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 of law at the University of St. Thomas School of Law in downtown Minneapolis.
Kaal is a leading expert on hedge fund regulation in the United States and the European Union. He uses empirical methods to investigate the effects of financial regulation and the strategic behavior of private fund advisers. His theoretical research focuses on the use of finance and economic theory to analyze and inform financial and regulatory policy.
Before entering the academy, Kaal was associated with 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.
Kaal’s study on the effects of hedge fund registration requirements under 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 in the Research Handbook on Corporate Law and Governance, published by Edward Elgar. His editorial work includes the Festschrift in Honor of Christian Kirchner, published by Mohr Siebeck.
He has also been a consultant to major corporations and hedge funds regarding various aspects of financial markets and regulation.
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Law of the European Union
Law and Economics
Wulf A. Kaal, Hedge Fund Regulation by Banking Supervision – a Comparative Institutional Analysis (Peter Lang, 2006).
Investment Adviser Regulation, in Research Handbook on Corporate Law and Governance, Jerry W. Markham & Rigers Gjyshi eds., Edward Elgar, forthcoming (2014).
Festschrift in Honor of Christian Kirchner, Wulf Kaal, Andreas Schwartze & Matthias Schmidt eds., Mohr Siebeck Verlag, forthcoming (2014).
Wulf A. Kaal, Zwangswandelanleihen als Dynamische Regulierung der Finanzmarktindustrie, in Festschrift Kirchner (Wulf Kaal, Andreas Schwartze, Matthias Schmidt & Ulrich Ehricke eds., Mohr Siebeck, (2013).
Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry, 49 Wake Forest L. Rev. (2013).
Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act – An Empirical Study, 50 San Diego L. Rev. (2013).
Wulf A. Kaal, Contingent Capital in Executive Compensation, 64 Wash. & Lee L. Rev. (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. (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).
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).
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).
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 & 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).
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).
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, Investment Adviser Regulation, in RESEARCH HANDBOOK ON CORPORATE LAW AND GOVERNANCE, Jerry W. Markham & Rigers Gjyshi eds., Edward Elgar, forthcoming (2014)
Wulf A. Kaal, The Aftermath of Mandatory Hedge Fund Manager Registration: Cause and Effects in Distressed Investing, American Bankruptcy Law Review (forthcoming, 2014).
Wulf A. Kaal & Elizabeth R. Malay, The Role of Corporate Integrity Agreements in the Expansion of Fiduciary Duties, Wake Forest Journal of Business & Intellectual Property (forthcoming 2014).
Wulf A. Kaal, Evolution of Law: Dynamic Regulation in a New Institutional Economics Framework, in Festschrift in Honor of Christian Kirchner (Wulf Kaal, Andreas Schwartze & Matthias Schmidt eds., forthcoming 2014).
Wulf A. Kaal, Risk Taking by Managers – Recent Developments, Newsletter American Bar Association Business Law Section, Spring 2010, Vol. 1, Issue 1.
Wulf A. Kaal, Who is Afraid of Dodd-Frank? Not Wall Street!, The St. Thomas Lawyer, December 2012.
Wulf A. Kaal, Private Fund Investment Adviser Registration Under the Dodd-Frank Act, The Cayman Financial Review, January 2013.
Wulf A. Kaal, A Comparative Perspective on The Limitations of The Duty of Oversight – A Comment on Lisa Fairfax, St. Thomas L. J. (2013).
Wulf A. Kaal, Improving Debt Bonus Programs for Executives, The Cayman Financial Review, August 2013.