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
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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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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From Corporate Law to Corporate Governance
This essay is a contribution to the forthcoming Oxford University Press Handbook of Corporate Law and Governance edited by Jeffery Gordon and Georg...
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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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Regulatory Dualism as a Development Strategy: Corporate Reform in Brazil, the U.S., and the EU
Countries pursuing economic development confront a fundamental obstacle. Reforms that increase the size of the overall pie are blocked by powerful...
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Corporate Governance Changes As a Signal: Contextualizing the Performance Link
Promoting ?good? corporate governance has become an important concern. One result has been the creation of indexes that purport to measure the quality...
Read moreKeynote speaker
Keynote speaker
Speakers
Conference Documents
Moderator
Moderator
Speakers
Briefings
Briefings
Speakers
Conference Documents
The Advisory and Monitoring Roles of the Board - Evidence From Disruptive Events
We study the contribution of directors to firm resilience by assessing the relative importance of their advisory and monitoring roles at times of...
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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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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,...
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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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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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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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
The Perils and Questionable Promise of ESG-Based Compensation
With the rising support for stakeholder capitalism and at the urging of its advocates, companies have been increasingly using environmental, social,...
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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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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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Does Enlightened Shareholder Value Add Value?
Unlike shareholder value maximization (SV), which merely calls on corporate leaders to maximize shareholder value, enlightened shareholder value...
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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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Competing Views on the Economic Structure of Corporate Law
Written for a symposium issue celebrating the thirty-year anniversary of the publication of The Economic Structure of Corporate Law by Frank...
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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...
Read moreModerator
Moderator
Speakers
Panel
Panel
Speakers
Session 6 – Summing up
Session 6 – Summing up
Speakers
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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The Benefits of Access: Evidence from Private Meetings with Portfolio Firms
We analyze the monitoring efforts of a large active asset manager that involve high-level private meetings with portfolio firms that are unobservable...
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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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Hedge Fund Activism in Europe
The paper analyzes 362 European activist interventions by hedge funds, focus funds and other activist investors from 2000 to 2008. The sample includes...
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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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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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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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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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