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
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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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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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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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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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
The Political Economy of AI-Driven Financial Supervision
AI-reliance is expected to improve risk management across the financial services industry, reinforcing the dominance of private...
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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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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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Panel
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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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...
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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...
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
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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How Twitter Pushed Stakeholders Under The Bus
This study focusses on the acquisition of Twitter by Elon Musk. Our analysis indicates that when negotiating the sale of their company to Musk,...
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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...
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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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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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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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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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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,...
Read moreModerator
Moderator
Speakers
Panel
Panel
Speakers
Session 6 – Summing up
Session 6 – Summing up
Speakers
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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Should Shareholders Have a Say on Acquisitions?
Shareholders of U.S. corporations have lost billions of dollars in acquisitions they never approved. In the United Kingdom the listing...
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The Benefits of Access: Evidence from Private Meetings with Portfolio Firms
We analyze over 4,700 private meetings between a large active asset manager and portfolio firms, unobservable to outsiders. These meetings are...
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Corporate Governance Through Voice and Exit
How do active managers engage with portfolio firms? And, what role does monitoring and engagement play in their trading decisions? We use proprietary...
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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 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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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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