*** Click here to read the event summary report ***
*** This Event was by invitation only ***
(Attendance was open to the participants of the Baltic Economic Conference.)
The Roundtable focused on the reasons and implications of fewer companies going public. The steep decline in initial public offerings in the U.S. has raised concerns about reduced opportunities for the general public to save for the future. The discussion revolved around the following questions: How to incentivize companies to go public and at the same time do not start the race to the bottom with respect to disclosure standards and compliance? Do boards escape short-term pressure from the market by going public with limited voting right shares? Are companies staying private longer? Do institutional investors encourage the long-term sustainability of their portfolio companies? Are index funds sufficiently motivated to provide responsible stewardship of assets with respect to corporate governance? Can index inclusion serve as a boost for stock market activity in such frontier stock markets as the Baltics?
Organisers
Marco Becht, Solvay Brussels School, ECGI and CEPR
Anete Pajuste, Stockholm School of Economics (Riga) and ECGI
Supported By
Information

Monday, 10 June 2019
Registration
Welcome and Opening Discussion
Speakers:
Session 1 : Eclipse of the Public Corporation or Eclipse of the Public Markets?
Speakers:
Discussant:
Session 1 : Eclipse of the Public Corporation or Eclipse of the Public Markets?
Background reading:
Doidge, Craig and Kahle, Kathleen M. and Karolyi, George Andrew and Stulz, Rene M., Eclipse of the Public Corporation or Eclipse of the Public Markets? (January 1, 2018). Rotman School of Management Working Paper No. 3100255; Charles A. Dice Center Working Paper No. 2018-1; Fisher College of Business Working Paper No. 2018-03-01; European Corporate Governance Institute (ECGI) - Finance Working Paper No. 547/2018.
Speakers
Discussants
Conference Documents
Panel discussion: Disclosure standards for ownership, ESG, and political contributions – opportunities and challenges
Panel discussion: Disclosure standards for ownership, ESG, and political contributions – opportunities and challenges
Panelists
Lunch
Session 2 : Do Index Funds Monitor?
Speakers:
Discussant:
Session 2 : Do Index Funds Monitor?
Background reading:
Heath, Davidson and Macciocchi, Daniele and Michaely, Roni and Ringgenberg, Matthew C., Do Index Funds Monitor? (December 28, 2018). Available at SSRN: https://ssrn.com/abstract=3259433 or http://dx.doi.org/10.2139/ssrn.3259433
Speakers
Discussants
Conference Documents
Coffee Break
Session 3 : Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers
Speakers:
Discussant:
Session 3 : Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers
Background reading:
Lauterbach, Beni and Mugerman, Yevgeny, Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers (September 1, 2018). European Corporate Governance Institute (ECGI) - Finance Working Paper No. 576/2018.
Speakers
Discussants
Conference Documents
Coffee Break
Session 4 : Multi-Class Shares Around the World: The Role of Institutional Investors
Speakers:
Discussant:
Session 4 : Multi-Class Shares Around the World: The Role of Institutional Investors
Background reading:
Jinhee Kim, Pedro Matos, Ting Xu- Multi-Class Shares Around the World: The Role of Institutional Investors (November 2018)
Speakers
Discussants
General Discussion, Conclusion and Summing Up
Speakers:
Speakers
Presentations
Welcome and Opening Discussion
Welcome and Opening Discussion
Speakers
Session 1 : Eclipse of the Public Corporation or Eclipse of the Public Markets?
Session 1 : Eclipse of the Public Corporation or Eclipse of the Public Markets?
Background reading:
Doidge, Craig and Kahle, Kathleen M. and Karolyi, George Andrew and Stulz, Rene M., Eclipse of the Public Corporation or Eclipse of the Public Markets? (January 1, 2018). Rotman School of Management Working Paper No. 3100255; Charles A. Dice Center Working Paper No. 2018-1; Fisher College of Business Working Paper No. 2018-03-01; European Corporate Governance Institute (ECGI) - Finance Working Paper No. 547/2018.
Speakers
Discussants
Conference Documents
Session 2 : Do Index Funds Monitor?
Session 2 : Do Index Funds Monitor?
Background reading:
Heath, Davidson and Macciocchi, Daniele and Michaely, Roni and Ringgenberg, Matthew C., Do Index Funds Monitor? (December 28, 2018). Available at SSRN: https://ssrn.com/abstract=3259433 or http://dx.doi.org/10.2139/ssrn.3259433
Speakers
Discussants
Conference Documents
Session 3 : Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers
Session 3 : Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers
Background reading:
Lauterbach, Beni and Mugerman, Yevgeny, Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers (September 1, 2018). European Corporate Governance Institute (ECGI) - Finance Working Paper No. 576/2018.
Speakers
Discussants
Conference Documents
Session 4 : Multi-Class Shares Around the World: The Role of Institutional Investors
Session 4 : Multi-Class Shares Around the World: The Role of Institutional Investors
Background reading:
Jinhee Kim, Pedro Matos, Ting Xu- Multi-Class Shares Around the World: The Role of Institutional Investors (November 2018)