Kaal, Wulf
Wulf Kaal
Associate Professor
1000 LaSalle Avenue
Minneapolis, MN 55403
Office Location: MSL 423
M.B.A. (Finance), Durham University - Durham, U.K.
Ph.D. (Law and Economics), Humboldt Universitaet zu Berlin - Berlin, Germany
LL.M., University of Illinois College of Law
J.D., University of Illinois College of Law
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Wulf Kaal is a tenured associate Professor with expertise in Hedge Funds, International Finance, European Law, Corporate Law, and Securities Regulation. Professor Kaal is a leading expert on hedge fund regulation in the United States and the European Union.
Before entering the academy, Kaal worked for Cravath, Swaine & Moore LLP in New York and Goldman Sachs in London.
Kaal has published more than two dozen articles in the United States and Europe. His articles were published in leading peer reviewed law and finance journals and in American law reviews such as the Minnesota Law Review, the Washington & Lee Law Review, and the Wake Forest Law Review, among others.
Professor Kaal’s study on the effects of hedge fund registration requirements in Title IV of the Dodd-Frank Act has gained national attention and was covered in a Business Week article and other journals.
He is the author of a book chapter on Investment Advisers and Investment Companies in the Securities Law Handbook, published by Edward Elgar. Kaal is also a co-editor of the Festschrift in honor of Christian Kirchner, published by Mohr Siebeck.
Courses Taught
| Number | Title | Credits | ||
|---|---|---|---|---|
| 700 | Business Associations | 4 | ||
| Description of course 700 : | This course will introduce students to basic concepts in agency and partnership law as well as the law of corporations under the Model Business Corporation Act. Students will examine fundamental legal rights and duties between corporate shareholders, directors and officers. The course will cover the legal issues of both closely held and publicly held corporations, as well as those of hybrid organizations like limited liability partnerships. If time permits, students will learn the fundamentals of corporate finance and federal regulation of corporate share trading. | |||
| 793 | Topics | 0 | ||
| Description of course 793 : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | |||
| 795 | Topics | 0 | ||
| Description of course 795 : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | |||
| 854 | Securities Regulation | 0 | ||
| Description of course 854 : | This course will examine federal and state securities laws that regulate the process of financing business by dis- tributing securities to the public. Topics will include the nature of a security, exemptions from registration, sec- urities distribution and trading, the functions of the Securities and Exchange Commission, registration and disclosure requirements, "blue sky" laws, proxy rules, broker/dealer regulation, the regulation of investment companies and civil liabilties. Prerequisite: Business Associations | |||
| 950 | Supervised Resrch & Writing | .5 | ||
| Description of course 950 : | Under the supervision of a faculty member, a student may receive up to two hours of course credit for researching and writing a substantial paper on a topic of the student's own choosing. The student must receive the instructor's per- mission to enroll in this course and must meet periodically with the instructor for discussion, review and evaluation. Each faculty member may supervise the research of no more than five students each semester. | |||
Previous courses taught:
- International Finance
- Law of the European Union
- Securities Regulation
- Business Associations
- Law & Economics
Areas of Academic Expertise:
International Finance
Law of the European Union
Hedge Funds
Securities Regulation
Market Regulation
Corporations
Business Associations
Contracts
Comparative Law
Civil Law
Law and Economics
FIN Alternatives - "Hedge Funds Taking Dodd-Frank in Stride" View Publication
ISS Mag - "Form PF: Much Ado About Nothing for Regulators?" View Publication
Businsessweek - "Who's Afraid of Dodd-Frank? Not Wall Street" View Publication
Cayman Financial Review - "Private fund investment adviser registration under the Dodd-Frank Act" View Publication
Wake Forest - "Kaal to speak on 'Dynamic Regulation of the Financial Services Industry'" View Publication
Books
Wulf A. Kaal, Hedge Fund Regulation by Banking Supervision – a Comparative Institutional Analysis (Peter Lang, 2006).
Wulf A. Kaal, Hedge Fund Regulation by Banking Supervision – a Comparative Institutional Analysis (Peter Lang, 2006).
Articles
Wulf A. Kaal, Zwangswandelanleihen als Dynamische Regulierung der Finanzmarktindustrie, in Festschrift Kirchner (Wulf Kaal, Andreas Schwartze, Matthias Schmidt & Ulrich Ehricke eds., Mohr Siebeck, forthcoming 2013).
Wulf A. Kaal, Zwangswandelanleihen als Dynamische Regulierung der Finanzmarktindustrie, in Festschrift Kirchner (Wulf Kaal, Andreas Schwartze, Matthias Schmidt & Ulrich Ehricke eds., Mohr Siebeck, forthcoming 2013).
Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry, 49 Wake Forest L. Rev. (forthcoming 2013).
Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry, 49 Wake Forest L. Rev. (forthcoming 2013).
Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act – An Empirical Study, 50 San Diego L. Rev. (forthcoming 2013).
View Publication
Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act – An Empirical Study, 50 San Diego L. Rev. (forthcoming 2013).
Wulf A. Kaal, Contingent Capital in Executive Compensation, 64 Wash. & Lee L. Rev. (forthcoming 2013).
View Publication
Wulf A. Kaal, Contingent Capital in Executive Compensation, 64 Wash. & Lee L. Rev. (forthcoming 2013).
Wulf A. Kaal & Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law After Morrison v. National Australia Bank, 97 Minn. L. Rev. (forthcoming 2013).
View Publication
Wulf A. Kaal & Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law After Morrison v. National Australia Bank, 97 Minn. L. Rev. (forthcoming 2013).
Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance, 26 Notre Dame J.L. Ethics & Pub. Pol’y 281 (2012).
View Publication
Wulf A. Kaal, Initial Reflections on the Possible Application of Contingent Capital in Corporate Governance, 26 Notre Dame J.L. Ethics & Pub. Pol’y 281 (2012).
Wulf A. Kaal & Christoph K. Henkel, Contingent Capital in European Union Bank Restructuring, 32 Nw. J. Int’l L. & Bus. 191 (2012).
View Publication
Wulf A. Kaal & Christoph K. Henkel, Contingent Capital in European Union Bank Restructuring, 32 Nw. J. Int’l L. & Bus. 191 (2012).
Wulf A. Kaal & Christoph K. Henkel, Contingent Capital with Sequential Triggers, 49 San Diego L. Rev. 221 (2012).
View Publication
Wulf A. Kaal & Christoph K. Henkel, Contingent Capital with Sequential Triggers, 49 San Diego L. Rev. 221 (2012).
Wulf A. Kaal, Richard W. Painter, Christian Kirchner & Sven Höppner, Europäischer vs. US-Amerikanischer Wettbewerb der Gesellschaftsrechte - Abschied vom alten Delaware-Verbundprodukt, 13-14 Die Aktiengesellschaft 469 (2012).
Wulf A. Kaal, Richard W. Painter, Christian Kirchner & Sven Höppner, Europäischer vs. US-Amerikanischer Wettbewerb der Gesellschaftsrechte - Abschied vom alten Delaware-Verbundprodukt, 13-14 Die Aktiengesellschaft 469 (2012).
Wulf A. Kaal & Richard W. Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche, 8 Eur. Company & Fin. L. Rev. 77 (2011).
View Publication
Wulf A. Kaal & Richard W. Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche, 8 Eur. Company & Fin. L. Rev. 77 (2011).
Wulf A. Kaal, Hedge Fund Regulation via Basel III, 44 Vand. J. Transnat’l L. 389 (2011).
View Publication
Wulf A. Kaal, Hedge Fund Regulation via Basel III, 44 Vand. J. Transnat’l L. 389 (2011).
Wulf A. Kaal & Christian Kirchner, Economics of Financial Market Regulation: Banking Regulation, Corporate Governance, Financial Reporting Standards and Hedge Funds, in 3 Law & economics of global financial institutions: Third International Conference on Law and Economics at the University of St. Gallen June 4, 2010, St. Gallen, Switzerland (Peter Nobel, Katrin Krehan & Anne-Cathrine Tanner eds., Schulthess Juristische Medien, 2010).
Wulf A. Kaal & Christian Kirchner, Economics of Financial Market Regulation: Banking Regulation, Corporate Governance, Financial Reporting Standards and Hedge Funds, in 3 Law & economics of global financial institutions: Third International Conference on Law and Economics at the University of St. Gallen June 4, 2010, St. Gallen, Switzerland (Peter Nobel, Katrin Krehan & Anne-Cathrine Tanner eds., Schulthess Juristische Medien, 2010).
Wulf A. Kaal & Richard W. Painter, Initial Reflections on an Evolving Standard: Constraints on Risk Taking by Directors and Officers in Germany and the United States, 40 Seton Hall L. Rev. 1433 (2010).
View Publication
Wulf A. Kaal & Richard W. Painter, Initial Reflections on an Evolving Standard: Constraints on Risk Taking by Directors and Officers in Germany and the United States, 40 Seton Hall L. Rev. 1433 (2010).
Wulf A. Kaal & Richard W. Painter, Extraterritorial Application of US Securities Law: Will the US Become the Default Jurisdiction for European Securities Litigation, 7 Eur. Company L. 90 (2010).
View Publication
Wulf A. Kaal & Richard W. Painter, Extraterritorial Application of US Securities Law: Will the US Become the Default Jurisdiction for European Securities Litigation, 7 Eur. Company L. 90 (2010).
Wulf A. Kaal, Hedge Fund Valuation – Retailization, Regulation, and Investor Suitability, 28 Ann. Rev. Banking & Fin. L. 581 (2009).
View Publication
Wulf A. Kaal, Hedge Fund Valuation – Retailization, Regulation, and Investor Suitability, 28 Ann. Rev. Banking & Fin. L. 581 (2009).
Wulf A. Kaal, Christian Kirchner & Richard W. Painter, Regulatory Competition in EU Corporate Law after Inspire Art: Unbundling Delaware’s Product for Europe, 2 Eur. Company & Fin. L. Rev. 159 (2005).
View Publication
Wulf A. Kaal, Christian Kirchner & Richard W. Painter, Regulatory Competition in EU Corporate Law after Inspire Art: Unbundling Delaware’s Product for Europe, 2 Eur. Company & Fin. L. Rev. 159 (2005).
Wulf A. Kaal, Interconnections Between the European Investment Services Directive and the Regulatory Situation in the U.S., 24 Futures & Derivatives L. Rep. 13 (2004).
Wulf A. Kaal, Interconnections Between the European Investment Services Directive and the Regulatory Situation in the U.S., 24 Futures & Derivatives L. Rep. 13 (2004).
Faculty & Staff
- Deans
- Faculty
- Bateson, Ann
- Berg, Thomas
- Blanchard, Lindsey
- Bowser, Rene
- Carpenter, Benjamin
- Collett, Teresa
- Delahunty, Robert
- Gordon, Mitchell
- Griffith, Daniel
- Hamilton, Neil
- Hernandez-Crespo, Mariana
- Holloran, Thomas
- Johnson, Lyman
- Joyce, Thomas
- Kaal, Wulf
- Kahn, Robert
- Levy-Pounds, Nekima
- Nichols, Joel
- Organ, Jerry
- Orr, Laura
- Oseid, Julie
- Osler, Mark
- Paulsen, Michael
- Reid, Charles
- Schiltz, Elizabeth
- Shea, Hank
- Sisk, Gregory
- Stabile, Susan
- Taylor, Scott
- Tyner, Artika
- Vischer, Robert
- Whitt, Reginald
- Wiebe, Virgil
- Wright, Jennifer
- Adjunct Faculty
- Staff by Department
- Faculty in the News
- Scholarship by Faculty