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BRUSSELS – 4 AUGUST 2023. The European Corporate Governance Institute (ECGI) is delighted to announce the winners of the best papers in the Working Paper Finance and Law Series’ published in 2022.

The 2023 Intesa Sanpaolo Finance Prize of EUR 5,000 has been awarded to Professors José Azar (IESE Business School and ECGI) and Xavier Vives (IESE Business School and ECGI) for their paper on: “Revisiting the Anticompetitive Effects of Common Ownership” (ECGI Finance Working Paper 827/2022).

The traditional partial equilibrium literature argues that common ownership within an industry results in anti-competitive behaviour. The authors argue that in addition there is a general equilibrium effect that operates in the opposite direction. The paper analyses inter and intra industry common ownership and the overall effect on airline prices. It distinguishes the implications of common ownership by large institutional investors (the large index funds) and by more industry-focused investors, and finds different results for prices.

The 2023 ECGI Law Prize for the Best Paper in the ECGI Law Working Paper Series has been awarded to Dan W. Puchniak (Singapore Management University and ECGI) for his paper: No Need for Asia to be Woke: Contextualizing Anglo-America’s “Discovery” of Corporate Purpose” (ECGI Law Working Paper 646/2022).

The paper does not venture that a move away from shareholder primacy is good or bad. It makes the point that context matters, with the case in Asia demonstrating that different jurisdictions have separate understandings of the purpose that corporations should serve and that at any given time each jurisdiction will be at a different point along the shareholder-primacy / stakeholderism continuum.

Referring to the awards, Professor Marco Becht, ECGI Executive Director said:

“The winning papers are selected by juries of scholars on the basis of their relevance and interest. It is notable that the two selected papers contribute to live debates on much discussed issues of global interest. Crucially, they both demonstrate that details matter. This is why academic research is so important to inform public discourse and policy”.

The prizes will be awarded at the 'ECGI Annual Conference' in Copenhagen, Denmark on 22 September 2023. Details here:!event-programme

This is part of a 3-Day event on the theme of Corporate Purpose. Registration is open to the public, with details published on the ECGI website (




Elaine McPartlan

General Manager

Professor Marco Becht

Executive Director



About the European Corporate Governance Institute

ECGI is 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 the ECGI Working Paper Series

The primary purpose of the two series (Law and Finance) is to publish research papers on corporate governance related topics that are authored or co-authored by ECGI Research Members i.e. those who have been elected as ECGI Fellows or nominated as ECGI Research Associates.

The series editors generally apply a broad definition of corporate governance and also include papers on the interface between corporate governance and other areas, or papers of which only a part touches on corporate governance. However, papers in other areas whose relevance for corporate governance is only indirect or methodological are not included.

About The Intesa Sanpaolo Group

Intesa Sanpaolo is Italy’s leading banking group – serving families, businesses and the real economy – with a significant international presence. Intesa Sanpaolo’s distinctive business model makes it a European leader in Wealth Management, Protection & Advisory, highly focused on digital and fintech. An efficient and resilient Bank, it benefits from its wholly-owned product factories in asset management and insurance. The Group’s strong ESG commitment includes providing €115 billion in impact lending by 2025 to communities and for the green transition, and €500 million in contributions to support people most in need, positioning Intesa Sanpaolo as a world leader in terms of social impact. Intesa Sanpaolo is committed to Net Zero by 2030 for its own emissions and by 2050 for its loan and investment portfolios. An engaged patron of Italian culture, Intesa Sanpaolo has created its own network of museums, the Gallerie d’Italia, to host the bank's artistic heritage and as a venue for prestigious cultural projects.




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