The New Role of Government in Corporate Governance
- 17 September 2009
- •
- Securities and Exchange Commission Washington DC
This conference focused on the theme of 'The New Role of Government in Corporate Governance'. It was held at the Securities and Exchange Commission, Washington DC on Thursday 17th September 2009.
Information
Thursday, 17 September
Registration and continental breakfast
Welcome
Speakers:
Session 1 - Keynote speech
Keynote speaker
Speakers:
Coffee
Session 2 – Government as investor
Moderator
Speakers:
Briefings
Speakers:
Panel
Speakers:
Lunch
Session 3 - Keynote speech
Keynote speaker
Speakers:
Session 4 - Reforming compensation
Moderator
Speakers:
Briefings
Speakers:
Panel
Speakers:
Coffee
Session 5 –The Future of the Government Involvement
Moderator
Speakers:
Panel
Speakers:
Session 6 – Summing up
Speakers:
Speakers
Presentations
Welcome
Welcome
Speakers
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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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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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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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...
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The Case for an Unbiased Takeover Law (with an Application to the European Union)
Takeover regulation should neither hamper nor promote takeovers, but instead allow individual companies to decide the contestability of their...
Read moreKeynote speaker
Keynote speaker
Speakers
Conference Documents
Moderator
Moderator
Speakers
Briefings
Briefings
Speakers
Conference Documents
Principles of Financial Regulation
Inadequate regulation of the financial system is widely thought to have contributed to the financial crisis. The purpose of the book is to articulate a...
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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...
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Use of AI by Financial Players: The Emerging Evidence
Financial supervisors as well as financial intermediaries increasingly rely on AI. However, little remains known about the scope and...
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The Origins of a Capital Market Union in the United States
EU policy-makers have focused on the creation of a “Capital Market Union” to advance the economic vitality of the EU in the aftermath of the Global...
Read morePanel
Panel
Speakers
Conference Documents
Overlapping Ownership, R&D Spillovers, and Antitrust Policy
This paper considers cost-reducing R&D investment with spillovers in a Cournot oligopoly with overlapping ownership. We show that overlapping...
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Free Entry in a Cournot Market With Overlapping Ownership
We examine the effects of overlapping ownership in a Cournot oligopoly where existing firms with overlapping ownership decide whether to enter a new...
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Ownership Diversification and Product Market Pricing Incentives
We link investor ownership to profit loads on rival firms by the managers of a firm. We propose a theory model in which we distinguish between passive and...
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Revisiting the Anticompetitive Effects of Common Ownership
We use data from the U.S. airline industry to test the hypothesis, consistent with the general equilibrium oligopoly model of Azar and Vives...
Read moreKeynote speaker
Keynote speaker
Speakers
Moderator
Moderator
Speakers
Briefings
Briefings
Speakers
Conference Documents
Understanding Directors' Pay in Europe: A Comparative and Empirical Analysis
This paper analyses the regulatory framework which applies to the determination of directors’ remuneration in Europe and the extent to which...
Read morePanel
Speakers
Conference Documents
Takeover Bids vs. Proxy Fights in Contests for Corporate Control
This paper evaluates the primary mechanisms for changing management or obtaining control in publicly traded corporations with dispersed ownership....
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Stakeholder Capitalism in the Time of COVID
This Article tests the claims of supporters of stakeholder capitalism (“stakeholderism”) in the context of the COVID pandemic. Supporters of...
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Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy
Index funds own an increasingly large proportion of American public companies. The stewardship decisions of index fund managers—how they monitor,...
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Dancing with Activists
An important milestone often reached in the life of an activist engagement is entering into a “settlement” agreement between the activist and the...
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The Specter of the Giant Three
This Article examines the large, steady, and continuing growth of the Big Three index fund managers—BlackRock, Vanguard, and State Street Global...
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Firms' Decisions Where to Incorporate
This paper empirically investigates the decisions of publicly traded firms where to incorporate. We study the features of states that make them...
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The Perils of Small-Minority Controllers
This Article contributes to the long-standing and heated debate over dual-class companies by placing a spotlight on a significant set of dual-class...
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How Do Venture Capitalists Make Decisions?
We survey 889 institutional venture capitalists (VCs) at 681 rms to learn how they make decisions across eight areas: deal sourcing; investment...
Read moreModerator
Moderator
Speakers
Panel
Panel
Speakers
Session 6 – Summing up
Session 6 – Summing up
Speakers
Reciprocity in Takeovers
The European Commission has proposed a Takeover Directive that aims to make the control of European corporations more contestable. The European...
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Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes U.K. Focus Fund
This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager...
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Loyalty Shares with Tenure Voting - Does the Default Rule Matter? Evidence from the Loi Florange Experiment
The contractual theory of the firm predicts that companies adopt charters that maximise firm value, regardless of the default rule. We test this...
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Outsourcing Active Ownership in Japan
This paper examines active ownership in Japan by an equity ownership service, Governance for Owners Japan (GOJ). GOJ engages with...
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Where Do Firms Incorporate? Deregulation and the Cost of Entry
We study how deregulation of corporate law affects the decision of entrepreneurs of where to incorporate. Recent rulings by the European Court of...
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Returns to Hedge Fund Activism: An International Study
This paper provides evidence on the incidence, characteristics, and performance of activist engagements across countries. We find that the incidence...
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Does Mandatory Shareholder Voting Prevent Bad Acquisitions?
Shareholder voting on corporate acquisitions is controversial. In most countries acquisition decisions are delegated to boards and shareholder...
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A common argument against divestment is that it jettisons voting power and that it has a small effect on stock prices. We argue that divestment is a form of...
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