Associate Professor and Director of the Private Investment Fund Institute
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
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.
|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.|
|Description of course 752 :||This course will cover issues related to international finance, transactions, policy, and regulations. The course will cover the international economic and financial environment in which firms operate, the elements of international financial transactions, the evolution of international financial markets, the costs and benefits of globalization and the structure and instruments of foreign exchange and Eurocurrency markets. The continuing expansion of U.S. capital market regulation is a major topic, as is the implementation of international accounting standards. Although the approach of this course is rooted in government policy and regulation, it introduces students to basic financial concepts and transactions. The course evaluates regulatory and legislative reforms that followed in the wake of the international financial crisis of 2008-09.|
|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|
|Description of course 796 :||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|
|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.|
Law of the European Union
Law and Economics
Festschrift in Honor of Christian Kirchner, Wulf Kaal, Andreas Schwartze & Matthias Schmidt eds., Mohr Siebeck Verlag, forthcoming (2014).
Investment Adviser Regulation, in Research Handbook on Corporate Law and Governance, Jerry W. Markham & Rigers Gjyshi eds., Edward Elgar, forthcoming (2014).
Wulf A. Kaal, Hedge Fund Regulation by Banking Supervision – a Comparative Institutional Analysis (Peter Lang, 2006).
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 & 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, The Aftermath of Mandatory Hedge Fund Manager Registration: Cause and Effects in Distressed Investing, American Bankruptcy Law Review (forthcoming, 2014).
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, 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).
Kaal , Wulf A., The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (February 1, 2014). U of St. Thomas (Minnesota) Legal Studies Research Paper No. 14-11.
Kaal , Wulf A. and Lacine, Timothy, The Effect of Deferred and Non-Prosecution Agreements on Corporate Governance: Evidence from 1993-2013 (August 25, 2014). The Business Lawyer , Vol. 70, 2014.
Kaal , Wulf A. and Luppi, Barbara and Paterlini, Sandra, Did the Dodd-Frank Act Impact Hedge Fund Performance? (April 23, 2014). U of St. Thomas (Minnesota) Legal Studies Research Paper No. 14-09.
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.
Wulf A. Kaal, Who is Afraid of Dodd-Frank? Not Wall Street!, The St. Thomas Lawyer, December 2012.
Wulf A. Kaal, Risk Taking by Managers – Recent Developments, Newsletter American Bar Association Business Law Section, Spring 2010, Vol. 1, Issue 1.