSTIN, Texas—Henry T. Hu, who holds the Allan Shivers Chair in the Law of Banking and Finance at The University of Texas School of Law, will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Thursday, March 9. Hu will testify at a hearing entitled "A Review of Self-Regulatory Organizations in the Securities Markets" and will discuss the regulatory implications of the New York Stock Exchange's imminent conversion to a for-profit, publicly held, company. Other members of the panel will include John Thain, Chief Executive Officer of the New York Stock Exchange, and Robert Glauber, Chairman of the National Association of Securities Dealers. The hearing will take place at 10:00 a.m. in the Dirksen Senate Office Building.
The Committee is headed by chairman Sen. Richard Selby (R-AL) and ranking member Sen. Paul S. Sarbanes (D-MD).
Professor Hu is recognized in international financial circles for his groundbreaking research on the law and economics of derivatives and of corporate governance. Hu teaches, among other things, corporate law and securities regulation. Through articles such as “Behind the Corporate Hedge: Information and the Limits of ‘Shareholder Wealth Maximization’” (Journal of Applied Corporate Finance, 1996) and “Misunderstood Derivatives: The Causes of Informational Failure and the Promise of Regulatory Incrementalism” (Yale Law Journal, 1993), he has influenced scholarship as well as financial markets and corporate behavior.
One such article inspired creation of the HUI index (the American Stock Exchange Gold Bugs Index) in 1996, the ticker symbol recognizing this. The HUI index is now, as the Financial Times noted, one of the world’s “two key gold equity indices.” Ideas in another article, on flaws in bedrock investment theories and how government was contributing to a stock market bubble, have been attracting exceptional attention from the article’s publication in spring 2000.
Hu was chair of the Association of American Law Schools’ Business Associations section in 1996. During 1997-98, he taught at Harvard Law School as the Bruce W. Nichols Visiting Professor. In March 2000, he was appointed to the National Association of Securities Dealers’ Legal Advisory Board and in January 2001, to NASD Regulation’s e-Brokerage Committee. He is a member of the American Law Institute.
Written Testimony and Video of the Senate hearing: http://banking.senate.gov/index.cfm?Fuseaction=Hearings.Detail&HearingID=198
About Professor Hu: http://www.utexas.edu/law/faculty/huht/
U.S. Senate Committee on Banking, Housing, and Urban Affairs: http://banking.senate.gov/