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ECGI is delighted to announce the winners of the best papers in the Working Paper Finance and Law Series published in 2023.

The 2024 Intesa Sanpaolo Finance Prize of EUR 5,000 has been awarded to Professors Philip Bond (University of Washington) and Doron Levit (University of Washington, ECGI and CEPR) for their paper on: “ESG: A Panacea for Market Power?”  (ECGI Finance Working Paper 947/2023).

The paper explores the implications of moderate vs aggressive ESG policies and how the intensity of ESG policies can affect a firm’s market power and valuation. It shows that only a modest policy of engagement improves market power in input and output markets, while presenting a useful model to address this topical issue, with many novel predictions. 

The 2024 ECGI Law Prize for the Best Paper in the ECGI Law Working Paper Series has been awarded to Curtis J. Milhaupt (Stanford University and ECGI) for his paper: “The (Geo)Politics of Controlling Shareholders” (ECGI Law Working Paper 696/2023).

The paper makes a substantial and novel contribution to the literature on corporate governance and controlling shareholders by analysing how the features of firms with controlling shareholders enhance their geopolitical significance, and by advocating for the study of corporate governance to extend beyond traditional economic analysis to incorporate geopolitical and political-economic dimensions. It highlights how controlling shareholders are significant political players who can influence national and international affairs.

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

“The winning papers offer valuable insights into the evolving landscape of corporate governance, shedding light on the pivotal roles of ESG considerations in mitigating market power and the complex interplay between controlling shareholders and geopolitical dynamics. The papers make significant contributions to our understanding of market competition and corporate governance.”

The prize will be awarded at the 'ECGI Annual Conference' in Brussels on 8 October 2024. Details hereRegistration is open to the public.

More about ECGI Prizes, sponsors and past-winners.


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. 

The jury comprised the members of the Finance Editorial Board and the members of the Law Editorial Board.

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.




Media Relations Intesa Sanpaolo Corporate & Investment Banking and Governance Areas:


Curtis J. Milhaupt

William F. Baxter - Visa International Professor of Law
Stanford Law School
Research Member

Doron Levit

Marion B. Ingersoll Professor of Finance
University of Washington
Research Member

Philip Bond

Edward E. Carlson Distinguished Professor in Business Administration
University of Washington

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