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Controlling shareholders have the potential to monitor managers better than do independent directors and the capital market. However, this response to the Berle-Means problem presents a different agency cost: the potential that the controlling shareholders will extract private benefits of control. Corporate governance rules and practices in the U.S. and in EU member states make it more or less difficult to accumulate a controlling position and are more or less rigorous in their policing of private benefits of control. This meeting examined the difference in regulatory strategy both across the Atlantic and within the EU. 

It took place at the Charlemagne Building, Brussels on Tuesday, 27th June 2006

 

This conference was supported by:

 

Telecom Italia

The European Commission

Goldman Sachs

 

   

Programme

Tuesday, 27th June 2006
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Registration and coffee

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Welcome

Speaker(s)

Alexander Schaub
Lance Liebman

Session 1 – The Economics of Large Shareholders and Regulation

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Coffee

Session 2 – Keynote speech

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Keynote speaker

Speaker(s)

Charlie McCreevy
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Lunch

Session 3– Comparative Regulation

Session 4 – Keynote speech

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Keynote speaker

Speaker(s)

Cynthia A Glassman
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Coffee

Session 5 – Oxford Union-style debate

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Motion: “This House believes it is acceptable to vest different classes of shares with different voting rights“

Speaker(s)

Jacob Wallenberg
Roderick Munsters
Laura Poots

Session 6 – Summing up

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Post-conference reception

Speakers

Marco Becht

Professor of Finance and the Goldschmidt Professor of Corporate Governance
Solvay Brussels School for Economics and Management, Université libre de Bruxelles
Fellow, Research Member

Patrick Bolton

Professor of Finance and Economics
Imperial College London
Fellow, Research Member

Julian Franks

Professor of Finance
London Business School
Fellow, Research Member

Ernst Maug

Professor of Corporate Finance
University of Mannheim Business School
Research Member

Ronald Gilson

Charles J. Meyers Professor of Law and Business
Columbia Law School & Stanford Law School
Fellow, Research Member

Luca Enriques

Professor of Corporate Law
University of Oxford
Fellow, Research Member

Theodor Baums

Director of the Institute for Law and Finance
Johann Wolfgang Goethe University, Frankfurt am Main
Fellow, Research Member

Brian Cheffins

S J Berwin Professor of Corporate Law
Faculty of Law, Cambridge University
Fellow, Research Member

Franklin Allen

Professor of Finance and Economics
Imperial College Business School, Brevan Howard Centre
Fellow, Research Member
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