Shareholder Engagement: What is 'Appropriate'?
- 15 December 2011
- •
- Securities and Exchange Commission Washington DC
The theme of the eighth conference in the series, which took place in Washington at the U.S. Securities and Exchange Commission in Washington D.C. on Thursday, 15th December 2011, was Shareholder Engagement: What is 'Appropriate'?.
With Poland holding the Presidency of the Council of the European Union, the organisers are most grateful for the support of the Polish Embassy in Washington and for the sponsorship of the 2011 conference by PricewaterhouseCoopers (PwC).
 
Information
Thursday, 15th December 2011
Registration and continental breakfast
Conference Chair
Speakers:
Welcome
Speakers:
Session 1 - Keynote speech
Speakers:
Coffee
Session 2 - Policy implications
Moderator:
Panelists:
Session 3 - Keynote speech
Speakers:
Lunch
Session 4 - Hedge Fund Activism and 'Patient Capital'
Moderator
Speakers:
Briefings- Unfulfilled Expectations? The Returns to International Shareholder Activism
Speakers:
Coffee
Session 5 - Barriers to Institutional Investor Engagement
Moderator:
Panel
Speakers:
Session 6 – Summing up, Assessment and the Way Ahead
Speakers:
Speakers
Presentations
Conference Chair
Conference Chair
Speakers
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 more
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...
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
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...
Read moreWelcome
Welcome
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...
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
Systematic Stewardship
This paper frames a normative theory of stewardship engagement by large institutional investors and asset managers in terms of their theory 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
Principles of Financial Regulation
Inadequate regulation of the financial system is widely thought to have contributed to the financial crisis. The purpose of the book is to articulate a...
Read more
Bank Resolution in Europe: the Unfinished Agenda of Structural Reform
This chapter argues that the work of the European Banking Union remains incomplete in one important respect, the structural re-organization of large...
Read more
Session 1 - Keynote speech
Session 1 - Keynote speech
Speakers
Conference Documents
Session 3 - Keynote speech
Session 3 - Keynote speech
Speakers
Conference Documents
Moderator
Moderator
Speakers
Briefings- Unfulfilled Expectations? The Returns to International Shareholder Activism
Briefings- Unfulfilled Expectations? The Returns to International Shareholder Activism
Speakers
Conference Documents
Marketplace Lending, Information Aggregation and Liquidity
We address a puzzle whereby lending marketplaces, aimed at directly connecting retail lenders and borrowers, retreat from auctions and take on the role...
Read more
The Privatization of Bankruptcy: Evidence from Financial Distress in the Shipping Industry
A generally accepted view is that sophisticated bankruptcy procedures are required to mitigate coordination failures and fire sale discounts arising...
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...
Read more
Evolution of Ownership and Control Around the World: The Changing Face of Capitalism
This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from the beginning of the 20th century...
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
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...
Read more
Institutional Ownership and Governance
This paper describes different forms of ownership across countries and how these forms influence the way companies are governed. In most stock markets...
Read morePanel
Speakers
Conference Documents
The Costs and Benefits of Financial Market Regulation
This paper revisits the controversy on regulation and applies its insights to the debate on corporate governance and mutual funds. The general result of...
Read more
Trusting the Stock Market
We provide a new explanation to the limited stock market participation puzzle. In deciding whether to buy stocks, investors factor in the risk of being...
Read more
Anti-Activist Poison Pills
Hedge funds have become active in corporate governance. They push for changes in strategy and the adoption of specific business plans. Their tactics...
Read more
The New Corporate Governance
In the last few years, there has been a dramatic increase in shareholder engagement on environmental and social issues. In some cases shareholders are...
Read more
Using natural language processing, we identify and categorize the corporate goals in the shareholder letters of the 150 largest companies in the United...
Read more
What Can Restructuring Laws Do? Geopolitical Shocks, The New German Restructuring Regime, and The Limits of Restructuring Laws
In this article, I discuss the possibilities and limitations of restructuring laws against the background of geopolitical shocks such as the Covid-19...
Read moreSession 6 – Summing up, Assessment and the Way Ahead
Session 6 – Summing up, Assessment and the Way Ahead
Speakers
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 ?...
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
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
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...
Read morePanel Discussions
Session 2 - Policy implications
Session 2 - Policy implications
Moderator
Panelists
Session 5 - Barriers to Institutional Investor Engagement
Session 5 - Barriers to Institutional Investor Engagement
Moderator