“Why Are Fewer Companies Going Public?”

10 June 2019
•
Stockholm School of Economics in Riga

*** 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

Address:

Stockholm School of Economics, Strēlnieku iela 4a, Riga, Latvia

Contact:

Elaine McPartlan

European Corporate Governance Institute (ECGI)

roundtables@ecgi.org

Monday, 10 June 2019

10:30

Registration

10:45

- 11:00

Welcome and Opening Discussion

Speakers:

Anders Paalzow

Marco Becht

Anete Pajuste

11:00

- 12:05

Session 1 : Eclipse of the Public Corporation or Eclipse of the Public Markets?

Speakers:

René Stulz

Discussant:

Andris Grafs

Roni Michaely

Session 1 : Eclipse of the Public Corporation or Eclipse of the Public Markets?

Time:

11:00h

- 12:05h

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

René Stulz

Fellow Research Member

Discussants

Andris Grafs

Roni Michaely

Research Member

Conference Documents

Eclipse of the Public Corporation or Eclipse of the Public Markets?.pdf

Speaker Slides.pdf

Roni Michaely Discussant Slides.pdf

12:05

- 12:35

Panel discussion: Disclosure standards for ownership, ESG, and political contributions – opportunities and challenges

Panelists:

Erik Berglof

Adam Kostyál

Anete Pajuste

Yupana Wiwattanakantang

Panel discussion: Disclosure standards for ownership, ESG, and political contributions – opportunities and challenges

Time:

12:05h

- 12:35h

Erik Berglof presentation slides

Panelists

Erik Berglof

Fellow Research Member

Adam Kostyál

Anete Pajuste

Research Member

Yupana Wiwattanakantang

Research Member Board Member

12:35

- 13:35

Lunch

13:35

- 14:40

Session 2 : Do Index Funds Monitor?

Speakers:

Roni Michaely

Discussant:

Benjamin Maury

Toms Kreicbergs

Session 2 : Do Index Funds Monitor?

Time:

13:35h

- 14:40h

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

Roni Michaely

Research Member

Discussants

Benjamin Maury

Toms Kreicbergs

Conference Documents

Do Index Funds Monitor?.pdf

Speaker Slides.pdf

Benjamin Maury Discussant Slides.pdf

14:40

- 14:55

Coffee Break

14:55

- 16:00

Session 3 : Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers

Speakers:

Beni Lauterbach

Discussant:

Janis Berzins

Māris Vainovskis

Session 3 : Institutional Investors' Impact on the Terms and Outcome of Freeze-Out Tender Offers

Time:

14:55h

- 16:00h

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.