Prize winners

Prize winners

With the generous support of Intesa Sanpaolo and Cleary Gottlieb Steen & Hamilton LLP, the ECGI awards annual prizes for the best papers published in the ECGI Finance and Law Working Paper series.

Past sponsors include Aberdeen Standard Investments (2005 - 2020), Allen & Overy (2008 -2018), De Brauw Blackstone Westbroek (2005-2008) and Egon Zehnder International (2005-2008)

     

    All | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005

     

    Working paper prizes   

    With the generous support of the European Corporate Governance Research Foundation and Cleary Gottlieb Steen & Hamilton LLP, the ECGI awards annual prizes for the best papers published in the ECGI Finance and Law Working Paper series. To be eligible for a prize, a paper must have appeared in one of the ECGI Working Paper series and be deemed to have made a substantial contribution to the knowledge of corporate governance in Europe.

    The Intesa Sanpaolo Finance Prize

    The €5,000 prize for the best paper in the Finance series is sponsored by Intesa Sanpaolo           

    The Cleary Gottlieb Law Prize

    The €5,000 prize for the best paper in the Law series is sponsored by the international legal practice, Cleary Gottlieb Steen & Hamilton LLP.

    Past Sponsors

    Aberdeen Standard Investments generously supported a prize for the best paper in the Finance series from 2005 -2020.

    Allen & Overy generously supported a prize for the best paper in the Law series from 2008 -2018.

    De Brauw Blackstone Westbroek and Egon Zehnder International generously supported respectively a prize for the best paper in the Law series and a prize on company boards and their role in corporate governance from 2005-2008.

    Terms of Reference

    Click here to view the Terms of Reference governing the award of these prizes.     

     

    List of Past Prize winners:

     

    The 2023 prizes were awarded at the ECGI's General Assembly which took place on 22 September 2023, in Copenhagen, Denmark.

    Revisiting the Anticompetitive Effects of Common Ownership (José Azar and Xavier Vives)

    No Need for Asia to be Woke: Contextualizing Anglo America’s ‘Discovery’ of Corporate Purpose (Dan Puchniak)

    Read more...

     

    The 2022 prizes were be awarded at the ECGI's General Assembly which took place on 16 September 2022, in Milan, Italy.

    Creating Controversy in Proxy Voting Advice (Andrey Malenko, Nadya Malenko, Chester S. Spatt)

    The Corporate Governance Machine (Dorothy S. Lund, Elizabeth Pollman)

      Read more…

       

      The 2021 prizes were awarded at the ECGI's General Assembly which took place on 28 October 2021, online.

      Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises (José-Luis Peydró, Andrea Polo, Enrico Sette)

      The Global Diffusion of Stewardship Codes (Dionysia Katelouzou, Mathias Siems)

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        The 2020 prizes were awarded at the ECGI's General Assembly which took place on 15 October 2020, online.

        Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests (Alon Brav, Wei Jiang, Tao Li, James Pinnington)

        The Grip of Nationalism on Corporate Law (Mariana Pargendler)

        Read more…

         

        The 2019 prizes were awarded at the ECGI's General Assembly which took place in Barcelona on 24 October 2019.

        Investor Ideology (Patrick Bolton, Tao Li, Enrichetta Ravina, Howard Rosenthal) 

        Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy (Lucian Bebchuk, Scott Hirst) 

        Read more…

         

        The 2018 prizes were announced at the ECGI's General Assembly which took place in Berlin on 4 May 2018.

        Why Do Boards Exist? Governance Design in the Absence of Corporate Law (Mike Burkart, Salvatore Miglietta, Charlotte Ostergaard)

        The Agency Costs of Activism: Information Leakage, Thwarted Majorities, and the Public Morality  (John C. Coffee)

        Read more…

         

        The 2017 prizes were announced at the ECGI's General Assembly which took place in Lausanne on 28 April 2017.

        From Corporate Law to Corporate Governance (Ronald Gilson)                                                   

        Board Ancestral Diversity and Firm Performance Volatility (Mariassunta Giannetti, Mengxin Zhao)             

        Read more…

         

        The 2016 prizes were announced at the ECGI's General Assembly which took place in London 22 April 2016.

        Monetary Liability for Breach of the Duty of Care? (Holger Spamann)                                                       

        Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis (Ane Tamayo, Henri Servaes, Karl Lins)                   

        Read more…

                       

        The 2015 prizes were announced at the ECGI's General Assembly which took place in Oslo on 8 May 2015.

        The Corporate Value of (Corrupt) Lobbying (Nandini Gupta, Eitan Goldman, Alexander Borisov)                   

        Structural Corporate Degradation Due to Too-Big-to-Fail Finance (Mark Roe)       

        Read more…

         

        The 2014 prizes were announced at the ECGI's General Assembly which took place in Brussels on 29 April 2014.

        Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence (Yrjö Koskinen, Art Durnev, Rui Albuquerque)                  

        Towards a Legal Theory of Finance (Katharina Pistor)      

        Read more…

         

        The 2013 prizes were announced at the ECGI's General Assembly which took place in Dublin on 16 May 2013.

        The Pension System and the Rise of Shareholder Primacy (Martin Gelter)                                               

        Fiduciary Duties and Equity-Debtholder Conflicts (Bo Becker, Per Strömberg)       

        Read more…

         

        The 2012 prizes were announced at the ECGI's General Assembly which took place in Stockholm on 27 April 2012.

        Private Equity Takeovers and Employment in the UK: some Empirical Evidence (Marc Goergen, Noel O'Sullivan, Geoff Wood)                 

        European Company Law 1999-2010: Renaissance and Crisis (John Armour, Wolf-Georg Ringe)     

        Read more…

         

        The 2011 prizes were announced at the ECGI's General Assembly which took place in Amsterdam on 8 April 2011.

        Yesterday's Heroes: Compensation and Creative Risk-Taking (Ing-Haw Cheng, Harrison Hong, José Scheinkman)

        Different Approaches to Corporate Reporting Regulation: How Jurisdictions Differ and Why (Christian Leuz)

        Read more…

         

        The 2010 prizes were announced at the ECGI's General Assembly which took place in Luxembourg on 7 May 2010.

        How Do Legal Rules Evolve? Evidence From a Cross-Country Comparison of Shareholder, Creditor and Worker Protection (John Armour, Simon Deakin, Priya Lele, Mathias Siems)          

        Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany (Harald Hau, Marcel Thum)

        Read more…

         

        The 2009 prizes were announced at the ECGI's General Assembly which took place in Paris on 17 April 2009.

        Corporate Governance, Product Market Competition, and Equity Prices (Xavier Giroud, Holger Mueller)

        Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis (John Armour, Simon Deakin, Prabirjit Sarkar, Mathias Siems, Ajit Singh)

        Read more…

         

        The 2008 prizes were announced at the ECGI's General Assembly which took place in Barcelona on 11 April 2008.

        Board Structure and Price Informativeness (Daniel Ferreira, Miguel Ferreira, Clara Raposo)                            

        Agency Conflicts, Investment, and Asset Pricing (Rui Albuquerque, Neng Wang)  

        The Promise and Peril of Corporate Governance Indices (Sanjai Bhagat, Brian Bolton, Roberta Romano)   

        Read more…

         

        The 2007 prizes were announced at the ECGI's General Assembly which took place in Frankfurt on 19 April 2007.

        The Rise of Independent Directors in the United States, 1950-2005: of ShareholderValue and Stock Market Prices (Jeffrey Gordon)                                                             

        Benefits and Costs of Control-Enhancing Mechanisms in U.S. Family Firms (Belen Villalonga, Raphael Amit)             

        Hedge Funds in Corporate Governance and Corporate Control (Marcel Kahan, Edward Rock)          

        Read more…

         

        The 2006 prizes were announced at the ECGI's General Assembly which took place in Zurich on Thursday 9 March 2006.

        A Theory of Friendly Boards (Renee Adams, Daniel Ferreira)         

        Pay for Short-Term Performance: Executive Compensation in Speculative Markets (Patrick Bolton, José Scheinkman, Wei Xiong)                                         

        Controlling Shareholders and Corporate Governance: Complicating the Comparative Taxonomy (Ronald Gilson)

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        The 2005 prizes were announced at the ECGI's General Assembly which took place in Milan on Wednesday 9 March 2005.

        Dividends and Politics (Steven A. Bank, Brian Cheffins, Marc Goergen)                                                                    

        Ownership: Evolution and Regulation (Julian Franks, Colin Mayer, Stefano Rossi)

        Tender Offers and Leverage (Holger Mueller, Fausto Panunzi)                     

        Managers, Workers, and Corporate Control (Paolo Volpin, Marco Pagano)

        Read more…