Call For Papers: GCGC 2019

The fifth annual GCGC Conference will be hosted by Frankfurt University on 7 - 8 June 2019. The Conference Committee is inviting researchers to submit recent papers on corporate governance.  Deadline for submission is...
20 June 2018


Mon 18 June 2018

The Roundtable will focus on loyalty shares as a legal solution for encouraging long-term ownership, a concept that is promoted by policy makers, including the European Commission, some institutional investors and issuers. This event is by invitation only. Institutional and Patron members may apply.

Wed 12 December 2018 > Thu 13 December 2018

This academic conference will focus on the theme of 'Differentail Voting Shares'. Attendance is by invitation only.

Fri 07 June 2019 > Sat 08 June 2019

The fifth annual GCGC conference will take place at Center for Financial Studies, Goethe University Frankfurt on 7 - 8 June 2019. The deadline for submissions is 15 September 2018. Attendance is by invitation only.

Featured papers

Governance under the Gun: Spillover Effects of Hedge Fund Activism

Hedge fund activism has become pervasive in today’s corporate landscape. In response to activist demands, targeted firms have been shown to raise shareholder payout, boost return on assets and asset utilization, improve capital deployment and production efficiency, increase innovation output,...

Nickolay Gantchev
Oleg Gredil
Chotibhak Jotikasthira
22 May 2018

China as a "National Strategic Buyer": Towards a Multilateral Regime for Cross-Border M&A

Unlike the case of cross-border trade, there is no explicit international governance regime for cross-border M&A; rather, there is a shared understanding that publicly traded companies are generally available for purchase to any bidder—domestic or foreign—willing to offer a sufficiently...

Jeffrey Gordon
Curtis J. Milhaupt
08 June 2018

Cheap-Stock Tunneling Around Preemptive Rights

Corporate insiders may engage in tunneling—transactions to transfer value from outside shareholders to themselves. Reducing tunneling is corporate law’s most basic function, as fear of tunneling undermines entrepreneurs’ ability to raise capital from outside investors. Preemptive rights are the...

Jesse Fried
Holger Spamann
14 June 2018

Enforcing Rules on Related Party Transactions in Italy: One Securities Regulator’s Challenge

While policymakers across the EU are considering how to implement the EU related party transactions (RPTs) regime contained in the Amended Shareholder Rights Directive, this paper analyses the Italian securities...

Marcello Bianchi
Luca Enriques
Mateja Milič
08 June 2018

Working papers

Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows

Examining a shock to the salience of the sustainability of the US mutual fund market, we present causal evidence that investors marketwide value sustainability. Being categorized as low sustainability resulted in net outflows of more than $12...Read more

Samuel M. Hartzmark
Abigail B. Sussman
19 July 2018

Optimally Restrained Tunneling: The Puzzle of Controlling Shareholders’ “Generous” Exploitation in Bad-Law Jurisdictions

Although controlling shareholder agency problems have been well studied so far, many questions still remain unanswered. In particular, an important puzzle in “bad-law” jurisdictions is: why some controlling shareholders (“roving controllers”)...Read more

Sang Yop Kang
19 July 2018

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

Initial coin offerings (ICOs) are sales of blockchain-based digital tokens associated with specific platforms or assets. Since 2014 ICOs have emerged as a new financing instrument, with some parallels to IPOs, venture capital, and pre-sale...Read more

Sabrina T. Howell
Marina Niessner
David Yermack
19 July 2018

Governance through Shame and Aspiration: Index Creation and Corporate Behavior

After decades of both de-prioritizing shareholders' economic interests and low corporate profitability, Japan introduced the JPX400 in 2014. The index highlighted the country's "best-run" companies by annually selecting the 400 most profitable...Read more

Akash Chattopadhyay
Matthew D. Shaffer
19 July 2018



Research Members

The research work that emanates from ECGI is undertaken by leading scholars around the globe. This important network of academics is at the very core of what ECGI does, drawing on the finest minds in academia from all over the world to tackle some of the most important issues that confront business and governments today.
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Associate Professor of Finance and Hillenbrand Family Faculty Fellow
Boston College
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Professor of Corporate Law
The University of Sydney Law School, Australia
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Associate Professor of Finance
Imperial College Business School

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The ECGI Patron Members provide regular and long-term support for Academic Research through their contributions to the European Corporate Governance Research Foundation (ECGRF). Their philanthropic donations stimulate the production of research studies and other academic work of excellence in corporate governance.

Institutional Members

The Institutional Members of ECGI provide a vital connection between the academic world and the policy and practitioner aspects of corporate governance. These members recognise the importance of evidence-based research in developing their corporate governance policies and seek to continuously improve the standards of corporate governance.