Regulatory Competition and Subsidiarity in Corporate Governance in a Transatlantic Perspective
- 12 July 2004
- •
- Brussels, Belgium
The theme of the launch Conference was “Regulatory Competition and Subsidiarity in Corporate Governance in a Transatlantic Perspective”. Over 220 delegates attended the Conference which was held in Brussels at La Maison de l'Europe at la Bibliothèque Solvay on Monday, 12th July 2004.
12 July 2004
Registration and coffee
TCGD Launch Introduction
Speakers:
TCGD Launch Introduction
Speakers
Conference Documents
Session 1 – The European Experience and its implications for the United States
Speakers:
Session 1 – The European Experience and its implications for the United States
Speakers
Conference Documents
The Purpose of Corporate Purpose Statements: A Response to “Shareholder Voice and Corporate Purpose: The Purposeless of Mandatory Corporate Purpose Statements” by Paul Davies
In his critique of the legal aspects of my book Prosperity: Better Business Makes the Greater Good, Paul Davies raises five objections. These are: (a) the...
Read more
The Structure of the Board of Directors: Boards and Governance Strategies in the US, the UK and Germany
The chapter continues and advances our earlier research on ‘Board Models in Europe’.** We explore ‘The Structure of the Board of Directors’...
Read more
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...
Read more
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...
Read more
Non-Shareholder Voice in Bank Governance: Board Composition, Performance and Liability
Starting from the well-evidenced fact that banks with shareholder-focussed corporate governance fared worse in the financial crisis than those...
Read more
Comparative Company Law 2018
Comparative company law is at once very old and very modern. It is very old because ever since companies and company laws first existed, trade has...
Read more
Shareholderism versus Stakeholderism – A Misconceived Contradiction. A Comment on “The Illusory Promise of Stakeholder Governance” by Lucian Bebchuk and Roberto Tallarita
This paper critiques an assessment by Bebchuk and Tallarita (BT) of the relative merits of shareholder and stakeholder governance. BT’s paper argues...
Read more
Ownership: Evolution and Regulation
This paper is the first study of long-run evolution of investor protection and corporate ownership in the U.K. over the 20th century. Formal investor...
Read moreLunch
Session 2 – The US Experience and its implications for Europe
Speakers:
Session 2 – The US Experience and its implications for Europe
Speakers
Conference Documents
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...
Read more
Litigation Governance: Taking Accountability Seriously
Both Europe and the United States are rethinking their approach to aggregate litigation. In the United States, class actions have long been organized...
Read more
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...
Read more
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...
Read more
Controlling Shareholders and Corporate Governance: Complicating the Comparative Taxonomy
The focus of comparative corporate governance scholarship is shifting from takeovers to controlling shareholders in recognition of the fact that...
Read more
Stock Market Short-Termism’s Impact
Stock-market–driven short-termism is crippling the American economy, according to legal, judicial, and media analyses. Firms forgo the R&D...
Read more
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...
Read moreSession 3 – Floor discussion and summing up
Speakers:
Session 3 – Floor discussion and summing up
Speakers
Conference Documents
Voice Through Divestment
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...
Read more
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...
Read more
Corporate Governance and Control
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of...
Read more
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...
Read more
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...
Read more
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...
Read more
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...
Read more
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...
Read moreCocktails
Sponsors' Dinner
Speakers
Presentations
TCGD Launch Introduction
TCGD Launch Introduction
Speakers
Conference Documents
Session 1 – The European Experience and its implications for the United States
Session 1 – The European Experience and its implications for the United States
Speakers
Conference Documents
The Dialogue between the Chairman of the Board and Investors: The Practice in the UK, the Netherlands and Germany and the Future of the German Corporate Governance Code Under the New Chairman
The dialogue of the board and its chairman with investors is an established practice in many countries, such as the United Kingdom, the USA, the...
Read more
Groups of Companies - A Comparative Study on the Economics, Law and Regulation of Corporate Groups
The phenomenon of groups of companies is very common in modern corporate reality. The empirical data on groups of companies are heterogeneous because...
Read more
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...
Read more
Implementation of the SRD II Provisions on Related Party Transactions
In 2017 the European Union adopted amendments to the Shareholder Rights Directive enacted a decade earlier. Among the changes was a new Article 9c...
Read more
Decision-Making during the Crisis: Why did the Treasury let Commercial Banks fail?
Limited attention has been paid to the comparative fate of banks benefiting from TARP Capital Purchase Program (CPP) funding and less fortunate banks...
Read more
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...
Read more
Corporate Governance in Europe: A Critical Review of the European Commission?s Initiatives on Corporate Law and Corporate Governance
European corporate law and corporate governance are moving ahead beyond expectation. Some British voices called this ?a renaissance in the past...
Read moreSession 2 – The US Experience and its implications for Europe
Session 2 – The US Experience and its implications for Europe
Speakers
Conference Documents
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...
Read more
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...
Read more
What is Stock Market Short-Termism?
What precisely is stock market short-termism? For an issue that pervades corporate governance thinking, rhetoric, and policymaking, one would think...
Read more
The Power of the Narrative in Corporate Lawmaking
The notion of stock-market-driven short-termism relentlessly whittling away at the American economy’s foundations is widely accepted and highly...
Read more
Corporate Purpose and Corporate Competition
The large American corporation faces ever-rising pressure to pursue a purpose beyond shareholder profit. This rising pressure interacts with changes...
Read more
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...
Read moreSession 3 – Floor discussion and summing up
Session 3 – Floor discussion and summing up
Speakers
Conference Documents
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...
Read more
Corporate Governance and Control
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of...
Read more
Reciprocity in Takeovers
The European Commission has proposed a Takeover Directive that aims to make the control of European corporations more contestable. The European...
Read more
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...
Read more
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...
Read more
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...
Read more
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...
Read more
Voice Through Divestment
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...
Read more