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
What is Wrong with Corporate Law? The Purpose of Law and the Law of Purpose
This article argues that corporate purpose should be put at the heart of corporate law. It addresses the objections to this that there is little that...
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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...
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Banking Union: Aspects of the Single Supervisory Mechanism and the Single Resolution Mechanism Compared
The Banking Union is based on different components, partly on directives applicable throughout the EU, partly on two regulations applicable only in the...
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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...
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Internal Investigations, Whistleblowing and External Monitoring: Comparative Experiences, Economic Insights, Findings from Corporate Practice
Internal investigations, whistleblowing and external monitoring, are three information and enforcement channels and part of the corporate...
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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 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
Mapping the Future of Insider Trading Law: Of Boundaries, Gaps, and Strategies
The current law on insider trading is arbitrary and unrationalized in its limited scope in a number of respects. For example, if a thief breaks into your...
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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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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...
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The Agency Costs of Activism: Information Leakage, Thwarted Majorities, and the Public Morality
Few doubt that hedge fund activism has radically changed corporate governance in the United States -- for better or for worse. Proponents see activists...
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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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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 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 discards voting power and has a small effect on stock prices. We argue that divestment is a statement of...
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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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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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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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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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Corporate Governance and Control
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts 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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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 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
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...
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Corporate Purpose and Stakeholder Value - Historical, Economic and Comparative Law Remarks on the Current Debate, Legislative Options and Enforcement Problems -
One of the oldest corporate law issues – for whom is the corporation managed? – has become one of the hottest public policy issues of corporate law. The...
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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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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...
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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...
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Better Governance of Financial Institutions
Corporate governance of banks and other financial institutions differs considerably from general corporate governance. For financial institutions...
Read moreSession 2 – The US Experience and its implications for Europe
Session 2 – The US Experience and its implications for Europe
Speakers
Conference Documents
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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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...
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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...
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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...
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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...
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Dodge v. Ford: What Happened and Why?
Behind Henry Ford’s business decisions that led to the widely taught, famous-in-law-school Dodge v. Ford shareholder primacy decision were three...
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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 moreSession 3 – Floor discussion and summing up
Session 3 – Floor discussion and summing up
Speakers
Conference Documents
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
Voice Through Divestment
A common argument against divestment is that it discards voting power and has a small effect on stock prices. We argue that divestment is a statement of...
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
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
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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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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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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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