Corporate Governance and Performance: causation?

Date

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Location

Yale School of Management, Connecticut, USA

Background

Every two years, the Yale School of Management's Millstein Center and Oxford's Said Business School held a research conference to address leading topics in global corporate governance. From 2010, the event expanded to include the European Corporate Governance Institute.

YEO 2010 focused on perhaps the most elusive issue in the field: whether or to what extent corporate governance may be identified as having a causal relationship with corporate performance. The organisers invited some of the world's top scholars along with rising academic stars to tackle this research challenge.

The event was open to academics and practitioners by invitation. The dinner in particular was structured as an opportunity to mix private sector leaders with academics.

The organisers administered the conference through a joint oversight committee of the three institutions.  A separate Scientific Committee selected papers and discussants.  Operational responsibilities for YEO 2010 were split. Yale's Millstein Center was responsible for all on-site administration and logistics.  The ECGI was responsible for online facilities including online registration.

Scientific Committee

John Armour, University of Oxford, Faculty of Law

Stijn Claessens, Bank for International Settlements

Martijn Cremers, University of Notre Dame

Julian Franks, London Business School

An academic conference in the Yale ECGI Oxford (YEO) series organised by the Millstein Center for Corporate Governance and Performance, the European Corporate Governance Institute and the Said Business School, University of Oxford held at the Yale School of Management. Attendance was by invitation only.

Programme

Friday, 12 November 2010
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Bus Shuttles from the Courtyard New Haven at Yale to Yale School of Management, 55 Hillhouse Avenue

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Breakfast

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Session 1: Law, Growth, and Governance: A Cross-Country Simultaneous Equations, Instrumental Variables Approach - Session Chair: Colin Mayer

Speaker

Discussant

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Session 2: The Credit Crisis Around the Globe: Why did some banks perform better? - Session Chair: Colin Mayer

Speaker

Discussant

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Coffee Break

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Session 3: Accounting Transparency, Tax Pressure and Access to Finance - Session Chair: Roberta Romano

Speaker

Discussant

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Session 4: Safer Ratios, Riskier Portfolios: Banks' Response to Government Aid - Session Chair: Roberta Romano

Speaker

Discussant

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Lunch

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Session 5: Unfulfilled Expectations? The Returns to International Hedge Fund Activism - Session Chair: Stijn Claessens

Speaker

Discussant

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Session 6: Corporate Governance in the 2007-2008 Financial Crisis – Evidence for Financial Institutions Worldwide - Session Chair: Stijn Claessens

Speaker

Discussant

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Coffee Break

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Session 7: Reputation Penalties for Poor Monitoring of Executive Pay: Evidence from Option Backdating - Session Chair: John Armour

Speaker

Discussant

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Session 8: Thirty Years of Shareholder Rights and Firm Valuation - Session Chair: John Armour

Speaker

Discussant

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Bus Shuttle to Courtyard New Haven at Yale, 30 Whalley Avenue, New Haven

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Bus Shuttles from Courtyard New Haven at Yale to the New Haven Museum, Whitney Avenue

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Bus Shuttles from the New Haven Museum to the Courtyard New Haven at Yale, 30 Whalley Avenue

Saturday, 13 November 2010
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Bus Shuttles from the Courtyard New Haven at Yale to Yale School of Management, 55 Hillhouse Avenue

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Breakfast

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Session 9: Firms’ Environmental, Social and Governance (ESG) Choices, Performance and Managerial Motivation - Session Chair: Marco Becht

Speaker

Discussant

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Session 10: Golden Parachutes and the Wealth of Shareholders - Session Chair: Marco Becht

Speaker

Discussant

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Coffee Break

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Session 11: US knows Us in the UK: On Director Networks and CEO Compensation - Session Chair: Andrew Metrick

Speaker

Discussant

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Session 12: Competition for Managers, Corporate Governance and Incentive Compensation - Session Chair: Andrew Metrick

Speaker

Discussant

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Farewell

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Bus Shuttles to the Courtyard New Haven at Yale and Union Train Station

Speakers

Valentina Bruno

Professor of Finance
American University, Kogod School of Business, Washington DC
Research Member

René Stulz

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

Andrew Ellul

Professor of Finance and Fred T. Greene Chair in Finance
Kelley School of Business, Indiana University
Research Member

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

Pedro Matos

James A. & Stacy Cooper Bicentennial Professor of Business Administration (Finance)
Darden School of Business, University of Virginia
Research Member

Allen Ferrell

Harvey Greenfield Professor of Securities Law
Harvard Law School
Research Member

Laura Starks

George Kozmetsky Centennial University Distinguished Chair
McCombs School of Business, University of Texas at Austin
Research Member

Lucian Bebchuk

James Barr Ames Professor of Law, Economics, and Finance
Harvard Law School
Fellow, Research Member

Luc Renneboog

Professor of Corporate Finance
Tilburg University
Research Member

Paolo Volpin

Acting Dean and Professor of Finance
Cass Business School, Faculty of Finance
Research Member
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