Fabrizio Cafaggi

This paper was first presented at the conference on conflicts of interest jointly organized by the Cegla Center and the University of Pennsylvania School of Law and held at the University of Pennsylvania in October 2003; then at a workshop at Siena University in May 2004. Thanks for useful comments made by the participants at the conference and the workshop, in particular Z. Goshen, F. Kubler, A. Porat, E. Rock, and M. Trebilcock. Thanks to R. Gilson and H. Hansmann for useful comments and discussions on previous versions. The usual disclaimer applies.