Corporate Governance and the new Financial Regulation: Complements or Substitutes?
- 25 October 2010
- •
- Bibliotheque Solvay, Brussels
This conference examined the role of corporate governance in financial system reform. It took place in Bibliotheque Solvay, Brussels on Monday, 25 October 2010.
The ECGI is grateful for the sponsorship of the 2008 Conference by:
PricewaterhouseCoopers
Information
Monday, 25th October 2010
Registration
Welcome
Speakers:
Session 1 –Prevention
Does Debt Provide "Market Discipline" for Banks?
Speakers:
Corporate governance provisions of the Dodd-Frank Act
Speakers:
Is Bank Governance Different?
Speakers:
Moderator
Speakers:
Coffee
Session 2 - Conference keynote speeches
Discussion panel of members of the European Corporate Governance Forum
Moderator:
Panelists:
Lunch
Session 3 - Early Intervention and Resolution
Keynote speech
Speakers:
Coffee
Core resolution approaches
Speakers:
Banking resolution: lessons from economic theory
Speakers:
Moderator
Speakers:
Session 4 – Summing up, Assessment and the Way Ahead
Speakers:
The 2010 TCGD Conference is being held in co-ordination with the 1st CONGRESS OF THE SOLVAY BRUSSELS SCHOOL OF ECONOMICS AND MANAGEMENT which takes place at SQUARE, Brussels Meeting Centre, Mont des Arts, Brussels
Speakers
Presentations
Welcome
Welcome
Speakers
How Investors Can (and Can't) Create Social Value
Most investors have a single goal: to earn the highest financial return. These socially-neutral investors maximize their risk-adjusted returns and...
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Market Efficiency after the Financial Crisis: It?s Still a Matter of Information Costs
Compared to the worldwide financial carnage that followed the Subprime Crisis of 2007-2008, it may seem of small consequence that it is also said to have...
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Shifting Influences on Corporate Governance: Capital Market Completeness and Policy Channeling
Corporate governance scholarship is typically portrayed as driven by single factor models, for example, shareholder value maximization, director...
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Contracting About Private Benefits of Control
The separation of control and ownership ? the ability of a small group effectively to control a company though holding a minority of its cash flow rights ?...
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Economic Crisis and Share Price Unpredictability: Reasons and Implications
During the recent financial crisis, there was a dramatic spike, across all industries, in the volatility of individual firm share prices after...
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Defensive Tactics and Optimal Search: A Simulation Approach
The appropriate division of authority between a company?s board and its shareholders has been the central issue in the corporate governance debate for...
Read moreDoes Debt Provide "Market Discipline" for Banks?
Does Debt Provide "Market Discipline" for Banks?
Speakers
Conference Documents
Corporate governance provisions of the Dodd-Frank Act
Corporate governance provisions of the Dodd-Frank Act
Speakers
Conference Documents
Global Settlements: Promise and Peril
In 2010, Morrison v. National Australia Bank Ltd. destabilized the world of securities litigation by denying those who purchased their securities...
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Ratings Reform: The Good, The Bad, and The Ugly
Both in Europe and in the United States, major steps have been taken to render credit rating agencies more accountable. But do these steps address the...
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The Impact of Hedge Fund Activism: Evidence and Implications
Hedge fund activism has increased almost hyperbolically. Some view this optimistically as a means for bridging the separation of ownership and...
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Why Do Auditors Fail? What Might Work? What Won't?
Auditing failures and scandals have become commonplace. In response, reformers (including the Kingman Review in the U.K and a recent report of the...
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Dispersed Ownership: The Theories, the Evidence, and the Enduring Tension Between 'Lumpers' and 'Splitters'
From a global perspective, the single most noticeable fact about corporate governance is the radical dichotomy between dispersed ownership and...
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Mapping the Future of Insider Trading Law: Of Boundaries, Gaps, and Strategies
The current law on insider trading is arbitrary and unrationalized in its limited scope in a number of respects. For example, if a thief breaks into your...
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The Future of Disclosure: ESG, Common Ownership, and Systematic Risk
The U.S. securities markets have recently undergone (or are undergoing) three fundamental transitions: (1) institutionalization (with the result...
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The Agency Costs of Activism: Information Leakage, Thwarted Majorities, and the Public Morality
Few doubt that hedge fund activism has radically changed corporate governance in the United States -- for better or for worse. Proponents see activists...
Read moreIs Bank Governance Different?
Is Bank Governance Different?
Speakers
Conference Documents
Do Investors Care about Carbon Risk?
We study whether carbon emissions affect the cross-section of U.S. stock returns. We find that stocks of firms with higher total CO2 emissions (and...
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L-Shares: Rewarding Long-Term Investors
We argue that a fundamental reason for the short term perspective of corporate executives is the short-term orientation of shareholders and financial...
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Corporate Governance and Control
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of...
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Investor Ideology
We estimate institutional investor preferences from proxy voting records. The W-NOMINATE method maps investors onto a left-right dimension based on...
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Pay for Short-Term Performance: Executive Compensation in Speculative Markets
We argue that the root cause behind the recent corporate scandals associated with CEO pay is the technology bubble of the latter half of the 1990s. Far from...
Read moreModerator
Moderator
Speakers
Keynote speech
Keynote speech
Speakers
Conference Documents
Core resolution approaches
Core resolution approaches
Speakers
Conference Documents
Bank Governance
According to a common narrative, in addition to inadequate capital and liquidity, the failure of banks in the financial crisis also reflected their poor...
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Agency Capitalism: Further Implications of Equity Intermediation
This chapter continues our examination of the corporate law and governance implications of the fundamental shift in ownership structure of U.S. public...
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The Empty Call for Benefit-Cost Analysis in Financial Regulation
?Benefit-cost analysis? as applied to financial regulation is a serious category mistake that has the potential to stymie regulation aimed at the...
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Systematic Stewardship
This paper frames a normative theory of stewardship engagement by large institutional investors and asset managers in terms of their theory of...
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Convergence and Persistence in Corporate Law and Governance
This paper, which will be the basis for a chapter in the forthcoming OXFORD HANDBOOK OF CORPORATE LAW AND GOVERNANCE (Jeffrey Gordon and Georg Ringe,...
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China as a "National Strategic Buyer": Towards a Multilateral Regime for Cross-Border M&A
Unlike the case of cross-border trade, there is no explicit international governance regime for cross-border M&A; rather, there is a shared...
Read moreBanking resolution: lessons from economic theory
Banking resolution: lessons from economic theory
Speakers
Conference Documents
Moderator
Moderator
Speakers
Session 4 – Summing up, Assessment and the Way Ahead
Session 4 – Summing up, Assessment and the Way Ahead
Speakers
Panel Discussions
Discussion panel of members of the European Corporate Governance Forum
Discussion panel of members of the European Corporate Governance Forum
Moderator