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 A European Corporate Governance Institute (ECGI) Project


This was a hybrid event. In-person attendance was limited to speakers and invited guests.

Thursday, 2 June 2022

09:00 – 16:00 BST | 10:00 - 17:00 CEST

Jesus College, University of Oxford


in collaboration with
The University of Oxford, Saïd Business School
Review of Corporate Finance Studies (RCFS)
The Review of Financial Studies (RFS)

Renée Adams (University of Oxford and ECGI)
Paola Sapienza (Kellogg School of Management and ECGI)

Supported by
Norges Bank Investment Management


The Impact of the Paycheck Protection Program on (Really) Small Businesses

(Allison Cole)

First Come, First Served: The Timing of Government Support and Its Impact on Firms

(Matthew Denes, Spyridon Lagaras, Margarita Tsoutsoura)

Firm Finances and the Spread of COVID-19: Evidence from Nursing Homes

(Daniel Weagley, Taylor Begley)

The Financial Fragility of For-profit Hospitals: Evidence from the COVID-19

(Ge Bai, Daniel Jiménez, Phillip Phan, Luis E. Quintero, Alessandro Rebucci, Xian Sun)

Why Did Small Business FinTech Lending Dry Up During the COVID-19 Crisis?

(Itzhak Ben-David, Mark Johnson, René Stulz)

Organizational capital and corporate resilience to workplace COVID-19 threat

(Jonathan Cohn, Lixiong Guo, Zhiyan Wang)


About this event

The Covid-19 pandemic is an unprecedented shock that has required unique responses from many corporations. Understanding how they have responded is of first-order importance for the fields of corporate governance, corporate finance and stewardship. While some insights begin to emerge, others will take time and depend on more complete data sets to become available, such as financial statements and governance records for 2020.

Such data typically comes from annual reports and proxy statements. US companies with a December 31 fiscal year hold their annual meetings in the spring. They typically file their annual reports by the end of March, but in 2019, some 30 percent of the 7,000 reports were filed in April and later. While firms also publish quarterly data, most release comprehensive annual data only 90 days after their fiscal year-end, so the earliest date that a large sample of data on US firms will be available is April 2021. These dates may be similar or even later for firms in other countries.

To provide a forum for scholars analysing corporate responses to the pandemic that are informed by comprehensive datasets, The European Corporate Governance Institute (ECGI), in collaboration with the University of Oxford, the Review of Corporate Finance Studies (RCFS) and the Review of Financial Studies (RFS), held an online workshop in 2021 and recently hosted a subsequent physical conference in 2022 on ‘Corporations and Covid-19’. The two events are part of a wider ECGI project funded by Norges Bank Investment Management.


Organising Committee

Renée Adams (Chair), University of Oxford and ECGI
Marco Becht, Solvay Brussels School, Université libre de Bruxelles and ECGI
Andrew Ellul, Indiana University and ECGI (Sponsoring Editor, Review of Corporate Finance Studies)
Itay Goldstein, Wharton School (Sponsoring Editor, Review of Financial Studies)
Jiri Knesl, University of Oxford
Holger Mueller, New York University and ECGI (Sponsoring Editor, Review of Financial Studies)
Paola Sapienza, Northwestern University and ECGI


Programme Committee

Bo Becker, Stockholm School of Economics and ECGI
Alon Brav, Duke University and ECGI
Claire Celerier, University of Toronto
Rudy Fahlenbrach, EPFL - Ecole Polytechnique Fédérale de Lausanne and ECGI
Lily Fang, Insead
Daniel Ferreira, London School of Economics and ECGI
Ron Gianmmarino, University of British Columbia, Sauder School of Business
Mariassunta Giannetti, Stockholm School of Economics and ECGI
Mireia Giné, IESE Business School – University of Navarra and ECGI
Rainer Haselmann, Goethe University
Bige Kahraman, University of Oxford
Matti Keloharju, Aalto University
Theresa Kuchler, NYU Stern
Mark Leary, Washington University in St. Louis
Nadya Malenko, University of Michigan and ECGI
Adair Morse, University of California, Berkeley
Kasper Nielsen, Copenhagen Business School
Charlotte Østergaard, BI Norwegian Business School and ECGI
Paige Ouimet, University of North Carolina
Yihui Pan, University of Utah
Giorgia  Piacentino, Columbia Business School
Markus Schmid, University of St Gallen
Nicolas Serrano Velarde, Bocconi University
Kelly Shue, Yale University
Boris Vallee, Harvard Business School
Yongxiang Wang, Shenzhen Finance Institute
Yupana Wiwattanakantang, National University of Singapore (NUS) and ECGI
Yishay Yafeh, The Hebrew University of Jerusalem and ECGI
Tracy Yue Wang, University of Minnesota



Programme queries:

Administrative queries:

Print Programme

We are no longer accepting submissions for the June 2022 conference.


About ECGI

The ECGI is a global research network and international scientific non-profit association providing a forum for debate and dialogue between academics, legislators and practitioners, focusing on major corporate governance issues. 

About Norges Bank Investment Management:

Norges Bank Investment Management (NBIM) is the asset management unit of the Norwegian central bank (Norges Bank), managing the Government Pension Fund Global. 

NBIM is an institutional member of ECGI.


Thursday, 2 June 2022 | 09:00 BST (10:00 CEST)


Session 2


Jiri Knesl


Session 3

End of Session



Renée Adams

Professor of Finance
University of Oxford
Fellow, Research Member

Claudia Custodio

Associate Professor of Finance
Imperial College Business School
Research Member

Marco Pagano

Professor of Economics, Facoltà di Economia
Università di Napoli Federico II
Fellow, Research Member

Paola Sapienza

Professor of Finance
Kellogg School of Management
Fellow, Research Member

Merih Sevilir

Professor of Finance
ESMT-Berlin, and Halle Institute for Economics Research
Research Member

René Stulz

Everett D. Reese Chair of Banking and Monetary Economics
The Ohio State University
Fellow, Research Member

Oren Sussman

Reader in Finance
Saïd Business School, University of Oxford
Research Member

Josef Zechner

Chair of Banking and Finance
Department of Business Administration, University of Vienna
Research Member


Elaine McPartlan
European Corporate Governance Institute (ECGI)
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