Global Research Project to Examine Covid-19 Impact on Corporations

Global Research Project to Examine Covid-19 Impact on Corporations

November 17 2020


Update : The programme for the 17 June Workshop Details is published here

Registrations are open to all. Please visit the event page.


Brussels – 17 November 2020. Norges Bank Investment Management (NBIM) has awarded a research grant to examine the impact of the Covid-19 pandemic on global corporations. 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), will organise an online workshop in 2021 and subsequent physical conference in 2022 on the topic ‘Corporations and Covid-19’. The grant was awarded to ECGI following an open tender process.

The announcement which issued today through the global network of ECGI called for research papers and research proposals that will provide robust insight into the effects of the pandemic on corporations. Understanding how corporations have responded to the crisis is of first-order importance for the fields of corporate governance, corporate finance and stewardship. While some insights have already emerged, others will take time and depend on more complete data sets to become available, such as financial statements and governance records for 2020.

The ECGI is a global research network which is uniquely placed to coordinate the project, being interdisciplinary in the fields of law, finance and economics, counting three Nobel laureates among the ranks of their 277 research members. Norges Bank Investment Management has funded research by many of its members and has a long-standing relationship with the institute, supporting its mission to improve corporate governance globally, through evidenced-based research. NBIM is also an institutional member of ECGI. Professor Renée Adams (Oxford University and ECGI) will lead the project on behalf of ECGI.

This is also the first time that two high ranking academic journals, the Review of Financial Studies and the Review of Corporate Finance Studies will accept dual-submissions to both journals from the same conference. The Editors, Andrew Ellul (Indiana University and ECGI; Sponsoring Editor, Review of Corporate Finance Studies) and Itay Goldstein (Wharton School; Sponsoring Editor, Review of Financial Studies) sit on the Organising Committee. The Organising Committee and full Programme Committee are listed below. Details of the submission criteria and process are published on the ECGI website:

Speaking about the announcement, Professor Marco Becht, ECGI Executive Director, said “The sudden and significant impact of the Covid-19 pandemic this year is being analysed by commenters on a rolling basis, drawing on expert opinion and predictions. While scholars have also had much to say in this regard, the value of evidence-based insights will eventually discount some of the anecdotal theories and focus the conversation on the real and measured impact areas. ECGI will work to deliver this important body of research for the public good and is appreciative of the support provided by NBIM toward achieving this goal”.

The results of the project are expected to be published over the next two years, through the ECGI Working Paper Series, the Review of Financial Studies and the Review of Corporate Finance Studies.



Renée Adams, ECGI Fellow and Professor of Finance

University of Oxford

Marco Becht, Executive Director

European Corporate Governance Institute (ECGI)

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




About the European Corporate Governance Institute

The ECGI is a global research network and an international scientific non-profit association which provides a forum for debate and dialogue focusing on major corporate governance issues and thereby promoting best practice. It is the home for all those with an interest in corporate governance offering membership categories for academics, practitioners, patrons and institutions.

Its primary role is to undertake, commission and disseminate research on corporate governance. Based upon impartial and objective research and the collective knowledge and wisdom of its members, it can advise on the formulation of corporate governance policy and development of best practice. In seeking to achieve the aim of improving corporate governance, ECGI acts as a focal point for academics working on corporate governance in Europe and elsewhere, encouraging the interaction between the different disciplines, such as economics, law, finance and management.


About Norges Bank Investment Management

Norges Bank Investment Management (NBIM) is the asset management unit of the Norwegian central bank (Norges Bank). They manage the Government Pension Fund Global, often referred to as the Norwegian oil fund. Their objective is the highest possible return on the fund in a safe, efficient, responsible and transparent manner, and within government guidelines. The fund is invested worldwide and so they are an international organisation with a global outlook.